The document summarizes the key changes to South Africa's tax and retirement system that will come into effect on March 1, 2016. Some of the major reforms include increasing the tax deduction limit for retirement contributions to R350,000 annually, requiring two-thirds of provident fund savings above R247,500 to be annuitized at retirement, and protecting the vested rights of current provident fund members to take their pre-March 2016 savings as a lump sum. The reforms aim to simplify the tax system, improve equity, and enhance retiree income security by extending annuitization requirements to provident funds over the long run.
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.
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.
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 the Pag-IBIG Fund membership programs and benefits in the Philippines. It discusses (1) the mandatory membership coverage which includes government employees, private sector employees earning PHP1,000 or more per month, OFWs, and self-employed individuals; (2) the monthly contribution rates of 1-2% for employees and employers; (3) the short-term loan programs for multi-purpose and calamity loans; (4) the end-user home financing program requirements and loan terms; and (5) the provident benefits available such as optional and mandatory withdrawals, retirement, and death benefits.
BUDGET FOR SALARIED INDIVIDUALS: IMPACT ANALYSISShubham Nandi
The document summarizes key changes expected in the Indian budget that would impact salaried individuals and provides analysis of the impact. It discusses potential increases to tax deductions limits for investments, home loans, health insurance. It also summarizes the standard deduction introduced for salaried individuals, its increase over time, and its applicability for senior citizens. Key income tax highlights from the recent budget that provide relief to salaried taxpayers and incentives for home buyers are also outlined.
This section provides a deduction from total income for various investments, expenditures, and payments for which a tax rebate was previously available under section 88. The total deduction under this section combined with sections 80CCC and 80CCD is limited to Rs. 1 lakh. Eligible items for deduction include life insurance premiums, contributions to provident funds, subscriptions to notified savings plans, tuition fees for up to two children, and investments in specified infrastructure bonds.
The document summarizes details of the Atal Pension Yojana (APY) scheme launched by the Indian government. Key points:
- APY provides fixed monthly pensions ranging from Rs. 1000-5000 depending on contributions for subscribers aged 18-40 who contribute for at least 20 years.
- The government co-contributes 50% of contributions or Rs. 1000 annually for eligible subscribers enrolled between June-December 2015.
- National Pension System (NPS) infrastructure is used to enroll APY subscribers and manage pension contributions, which are invested by Pension Funds appointed by the Pension Fund Regulatory and Development Authority.
- Subscribers receive SMS alerts about account balances and must make monthly contributions
PRESENTATION ON PENSIONS CONFERENCE HELD IN ACCRA GHANAPrince Owusu
This document summarizes Ghana's national pension reform and benefits. It outlines the establishment of a presidential commission to examine the country's pension arrangements and make recommendations. The commission's main recommendation was to create a new contributory three-tier pension system comprising a mandatory basic social security scheme, a mandatory privately-managed occupational pension, and voluntary personal pension schemes. The reform aims to provide universal pension coverage and higher benefits than the previous system. Challenges include ensuring adequate investment returns for the privately-managed defined contribution schemes.
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.
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.
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 the Pag-IBIG Fund membership programs and benefits in the Philippines. It discusses (1) the mandatory membership coverage which includes government employees, private sector employees earning PHP1,000 or more per month, OFWs, and self-employed individuals; (2) the monthly contribution rates of 1-2% for employees and employers; (3) the short-term loan programs for multi-purpose and calamity loans; (4) the end-user home financing program requirements and loan terms; and (5) the provident benefits available such as optional and mandatory withdrawals, retirement, and death benefits.
BUDGET FOR SALARIED INDIVIDUALS: IMPACT ANALYSISShubham Nandi
The document summarizes key changes expected in the Indian budget that would impact salaried individuals and provides analysis of the impact. It discusses potential increases to tax deductions limits for investments, home loans, health insurance. It also summarizes the standard deduction introduced for salaried individuals, its increase over time, and its applicability for senior citizens. Key income tax highlights from the recent budget that provide relief to salaried taxpayers and incentives for home buyers are also outlined.
