#Pension Benefits Standards Act

[pumpumdemsugah]

And divestors will whine about how white women always got to be pink princesses or some shit. How the box of acceptable women hood has narrowed so much. I swear if a young black woman wore Halle berry’s old cut they would whine about how evil and masculine it is. How I wish all those women a white boyfriend, with the full blessing of the monkey’s paw.

Since covid in particular, divestors have become a cult of the worst self help advice masquerading as Black women empowerment just because now and again they're right about big issues. It's not all of them, but the ones that are hostile to feminism are usually just not smart at all. They don't read and I remember watching one and her saying she avoids anything feminist so she doesn't change her mind lol. Many of them have jumped out of the role of Black women being a sacrificial lamb for the Black community and think because they're right about that, they shouldn't be reflective of any other beliefs they have. If the Stepford wife thing isn't and hasn't worked for other women, why would it for us ? So many are so fixated on ' Black women didn't get to do X ' they're not even thinking ' is this even a good idea?' , ' am I going about this in a sensible reality based way ?' And they will hear this and think they're being asked to lower their standards and date a drug dealer and not, think about your pension if you're going to be a stay at home wife because men die before women; make sure you have work experience because "good men" leave women all the time

Literally all they do is make the box for acceptable femininity for Black women smaller and harsher and then pretend it's doing us a favour. They're pretending their doltishness is refinement because they don't act like cardi b. They're never avid readers or interested in art. They think because 19yros are taken in by their act because they wear midi-skirts that's going to be impressive by itself

They just like the aesthetics of social media ' old money ' style and that's not a problem by itself but the way they build all their ideas from that is stupid. They encourage the most irredeemable form of vacuousness for us like Black women benefit from people thinking we're dumb. They will call behaviour that's obviously a trauma response " masculine" and pretend they're worldly without any of the " work" of knowing anything about the world.

Black women and girls should be reading, going to galleries, building relationships based on compassion, travelling but these goats will have you believe it's masculine to be career focused as if inflation doesn't exist and we need more money for the same shit . A man that comes from ' old money ' typically marries within their social circle like all wealthy people do and if you want a wealthy man, you better get a good education and a good career so you're at the same conferences and office buildings as them

There are so many forms of anti- intellectualism on social media masquerading as self help. If you're fucked up in the head, seek help and if you want to transform your life it's not happening because you made a blog and use cursive font

It's good for Black women to focus on ourselves but Black Femininity types and divestors are getting crazier and crazier as a group ( individually some divestors are fine ). Many YouTube Black Femininity types hate ForHarriet but she is literally the one with an educated, probably high earning, I go to charity ball man because even though she's on social media, she's not acting loud and stupid and being a Harvard dropout still means you went to Harvard and they didn't.

I don't believe in lying to women about shit. Give them the facts and stop selling a fantasy and then an e-book. There are lots of ways to have a beautiful life full of love and safety as a Black woman but that takes effort and planning not content consumption

Black girls gain nothing by being isolated ( in an effort to stay pure ) and not learning about the world. If you can't figure anything else you can do but go to the club like those other ' hoodrats' congrats you don't have any hobbies or interests or friends. Work on that

[beardedmrbean]

A former Folsom police officer fired for using racist language and allegedly engaging in sexual activity while on duty is suing the city claiming he suffered harassment and discrimination from colleagues during his nearly 20-year career with the city.

The lawsuit, filed Sept. 6 by former police Officer James Dorris, who is Asian American, is one of three recent allegations revolving around racial harassment lodged against the Folsom Police Department.

“As a result of the unlawful conduct of defendants, (Dorris) has suffered severe emotional distress, wage loss and loss of benefits, diminution of his lifetime pension benefits, damage to his career,” the lawsuit filed in Sacramento Superior Court says.

Dorris’ attorney, David Foyil, did not respond to a request for comment.

Christine Brainerd, a spokeswoman for the city of Folsom, said in a statement that the accusations by all three former employees were “inconsistent” with the standards of Folsom Police Department.

“The city of Folsom does not tolerate any form of discrimination or harassment and takes these allegations seriously,” Brainerd wrote, adding the city values diverse backgrounds and inclusivity of all its employees.

Brainerd also called Dorris’ lawsuit “retaliatory” after he was let go for allegations of misconduct in an employment decision approved by an independent arbitrator.

Dorris, who was hired around 2005 and fired by Folsom in 2022, allegedly violated 13 codes of conduct listed in the Folsom Police Department Policy Manual, a memorandum of understanding between the city of Folsom and the police union, the Folsom Peace Officers Association, according to a letter sent to Dorris by Folsom City Manager Elaine Andersen.

The alleged violations include: having a woman perform oral sex on him at least four times while on duty, lying during Folsom police’s internal investigation about misconduct and sending racist text messages prejudicial against African Americans.

The details of each accusation are unclear. The documents provided by the city of Folsom are heavily redacted and provide only a glimpse into why Dorris was fired.

The independent arbitrator, David A. Weinberg, reviewed the city’s decision and said many of the accusations levied against Dorris were not sufficiently proven by the city.

But Weinberg found the city correctly concluded Dorris should be fired for lying during the internal investigation and for sending racist texts.

On Jan. 19, 2020, Dorris texted someone, “That’s why I’m going to arrest as many blacks as I can tomorrow to celebrate,” according to the letter written by Andersen. The letter redacted the recipient’s name.

The next day, Jan. 20, 2020, was Martin Luther King Jr. Day. On that day, Dorris texted, “At the jail arrested a black guy,” Andersen’s letter said.

Dorris defended himself during Folsom police’s internal investigation, and said it was “crude humor and (an) inside joke” with a person whose name is redacted. He also said the comments about the holiday for the slain civil rights leader have no nexus to his employment and that it was a private conversation never intended to be made public.

Weinberg pushed back against Dorris’ defense.

“Such comments, even if made in jest, casts the department in the worst possible light and could provide reason for otherwise sound police actions to be overturned in a court of law,” Weinberg wrote.

The lawsuit’s allegations

Dorris accuses several officers of racist behavior starting in 2007, according to the lawsuit.

Officers put “anti-Asian and racially offensive” stickers on his locker, the lawsuit alleges. It also says police made comments about his slanted eyes.

“During every shift that (Dorris) worked, he would see these stickers and they would destroy his morale at the beginning of each shift,” the lawsuit says. “There would be times where (Dorris) would pull over in a parking lot and get emotional.”

The discriminatory behavior continued to escalate, the lawsuit says.

According to the suit, one sergeant attempted to mimic an Asian accent and would ask him “in a mocking manner” to pronounce arrestees’ Asian names.

Another sergeant was teaching Dorris and up to 20 other officers at a shooting range in August 2020. The sergeant turned to him and said “let me make it clear to you Dorris, ‘Ching Cha Ching Chang Cho. Understand now?’”

“After they finished at the range, (Dorris) remembers driving home and becoming overwhelmed with emotion,” the lawsuit said. “(Dorris) pulled over and cried uncontrollably. (Dorris) felt helpless and indeed broken.”

Attorneys in the case are scheduled to appear March 8 for a case management hearing.

Other instances of racist cops?

Two other former officers — Kimberly Moy Lim-Watson, who is of Asian descent, and Homer Limon, who is Mexican American — reported similar racist incidents through attorney Foyil, claiming the department failed to reprimand others for alleged racist comments.

The claims were part of complaints of employment discrimination filed in 2023 by the officers with the state of California that were provided by Folsom city officials.

No lawsuits have been filed by either Lim-Watson, who is still a sworn officer, or Limon, who retired in Sacramento Superior Court, and neither could be reached for comment.

