In addition to the common leaves which are available in all the countries i.e. Annual Leave, Sick Leave and Maternity leave, there are certain other leaves which are mentioned in relevant countries’ labour law
Superannuation refers to a pension granted upon retirement. Retirement plans are typically set up by employers, insurance companies, governments, or other institutions to provide income for people after they stop regular employment. Superannuation funds are retirement benefits contributed by employers, usually a percentage of basic wages, and invested over time to provide pension payments upon retirement. Employees can withdraw some benefits as a lump sum at retirement and receive the rest as monthly annuity payments. Unused superannuation balances can be transferred if employees change employers or withdrawn with tax implications if no longer working.
One Super Fund can save you all the hassle of consolidating your super. We offer three levels of service that range from the basic consolidation to a full financial service.
Superannuation policies provide retirement benefits to employees. Under these policies, employers contribute a fixed percentage of employees' salaries each year. The contributions are invested by funds like LIC and grow with interest over time.
At retirement, employees can choose to receive part of the accumulated balance as a lump sum and part as a monthly pension. They also have options like receiving the full pension amount or commuting part of it as a lump sum. If the employee dies while in service, pension benefits are provided to their nominee.
The LIC superannuation scheme is the most common in India. Under it, employers contribute to a fund managed by LIC and employees receive various payout options upon retirement or death. Cont
Superannuation is a tax effective means of saving for retirement. Be aware of the types of superannuation accounts, tax rates within superannuation and other benefits
Superannuation is a mandatory retirement savings scheme in Australia where employers contribute a percentage of an employee's salary to a superannuation fund on their behalf. These funds are tax-advantaged and allow savings to grow for retirement income. Employers must contribute a minimum of 15% of basic salary to each employee's superannuation scheme, which is often managed by life insurance companies like LIC to provide pensions for retirement.
NPS is India's national pension system that allows individuals to save for retirement. Key points:
1. Individuals between 18-55 can contribute a minimum of Rs. 500 four times a year (Rs. 6,000 annually) to their PRAN (Permanent Retirement Account Number).
2. Contributions are invested by Pension Fund Managers in a mix of stocks, government bonds, and corporate bonds. The default allocation depends on the saver's age.
3. At retirement (age 60 or older), up to 60% can be withdrawn tax-free, with the remainder used to purchase an annuity from an insurance company.
4. NPS has lower fees than mutual
Pensions Act 2014: all you need to knowIus Laboris
Georgina Jones from our UK member Sackers has written this in-depth article on the Pensions Act 2014 in the August edition of PMI Technical News.
Though somewhat overshadowed by this year’s attention-grabbing Budget, the Pensions Act 2014 is a key piece of legislation. Not only does it introduce a new type of state pension and, as a consequence, sweep away contracting-out on a defined benefit basis, but it also contains several important measures for occupational pension schemes.
This document summarizes retirement benefits for central government employees in India. It discusses pension benefits including minimum eligibility, calculation of pension, and family pension. It also covers commutation of pension, death/retirement gratuity, general provident fund, contributory provident fund, leave encashment, and group insurance schemes. Some tips for retirement planning are provided, emphasizing the importance of starting to save early and making retirement a top financial priority.
Superannuation refers to a pension granted upon retirement. Retirement plans are typically set up by employers, insurance companies, governments, or other institutions to provide income for people after they stop regular employment. Superannuation funds are retirement benefits contributed by employers, usually a percentage of basic wages, and invested over time to provide pension payments upon retirement. Employees can withdraw some benefits as a lump sum at retirement and receive the rest as monthly annuity payments. Unused superannuation balances can be transferred if employees change employers or withdrawn with tax implications if no longer working.
One Super Fund can save you all the hassle of consolidating your super. We offer three levels of service that range from the basic consolidation to a full financial service.
Superannuation policies provide retirement benefits to employees. Under these policies, employers contribute a fixed percentage of employees' salaries each year. The contributions are invested by funds like LIC and grow with interest over time.
At retirement, employees can choose to receive part of the accumulated balance as a lump sum and part as a monthly pension. They also have options like receiving the full pension amount or commuting part of it as a lump sum. If the employee dies while in service, pension benefits are provided to their nominee.
The LIC superannuation scheme is the most common in India. Under it, employers contribute to a fund managed by LIC and employees receive various payout options upon retirement or death. Cont
Superannuation is a tax effective means of saving for retirement. Be aware of the types of superannuation accounts, tax rates within superannuation and other benefits
Superannuation is a mandatory retirement savings scheme in Australia where employers contribute a percentage of an employee's salary to a superannuation fund on their behalf. These funds are tax-advantaged and allow savings to grow for retirement income. Employers must contribute a minimum of 15% of basic salary to each employee's superannuation scheme, which is often managed by life insurance companies like LIC to provide pensions for retirement.
