Namaste Democracy’s Post

The new pension plan may replicate the Andhra Pradesh model, where the employees get guaranteed 40-50 per cent of their last drawn basic salary as a pension. #OutlookMoney #OutlookRetirement #AndhraPradeshPensionModel #PensionPlan #RamlilaMaidan #CelebrateRetirement #40After40 #OutlookMoney40After40

The implementation of a new pension program will lead to salary deductions for workers. This mandatory contribution aims to enhance retirement benefits. However, many employees are worried about the impact on their take-home pay. #PensionsIndonesia #Income #PensionContribution

#France. Pension system #Pension reform is a recurring topic in France, but do you have a firm grasp of its fundamentals? - How both employer and employee contribute to the retirement system ? - What is the #Retirement Age and How is the French Pension Calculated ? - What changes brought the 2023 reform ? Everything you need to know about the French pension System is in this comprehensive overview published by Internago #paie #RH #payroll #HR #EMEA #InternationalPayroll #Payrollmanagement #payrollexpert #payrollprofessionals #AvantageEnNature #logement

**Ensuring Sustainable Retirement for Private Sector Employees** Retirement planning is a major concern for employees in the private sector, as many struggle to secure a sustainable pension. What exactly contributes to their pension as a part of social security? - **EPS Contribution:** Employers are mandated to contribute 8.33% of basic salary + DA towards the Employees' Pension Scheme (EPS), with a ceiling of ₹15,000. This contribution is not taxable for the employee and is not considered part of the employee’s income. Increasing this ceiling could directly enhance the pension amount, as the pension formula is: Pension Amount = (Pensionable Salary x Pensionable Service) / 70 - **NPS Contribution:** Employers can also contribute up to 10% of basic + DA to the National Pension System (NPS), which is tax-exempt for the employee. In the recent budget speech, the Government of India permitted employers to contribute up to 14% of basic + DA in NPS. Despite its attractiveness, very few employees benefit from NPS as it’s not mandatory. During the recent 78th meeting of the Regional EPF Committee at Shimla, where I represented the employers' perspective, I made a strong appeal for necessary changes in the EPS scheme. I proposed increasing the contribution from 8.33% to 22.33%, potentially on a voluntary basis, with an exemption from income tax. Additionally, raising the EPS ceiling from ₹15,000 would further increase the pension benefits. These changes could simplify pension management for employers, reducing the hassle of maintaining two separate pension schemes (EPS and NPS) while significantly enhancing retirement security for employees. #RetirementPlanning #PensionScheme #SocialSecurity #EPF #NPS #EmployeeBenefits #HR #TaxExemption

Pension Reform in Switzerland for 2024 Two major pension reforms in Switzerland for 2024 were voted on by the Swiss population this month. The 13th-month retirement pension (1st pillar) was approved and the increase in retirement age was rejected. Swiss citizens decided that the reference age should not be raised and that retirees of an old age pension will receive a 13th annual pension payment in the future. Employers and brokers should understand the following: - All retirees will receive a 13th monthly OASI pension in the future. Although the initiative specifies the provision of a 13th monthly OASI pension, there’s a possibility the Federal Council could opt for a more practical implementation by increasing all monthly OASI pensions by 8.33%, which mathematically corresponds to the addition of a 13th monthly OASI pension. - Recipients of a disability pension are not affected by a 13th monthly OASI pension. - The 13th monthly OASI pension should not be considered when calculating supplementary OASI benefits. - The initiative for the 13th monthly OASI pension did not contain detailed implementation plans. It is expected that the 13th monthly OASI pension will be paid out for the first time in 2026. Introducing a 13th monthly OASI pension is projected to bring significant financial challenges. The Swiss Federal Office of Social Insurance indicated the OASI system would run a deficit upon the introduction of the 13th monthly OASI pension and the deficit is expected to reach ₣7 billion annually by 2033. To address the additional financial needs from the outset, an increase in funding is necessary. Upcoming Vote on BVG Reform (2nd Pillar) Attention is now turning towards the upcoming vote in autumn concerning the reform of the occupational pension (BVG), another pillar of the Swiss pension system. This reform is critical as it addresses the supplementary benefits that workers accumulate through their employment. The pension reform aims to adapt the occupational pension scheme to current economic and demographic trends, ensuring its viability and adequacy for future retirees. If you are interested in news, exchange and solutions about Global Employee Benefits: Then follow me or join my group "International Employee Benefits Group". You are also welcome to register for my newsletter "Global Employee Benefits News". You can find the links in the comments. Source: Asinta #switzerland #pension #employeebenefits #humanresources #rewards

Big news for Ireland's workforce today. 💼 The Government has officially published a bill for pension auto-enrolment. Starting in 2025, employees will contribute 1.5% of their gross earnings, which will be matched by their employer, and topped-up by the State. Here are the key points: Historic Move: Marks a significant step toward enhancing retirement savings for workers. Wide Impact: Targets 800,000 workers to be enrolled in a pension scheme for the first time. Employees aged between 23 and 60 years old, earning over €20,000 per year, and not already paying into a pension scheme will be automatically enrolled. Legislative Progress: The bill's publication follows Cabinet approval, setting the stage for a transformative change in pension savings. For more information on the impact of auto-enrolment or interest in group schemes, feel free to reach out to me today. #PensionReform #AutoEnrolment #FinancialSecurity

Reports this morning state that Jeremy Hunt is to offer "pot for life", with workers able to nominate the pension that their employer pays into rather than just use the employer's scheme. It seems like quite a strange approach to take - at the moment, we have a small number of providers dominating the market, with "Independent Governance Committees" in place to help ensure good member outcomes. Add into the mix that a lot of employers pay for firms like Verlingue UK to focus on ensuring effective governance of their own workplace pension arrangements too. For me, this approach from the Government carries additional, unnecessary risks. Workers could decide to use an older (perhaps in some cases inferior) pension scheme through familiarity or perhaps lack of awareness around the fact that workplace pension charges are usually percentage based these days (so if you have three plans with £10,000 invested the same percentage based charge or one with £10,000 invested, you are not going to see huge differences in the impact of charges on your retirement savings). Rather than having the newer, best of breed pension which recieves lots of investment, we could end up with, as Steve Webb put it, "a fragmentation of the pension system".

Could pension plans be a secret weapon in the war for talent? In 2023, public sector wages fell short of private sector wages by 27.5% and now public orgs face talent shortages and an aging workforce. How can they remain competitive? Defined benefit pension plans may provide a solution. Discover how these plans can enhance recruitment and retention efforts. ⬇️ #recruitment #retention #publicsector #definedbenefit

Could pension plans be a secret weapon in the war for talent? In 2023, public sector wages fell short of private sector wages by 27.5% and now public orgs face talent shortages and an aging workforce. How can they remain competitive? Defined benefit pension plans may provide a solution. Discover how these plans can enhance recruitment and retention efforts. ⬇️ #recruitment #retention #publicsector #definedbenefit