[4cconsulting]

ISO 31000 Certification : ISO 31000 Training Program | 4C Consulting

ISO 31000 Overview

The term “Risk” has always been associated with the possible failure and losses. With the emergence of ISO 31000, risk is defined as ‘the result of uncertainty on objectives’—where the effects can be both positive and negative. The most strategic challenge that organizations are facing today is to“Manage Risks” associated with a number of factors such as:

Variable cost or availability of Raw Materials.

Product Innovation and rapid changes in product technology.

Increased competition in the marketplace and greater customer expectations.

Joint venture dependency and complexity.

Maintaining Reputation in the market.

Increased Regulatory pressures and legislative requirements.

Threats to national economies and restricted freedom of world trade.

Potential for international organized crime and increased political risks.

Extreme weather events resulting in destruction and/or population shift.

Cost of retirement/pension/social benefits.

Increasing importance of intellectual property (IP).

Executing these factors efficiently improves the ability of the organizations to meet its goals and objectives which can improve their bottom line eliminating the negative financial and legal impact on their business goals which is an imperative part of ISO 31000 risk management certification.

ISO 31000:2018

ISO 31000 Risk Management System is a universal standard for risk management codified by the International Organization for Standardization (ISO) with its first publication in 2009 followed by ISO 31000:2018.

ISO 31000 Risk management certification is a discipline standard aiming at making better decisions taking into account the uncertainties inherent in life in order to better achieve your business objectives. It brings a structured foundation for risk management process helping organizationsto move beyond simple compliance for creating a culture that leads employees to act as stewards of corporate value.

The main objective behind ISO 31000 is to link risk management to decision-making and performance, helping businesses to integrate good practice into their day-to-day operations and apply it to the wider aspects of their organizational practice.

Scope & Application Of ISO 31000

ISO 31000:2018 certification is not specific to any industry or sector. It can be used by any organization (public, private or community enterprise, association, group or an individual) no matter what size it is or what it does.

ISO 31000 certification can be applied to the achievement of any and all types of objectives at all levels and in all areas.

It can be used by Senior Management who are responsible for managing organizational risks and threats at a leadership/strategic level for making decisions.

It can be used by the Internal and External auditors responsible for auditing Risk Management Practices.

Applicable for Lead Auditors responsible for other Management systems.

Join Our ISO 31000 Training Course

We offer a customized training program on ISO 31000 certification

Qualified, Experienced and Competent team working across India for ISO 31000 risk management certification

Team 4C has IRCA certified ISO 9001 auditors for Consulting Services having 15+ years of experience

[operationalinsights]

Unpacking the Complexity: Personnel Management's Evolution in Europe

Personnel management, now commonly known as human resource management (HRM), has historically evolved with striking regional nuances across Europe, marked by political, economic, and cultural influences that shape today’s HR practices. Building on Malm’s observations from 1960, this essay explores how personnel management in Europe has navigated unique challenges, from wartime economic disruptions to divergent labor traditions and the complex integration of global HR standards. By examining these factors in more detail, we can better understand the constraints and progressive forces that have shaped European personnel management into a multifaceted and diverse field.

Early 20th Century: The Foundations and Cultural Impacts

The trajectory of personnel management in Europe differs significantly from that of the United States due to Europe’s complex cultural landscape and historical context. As early as the late 19th and early 20th centuries, European industries employed welfare-based approaches to personnel management. This emphasis on welfare can be traced to cultural values in many European countries, where labor was viewed through a social lens rather than purely as an economic resource.

For example, in Scandinavia, particularly Sweden and Denmark, a social welfare approach emerged as the backbone of personnel management. These countries focused on creating safe work environments and implementing social programs aimed at benefiting workers, such as pensions, health insurance, and child care. While welfare-based practices aligned well with Scandinavian social policies, they limited personnel departments’ roles by focusing on social needs over professional or strategic organizational objectives. This emphasis on welfare has persisted in the region, with Scandinavian HR practices today still prioritizing work-life balance and employee well-being.

Political Forces: Post-War Reconstruction and Influence on Personnel Functions

After World War II, Europe was faced with the challenge of economic and social reconstruction. Countries were forced to rebuild infrastructure, restore industries, and address labor shortages. During this period, personnel management was often considered secondary to the urgent need for economic recovery. This is a stark contrast to the United States, where a stable post-war economy allowed for the development of professionalized HR functions, focusing on employee engagement and productivity as key drivers of economic growth.

In Germany, for example, post-war labor relations were heavily influenced by the state’s commitment to economic recovery. With strong unions and the emergence of the German "Sozialpartnerschaft" (social partnership) model, personnel functions often revolved around the codetermination system, a legally mandated structure that gives employees significant input in company decisions. This cooperative model sought to balance the interests of employers and workers, and while it contributed to Germany’s economic success, it has historically limited HR departments’ autonomy, positioning them as facilitators of codetermination rather than strategic leaders within organizations. Even today, German HR professionals must navigate intricate legal structures, often prioritizing compliance with codetermination laws over proactive talent strategies.

Divergent Approaches in Personnel Management: The French and Italian Models

While some European countries like the United Kingdom were beginning to adopt modern HR practices, others followed distinctly different paths. France and Italy, for instance, developed personnel functions shaped by strong state intervention and labor union influence. In France, a tradition of state oversight and hierarchical management created a system where labor relations were often confrontational, with personnel departments acting as intermediaries between unions and management rather than as independent strategic partners.

Italian personnel management also reflects a unique historical context influenced by strong unionization and a complex relationship between employers and workers. Labor strikes and collective bargaining were common, and personnel functions frequently emphasized conflict resolution rather than proactive employee engagement. The Italian "Direttore del Personale" (Director of Personnel) was traditionally a mediator focused on maintaining harmony between employees and employers, addressing grievances, and managing labor disputes. However, this conflict-driven model often limited Italian personnel departments from evolving into more dynamic HR functions that could contribute to talent development or organizational strategy.

The United Kingdom: A European Pioneer in Professionalizing Personnel Management

The United Kingdom stands out within Europe as an early adopter of professional HR practices. By the mid-20th century, the Chartered Institute of Personnel and Development (CIPD) had already established itself as a professional body, advocating for the development of personnel management as a recognized career field. British companies increasingly viewed HR departments as integral to organizational success, recognizing their role in talent acquisition, employee relations, and performance management. This development aligned the UK with the United States, where HR had already gained considerable strategic importance.

The UK’s early professionalization of personnel management was partly due to a relatively flexible labor market and a cultural openness to managerial innovation. The CIPD’s role in setting HR standards and providing professional certifications helped elevate the status of personnel functions in the UK, allowing HR professionals to establish themselves as essential players in organizational leadership. By embedding HR into corporate strategy, British companies laid the groundwork for modern HR practices that many European companies would only later adopt.

The Role of EU Integration and Globalization

The establishment of the European Union and the increasing globalization of business in the latter half of the 20th century have had profound impacts on personnel management across Europe. EU integration has led to the harmonization of labor laws across member states, establishing minimum standards for working hours, employee rights, and health and safety. This process of standardization has required HR departments in Europe to develop skills in compliance and cross-cultural management, as companies now navigate a diverse and mobile workforce.

Globalization has further challenged traditional European HR practices, as multinational corporations have introduced standardized HR functions across their European operations. American and British multinational companies, in particular, have brought modern HR models focused on performance management, diversity initiatives, and employee development. This has often clashed with traditional personnel management practices in countries like Germany and France, where employee representation and state influence remain strong. Nevertheless, the pressure to compete on a global stage has prompted many European organizations to adopt more flexible and strategic HR practices, blending traditional approaches with global best practices.