NPS is India's national pension system that allows individuals to save for retirement. Key points:
1. Individuals between 18-55 can contribute a minimum of Rs. 500 four times a year (Rs. 6,000 annually) to their PRAN (Permanent Retirement Account Number).
2. Contributions are invested by Pension Fund Managers in a mix of stocks, government bonds, and corporate bonds. The default allocation depends on the saver's age.
3. At retirement (age 60 or older), up to 60% can be withdrawn tax-free, with the remainder used to purchase an annuity from an insurance company.
4. NPS has lower fees than mutual
Pensions Act 2014: all you need to knowIus Laboris
Georgina Jones from our UK member Sackers has written this in-depth article on the Pensions Act 2014 in the August edition of PMI Technical News.
Though somewhat overshadowed by this year’s attention-grabbing Budget, the Pensions Act 2014 is a key piece of legislation. Not only does it introduce a new type of state pension and, as a consequence, sweep away contracting-out on a defined benefit basis, but it also contains several important measures for occupational pension schemes.
This document summarizes retirement benefits for central government employees in India. It discusses pension benefits including minimum eligibility, calculation of pension, and family pension. It also covers commutation of pension, death/retirement gratuity, general provident fund, contributory provident fund, leave encashment, and group insurance schemes. Some tips for retirement planning are provided, emphasizing the importance of starting to save early and making retirement a top financial priority.
Most of the Income Tax payee try to save tax by saving under Section 80/C of the Income Tax Act. However, it is important to know the this Section in to detail that one can make best use of the options available for exemption under income tax Act.
One important point to note here is that one can not only save tax by undertaking the specified investments, but some expenditure which you normally incur can also give you the tax exemptions. Here are some tips for you:
Happy Reading..Happy Investing.
Mehul Bheda
The document summarizes recent labor law trends and new laws presented by Martin Levy of Human Resources 4U. It notes an increase in certain types of litigation in 2010 and increased enforcement by government agencies. New laws discussed include restrictions on credit checks, requirements for paid pregnancy disability leave and written commission agreements, penalties for misclassifying independent contractors, and protections regarding genetic information and gender expression. The presentation provides an overview of these and other new labor laws in California.
The document summarizes Pakistan's voluntary pension system. Key points:
- Pakistan previously had weak pension provisions and relied on family support for retirement. A new voluntary pension system was created to address this.
- The system allows individuals to make tax-deferred contributions into privately-managed pension funds. Contributions are invested in mutual funds with preset asset allocations.
- At retirement, individuals can withdraw funds as annuities or income. Contributions and investment returns are tax exempt, with tax paid on withdrawals.
- The SECP regulates pension fund managers and oversees the system. The goals are to encourage long-term saving and provide portable, professionally-managed retirement funds for Pakistanis.
Final Settlement Calculations in UAE.pdfFiyona Nourin
While calculating EOS, companies should include all the benefits as
mentioned in the UAE Labor law and Employment agreement between the company and the employee
January 1 deductible and out of pocket requirements as of march 15, 2013Jeff Petro
The document summarizes regulations from the Department of Health and Human Services regarding deductible and out-of-pocket limits under the Affordable Care Act. For 2014, the maximum deductible is $2,000 for individual plans and $4,000 for family plans. The maximum out-of-pocket limit is $6,250 for individual plans and $12,500 for family plans. These limits apply to small group plans but not large group or self-funded plans. The deductible limits take effect for plan years beginning on or after January 1, 2014.
comparison between Malaysia and Dutch Pension SchemeAswan Mohd Noor
The document compares the pension schemes of the Netherlands and Malaysia. The Netherlands has a three pillar system including a basic state pension, supplemental employer pensions, and private savings. The retirement age is 65. Malaysia's public sector has a government pension scheme while the private sector uses the Employees Provident Fund. The retirement age was raised from 55 to 60. Suggestions for both countries include pension education programs and encouraging private savings to supplement pensions.
The document discusses the importance of complying with the Employee Retirement Income Security Act of 1974 (ERISA). It states that the Department of Labor (DOL) enforces ERISA and estimates that 75-90% of businesses are out of compliance. Small employers with fewer than 250 employees are especially at risk of being non-compliant. All employers must provide an ERISA Summary Plan Description and are required to comply with ERISA if they offer any health or welfare benefits, such as health insurance, dental, vision, retirement accounts, and disability. Non-compliance can result in civil or criminal penalties ranging from $10,000 to hundreds of thousands of dollars in fines.
