Search

Just another WordPress site

Pension credit

Korea’s National Pension Service may own Credit Suisse bonds

by koreajoongangdaily.joins.com Leave a Comment

Korea’s pension held 135.9 billion won of Credit Suisse bonds as of late last year, according to data the NPS provided to lawmaker Cho Hye-young. The figure is 0.21 percent of all overseas bonds held by the NPS.

“The fund manager decides where to invest the funds,” the NPS said. “But we are actively communicating with them in reflection of the seriousness of the issue.”

Credit Suisse, a 167-year-old bank and the second-largest lender in Switzerland, will be consumed by UBS with the support of the Swiss National Bank for around $3.2 billion.

Credit Suisse has been struggling for years. In 2022, it recorded its worst loss since the global financial crisis. Last week, investor confidence collapsed after it acknowledged “material weakness” in its bookkeeping. The collapse of U.S. banks, including Silicon Valley Bank (SVB), exacerbated the fears.

The NPS, the world’s third-largest pension fund, was also holding onto the securities of other financial institutions that have failed.

The pension fund held 138.9 billion won of SVB shares and bonds, and 3.5 billion won in Signature Bank as of late last year.

BY JIN MIN-JI [[email protected]]

Old pension scheme: Maharashtra government employees end strike

by economictimes.indiatimes.com Leave a Comment

Synopsis

Chief Minister Shinde welcomed the decision to withdraw the strike, which had affected work at government offices and functioning of state-run hospitals. The government employees were on an indefinite strike since March 14 demanding restoration of the OPS which was discontinued in the state in 2005.

Maharashtra government employees agitating for restoration of the old pension scheme (OPS) on Monday called off a week-long strike after a meeting between their representatives and Chief Minister Eknath Shinde here, a union leader said. Vishwas Katkar, the striking unions coordination committee’s convenor, claimed the state government has ‘in principle’ agreed to extend monetary benefits “equivalent” to the OPS to employees who are part of the New Pension System ( NPS ). He did not provide further details.

Chief Minister Shinde welcomed the decision to withdraw the strike, which had affected work at government offices and functioning of state-run hospitals. The government employees were on an indefinite strike since March 14 demanding restoration of the OPS which was discontinued in the state in 2005.

Making a statement in the Legislative Assembly in Mumbai, Shinde said, “Meetings were held between the chief secretary, the Chief Minister’s Office and representatives of various unions of state government employees.

Today (Monday), I held a meeting with representatives of the unions who positively responded to my appeal and decided to withdraw their ongoing strike.” The CM, without referring about the key demand of OPS restoration, said the government was positive regarding their grievances. “I welcome the decision of the unions to withdraw their strike amid challenges before the state government.

The state government is totally positive regarding their demands. A committee has already been formed to address their demands. An appropriate decision would be taken after we receive the committee’s report,” Shinde said. Deputy Chief Minister Devendra Fadnavis thanked the state employees for withdrawing their strike and said the government will be working on providing them benefits of good social security and proper resources after their retirement.

Speaking to the media on the sidelines of the Civil20 India 2023 inception conference (part of G20 group meetings) in Nagpur , he said, “We had a series of negotiations with the state government employees. We told them we are in agreement with the idea of strong social safety net and proper resources for post-retirement life.”

Fadnavis said the government committee will examine old and new pension systems and ensure that employees are provided with necessary post-retirement benefits. “It is an independent committee which will be holding discussions with all employee unions. I thank the employees and congratulate Chief Minister Eknath Shinde (for end of the strike),” he said.

Under the OPS, a government employee gets a monthly pension equivalent to 50 per cent his/her last drawn salary. There was no need for contribution by employees. Under the NPS, a state government employee contributes 10 per cent of his/her basic salary plus dearness allowance with the state making a matching contribution. The money is then invested in one of the several pension funds approved by the Pension Fund Regulatory and Development Authority (PFRDA) and returns are market-linked.

Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here!

Print Edition
Print Edition Monday, 20 Mar, 2023

Experience Your Economic Times Newspaper, The Digital Way!

  • Front Page
  • Pure Politics
  • ET Markets
  • Smart Investing
  • More

(Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

… more less

Budgets, bills and emergency savings: How to financially brace yourself for a coronavirus recession

by www.independent.co.uk Leave a Comment

Stay ahead of the trend in fashion and beyond with our free weekly Lifestyle Edit newsletter

Stay ahead of the trend in fashion and beyond with our free weekly Lifestyle Edit newsletter

The coronavirus pandemic has not only caused thousands of deaths, including more than 50,000 in the UK alone, but has also triggered a worldwide economic crisis, with rising unemployment, falling wages, and a slowdown of business.

On 11 August, the Office for National Statistics (ONS) announced company payrolls have plunged by 730,000 employees since March, with 81,000 fewer people employed since last month alone.

In May the ONS said the UK economy contracted at its fastest pace since the 2008 financial crisis during the first quarter of 2020.