Challenges and Opportunities in Contemporary European HRM

Today, European HRM is marked by a blend of traditional and modern practices, reflecting each country’s historical and cultural context. However, several challenges persist. In many countries, HR departments still face limited recognition as strategic partners. For example, in southern European countries like Spain and Greece, HR functions are often viewed primarily as administrative, with limited influence on business strategy. This view can hinder organizations from leveraging HR as a tool for competitive advantage in talent acquisition and organizational development.

At the same time, European HRM faces unique opportunities. The growing emphasis on diversity, equity, and inclusion (DEI) in the European Union has positioned HR as a key driver of social responsibility within organizations. European companies are increasingly embracing HR practices that prioritize employee well-being, work-life balance, and inclusive workplace policies, aligning with the EU’s social and labor policies. These trends have enhanced the role of HR in many organizations, particularly as European companies adapt to the demands of a younger workforce that values flexibility and social responsibility.

Digital transformation is another area where European HR departments are innovating. The rise of HR technology, from recruitment software to performance analytics, has allowed European companies to streamline personnel processes, make data-driven decisions, and enhance employee engagement. For instance, German manufacturing firms are increasingly using HR analytics to track workforce productivity and assess skills gaps, allowing for more effective workforce planning. This digital shift is gradually elevating the status of HR departments as organizations realize the strategic potential of technology-driven personnel management.

Conclusion: The Complex Future of European HRM

European personnel management has come a long way since Malm’s 1960 observations, evolving from an administrative and welfare-based function into a multifaceted field that is both shaped by and shaping organizational strategy. While European HRM has made significant strides, it remains marked by deep regional differences and historical legacies that influence each country’s approach to HR.

As European HR departments continue to adapt to globalization, digital transformation, and shifting labor market expectations, they face the challenge of balancing traditional practices with the need for modern, flexible strategies. The future of HR in Europe lies in its ability to integrate these diverse influences into a coherent and dynamic approach that respects regional values while meeting global standards. As European organizations increasingly recognize HR’s strategic value, the field is poised to play an even more influential role in shaping organizational success, employee well-being, and social responsibility across the continent.

[macnross]

Understanding Actuarial Valuation in the UAE

Comprehensive actuarial valuation services are essential for organizations seeking to manage their financial health and ensure compliance with regulatory standards. These services provide businesses with the insights necessary for effective decision-making regarding employee benefits, pensions, and corporate tax obligations.

Risk Management and Financial Planning

Actuarial valuation is integral to identifying future liabilities and understanding their financial impact. By leveraging data-driven insights, we help businesses:

Strategically Plan Reserves: Understand potential future liabilities associated with employee benefits, enabling effective planning for reserves and risk management.

Optimize Financial Health: Our expertise allows organizations to navigate complexities related to pensions and insurance, ensuring long-term financial stability.

Support for Tax Audits and Disputes

We act as a reliable partner during tax audits or disputes by providing:

Detailed Calculations: Comprehensive calculations and justifications for reported liabilities, ensuring transparency and compliance during audits.

Expert Support: Our experienced team is equipped to assist clients in addressing any questions or challenges arising from tax authorities.

Informed Decision-Making

Utilizing data-driven insights is essential for making smart decisions regarding employee benefits. Our services facilitate:

Strategic Decisions: By identifying potential liabilities, we empower businesses to make informed choices about their employee benefits, aligning with corporate goals and financial strategies.

Enhanced Operational Efficiency: Understanding financial implications allows organizations to optimize their operations and resources effectively.

Optimization of Tax Deductions

Actuarial valuation also focuses on optimizing corporate tax liabilities:

Insights into Deductible Expenses: We provide insights into employee benefit expenses that are deductible, enabling businesses to optimize taxable profits and minimize corporate tax liabilities.

Financial Benefits: Properly managing these deductions can significantly enhance a company's overall financial position.

Essential Compliance for Corporate Tax

Adhering to international and local standards is crucial for seamless corporate tax reporting:

Compliance with IAS 19, ASC 715, and Other Standards: We ensure that your organization meets the necessary legal standards for reporting employee benefits, minimizing compliance risks and enhancing financial integrity.

At Mac & Ross Chartered Accountants L.L.C., our actuarial valuation services are designed to ensure your financial health. Our team is dedicated to helping your business navigate the complexities of employee benefits, pensions, and corporate tax obligations effectively.

For expert guidance tailored to your organization's needs, contact us today!

[mahloeletshepo]

The truth prevails as Mpati Commission-ordered forensic probe vindicates Harith

Harith General Partners is satisfied that the truth has finally prevailed in the years-long, sustained and malicious campaign to taint it with allegations of malfeasance. This comes after the forensic investigation commissioned by the PIC concluded in its final report that there was no evidence to support the damaging allegations made more than 5 years ago by a Senior Member of Parliament. The report vindicates Harith which has had to operate under a human-made cloud of suspicion, peppered with sporadic, gratuitous, false and unfair political attacks on its brand and reputation. Harith welcomes the fact that the Public Investment Corporation and Government Employees Pension Fund commissioned investigation has made findings that align precisely with every aspect of what we have consistently told South Africans all along; that Harith has been scrupulous in all its dealings with the PIC and the GEPF.

The forensic probe was commissioned jointly by the PIC and the GEPF, in fulfilment of recommendations by the Mpati Commission into the affairs of the PIC. It has now returned with findings that respond directly, adequately and finally to each of the questions the Mpati Commission felt needed further investigation, namely;

“To examine the entire PAIDF [Pan African Infrastructure Development Fund] initiative to determine that all monies due to both parties [PIC and GEPF] have been paid and properly accounted for” [Page 435. Para 66 of the Commission report]

“To determine whether any monies due to overcharging or any other malpractice should be recovered” [Page 435. Para 66 of the Commission report]

“The board of the PIC should examine whether the role played by either Mr Moleketi and Mr Mahloele breached their fiduciary duties or the fit and proper test required of a director in terms of the Companies Act” [Page 435. Para 67 of the Commission report]

In a letter summing up the report’s findings on all these questions, the PIC and GEPF have informed Harith that: “The investigation found that there was no evidence to support the allegations that were made with regard to Harith General Partners and Harith Fund Managers”.

Harith welcomes the forensic investigation findings, and now considers the allegations of impropriety against it, in their various iterations, to be now well and truly ventilated. This latest probe is the fifth process that has looked into these matters, with Harith’s full cooperation, and with none of them making any findings of wrong-doing against the company. The full gambit of processes that have looked into and disposed of these allegations is;

The Mpati Commission; whose outcomes raised a number of unwarranted questions without making any firm findings against Harith, Mr Tshepo Mahloele, and Mr Jabulani Moleketi. Instead of making firm findings, the commission recommended a joint-forensic probe by the PIC and the GEPF.

The Constitutional Court case of UDM v Lebashe and others; which among others found that the UDM and Mr Bantu Holomisa “…did not provide any shred of evidence of actual misconduct, corruption and self-dealing” [UDM v Lebashe judgment, para 59], and “The applicants were not entitled to wantonly defame the respondents under the pretext that they were executing a constitutional duty…it was not for the public benefit to publish the unverified defamatory information” [UDM v Lebashe judgment, para 62]

The South African Venture and Private Capital Association (SAVCA); concluded; “ The committee is of the view that the legal and fee structures set out in the fund terms are in line with industry standards.” And “The committee found no contravention of the SAVCA Code of Conduct based on the information contained in the PIC report and the evidence received from Harith.”