This section provides a deduction from total income for various investments, expenditures, and payments for which a tax rebate was previously available under section 88. The total deduction under this section combined with sections 80CCC and 80CCD is limited to Rs. 1 lakh. Eligible items for deduction include life insurance premiums, contributions to provident funds, subscriptions to notified savings plans, tuition fees for up to two children, and investments in specified infrastructure bonds.
The document summarizes details of the Atal Pension Yojana (APY) scheme launched by the Indian government. Key points:
- APY provides fixed monthly pensions ranging from Rs. 1000-5000 depending on contributions for subscribers aged 18-40 who contribute for at least 20 years.
- The government co-contributes 50% of contributions or Rs. 1000 annually for eligible subscribers enrolled between June-December 2015.
- National Pension System (NPS) infrastructure is used to enroll APY subscribers and manage pension contributions, which are invested by Pension Funds appointed by the Pension Fund Regulatory and Development Authority.
- Subscribers receive SMS alerts about account balances and must make monthly contributions
PRESENTATION ON PENSIONS CONFERENCE HELD IN ACCRA GHANAPrince Owusu
This document summarizes Ghana's national pension reform and benefits. It outlines the establishment of a presidential commission to examine the country's pension arrangements and make recommendations. The commission's main recommendation was to create a new contributory three-tier pension system comprising a mandatory basic social security scheme, a mandatory privately-managed occupational pension, and voluntary personal pension schemes. The reform aims to provide universal pension coverage and higher benefits than the previous system. Challenges include ensuring adequate investment returns for the privately-managed defined contribution 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.
This document discusses group insurance, including its key concepts and features. Group insurance insures a group rather than individuals, with one policy covering many people. It provides security and benefits to employees. Premiums are lower than individual policies since risks are spread across a group. The document outlines various types of group insurance schemes in India like group term insurance, group savings-linked insurance, and group gratuity and superannuation schemes. It also discusses insurers' obligations to provide rural and social sector insurance.
This document provides information about the SBI Pension Plan offered by SBI Life Insurance. It includes the names of employees enrolled in group number 9 of the plan. It then discusses details of the SBI Life pension plans, including the four basic plans offered and their mission. It analyzes the category and market for pension plans in India. It also discusses the product features, investment options, benefits, strategies and customer analysis for the SBI Life Horizon II Pension Plan.
The document summarizes the major pension systems in Malaysia, including the Employment Provident Fund (EPF) for private sector workers, the Civil Service Pension Scheme for government employees, the Armed Forces Fund (LTAT) for military personnel, the Social Security Organization (SOCSO) which provides injury and death benefits, and social pensions for destitute elderly people. The EPF is a mandatory defined contribution plan where employees and employers contribute a prescribed percentage to individual accounts. The Civil Service Pension Scheme and Armed Forces Fund provide defined benefits financed by government budgets. SOCSO operates employment injury insurance and provides spousal pensions for those dying before age 55.
This document provides information about Social Security benefits in the United States. It discusses who is eligible for benefits, how benefits are calculated, and how non-covered pensions from government employment can affect Social Security benefits through provisions like the Windfall Elimination Provision and Government Pension Offset. The document also includes examples of how these provisions are applied to calculate benefit amounts.
The document discusses provident funds in Bangladesh. It defines a provident fund as a mandatory retirement savings scheme jointly established by employers and employees to provide long-term savings for employees upon retirement. Both employees and employers must contribute a percentage of the employee's monthly salary to the fund. The statutory contribution rate is 10% as prescribed by law. Upon retirement, employees can access the accumulated contributions and interest in their provident fund account. While provident funds provide an attachable and non-withdrawable source of funds for retirement, they may not generate sufficient returns to cover an individual's full post-retirement needs on their own.
This document discusses provident funds, which are mandatory retirement savings schemes jointly established by employers and employees. Key points:
1) Provident funds are long-term savings funds to support employees upon retirement. Both employees and employers contribute a portion of monthly salary, typically 7-15%.