It is already clear the nationwide lockdown has had a huge impact on the economy, with the closure of businesses, reduction in spending and employees forced to work remotely. Experts have said another recession would be hard to avoid .

Not to mention 7.5m UK workers has now been furloughed from their job and are relying on an 80 per cent wage from the government – which Chancellor Rishi Sunak confirmed on 12 May had already cost the government £10bn.

Therefore, it is now more important than ever to take stock of your own finances and make sure you’re in the best possible position to deal with the expected slump on the horizon.

Set and stick to a budget

Making and sticking to a budget is important no matter what your circumstances, but especially in an uncertain economic climate.

First, make a list of every outgoing cost you have. Start with regular payments such as your mortgage or rent, utility bills, grocery shopping, and subscriptions.

Then add in one-off costs and those paid annually such as your TV licence, car, home, and life insurance, regular gifts to family members, childcare, or leisure activities.

If you owe any money, such as credit cards, personal loans, or car finance contracts, include these too.

Once you have a total, you can compare this to the amount you earn each month. This will show you how much you have spare, how much you could potentially be putting aside for savings, or if you’re spending more than you earn and need to cut back to adjust this.

Inside US hospital: A day fighting the coronavirus

Show all

Cut back your spending wherever possible

There are lots of ways to cut back but one of the easiest is by switching your household bills.

Most companies rely on customers not switching when a contract finishes, and automatically rolling them onto a higher price. Now is the time to check when you last switched and to see if there is a cheaper deal available.

This applies to most bills including energy, TV, broadband, phone, and insurance. If you’re in the minimum contract term you may have to pay a fee to leave but this could still be less than the overall saving of switching to a cheaper deal.

Check a few comparison websites to see if you can find a better price. If you have not switched in a while, the savings could be significant. For example, you could save up to £280 just on your energy bills, according to comparison website MoneySuperMarket.

You can’t switch your water provider but it’s worth checking if a water meter could cut your bills – there’s a free calculator on The Consumer Council for Water website .

If you need extra cash, now is also the time to cut back on any unnecessary spending.

Takeaways, clothes, and subscriptions can all be axed until you get back on track. Cancelling Netflix and Amazon Prime, for example, could save you £170 while getting rid of one takeaway a month could see you around £240 better off over a year.

Build an emergency savings fund

An emergency savings pot is especially useful in uncertain times. Having between three and six months of your regular salary is ideal but anything you can put away will help.

This buffer means if your salary falls, or you have to pay for something unforeseen such as a broken boiler, you can use the money and won’t have to rely on debt.

However, the amount will completely depend on your circumstances. For those with big debts, it may be better to have a small emergency fund and focus on putting more money towards paying off expensive debts.

For those with money to put away, interest rates are low right now but any amount you can get will help. First Direct, HSBC, and M&S Bank, for example, pay 2.75 per cent on a regular savings account letting you put away up to £300 per month.

You can put more money into an easy access or fixed-rate savings account, but the best rates are around 1.2 per cent and 1.9 per cent respectively for these.

Target debt and make it more affordable

If you’re paying a high interest rate, look to see if you can transfer the debt onto a cheaper card. There are 0 per cent balance transfer cards available and if you are accepted for one you can pay the debt off at a faster rate.

Before you apply use a free eligibility tracker, such as the one from MoneySavingExpert , to see which cards you are likely to be accepted for.

Similarly, if you are just paying the minimum amount on a loan, it will take you a lot longer to clear it. Use a free tool to see how much quicker you could clear the debt – if you have the money available.

Use tech to help you stay on track

Keeping on top of your money has never been easier thanks to the numerous tools, apps, websites, and trackers available.

Most banks have their own versions of these. Starling Bank and Monzo, for example, both have apps which notify you when money goes out, analyse your spending, and let you set up short and long-term savings goals.

Using websites such as TopCashBack , for money back on purchases, and Hotukdeals , for discounts and deals, can also help to lower spending.

Make sure you’re claiming all the benefits available to you

There is a wealth of help available for those struggling and many new measures have been introduced which specifically help those affected by the pandemic.

From child benefit to pension credits, it’s important to make sure you’re getting all the help you’re eligible for.

Use a website like Turn2Us to see which benefits you could be getting and how to apply for them.

If you are struggling to get on top of your debt, you call the National Debt helpline on 0808 808 4000, Monday to Friday 9am – 8pm.​

EPFO sees marginal dip in addition of net employees in Jan

by economictimes.indiatimes.com Leave a Comment

Synopsis

Month-on-month comparison of the addition of formal workforce, however, shows an increase of 15.6% with December net employee addition at 1.28 million compared to 1.48 million in January.

The Employees’ Provident Fund Organisation (EPFO) witnessed a marginal dip of 2.6% in year-on-year addition of net employees in January at 1.48 million as against 1.52 million added in January last year.

Month-on-month comparison of the addition of formal workforce, however, shows an increase of 15.6% with December net employee addition at 1.28 million compared to 1.48 million in January.