The document provides information about the National Pension Scheme (NPS) in India. It discusses the regulations, tax benefits, eligibility, investment options, fund performance, and withdrawal process for the NPS. Key points include that the NPS is regulated by PFRDA and offers tax deductions on contributions. Subscribers can choose from multiple pension fund managers and allocate contributions across equity, corporate bond and government security asset classes. Partial and lump sum withdrawals are allowed under certain conditions.
1) The document explains how to calculate income tax in India by understanding the taxation slabs for the current financial year 2015-2016. It provides the tax slabs for different categories of individuals based on their age and income level.
2) It states that income tax is calculated by determining which tax slab an individual's income falls under, and then applying the designated tax rate for that slab. If income falls under multiple slabs, tax is calculated for each slab separately and then summed.
3) The document emphasizes that with an understanding of the tax slabs, deductions available, and how taxable income is determined, calculating income tax becomes a simple process. It encourages readers to use the provided TaxAssist Calculator to
Retirement Income Forecast Process (T Verrett)Tevis Verrett
The document introduces a simple approach to retirement income planning using foundation income and discretionary income. It involves determining retirement expenses, secure income sources like social security, and forecasting the income gaps that retirement savings need to fill. The process aims to close the foundation income gap with protected, reliable income streams to ensure basic needs are met, while the total income gap can be filled more flexibly with savings providing growth potential. The retirement income forecast answers questions about income needs, secure sources, and the gaps savings need to address.
Discussion Regarding benefits on taxes on income from employmentGurzu Inc
This document discusses taxation on income from employment in Nepal. It notes that any person who earns income is liable for taxes according to their country's rules. In Nepal, an employer must deduct taxes (called Remuneration Tax) from an employee's salary and allowances according to the Income Tax Act. Employees may be eligible for various tax benefits under the Act each fiscal year. The document then provides more details on tax rates and slabs for individual and couple incomes, available tax benefits like health insurance deductions, retirement contribution limits, and taxation of retirement payments.
NPS is India's national pension system that aims to encourage retirement savings. It is regulated by PFRDA and open to all Indian citizens. Contributions can be invested in government bonds, bills and shares. Subscribers receive a PRAN number and can choose from various pension fund managers. Contributions up to Rs. 1.5 lakh are eligible for tax deductions under sections 80CCD(1) and 80CCD(1B). Partial withdrawals are allowed for specific needs but are tax exempt. At retirement, up to 60% of the corpus can be withdrawn tax free with the remaining 40% used to purchase an annuity.
This document provides information about benefits under the Employees' Pension Scheme 1995 in India. It details how pension is calculated based on factors like age, wages, and service period. For members with 10 years or more of service, Monthly Member Pension is paid at 58 years of age. Pension can be drawn earlier at a reduced rate from 50 years. Pension amount is calculated separately for service before and after 1995. Family pension is provided in case of member death. Withdrawal benefits are provided for service periods below 10 years or if a member leaves before 58.
This pdf covers all the basic concepts of Corporate Tax Planning, which is helpful to the students who are studying in M.com, MBA or any other Commerce Courses.
This document discusses various topics related to deposits under the Companies Act, 2013 including what constitutes a deposit, deposits from members, deposits from the public, penalties for non-compliance, and the National Company Law Tribunal (NCLT). Some key points:
- Deposits include any money received by a company in the form of a deposit, loan, or other means, with some exceptions.
- There are certain conditions that must be met for a company to accept deposits from members, including passing a shareholder resolution and maintaining a deposit repayment reserve.
- Only large public companies meeting certain criteria can accept deposits from the public, and they must adhere to additional rules like obtaining credit ratings.
- Pen
The document provides an overview of HR compliance in Malaysia, including:
1) It summarizes the key employment legislation in Malaysia like the Employment Act 1955 and amendments, outlining the rights of employees and obligations of employers.
2) It explains that the Employment Act covers all employees in Malaysia except domestic servants, and those earning above RM4,000 are exempted from some provisions.
3) It gives an overview of basic employee rights like working hours, overtime pay, rest days and public holidays as outlined in the Employment Act.
The document provides an overview of payroll processing in Qatar, including common questions about salary payments, components, minimum wage, overtime calculation, leave policies, and more. Key details include that salaries must be paid at least monthly, there are no statutory pay components, overtime is paid at 125-150% of normal wages, annual leave is 3-4 weeks, and gratuity is accrued at 21 days per year of service. Outsourcing payroll is recommended to ensure compliance and free up employers' time.