Harith’s own forensic investigation conducted by Crowe Forensics SA and Advocate Terry Motau SC; It investigated the Harith fees structure for the PAIDF PAIDF 1 and PAIDF 2 and found it to be “Comparable at the relevant time period with other Private Equity funds in the industry”. It concluded: “Harith [has] not yet earned any incentive fees – any allegation that the Fund Managers have earned “rich rewards” in regard to incentive fees (carried interest) is therefore without substance. Based thereon, it is therefore apparent that the allegations set out in the PIC Report in regard to the Harith fee structures (for PAIDF 1 and PAIDF 2) are unfounded”

PIC and GEPF joint forensic report; which was ordered by the Mpati Commission and whose outcomes are contained in the latest report.

“Harith operates in the highly-regulated financial services sector, so we are no strangers to, and are quite comfortable with heightened scrutiny. Our line of business requires the utmost fidelity to those who entrust us with their funds and investments. That’s why throughout these processes that have ensued since these allegations were first raised, we have been fully cooperative and played open-cards at every stage”, said Harith CEO Sipho Makhubela. “This is therefore not a case of Harith being “cleared” by the forensic probe. It is a case of the forensic probe arriving at the only logical destination of the truth-seeking exercise that any conscientious investigation was inevitably destined to reach; a finding that the truth has been on our side all along” – added Makhubela

Throughout all these processes, Harith’s detractors have been able to wantonly, and with no consequence, continue to cast aspersions on a lawfully established and legitimately operating corporate entity, exacting an incalculable toll on the company, its brand, credibility in the market, employees, shareholders, investors, as well as business and financial relationships. Throughout this saga, the callous campaign to destroy Harith and the reputations of Messrs Mahloele and Moleketi was thinly-masked as an exercise of political or parliamentary “oversight”, and insults hurled at them became the trading stock of a politician and his entity who were seeking to shore-up their dimming prospects. Those politicians and their fellow-travellers who gave their lies currency and buoyancy now crawl back into the woodwork, while the victims of their sustained slander are left to repair the extensive damage they wrought on their reputations and brands. The kind of brand and character assassination Mr Holomisa and his ilk embarked upon in the past five years is a sinister perversion of political and constitutional oversight and checks and balances!

Yet, even through this period, Harith was not cowered, and continued to focus on its vision of harnessing Africa’s capital muscle towards the development of socio-economically impactful infrastructure across the continent, an undertaking that was made infinitely harder by this economic sniping campaign. Harith considers this sordid chapter closed, and places its trust in the discerning people of South Africa and the continent, who know too well that “lies have short legs”.

[integrativepsychotherapytoronto]

Securing Your Future: Essential Aspects of a Termination Package

Losing a job is a significant life event that can bring about uncertainty and stress. However, a well-structured termination package can provide a financial cushion and help ease the transition to new employment. Understanding the essential aspects of a termination package is crucial to securing your future and ensuring you receive fair compensation for your departure.

Understanding a Termination Package

A termination package, often referred to as a severance package, is a collection of benefits provided to an employee upon involuntary termination of employment. These packages are designed to support employees financially as they search for new job opportunities. While the specifics can vary widely depending on the company, industry, and employment contract, several key components are typically included.

Key Components of a Termination Package

Severance Pay Severance pay is the most well-known component of a termination package. It is a lump sum or periodic payment based on the employee's length of service, position, and salary. This payment aims to provide financial support during the period of unemployment. Companies may calculate severance pay differently, but it is often based on a formula such as one or two weeks of pay for each year of service.

Continuation of Benefits Health insurance and other benefits are critical aspects of a termination package. Employers may offer to continue health insurance coverage for a specified period after termination, often through the Consolidated Omnibus Budget Reconciliation Act (COBRA). Additionally, life insurance, disability insurance, and other benefits may be extended temporarily.

Retirement and Pension Plans If you have a retirement or pension plan with your employer, understanding how your termination affects these benefits is crucial. Some companies may offer to maintain contributions or provide a lump-sum payout. It is essential to review your plan's terms and consult with a financial advisor to make informed decisions about your retirement savings.

Unemployment Compensation While not directly part of the termination package, unemployment compensation is a vital resource for terminated employees. Ensure you understand your eligibility for state unemployment benefits and how to apply. Severance pay may affect your eligibility or the amount you receive, so it is important to coordinate these benefits.

Outplacement Services Many employers include outplacement services in their termination packages. These services provide career counseling, resume writing assistance, job search support, and interview preparation. Outplacement services can significantly enhance your chances of securing new employment quickly.

Legal Considerations In some cases, a termination package may include a release or waiver of legal claims against the employer. It is essential to review these documents carefully and consider consulting with an employment attorney to understand your rights and ensure you are not signing away important protections.

Non-Compete and Confidentiality Agreements Employers may include non-compete and confidentiality agreements as part of the termination package. These agreements can restrict your ability to work for competitors or disclose proprietary information. It is crucial to understand the scope and duration of these agreements and how they may impact your future employment opportunities.

Negotiating Your Termination Package

Negotiating a termination package can be challenging, but it is an important step in securing your future. Here are some tips to help you navigate this process:

Understand Your Worth: Research industry standards for termination packages to understand what is fair and reasonable for your position and experience.

Document Your Contributions: Highlight your achievements and contributions to the company to strengthen your negotiating position.

Consult a Professional: An employment lawyer or HR consultant can provide valuable advice and help you negotiate more effectively.

Stay Professional: Maintain a respectful and professional demeanor throughout the negotiation process to foster a positive outcome.

Conclusion

A comprehensive termination package is essential for securing your future after job loss. By understanding the key components and negotiating effectively, you can ensure that you receive fair compensation and support during your transition. Taking proactive steps to secure a favorable termination package will provide financial stability and peace of mind as you embark on your next career opportunity.

[wenikhilkumar]

Human resources and labor laws in Myanmar

Human resources and labor laws in Myanmar are governed by various statutes aimed at regulating employment and protecting workers' rights. The Employment and Skill Development Law (2013) mandates written employment contracts specifying job roles, wages, and working hours. The Factories Act (1951) and the Shops and Establishments Law (2016) regulate working conditions, including hours and safety standards.

The Minimum Wage Law (2013) establishes a framework for setting minimum wages, periodically reviewed by the government. The Social Security Law (2012) provides benefits like healthcare and pensions, while the Leave and Holidays Act (1951) details entitlements, including 10 days of annual leave, 30 days of sick leave, and 14 weeks of maternity leave.

Standard working hours are 8 hours per day or 44 hours per week, with overtime paid at higher rates. Employers must obtain approval to hire foreign workers, who require valid work permits and visas. Labor disputes are resolved through workplace conciliation, arbitration councils, or the Labor Tribunal.

[parasparivaar]

India’s Fight Against Poverty

The Indian government runs schemes for poor people.

The Indian government runs a number of programs to help economically disadvantaged people raise their standard of living. These programs aim to provide financial assistance, create job opportunities, and ensure access to basic amenities including housing, healthcare, and education. Here are some of the major projects aimed towards the poor in India:

Paras Parivaar Charitable Trust Contribution For Poor People

From the bottom of our hearts, we extend a warm welcome to you into the Paras Parivaar Charitable Trust family. In our Sanatan Dharm, this Parivaar was founded and is now being maintained by our Mahant Shri Paras Bhai Ji of Sanatan Dharm to contribute to the welfare of the underprivileged and needy people. Because he consistently states, “happiness of maa is behind their smile.” This idea of Mahant Shri Paras Bhai Ji has become the focus of our family’s daily activities.