2) Bangladesh law requires permanent employees to contribute 7-8% of monthly salary and employers to match this amount. Contribution rates and rules are also set by individual employers.
3) Upon leaving employment, the total contributions and interest are paid out to the employee from their provident fund account.
The document discusses Ghana's pension reform act of 2008 which introduced a three-tier contributory pension system. The first tier is a mandatory basic social security scheme managed by SSNIT. The second and third tiers are privately managed and optional. The reform aims to improve retirement benefits and income security. Trade unions can influence how workers' pension funds are invested through advocacy and shareholder activism.
The Direct Tax Code (DTC) will come into force on April 1, 2011 and replace the existing Income Tax Act and Wealth Tax Act with a single code. Some key changes include treating individuals as residents based on their status in India, taxing worldwide income of residents, classifying income into ordinary and special sources, and introducing EET taxation for permitted savings. The corporate tax rate is proposed to be a flat 25% and tax incentives are largely eliminated. Capital gains will no longer distinguish between short-term and long-term assets. Wealth tax for corporates is proposed to be abolished.
This document summarizes Ghana's national pension reform and benefits. It outlines the establishment of a presidential commission to examine the country's pension arrangements and make recommendations. The commission's main recommendation was to create a new contributory three-tier pension system comprising a mandatory basic social security scheme, a mandatory privately-managed occupational pension, and voluntary personal pension schemes. The reform aims to provide universal pension coverage and higher benefits than the previous system. Challenges include ensuring adequate investment returns for the privately-managed defined contribution schemes.
This document provides information and guidance on various tax saving options available in India for the financial year 2017-18. It begins with an overview of key changes to income tax laws in the 2017 budget. It then discusses how to calculate tax liability and the different tax slabs. The bulk of the document is dedicated to explaining various tax saving sections under which deductions can be claimed, such as Section 80C, 80D, 80E, and others. For each section, it lists the eligible investments and expenditures. It also provides details on popular tax saving instruments like PPF, EPF, SCSS, NSC and tax saving fixed deposits. The document aims to help readers understand available tax saving avenues and plan their finances accordingly to
recently the law has regonised the victim of crime as earlier only law was focused on rights of accused. now the victims of crime has been given much required reliefs and ample powers are granted to Legal services Authority to grant appropriate reliefs to victims.
There are three types of health insurance cover available in the market today. These are:
Mediclaim:
These policies cover you for hospitalization expenses. Actual hospitalization expenses are paid subject to a maximum limit of the sum assured opted for. All insurers offer policyholders cashless treatment in their network of hospitals. Policyholders can also pay upfront and then claim reimbursement from the insurer.
We recommend Mediclaim as a basic “must have” health insurance to our customers. Mediclaim can be individual or a family floater. In individual every person has his or her own individual policy. In a family floater the members of a family pay a single premium and have one insurance policy that covers the family. Sometimes parents and in-laws can also be included in the family cover. A floater cover provides a lot of flexibility for the family and normally works out more economical.
Fixed Benefit Cover
These is a new class of insurance products in the Indian market. These plans pay a pre-determined sum of money depending upon the number of days a person is in hospital and the type of surgery done. This amount may be more or less than the actual expenses you incur. We recommend this as an additional insurance to purchase after you have the basic mediclaim policy. Similar to the indemnity cover, fixed benefit cover has individual and family floater options. Fixed benefit policies will pay you the benefit even if the actual costs are reimbursed by a mediclaim policy.
Critical Illness plans
In these plans a fixed sum of money is paid if the person gets certain pre-specified diseases. Plans can cover anywhere from 9 to 35 diseases. In our view these plans are best bought after one has the basic medicliam and fixed benefit plans. They are ideal for diseases that are debilitating but may not require constant hospitalization - for example cancer or renal failure.
Each of the insurance plans described here can be taken for a single Individual or may include dependents such as the spouse, minor children, parents, parents-in-law, grandparents and grandchildren.