The document discusses payroll processes in the United Arab Emirates. It outlines that HLB HAMT is a payroll outsourcing provider in the UAE that manages payroll with accuracy and confidentiality. It also describes UAE labor laws regarding payroll requirements, the government ministry that oversees employer-employee relations, and the mandatory wages protection system for payments. Finally, it discusses end of service gratuity calculations, benefits of outsourcing payroll to free up time and ensure compliance, and provides contact information for HLB HAMT.
The payroll process will not be the same for all countries; each country has its own tax laws, minimum salary requirements, pension plans, gratuity schemes, leave policies, and many more.
The document provides an overview of the payroll process in Kuwait. It discusses key aspects like salary payment frequency, common pay components, standard working hours, overtime calculation, gratuity accrual, statutory deductions, and leave policies. The payroll process requires monitoring tax updates and ensuring accurate and timely salary payments. Outsourcing payroll to an experienced provider can help free up time and ensure compliance.
General Pension and Social Security Authority (GPSSA) in the UAE.pdfFiyona Nourin
GPSSA (General Pension and Social Security Authority) was established in the UAE under Federal Law No. 6 of 1999 to provide pension and social security for the citizens of the UAE
Most of the Income Tax payee try to save tax by saving under Section 80/C of the Income Tax Act. However, it is important to know the this Section in to detail that one can make best use of the options available for exemption under income tax Act.
One important point to note here is that one can not only save tax by undertaking the specified investments, but some expenditure which you normally incur can also give you the tax exemptions. Here are some tips for you:
Happy Reading..Happy Investing.
Mehul Bheda
The document summarizes recent labor law trends and new laws presented by Martin Levy of Human Resources 4U. It notes an increase in certain types of litigation in 2010 and increased enforcement by government agencies. New laws discussed include restrictions on credit checks, requirements for paid pregnancy disability leave and written commission agreements, penalties for misclassifying independent contractors, and protections regarding genetic information and gender expression. The presentation provides an overview of these and other new labor laws in California.
The document summarizes Pakistan's voluntary pension system. Key points:
- Pakistan previously had weak pension provisions and relied on family support for retirement. A new voluntary pension system was created to address this.
- The system allows individuals to make tax-deferred contributions into privately-managed pension funds. Contributions are invested in mutual funds with preset asset allocations.
- At retirement, individuals can withdraw funds as annuities or income. Contributions and investment returns are tax exempt, with tax paid on withdrawals.
- The SECP regulates pension fund managers and oversees the system. The goals are to encourage long-term saving and provide portable, professionally-managed retirement funds for Pakistanis.
Final Settlement Calculations in UAE.pdfFiyona Nourin
While calculating EOS, companies should include all the benefits as
mentioned in the UAE Labor law and Employment agreement between the company and the employee
January 1 deductible and out of pocket requirements as of march 15, 2013Jeff Petro
The document summarizes regulations from the Department of Health and Human Services regarding deductible and out-of-pocket limits under the Affordable Care Act. For 2014, the maximum deductible is $2,000 for individual plans and $4,000 for family plans. The maximum out-of-pocket limit is $6,250 for individual plans and $12,500 for family plans. These limits apply to small group plans but not large group or self-funded plans. The deductible limits take effect for plan years beginning on or after January 1, 2014.
comparison between Malaysia and Dutch Pension SchemeAswan Mohd Noor
The document compares the pension schemes of the Netherlands and Malaysia. The Netherlands has a three pillar system including a basic state pension, supplemental employer pensions, and private savings. The retirement age is 65. Malaysia's public sector has a government pension scheme while the private sector uses the Employees Provident Fund. The retirement age was raised from 55 to 60. Suggestions for both countries include pension education programs and encouraging private savings to supplement pensions.
The document discusses the importance of complying with the Employee Retirement Income Security Act of 1974 (ERISA). It states that the Department of Labor (DOL) enforces ERISA and estimates that 75-90% of businesses are out of compliance. Small employers with fewer than 250 employees are especially at risk of being non-compliant. All employers must provide an ERISA Summary Plan Description and are required to comply with ERISA if they offer any health or welfare benefits, such as health insurance, dental, vision, retirement accounts, and disability. Non-compliance can result in civil or criminal penalties ranging from $10,000 to hundreds of thousands of dollars in fines.