The Paras Parivaar Charitable Trust works 365 days a year to lug our Paras Guru’s vision forward. We have helped more than 10 lakh Needy, and thanks to Maa and our Mahant Shri Paras Bhai Ji of Sanatan Dharm, this number is steadily rising. And it is the grandeur of Sanatan Dharm that we strive to assist those who cannot afford to pay for their education or who are food insecure.

Because we usually hear the quote “Unity is Strength” in everyday life, the Paras Parivaar Charitable Trust would like for you to join our family. We are certain that if we all work together as a single family, we will be stronger and more committed to helping more people in need. Serving an increasing number of individuals in need will enable us to carve out a large place in the heart of our Maa. So, join the Paras Parivaar now for the chance of a lifetime to make the poor and needy smile widely.

Working hard to boost the lives of the Poor And Needy People would also help us reduce the rate of Poverty and increase the rate of education in our nation. In addition to providing aid to those in need, our Mahant Shri Paras Bhai Ji wants to educate them so that they may become self-sufficient and contribute to the cause. join our Paras Parivaar Charitable Trust and aid those in need and destitute with what they need for food, shelter, and education.

Indian Government’s Schemes for Poor People

1. Pradhan Mantri Awas Yojana (PMAY): PMAY, which was introduced in 2015, aims to provide affordable housing for everybody by 2022. Under this scheme, the government funds the construction of pucca houses with basic amenities such as a toilet, LPG connection, power, and drinking water.

2. Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA):

MGNREGA ensures 100 days of paid employment per year for rural households. It offers unskilled manual labor, ensuring livelihood security in rural areas.

3. National Social Assistance Programme (NSAP): NSAP is a welfare program that assists the elderly, widows, disabled people, and low-income children. It includes the Indira Gandhi National Old Age Pension Scheme, the Indira Gandhi National Widows Pension Scheme, and the Indira Gandhi National Disability Pension Scheme.

4. Pradhan Mantri Jan Dhan Yojana (PMJDY): PMJDY is a statewide financial inclusion strategy that assures access to financial services such as bank accounts, remittances, loans, insurance, and pensions. It provides a basic savings bank account with overdraft protection and a RuPay debit card.

5. Pradhan Mantri Ujjwala Yojana (PMUY): PMUY aims to provide LPG connections to women from BPL homes. It reduces indoor air pollution and empowers women by removing the difficult process of gathering firewood.

6. Pradhan Mantri Matru Vandana Yojana (PMMVY): PMKVY is a maternity benefit system that reimburses pregnant and nursing mothers for salary loss. The program provides a financial incentive of ₹5,000 in three installments after meeting specific requirements.

7. Pradhan Mantri Kisan Samman Nidhi (PM-KISAN): PM-KISAN provides a yearly income support of ₹6,000 to landholding farmer families in three equal installments to cover agricultural and household needs.

8. Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM): PM-SYM is a voluntary, contributory pension scheme for unorganized workers. At 60, beneficiaries receive a monthly pension of ₹3,000.

These initiatives, along with others like the National Rural Livelihood Mission (NRLM), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), aim to provide a social safety net for the impoverished and vulnerable segments of society.

While these initiatives have made significant progress, challenges remain in terms of awareness, accessibility, and successful implementation. The government continues to monitor and enhance these programs.

[taxring]

Income Tax Budget 2024: New Tax Slabs to Standard Deduction - Changes Under New Regime You Need to Know

Income Tax Budget 2024 On July 23, Finance Minister Nirmala Sitharaman unveiled the Budget 2024. The FM  blazoned a borderline income  duty cut for the middle class. She increased the standard deduction( a fixed deduction from a hand's total  payment before calculating the applicable income  duty rate) by 50 to ₹ 75,000 and acclimated  duty crossbeams for taxpayers under the new income  duty  governance. Speaking on the budget, Prime Minister Narendra Modi stated that it" will act as a catalyst in making India the third- largest frugality in the world( from fifth largest  moment) and will lay a solid foundation for a developed India. 

The income tax slabs differ between the previous and current tax regimes. Furthermore, the slab rates under the previous tax regime were divided into three groups.

Indian residents under 60 years and non-residents aged 60 to 80 years:

 Resident Senior Citizens

More than 80 years: Resident super seniors

Income Tax  Budget 2024: Tax Slabs Under the New Regime

The Budget 2024 altered the tax slabs in the New Regime, giving taxpayers an additional opportunity to save Rs 17,500 in taxes. Furthermore, the standard deduction has been enhanced to Rs. 75,000 under this regime, while the family pension deduction has been adjusted to Rs. 25,000 from Rs. 15,000. This is applicable for the fiscal year 2024-25. The following is a comparison of the tax slabs after and before the budget

New income tax vs. old income tax slabs: On July 23, Finance Minister Nirmala Sitharaman presented the Narendra Modi 3.0 government's first budget. FM increased the standard deduction by 50% to ₹75,000 and adjusted tax slabs under the new income tax regime to benefit salaried individuals. The new tax slabs under the new income tax regime will be implemented from April 1, 2024 (Assessment Year 2025-26).

Income Tax Budget: Key income tax changes

 Significant income Duty  adaptations   The standard deduction for salaried  workers increased from ₹ 50,000 to ₹ 75,000.  Pensioners can now abate ₹ 25,000/- from their family pension, over from ₹ 15,000.   The 5% duty rate arbor increased from ₹ 5 lakh to ₹ 7 lakh.  NPS- The benefit for social security of paid persons can accrue as a deduction of expenditure by employers towards NPS( the new pension system is intended to be enhanced from 10 to 14 percent of the hand's  payment).

Read more

[jamesaallen]

Types of Deferred Compensation

Employers may offer several compensation packages to employees to be honored later. This deferred compensation includes retirement plans, pensions, bonuses, and stock options. Two primary deferred compensation plans, qualified and nonqualified, differ according to the oversight agency, maximum employee contribution, and target employee.

Qualified deferred compensation gives employees retirement plans without cost. The Employee Retirement Income Security Act (ERISA) provides guidelines on the plan. ERISA ensures protection for retirement assets by holding them in a trust account and sets the minimum standards for voluntarily established retirement and health plans in private industry. The act also provides fiduciary roles for the parties managing the plans and a platform for parties to air grievances, sue, and appeal any matter arising from a breach of duties, terms, or conditions of the plan. Independent contractors are not eligible for qualified deferred compensation plans.

According to ERISA, the funds under the deferred compensation plan belong solely to the employee - creditors cannot claim the funds even if the company fails to pay debts or declares bankruptcy. The act also limits the remittance amounts into a qualified plan. In a 401(k), the primary employer-sponsored retirement plan in the United States, the employee contribution is limited to $30,500 for those 50 and older and $23,000 for those under 50.

Nonqualified deferred compensation (NQDC) emanates from efforts to avoid or bypass the restrictions and criteria set by ERISA. NQDC is a contractual agreement between the employee and employer. Companies with high-income employees, who want to contribute a higher portion of their pay to their retirement plan than the cap set by ERISA, typically use NQDC. Employees under NQDC can defer taxes, as most of the income is dedicated to retirement funds.

NQDC is actually the 409(a) plan. Due to its absence of a cap on contributions, NQDC is an attractive retirement plan for top-level executives. The types of NQDC plans include restoration plans to restore contributions that are limited by the Internal Revenue Service (IRS) regulations. Others are the Supplemental Executive Retirement Plans(SERPS), which are plans where the employer offers enhanced benefits beyond those available in regular retirement plans, and are tailored depending on executive role and compensation structure. The third, the voluntary NQDC plan, allows the executive to defer part of the compensation to a future date. This attracts tax deferral benefits, and also aids the executive in financial planning and management.