Deduction under Section 80 (income tax act )Narender777
Under Section 80C, individuals can claim a tax deduction of up to Rs. 1,50,000 for amounts paid towards life insurance premiums, provident funds, eligible investments and more. Section 80CCC provides an additional deduction of up to Rs. 1,50,000 for contributions to certain pension plans. Section 80CCD allows deductions of up to Rs. 1,50,000 for contributions to Central Government pension schemes.
The General Provident Fund (Central Services) Rules 1960 outlines the eligibility and subscription process for India's general provident fund for government employees. It states that temporary government servants after 1 year of continuous service, re-employed pensioners (excluding those eligible for the Contributory Provident Fund), and all permanent government servants can subscribe. Subscribers must make a nomination and contribute monthly 6-100% of their emoluments, with interest currently at 12% compounded annually. The rules allow advances and withdrawals for specific purposes.
Health Reform Bulletin 116 Year End Wrap Up 12-29-15Daniel Michels
The most recent CBIZ Health Reform Bulletin: Year-End Wrap Up (HRB 116). This issue includes specific information and guidance on:
1. Late breaking development, IRS delays new Affordable Care Act's (ACA) reporting and disclosure obligations!
2. On December 18, 2015 Consolidate Appropriations Act, 2016, and the Protecting Americans from Tax Hikes (PATH) Act of 2015 (H. R. 2029; now Public Law No. 114-113) were signed by the President, and amend several provisions of the Affordable Care Act.
3. The IRS Issued guidance relating to ACA implementation
4. Year-End Reminders
This document discusses pension funds and their roles. Pension funds are meant to generate stable growth over the long term and provide financial support to employees when they retire. They are funded by both employer and employee contributions. Pension funds help maintain staff morale and productivity by assuring future financial stability. They also help attract and retain competent employees, support retirees and dependents, and encourage investment and growth. The document then discusses the National Social Security Fund (NSSF) in Kenya and its corporate social responsibility initiatives and milestones in membership growth and benefits.
The document outlines details of the Atal Pension Yojana (APY) scheme introduced by the Indian government. The key points are:
1) APY provides guaranteed minimum monthly pensions ranging from Rs. 1000-5000 depending on contributions. It targets India's large unorganized workforce who currently lack pension benefits.
2) Subscribers must join between 18-40 years old and contribute regularly until age 60 to receive the guaranteed minimum pension at that age. The government also provides a 50% co-contribution of contributions or Rs. 1000 annually to eligible subscribers for 5 years.
3) Banks and other agencies enroll subscribers through the National Pension System architecture. Subscribers choose their desired monthly pension amount
This document provides general rules for claiming deductions and tax rebates on Form C for the financial year 2015-2016. It outlines various exemptions for allowances like house rent allowance, medical allowance, and children's education allowance. It also summarizes various deductions that can be claimed under sections 80C, 80CCC, 80CCD, 80CCE, and 80CCG of the Income Tax Act for investments, pension contributions, tuition fees, and other qualifying expenditures, subject to an overall deduction limit of Rs. 150,000. Instructions are provided on eligibility and documentation required for claiming these exemptions and deductions.
This document lists the names, titles, and countries of 197 Latin American parliamentarians who signed a petition requesting that the International Criminal Court investigate crimes against humanity in Venezuela. It provides a breakdown of signatories by country, including 14 from Argentina, 40 from Bolivia, 27 from Brazil, 12 from Colombia, 1 from Chile, 55 from El Salvador, 38 from Peru, and 9 from Uruguay.
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.
This document discusses group insurance, including its key concepts and features. Group insurance insures a group rather than individuals, with one policy covering many people. It provides security and benefits to employees. Premiums are lower than individual policies since risks are spread across a group. The document outlines various types of group insurance schemes in India like group term insurance, group savings-linked insurance, and group gratuity and superannuation schemes. It also discusses insurers' obligations to provide rural and social sector insurance.