The document provides information about the National Pension Scheme (NPS) in India. It discusses the regulations, tax benefits, eligibility, investment options, fund performance, and withdrawal process for the NPS. Key points include that the NPS is regulated by PFRDA and offers tax deductions on contributions. Subscribers can choose from multiple pension fund managers and allocate contributions across equity, corporate bond and government security asset classes. Partial and lump sum withdrawals are allowed under certain conditions.
1) The document explains how to calculate income tax in India by understanding the taxation slabs for the current financial year 2015-2016. It provides the tax slabs for different categories of individuals based on their age and income level.
2) It states that income tax is calculated by determining which tax slab an individual's income falls under, and then applying the designated tax rate for that slab. If income falls under multiple slabs, tax is calculated for each slab separately and then summed.
3) The document emphasizes that with an understanding of the tax slabs, deductions available, and how taxable income is determined, calculating income tax becomes a simple process. It encourages readers to use the provided TaxAssist Calculator to
Retirement Income Forecast Process (T Verrett)Tevis Verrett
The document introduces a simple approach to retirement income planning using foundation income and discretionary income. It involves determining retirement expenses, secure income sources like social security, and forecasting the income gaps that retirement savings need to fill. The process aims to close the foundation income gap with protected, reliable income streams to ensure basic needs are met, while the total income gap can be filled more flexibly with savings providing growth potential. The retirement income forecast answers questions about income needs, secure sources, and the gaps savings need to address.
Discussion Regarding benefits on taxes on income from employmentGurzu Inc
This document discusses taxation on income from employment in Nepal. It notes that any person who earns income is liable for taxes according to their country's rules. In Nepal, an employer must deduct taxes (called Remuneration Tax) from an employee's salary and allowances according to the Income Tax Act. Employees may be eligible for various tax benefits under the Act each fiscal year. The document then provides more details on tax rates and slabs for individual and couple incomes, available tax benefits like health insurance deductions, retirement contribution limits, and taxation of retirement payments.
NPS is India's national pension system that aims to encourage retirement savings. It is regulated by PFRDA and open to all Indian citizens. Contributions can be invested in government bonds, bills and shares. Subscribers receive a PRAN number and can choose from various pension fund managers. Contributions up to Rs. 1.5 lakh are eligible for tax deductions under sections 80CCD(1) and 80CCD(1B). Partial withdrawals are allowed for specific needs but are tax exempt. At retirement, up to 60% of the corpus can be withdrawn tax free with the remaining 40% used to purchase an annuity.
This document provides information about benefits under the Employees' Pension Scheme 1995 in India. It details how pension is calculated based on factors like age, wages, and service period. For members with 10 years or more of service, Monthly Member Pension is paid at 58 years of age. Pension can be drawn earlier at a reduced rate from 50 years. Pension amount is calculated separately for service before and after 1995. Family pension is provided in case of member death. Withdrawal benefits are provided for service periods below 10 years or if a member leaves before 58.
This pdf covers all the basic concepts of Corporate Tax Planning, which is helpful to the students who are studying in M.com, MBA or any other Commerce Courses.
This document discusses various topics related to deposits under the Companies Act, 2013 including what constitutes a deposit, deposits from members, deposits from the public, penalties for non-compliance, and the National Company Law Tribunal (NCLT). Some key points:
- Deposits include any money received by a company in the form of a deposit, loan, or other means, with some exceptions.
- There are certain conditions that must be met for a company to accept deposits from members, including passing a shareholder resolution and maintaining a deposit repayment reserve.
- Only large public companies meeting certain criteria can accept deposits from the public, and they must adhere to additional rules like obtaining credit ratings.
- Pen
The document provides an overview of HR compliance in Malaysia, including:
1) It summarizes the key employment legislation in Malaysia like the Employment Act 1955 and amendments, outlining the rights of employees and obligations of employers.
2) It explains that the Employment Act covers all employees in Malaysia except domestic servants, and those earning above RM4,000 are exempted from some provisions.
3) It gives an overview of basic employee rights like working hours, overtime pay, rest days and public holidays as outlined in the Employment Act.
The document provides an overview of payroll processing in Qatar, including common questions about salary payments, components, minimum wage, overtime calculation, leave policies, and more. Key details include that salaries must be paid at least monthly, there are no statutory pay components, overtime is paid at 125-150% of normal wages, annual leave is 3-4 weeks, and gratuity is accrued at 21 days per year of service. Outsourcing payroll is recommended to ensure compliance and free up employers' time.