Companies offer NQDC plans not only to top executives but also to key talent and independent contractors they want to retain through enticing packages without paying the compensation immediately or in a lump sum. Companies pay the compensation when the employee resigns.

On the downside, NQDCs expose employee contributions to higher risks than qualified deferred plans due to a lack of official oversight, criteria, guidelines, and protection from ERISA. If an employee defaults on a loan or files bankruptcy, creditors can access the deposited funds.

NQDC also has a number of tax implications for the user. For example, income tax deferral means that the income is not subject to federal income tax until the amount is paid to the employee, thus the employee does not pay income tax until fully compensated. The timing works for the employer as well, as the corporate tax deduction available for the employee payout is also deferred.

[thenow-times]

The truth prevails as Mpati Commission-ordered forensic probe vindicates Harith

Harith General Partners is satisfied that the truth has finally prevailed in the years-long, sustained and malicious campaign to taint it with allegations of malfeasance. This comes after the forensic investigation commissioned by the PIC concluded in its final report that there was no evidence to support the damaging allegations made more than 5 years ago by a Senior Member of Parliament. The report vindicates Harith which has had to operate under a human-made cloud of suspicion, peppered with sporadic, gratuitous, false and unfair political attacks on its brand and reputation. Harith welcomes the fact that the Public Investment Corporation and Government Employees Pension Fund commissioned investigation has made findings that align precisely with every aspect of what we have consistently told South Africans all along; that Harith has been scrupulous in all its dealings with the PIC and the GEPF.

The forensic probe was commissioned jointly by the PIC and the GEPF, in fulfilment of recommendations by the Mpati Commission into the affairs of the PIC. It has now returned with findings that respond directly, adequately and finally to each of the questions the Mpati Commission felt needed further investigation, namely;

“To examine the entire PAIDF [Pan African Infrastructure Development Fund] initiative to determine that all monies due to both parties [PIC and GEPF] have been paid and properly accounted for”

“To determine whether any monies due to overcharging or any other malpractice should be recovered”

“The board of the PIC should examine whether the role played by either Mr Moleketi and Mr Mahloele breached their fiduciary duties or the fit and proper test required of a director in terms of the Companies Act”

In a letter summing up the report’s findings on all these questions, the PIC and GEPF have informed Harith that: “The investigation found that there was no evidence to support the allegations that were made with regard to Harith General Partners and Harith Fund Managers”.

Harith welcomes the forensic investigation findings, and now considers the allegations of impropriety against it, in their various iterations, to be now well and truly ventilated. This latest probe is the fifth process that has looked into these matters, with Harith’s full cooperation, and with none of them making any findings of wrong-doing against the company. The full gambit of processes that have looked into and disposed of these allegations is;

The Mpati Commission; whose outcomes raised a number of unwarranted questions without making any firm findings against Harith, Mr Tshepo Mahloele, and Mr Jabulani Moleketi. Instead of making firm findings, the commission recommended a joint-forensic probe by the PIC and the GEPF.

The Constitutional Court case of UDM v Lebashe and others; which among others found that the UDM and Mr Bantu Holomisa “…did not provide any shred of evidence of actual misconduct, corruption and self-dealing” [UDM v Lebashe judgment, para 59], and “The applicants were not entitled to wantonly defame the respondents under the pretext that they were executing a constitutional duty…it was not for the public benefit to publish the unverified defamatory information” [UDM v Lebashe judgment, para 62]

The South African Venture and Private Capital Association (SAVCA); concluded; “ The committee is of the view that the legal and fee structures set out in the fund terms are in line with industry standards.” And “The committee found no contravention of the SAVCA Code of Conduct based on the information contained in the PIC report and the evidence received from Harith.”

Harith’s own forensic investigation conducted by Crowe Forensics SA and Advocate Terry Motau SC; It investigated the Harith fees structure for the PAIDF PAIDF 1 and PAIDF 2 and found it to be “Comparable at the relevant time period with other Private Equity funds in the industry”. It concluded: “Harith [has] not yet earned any incentive fees – any allegation that the Fund Managers have earned “rich rewards” in regard to incentive fees (carried interest) is therefore without substance. Based thereon, it is therefore apparent that the allegations set out in the PIC Report in regard to the Harith fee structures (for PAIDF 1 and PAIDF 2) are unfounded”

PIC and GEPF joint forensic report; which was ordered by the Mpati Commission and whose outcomes are contained in the latest report.

“Harith operates in the highly-regulated financial services sector, so we are no strangers to, and are quite comfortable with heightened scrutiny. Our line of business requires the utmost fidelity to those who entrust us with their funds and investments. That’s why throughout these processes that have ensued since these allegations were first raised, we have been fully cooperative and played open-cards at every stage”, said Harith CEO Sipho Makhubela.

“This is therefore not a case of Harith being “cleared” by the forensic probe. It is a case of the forensic probe arriving at the only logical destination of the truth-seeking exercise that any conscientious investigation was inevitably destined to reach; a finding that the truth has been on our side all along” – added Makhubela

Throughout all these processes, Harith’s detractors have been able to wantonly, and with no consequence, continue to cast aspersions on a lawfully established and legitimately operating corporate entity, exacting an incalculable toll on the company, its brand, credibility in the market, employees, shareholders, investors, as well as business and financial relationships. Throughout this saga, the callous campaign to destroy Harith and the reputations of Messrs Mahloele and Moleketi was thinly-masked as an exercise of political or parliamentary “oversight”, and insults hurled at them became the trading stock of a politician and his entity who were seeking to shore-up their dimming prospects. Those politicians and their fellow-travellers who gave their lies currency and buoyancy now crawl back into the woodwork, while the victims of their sustained slander are left to repair the extensive damage they wrought on their reputations and brands. The kind of brand and character assassination Mr Holomisa and his ilk embarked upon in the past five years is a sinister perversion of political and constitutional oversight and checks and balances!

Yet, even through this period, Harith was not cowered, and continued to focus on its vision of harnessing Africa’s capital muscle towards the development of socio-economically impactful infrastructure across the continent, an undertaking that was made infinitely harder by this economic sniping campaign. Harith considers this sordid chapter closed, and places its trust in the discerning people of South Africa and the continent, who know too well that “lies have short legs”.

Robert Bailey

[thetimesnow]

The truth prevails as Mpati Commission-ordered forensic probe vindicates Harith

Harith General Partners is satisfied that the truth has finally prevailed in the years-long, sustained and malicious campaign to taint it with allegations of malfeasance. This comes after the forensic investigation commissioned by the PIC concluded in its final report that there was no evidence to support the damaging allegations made more than 5 years ago by a Senior Member of Parliament. The report vindicates Harith which has had to operate under a human-made cloud of suspicion, peppered with sporadic, gratuitous, false and unfair political attacks on its brand and reputation. Harith welcomes the fact that the Public Investment Corporation and Government Employees Pension Fund commissioned investigation has made findings that align precisely with every aspect of what we have consistently told South Africans all along; that Harith has been scrupulous in all its dealings with the PIC and the GEPF.

The forensic probe was commissioned jointly by the PIC and the GEPF, in fulfilment of recommendations by the Mpati Commission into the affairs of the PIC. It has now returned with findings that respond directly, adequately and finally to each of the questions the Mpati Commission felt needed further investigation, namely;

“To examine the entire PAIDF [Pan African Infrastructure Development Fund] initiative to determine that all monies due to both parties [PIC and GEPF] have been paid and properly accounted for”

“To determine whether any monies due to overcharging or any other malpractice should be recovered”

“The board of the PIC should examine whether the role played by either Mr Moleketi and Mr Mahloele breached their fiduciary duties or the fit and proper test required of a director in terms of the Companies Act”

In a letter summing up the report’s findings on all these questions, the PIC and GEPF have informed Harith that: “The investigation found that there was no evidence to support the allegations that were made with regard to Harith General Partners and Harith Fund Managers”.