This document provides information about the SBI Pension Plan offered by SBI Life Insurance. It includes the names of employees enrolled in group number 9 of the plan. It then discusses details of the SBI Life pension plans, including the four basic plans offered and their mission. It analyzes the category and market for pension plans in India. It also discusses the product features, investment options, benefits, strategies and customer analysis for the SBI Life Horizon II Pension Plan.
The document summarizes the major pension systems in Malaysia, including the Employment Provident Fund (EPF) for private sector workers, the Civil Service Pension Scheme for government employees, the Armed Forces Fund (LTAT) for military personnel, the Social Security Organization (SOCSO) which provides injury and death benefits, and social pensions for destitute elderly people. The EPF is a mandatory defined contribution plan where employees and employers contribute a prescribed percentage to individual accounts. The Civil Service Pension Scheme and Armed Forces Fund provide defined benefits financed by government budgets. SOCSO operates employment injury insurance and provides spousal pensions for those dying before age 55.
This document provides information about Social Security benefits in the United States. It discusses who is eligible for benefits, how benefits are calculated, and how non-covered pensions from government employment can affect Social Security benefits through provisions like the Windfall Elimination Provision and Government Pension Offset. The document also includes examples of how these provisions are applied to calculate benefit amounts.
The document discusses provident funds in Bangladesh. It defines a provident fund as a mandatory retirement savings scheme jointly established by employers and employees to provide long-term savings for employees upon retirement. Both employees and employers must contribute a percentage of the employee's monthly salary to the fund. The statutory contribution rate is 10% as prescribed by law. Upon retirement, employees can access the accumulated contributions and interest in their provident fund account. While provident funds provide an attachable and non-withdrawable source of funds for retirement, they may not generate sufficient returns to cover an individual's full post-retirement needs on their own.
This document discusses provident funds, which are mandatory retirement savings schemes jointly established by employers and employees. Key points:
1) Provident funds are long-term savings funds to support employees upon retirement. Both employees and employers contribute a portion of monthly salary, typically 7-15%.
2) Bangladesh law requires permanent employees to contribute 7-8% of monthly salary and employers to match this amount. Contribution rates and rules are also set by individual employers.
3) Upon leaving employment, the total contributions and interest are paid out to the employee from their provident fund account.
The document discusses Ghana's pension reform act of 2008 which introduced a three-tier contributory pension system. The first tier is a mandatory basic social security scheme managed by SSNIT. The second and third tiers are privately managed and optional. The reform aims to improve retirement benefits and income security. Trade unions can influence how workers' pension funds are invested through advocacy and shareholder activism.
The Direct Tax Code (DTC) will come into force on April 1, 2011 and replace the existing Income Tax Act and Wealth Tax Act with a single code. Some key changes include treating individuals as residents based on their status in India, taxing worldwide income of residents, classifying income into ordinary and special sources, and introducing EET taxation for permitted savings. The corporate tax rate is proposed to be a flat 25% and tax incentives are largely eliminated. Capital gains will no longer distinguish between short-term and long-term assets. Wealth tax for corporates is proposed to be abolished.
This document summarizes Ghana's national pension reform and benefits. It outlines the establishment of a presidential commission to examine the country's pension arrangements and make recommendations. The commission's main recommendation was to create a new contributory three-tier pension system comprising a mandatory basic social security scheme, a mandatory privately-managed occupational pension, and voluntary personal pension schemes. The reform aims to provide universal pension coverage and higher benefits than the previous system. Challenges include ensuring adequate investment returns for the privately-managed defined contribution schemes.
This document provides information and guidance on various tax saving options available in India for the financial year 2017-18. It begins with an overview of key changes to income tax laws in the 2017 budget. It then discusses how to calculate tax liability and the different tax slabs. The bulk of the document is dedicated to explaining various tax saving sections under which deductions can be claimed, such as Section 80C, 80D, 80E, and others. For each section, it lists the eligible investments and expenditures. It also provides details on popular tax saving instruments like PPF, EPF, SCSS, NSC and tax saving fixed deposits. The document aims to help readers understand available tax saving avenues and plan their finances accordingly to
recently the law has regonised the victim of crime as earlier only law was focused on rights of accused. now the victims of crime has been given much required reliefs and ample powers are granted to Legal services Authority to grant appropriate reliefs to victims.