The document discusses payroll processes in the United Arab Emirates. It outlines that HLB HAMT is a payroll outsourcing provider in the UAE that manages payroll with accuracy and confidentiality. It also describes UAE labor laws regarding payroll requirements, the government ministry that oversees employer-employee relations, and the mandatory wages protection system for payments. Finally, it discusses end of service gratuity calculations, benefits of outsourcing payroll to free up time and ensure compliance, and provides contact information for HLB HAMT.
The payroll process will not be the same for all countries; each country has its own tax laws, minimum salary requirements, pension plans, gratuity schemes, leave policies, and many more.
The document provides an overview of the payroll process in Kuwait. It discusses key aspects like salary payment frequency, common pay components, standard working hours, overtime calculation, gratuity accrual, statutory deductions, and leave policies. The payroll process requires monitoring tax updates and ensuring accurate and timely salary payments. Outsourcing payroll to an experienced provider can help free up time and ensure compliance.
General Pension and Social Security Authority (GPSSA) in the UAE.pdfFiyona Nourin
GPSSA (General Pension and Social Security Authority) was established in the UAE under Federal Law No. 6 of 1999 to provide pension and social security for the citizens of the UAE
UKVI Compliance seeks to help you through the complex rules of UKVI compliance. There is no safer location to keep your important documents updated and accessible in case Home Office agents arrive unexpectedly or on a scheduled basis. This platform was developed to improve functionality while cutting down on processing time.
The document summarizes executive compensation restrictions under the CARES Act for companies that receive federal loans or loan guarantees. It outlines thresholds for limiting compensation to executives making over $425,000 in 2019. It also discusses potential challenges in retaining executive talent within these restrictions and explores whether deferred compensation could provide a solution. The document concludes by advising clients to consult experts while more regulatory guidance on the restrictions is developed.
A Guide on Statutory leaves in Qatar.pdfFiyona Nourin
The document provides information on statutory leave policies in Qatar, including official public holidays, annual leave, sick leave, maternity leave, and Hajj leave. It outlines the number of days granted for each type of leave according to Qatar's Labor Law and answers frequently asked questions about leave policies. It also discusses payroll outsourcing services provided by HLB HAMT to assist with payroll processing in accordance with Qatar's regulations.
The document provides guidance on using business protection solutions from VitalityLife to protect a business. It discusses key person cover, which insures against the death, illness or disability of important employees. It also covers ownership protection, which ensures funds are available for remaining owners to purchase the shares of an owner who dies or becomes seriously ill. The solutions involve a VitalityLife business protection plan, business trust, and share purchase agreement. Consulting an advisor can help determine the appropriate solution and level of coverage needed for a given business.
All about End of services Gratuity in Kuwait.pdfFiyona Nourin
our payroll experts in Kuwait take you through a set of questions and answers that will help in clearing all your doubts related to end of service gratuity in Kuwait.
The CARES Act provides $2 trillion in emergency relief for individuals and small businesses affected by COVID-19. It includes the Paycheck Protection Program which provides loans that can be forgiven if payroll is maintained, Economic Injury Disaster Loans and grants of up to $10,000 for small businesses, and allows deferral of payroll taxes until 2021-2022. The document provides details on these and other programs to help small businesses and answers frequently asked questions.
http://ekinsurance.com/financial/what-are-annuities/
Annuities can be a great way to make your money work, but many people may not understand the risks, rewards, or the workings of their annuities.
The article discusses investing for income and the different levels of risk individuals may be prepared to take. It outlines options ranging from low-risk cash savings to higher-risk equity and property investments. For low-risk investors looking for slightly higher returns than cash, it recommends fixed-interest accounts through bond funds which pay better interest rates than cash. Higher-risk options mentioned include corporate bonds, equity income funds, commercial property funds, and investment trusts which provide dividends but with greater potential for capital losses. The article stresses the importance of understanding one's goals and risk tolerance when investing for income.
Startup Your Startup: Tips and Tricks for Founders at the Starting LineDavid Ehrenberg
This document provides tips and guidance for new business owners on setting up important operational and legal aspects of their startup. It outlines key tasks for company formation like obtaining an EIN and SUI, opening a business bank account, setting up payroll and benefits compliance. It also discusses healthcare options under the Affordable Care Act, minimizing legal risks around contractors vs employees and entity structure, and the benefits of trademark registration. The presenters aim to help new founders avoid common mistakes by properly setting up financial, legal and HR operations from the very beginning.
This document provides an overview of the Service Contract Act (SCA) and how it impacts employees working on federal service contracts. It discusses key aspects of the SCA including:
- The purpose of the SCA is to provide prevailing wages and benefits to employees working on federal contracts. Wages are determined by wage determinations set by the Department of Labor.