Harith welcomes the forensic investigation findings, and now considers the allegations of impropriety against it, in their various iterations, to be now well and truly ventilated. This latest probe is the fifth process that has looked into these matters, with Harith’s full cooperation, and with none of them making any findings of wrong-doing against the company. The full gambit of processes that have looked into and disposed of these allegations is;

The Mpati Commission; whose outcomes raised a number of unwarranted questions without making any firm findings against Harith, Mr Tshepo Mahloele, and Mr Jabulani Moleketi. Instead of making firm findings, the commission recommended a joint-forensic probe by the PIC and the GEPF.

The Constitutional Court case of UDM v Lebashe and others; which among others found that the UDM and Mr Bantu Holomisa “…did not provide any shred of evidence of actual misconduct, corruption and self-dealing” [UDM v Lebashe judgment, para 59], and “The applicants were not entitled to wantonly defame the respondents under the pretext that they were executing a constitutional duty…it was not for the public benefit to publish the unverified defamatory information” [UDM v Lebashe judgment, para 62]

The South African Venture and Private Capital Association (SAVCA); concluded; “ The committee is of the view that the legal and fee structures set out in the fund terms are in line with industry standards.” And “The committee found no contravention of the SAVCA Code of Conduct based on the information contained in the PIC report and the evidence received from Harith.”

Harith’s own forensic investigation conducted by Crowe Forensics SA and Advocate Terry Motau SC; It investigated the Harith fees structure for the PAIDF PAIDF 1 and PAIDF 2 and found it to be “Comparable at the relevant time period with other Private Equity funds in the industry”. It concluded: “Harith [has] not yet earned any incentive fees – any allegation that the Fund Managers have earned “rich rewards” in regard to incentive fees (carried interest) is therefore without substance. Based thereon, it is therefore apparent that the allegations set out in the PIC Report in regard to the Harith fee structures (for PAIDF 1 and PAIDF 2) are unfounded”

PIC and GEPF joint forensic report; which was ordered by the Mpati Commission and whose outcomes are contained in the latest report.

“Harith operates in the highly-regulated financial services sector, so we are no strangers to, and are quite comfortable with heightened scrutiny. Our line of business requires the utmost fidelity to those who entrust us with their funds and investments. That’s why throughout these processes that have ensued since these allegations were first raised, we have been fully cooperative and played open-cards at every stage”, said Harith CEO Sipho Makhubela.

“This is therefore not a case of Harith being “cleared” by the forensic probe. It is a case of the forensic probe arriving at the only logical destination of the truth-seeking exercise that any conscientious investigation was inevitably destined to reach; a finding that the truth has been on our side all along” – added Makhubela

Throughout all these processes, Harith’s detractors have been able to wantonly, and with no consequence, continue to cast aspersions on a lawfully established and legitimately operating corporate entity, exacting an incalculable toll on the company, its brand, credibility in the market, employees, shareholders, investors, as well as business and financial relationships. Throughout this saga, the callous campaign to destroy Harith and the reputations of Messrs Mahloele and Moleketi was thinly-masked as an exercise of political or parliamentary “oversight”, and insults hurled at them became the trading stock of a politician and his entity who were seeking to shore-up their dimming prospects. Those politicians and their fellow-travellers who gave their lies currency and buoyancy now crawl back into the woodwork, while the victims of their sustained slander are left to repair the extensive damage they wrought on their reputations and brands. The kind of brand and character assassination Mr Holomisa and his ilk embarked upon in the past five years is a sinister perversion of political and constitutional oversight and checks and balances!

Yet, even through this period, Harith was not cowered, and continued to focus on its vision of harnessing Africa’s capital muscle towards the development of socio-economically impactful infrastructure across the continent, an undertaking that was made infinitely harder by this economic sniping campaign. Harith considers this sordid chapter closed, and places its trust in the discerning people of South Africa and the continent, who know too well that “lies have short legs”.

Eva Henke

[ifrsadvisory]

Navigating the Complexities of IFRS Advisory: A Comprehensive Overview

In today's rapidly evolving business landscape, staying abreast of the latest accounting standards is crucial for organizations seeking to maintain compliance and make informed financial decisions. The adoption of International Financial Reporting Standards (IFRS) has become increasingly prevalent, necessitating a thorough understanding of the associated implications and requirements. In this blog, we will delve into the various facets of IFRS advisory services and their significance for businesses.

Impact Assessment of New Accounting Standards: One of the primary functions of an IFRS advisory service is to conduct a comprehensive impact assessment of new accounting standards on an organization's financial statements. This involves evaluating the potential effects of the standards on financial reporting, including changes in revenue recognition, lease accounting, and financial instrument classification.

Implementation of New Accounting Standards: Implementing new accounting standards can be a complex and challenging process. IFRS advisory services assist organizations in effectively transitioning to the new standards by providing guidance on accounting treatments, system modifications, and staff training.

Independent External Audit Liaison: IFRS advisory services act as a liaison between organizations and external auditors, ensuring that financial statements comply with the relevant standards and regulatory requirements. This helps in facilitating a smooth audit process and mitigating the risk of audit findings.

Share-based Payment Valuations: Share-based payment valuations are a critical aspect of IFRS compliance, especially for entities with stock-based compensation plans. IFRS advisory services help in determining the fair value of share-based payments, ensuring accurate financial reporting.

Directors and Chairman's Report Preparation: Preparation of the Directors' and Chairman's reports requires careful consideration of IFRS requirements. IFRS advisory services assist in drafting these reports, ensuring compliance with relevant standards and providing transparent and insightful disclosures.

Dashboard-based Internal Management Reporting: IFRS advisory services help organizations in implementing dashboard-based internal management reporting systems, providing real-time insights into key financial metrics and facilitating informed decision-making.

IFRS-GAAP Conversions: For organizations operating in multiple jurisdictions, IFRS-GAAP conversions are often necessary. IFRS advisory services assist in converting financial statements from local GAAP to IFRS, ensuring consistency and compliance with international standards.

Consolidation of Financial Statements: IFRS advisory services help in the consolidation of financial statements for group entities, ensuring compliance with IFRS requirements for consolidation, including the consideration of complex ownership structures and intercompany transactions.

Treasury Capital Reductions: IFRS advisory services provide guidance on treasury capital reductions, ensuring compliance with relevant standards and regulations while optimizing capital structure and liquidity management.

Purchase Price Allocation: Purchase price allocation is a critical aspect of business combinations and requires careful consideration of IFRS requirements. IFRS advisory services assist organizations in determining the fair value of acquired assets and liabilities, ensuring accurate financial reporting.

IFRS Disclosure Review: IFRS advisory services conduct a thorough review of financial disclosures to ensure compliance with IFRS requirements. This includes assessing the adequacy and clarity of disclosures and identifying areas for improvement.

Employee Benefits Accounting: IFRS advisory services provide guidance on employee benefits accounting, including pensions and other post-employment benefits. This ensures compliance with IFRS requirements and accurate reporting of employee-related liabilities.

IFRS Consulting in Dubai: For businesses operating in Dubai, IFRS consulting services are essential for navigating the unique regulatory environment. IFRS advisory services in Dubai provide tailored solutions to meet the specific needs of organizations in the region, ensuring compliance with local regulations and international standards.