According to the provisional payroll data released by the labour ministry on Monday, out of 1.48 million subscribers added to EPFO during the month, around 0.77 million new members have come under the ambit of EPFO for the first time.

Further, only 0.34 million members exited from the retirement fund body coverage in January, which is the lowest exit in the last four months while approximately 1.06 million members re-joined EPFO membership.

“These members switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their accumulations instead of applying for final settlement thus extending their social security protection,” it said.

Among the newly joined members, highest enrolment is registered in the age-group of 18-21 years with 0.22 million members, followed by the addition of 0.20 million members in the 22-25 years age bracket.

“The age-groups of 18-25 years constitute 55.52% of total new members during the month. This indicates that the majority of the members are first-time job seekers joining the organised sector workforce of the country,” it added.

Gender-wise analysis of payroll data reflects that enrolment of net female members has been 0.28 million in January, 2023, of which around 0.19 million female members are the new joinees.

“This shows that 68.61% of the net female members have come under the fold of EPFO for the first time,” the ministry said.

State-wise comparison shows high month-on-month addition in Karnataka , Uttar Pradesh , Orissa, Delhi and Himachal Pradesh . As per the data, the top five states in terms of net member addition are Maharashtra , Karnataka, Tamil Nadu , Gujarat and Delhi, together constituting 58.85% of net member addition during the month.

“Of all the states, Maharashtra has added 22.73% of overall member addition followed by Karnataka with 10.58% during the month.

The classification of industry-wise payroll data indicates that ‘Expert Services’ (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.) constitute 40.64% of total member addition during the month.

Further, month-on-month payroll data shows higher enrolments across industries such as automobile servicing, banks other than nationalized banks, restaurant and tea plantation.

“The payroll data is provisional since the data generation is a continuous exercise, as updating employee record is a continuous process,” it added.

EPFO has been releasing the payroll data since April 2018 covering the period September, 2017 onwards.

EPFO is a social security organization responsible for providing social security benefits in the form of provident, pension and insurance funds to the organized workforce of the country covered under the provisions of Employees’ Provident Funds & Miscellaneous Provisions Act, 1952.

Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here!

Print Edition
Print Edition Monday, 20 Mar, 2023

Experience Your Economic Times Newspaper, The Digital Way!

  • Front Page
  • Pure Politics
  • ET Markets
  • Smart Investing
  • More

(Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

… more less

Will be forced to launch another protest if government does not fulfill demands: Samyukta Kisan Morcha

by economictimes.indiatimes.com Leave a Comment

Synopsis

The Samyukta Kisan Morcha, a farmers’ union, said it will launch another protest if the government does not fulfil its demands, including a law on minimum support price (MSP), debt waiver, and pension. The union met with Union Agriculture Minister Narendra Singh Tomar at Krishi Bhawan on Monday and submitted a demand charter, farmer leader Darshan Pal said.

Farmers’ outfit Samyukta Kisan Morcha on Monday said it will be forced to launch another protest if the government does not fulfil its demands, including a law on minimum support price ( MSP ), debt waiver and pension. A 15-member SKM delegation met with Union Agriculture Minister Narendra Singh Tomar at Krishi Bhawan in the afternoon and submitted a demand charter, farmer leader Darshan Pal said.

“There are several unresolved issues and these demand another ‘andolan’. We will convene another meeting on April 30 in Delhi. I ask all farmers unions to take out rallies in their respective states and hold panchayats in the run-up to the meeting,” he said, addressing the farmers who gathered at the Ramlila Maidan here.

“We do not want to protest daily but we are forced to do it. If the government does not heed our demands, we will launch another andolan which will be bigger than the protest against the farm laws,” he said.

Pal said the demands included a law for MSP, complete debt waiver, pension, crop insurance, withdrawal of cases registered against farmers and compensation to families of farmers who died during the protest against now-repealed farm laws.

The farmers also demanded the dismissal and incarceration of Union Minister of State for Home Ajay Mishra and compensation for crop damage due to hail storm and unseasonal rains .

Pal said Tomar told the delegation that power subsidies to farmers have been exempt from the Electricity Act.

“This demand has already been met. It a big win for the SKM,” he said.

The minister told the delegation that the government has already issued directions to provide compensation for crop damage due to hail and unseasonal rains.

“We also discussed the issue of a legal guarantee for MSP with the minister. Tomar said he will personally intervene so that cases registered against farmers are withdrawn and compensation to families of deceased farmers is provided,” the farmer leader said.

“There are several unresolved issues and these call for another ‘andolan’. We will convene another meeting on April 30 in Delhi. I ask all farmers unions to take out rallies and hold panchayats in the run-up to the meeting,” Pal said.

Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here!

Print Edition
Print Edition Monday, 20 Mar, 2023

Experience Your Economic Times Newspaper, The Digital Way!

  • Front Page
  • Pure Politics
  • ET Markets
  • Smart Investing
  • More

(Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

… more less