- There are different types of wage determinations including area, non-standard, collective bargaining agreement, and contract-specific determinations.
- Employers must provide fringe benefits to employees including an hourly amount for health and welfare. Compliance can be met through various methods like cash payments, retirement contributions, or establishing benefit plans.
- Employees
This document provides an overview and guidance for companies expanding internationally and sending employees on global assignments. It discusses key considerations for budgeting, company structure, staffing needs, sending expatriates, and managing tax implications. The guide recommends involving stakeholders, properly structuring the business entity to avoid unwanted tax obligations, and implementing assignment tax policies like tax equalization or protection to support expatriates working abroad. Careful planning is needed across HR, payroll, taxation and other areas to successfully expand globally.
The document provides information on taxation and compliance requirements for expatriates working in India. It discusses obtaining the proper work visa and registering with immigration authorities. It also outlines individual tax rates and residency rules in India, as well as key employer obligations like providing maternity leave and minimum wages. Compliance areas like tax registrations, filing returns, and double taxation avoidance agreements are also summarized.
PEO companies bill for their services in many different ways, which can be confusing and difficult for even the most seasoned broker to understand. The Guide to Understanding PEO Billing Reports provides a breakdown of both bundled and unbundled PEO bills, including how they’re organized and how the items on the invoices should be calculated.
In this eGuide, you will learn how to:
- Break down your clients' PEO reports effectively
- Find the “hidden fees” in bundled billing
- Save your clients by saving them money
Similar to A Comparison of Special Leaves in GCC.pdf (20)
Virtual companies can conduct selected professional activities that include services related to printing and advertising; computer programming, consultancy and related activities; and design activitie
Excise Tax in UAE – Scope Expansion.pdfFiyona Nourin
In UAE, tobacco and tobacco products, Energy Drinks and Carbonated drinks are subject to Excise tax and the nation has now decided to levy excise tax on all e-cigarettes, e-liquids and sweetened drinks with effect from December 1, 2019
Regulation of the submission of reports by multi-national companies in UAE.pdfFiyona Nourin
The CbC report must be submitted within 12 months of the end of the reporting period. Accordingly, for the financial years commencing on 1 January 2019, the CbC report must be submitted by 31 December 2020
UAE Implements New Law to Support Financially Insolvent Individuals.pdfFiyona Nourin
The UAE Cabinet has approved a new Federal Law to help financially insolvent individuals by offering support to repay debts within three years and protecting them from criminal prosecution. The law aims to provide opportunities for debtors to work and support their families while negotiating repayment plans between debtors and creditors over three years. Special provisions are included to expedite legal procedures and reduce fees for restructuring debt. The law seeks to promote transparency around debt repayment and reinforce the UAE's position as an investment destination with equal rights for all parties.
Protection against the dangers of cyberspace, support for innovation in cyberspace and the growth of the emirate and its economic prosperity, are the motives of Dubai cyber security strategy.
There has been widespread scepticism and fears that the integration of emerging new technologies like AI into an industry such as HR would inevitably lead to multiple job losses
Block-chain lacks a single point of failure. In addition to being efficient, the blockchain has other unique characteristics that make it a breakthrough innovation.
A Future Economy Research Centre that will provide a platform for scientific research will be the eighth initiative and the ninth initiative is a programme that intends to consolidate the culture of entrepreneurship and inspire students to start economy companies.
The UAE Federal Tax Authority (FTA) issued a bulletin providing guidance on the VAT treatment of the education sector in the UAE. Certain supplies in the education sector are exempted from VAT, while standard rates apply to others such as uniforms, food, and extracurricular activities. Supplies directly related to government-recognized curricula and reading materials are zero-rated and do not incur VAT. Transportation of students is also exempted. Educational institutions must register for VAT if the value of their supplies exceeds mandatory or voluntary thresholds, but those only providing zero-rated supplies may apply for an exception. Tax invoices are required except in some cases, and input tax can be recovered except on certain blocked items.
The DIFC Employee Workplace Savings (DEWS) plan replaces existing end-of-service gratuity benefits for DIFC employers. Under DEWS, employers must make monthly contributions of 5.83-8.33% of the employee's basic salary to a savings plan starting February 1, 2020. Employers have until March 31 to enroll in DEWS or another approved plan. Accrued gratuity as of January 31, 2020 can be transferred to DEWS with employee consent, kept by the employer, or transferred without consent but the employer remains liable.