In conclusion, IFRS advisory services play a crucial role in helping organizations navigate the complexities of international accounting standards. By providing expert guidance on impact assessments, implementation, and compliance, IFRS advisory services help businesses make informed decisions and achieve their financial reporting objectives.

[mithrasconsultant]

Gratuity Formula Decoded: Finding the Right Equation for Your Business

Gratuity, a nuanced component of employee compensation, plays a vital role in recognizing and appreciating an individual's dedication to an organization. Here, Mithras Consultants has brought a clear assessment of gratuity for employees and wholesome details about it. Let us undergo a detailed exploration of gratuity rules, the eligibility criteria, calculation gratuity formula, and taxation methods. 

What is Gratuity?

Gratuity, a regulated benefit under the Payment of Gratuity Act, 1972, constitutes a token of appreciation presented by employers to employees. Applicable to various sectors, including factories, mines, oilfields, and government jobs across India, gratuity is typically granted upon retirement, resignation, or in the unfortunate event of an employee's demise.

Eligibility Criteria for Gratuity Payment in India

Eligibility for gratuity payment in India is contingent upon meeting certain specified criteria, demonstrating a commitment to the organization through continuous service. The primary gratuity rules for eligibility conditions are as follows:

Minimum Service Duration

Employees must have completed a minimum of 4 years and 8 months of continuous service with the employer. This duration is calculated from the date of joining to the last working day, inclusive of any leaves of absence.

Exceptions for Special Circumstances

Exceptions to the minimum service requirement are made in cases of disability, accidental death, or severe illness. In these unfortunate circumstances, individuals may become eligible for gratuity even if the standard service duration has not been met.

Scenarios Encompassing Eligibility

Superannuation: Eligibility extends to employees upon reaching the predetermined age defined in the company's superannuation plan. Superannuation plans typically serve as a company's pension scheme for its workforce.

Retirement: Employees retiring from service after completing the stipulated 4 years and 8 months of continuous employment become eligible for gratuity.

Resignation After Stipulated Service Period: Should an employee voluntarily resign after completing the requisite service period, they are entitled to gratuity benefits.

Disability: Employees incapacitated due to a disability, regardless of the service duration, qualify for gratuity. This recognizes the unforeseen challenges individuals may face in their professional journey.

Posthumous Payouts to Nominees: In the unfortunate event of an employee's demise, the nominee designated by the deceased becomes the rightful recipient of the gratuity amount, irrespective of the service duration.

Understanding the significance of these eligibility criteria ensures that the gratuity benefit reaches deserving individuals who have contributed meaningfully to the organization. It also reflects a compassionate approach in acknowledging exceptional circumstances that may warrant gratuity payments beyond standard service periods.

Gratuity Provision Calculation

Employers can leverage a simple gratuity formula to determine the gratuity amount owed to employees, providing a transparent and equitable method for both parties involved.

For employees falling under the Gratuity Act, the gratuity provision calculation is:

Gratuity = (Years of service x Last drawn basic salary) 15/ 26

The last drawn salary includes the basic salary and dearness allowance. 

Calculation of Gratuity in Case of Employee Death

In the unfortunate event of an employee's death, the gratuity payment is determined based on the employee's service tenure, with a capping limit of Rs. 20 lakh. A table is presented, offering a clear breakdown of gratuity amounts payable for different service tenures.

Income Tax on Gratuity

Tax implications vary based on an employee's affiliation with the government or a private entity. Government employees enjoy full exemption from income tax on gratuity, while private employees benefit from tax exemptions capped at the minimum of the eligible gratuity, the actual received amount, or Rs. 20 lakh.

Simplifying Gratuity Calculation

Manually calculating gratuity for employees can be time-consuming and prone to errors, especially as businesses expand. Experts like Mithras Consultants can help you in actual assessment of gratuity valuation for your business. 

Conclusion

Gratuity, though a small part of overall employee compensation, holds immense significance in acknowledging an individual's commitment to an organization. Understanding its intricacies, from eligibility criteria to tax implications, empowers both employers and employees. Businesses can navigate the complexities of gratuity calculations seamlessly by collaborating with experts like Mithras Consultants. Time to foster transparency and fairness in the employer-employee relationship and help your business grow!

[sagarnarang-blog1]

Pension Plans Demystified: Securing Your Financial Future

In an era where financial independence and stability are paramount, securing your future becomes a crucial aspect of life planning. Among the various tools available, pension plans stand out as a significant pillar in ensuring a stable and secure retirement. 

These plans, designed to provide a steady income post-retirement, often remain enigmatic to many. Understanding their nuances is pivotal in making informed decisions and securing one's financial future.

What is a Pension Plan?

A pension plan is a retirement savings strategy set up by employers, the government, or individuals to ensure a regular income stream after retirement. It acts as a long-term investment where contributions are made during one's working years, and the accumulated sum generates income during retirement.

Types of Pension Plans

Defined Benefit Plans: These plans guarantee a specific amount of income during retirement, typically based on salary and years of service. Employers primarily sponsor these plans.

Defined Contribution Plans: These plans involve contributions made by both the employer and the employee. The eventual payout depends on the contributions' growth over time, often invested in stocks, bonds, or mutual funds. 401(k)s and IRAs fall into this category.

Government-Sponsored Plans: Social Security is a prominent example, where contributions during employment translate into benefits during retirement.

Importance of Pension Plans

Financial Security:

Pension plans act as a safety net, ensuring a stable income after retirement. They provide a sense of financial security, allowing retirees to maintain their standard of living and cover expenses without solely relying on personal savings.

Tax Advantages:

Contributions to pension plans often come with tax benefits. Many countries offer tax deductions for contributions made to retirement accounts, encouraging individuals to save for their future.

Employer Contributions:

Employer-sponsored plans often match employee contributions up to a certain percentage, effectively doubling the savings. This added benefit can significantly boost retirement funds.

Long-Term Savings Discipline:

Pension plans encourage disciplined, long-term savings. By setting aside a portion of income regularly, individuals cultivate a habit of saving, ensuring financial stability in the later stages of life.

Factors to Consider When Opting for a Pension Plan

Plan Type: Assess which plan suits your needs—whether a defined benefit plan offering a guaranteed payout or a defined contribution plan providing more control over investments.

Contribution Limits: Understand the maximum amount you can contribute annually to make the most of the plan without breaching the limits.

Investment Options: For defined contribution plans, explore investment choices available within the plan. Diversification and risk management are crucial.

Vesting Periods: Some employer-sponsored plans have vesting periods, requiring a minimum number of years of service to claim full benefits. Consider these timelines while evaluating plans.

Challenges and Considerations

Uncertain Future:

In an evolving economic landscape, predicting future financial stability becomes challenging. Market fluctuations can impact the growth of pension funds, affecting the eventual payout.

Shifting Responsibilities:

With the prevalence of defined contribution plans, individuals bear the responsibility of managing their retirement funds. This shift from traditional pension schemes places the onus on individuals to make informed investment decisions.

Increasing Life Expectancy:

With longer life expectancies, retirees may outlive their retirement savings. Adequate planning and adjustments become necessary to ensure funds last throughout retirement.

Conclusion

Pension plans serve as a fundamental tool in securing one’s financial future. They offer a structured approach to retirement savings, providing a reliable income stream post-retirement. Understanding the different plan types, their benefits, and associated considerations empowers individuals to make informed decisions, aligning their financial goals with a secure retirement.

In a world where financial landscapes constantly evolve, staying informed and proactive about pension plans remains pivotal in ensuring a comfortable and secure retirement.