The Federal Tax Authority issued a clarification on the timeframe for recovering input tax. Input tax must be recovered in the first tax period where two conditions are met: the tax invoice is received and there is intent to make payment within six months of the agreed payment date. Intent to pay sometimes arises after quality control approval for manufacturers and construction firms. If input tax isn't claimed in the first eligible period, it can be claimed in the next period. However, if payment isn't made within six months, the input tax must be reduced in the next return and can be recovered once payment is made.
VAT Errors and ways to rectify them.pdfFiyona Nourin
When a person fails to charge and account for the correct amount of output VAT or does not recover the correct amount of input tax, it is considered as an error.
Transfiguring your business post COVID-19.pdfFiyona Nourin
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Introduction
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A Comparison of Special Leaves in GCC.pdf
1. A Comparison of Special Leaves in
GCC
The Gulf Cooperation’s Council (GCC) is a political and economic union of
Arab states bordering the Arabian gulf. It was established in 1981 and its 6
members are the United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait
and Bahrain.
In addition to the common leaves which are available in all the countries i.e.
Annual Leave, Sick Leave and Maternity leave, there are certain other leaves
which are mentioned in relevant countries’ labour law. Here we are comparing
the other leave benefits.
Paternity leave
Paternity leave is a period of absence from work granted to a father after or
shortly before the birth of his child. A male employee in GCC’s Private sector
shall now be granted a paid “Paternity leave” for a period mentioned in the
laws. The following table will brief about the privileges of leaves in different
GCC Countries;
2. Marriage Leave
Marriage leave is the legal right to enjoy leave of absence by an employee
due to him or her getting married without loss of wages. This Article is to
inform both citizens and expatriates of their rights and privileges as
employees in the GCC to ensure that they can maintain a congruous
workplace environment. The following table will provide the comparisons
between GCC countries relating to marriage leave;
3. Hajj Leave
Hajj is a pilgrimage to Mecca, which all Muslims are expected to make at least
once during their lifetime if they can afford to do so. All Muslim employees in
the private sector are entitled to certain no. of days of leave, once during their
period of their service, to perform the Hajj. To understand more in detail, refer
the below table;
4. Compassionate Leave
The Compassionate Leave policy establishes guidelines for providing paid
time off to employees for absences related to the demise of immediate family
5. members and close relatives.
Iddah Leave
In Islamic legal terminology, Iddah is the period a woman must observe after
the demise of her husband. In such instance, she is required to stay at home
in mourning and not leave the house except for necessities. For this purpose,
Iddah leave is granted to female workers serving across the GCC Countries.
The following information will give an understanding of this Law;
6. Initially, companies gave importance to just the basic leave requirements, that
include annual, sick and maternity leave. Now, they have started to give
importance to other prominent instances/ happenings in the lives of
employees. This is indeed an encouraging change.
For a comprehensive understanding of leave policy in GCC countries, please
refer to our article relating to each country.
UAE Leave policy
KSA Leave policy
Oman Leave policy
Qatar Leave policy
Bahrain Leave policy
Kuwait Leave policy
7. Payroll Process
The process of payroll is little complicated and time-consuming; hence it is
always recommended to outsource your company’s payroll function.
Outsourcing payroll will ensure the assistance of a team of trained payroll
professionals and it frees up the time of the organization, helping them focus
on other projects that add value to their business.
One should be extra vigilant while selecting their payroll provider, as payroll
data is highly sensitive, and one should opt for a provider that can ensure high
levels of data security.
As a leading payroll outsourcing company, HLB HAMT can help solve your
payroll complexities through customized strategies. We take care of our
clients’ entire payroll cycle that includes preparation of payroll reports,
processing salary payment with WPS compliance, accrual management
including Gratuity, pension funds, an online portal for accessing payslips, and
many more. Our leadership team spends the necessary hours in every
project, ensuring our clients get refined consulting services to take your
business forward.
To know more about our payroll process, click here
Disclaimer:
Whilst every effort has been made to ensure the accuracy of this information,
HLB HAMT will not accept any liability arising out of errors or omissions.
Please note that this blog is not all-inclusive. Our guidance is designed only to
give general information on the issues/topics covered. It is subjected to
change and not intended to be a comprehensive summary of all laws which
may be applicable to your situation, treat exhaustively the subjects covered,
provide legal advice, or render a legal opinion.
8. Get Free Consultation
A Comparison of Special Leaves in
GCC
Level 18, City Tower-2,
Sheikh Zayed Road
PO Box 32665
9. Dubai – United Arab Emirates. Tel: +971 4 327 7775
E-mail: dubai@hlbhamt.com
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