There are three types of health insurance cover available in the market today. These are:
Mediclaim:
These policies cover you for hospitalization expenses. Actual hospitalization expenses are paid subject to a maximum limit of the sum assured opted for. All insurers offer policyholders cashless treatment in their network of hospitals. Policyholders can also pay upfront and then claim reimbursement from the insurer.
We recommend Mediclaim as a basic “must have” health insurance to our customers. Mediclaim can be individual or a family floater. In individual every person has his or her own individual policy. In a family floater the members of a family pay a single premium and have one insurance policy that covers the family. Sometimes parents and in-laws can also be included in the family cover. A floater cover provides a lot of flexibility for the family and normally works out more economical.
Fixed Benefit Cover
These is a new class of insurance products in the Indian market. These plans pay a pre-determined sum of money depending upon the number of days a person is in hospital and the type of surgery done. This amount may be more or less than the actual expenses you incur. We recommend this as an additional insurance to purchase after you have the basic mediclaim policy. Similar to the indemnity cover, fixed benefit cover has individual and family floater options. Fixed benefit policies will pay you the benefit even if the actual costs are reimbursed by a mediclaim policy.
Critical Illness plans
In these plans a fixed sum of money is paid if the person gets certain pre-specified diseases. Plans can cover anywhere from 9 to 35 diseases. In our view these plans are best bought after one has the basic medicliam and fixed benefit plans. They are ideal for diseases that are debilitating but may not require constant hospitalization - for example cancer or renal failure.
Each of the insurance plans described here can be taken for a single Individual or may include dependents such as the spouse, minor children, parents, parents-in-law, grandparents and grandchildren.
Deduction under Section 80 (income tax act )Narender777
Under Section 80C, individuals can claim a tax deduction of up to Rs. 1,50,000 for amounts paid towards life insurance premiums, provident funds, eligible investments and more. Section 80CCC provides an additional deduction of up to Rs. 1,50,000 for contributions to certain pension plans. Section 80CCD allows deductions of up to Rs. 1,50,000 for contributions to Central Government pension schemes.
The General Provident Fund (Central Services) Rules 1960 outlines the eligibility and subscription process for India's general provident fund for government employees. It states that temporary government servants after 1 year of continuous service, re-employed pensioners (excluding those eligible for the Contributory Provident Fund), and all permanent government servants can subscribe. Subscribers must make a nomination and contribute monthly 6-100% of their emoluments, with interest currently at 12% compounded annually. The rules allow advances and withdrawals for specific purposes.
Health Reform Bulletin 116 Year End Wrap Up 12-29-15Daniel Michels
The most recent CBIZ Health Reform Bulletin: Year-End Wrap Up (HRB 116). This issue includes specific information and guidance on:
1. Late breaking development, IRS delays new Affordable Care Act's (ACA) reporting and disclosure obligations!
2. On December 18, 2015 Consolidate Appropriations Act, 2016, and the Protecting Americans from Tax Hikes (PATH) Act of 2015 (H. R. 2029; now Public Law No. 114-113) were signed by the President, and amend several provisions of the Affordable Care Act.
3. The IRS Issued guidance relating to ACA implementation
4. Year-End Reminders
This document discusses pension funds and their roles. Pension funds are meant to generate stable growth over the long term and provide financial support to employees when they retire. They are funded by both employer and employee contributions. Pension funds help maintain staff morale and productivity by assuring future financial stability. They also help attract and retain competent employees, support retirees and dependents, and encourage investment and growth. The document then discusses the National Social Security Fund (NSSF) in Kenya and its corporate social responsibility initiatives and milestones in membership growth and benefits.
The document outlines details of the Atal Pension Yojana (APY) scheme introduced by the Indian government. The key points are:
1) APY provides guaranteed minimum monthly pensions ranging from Rs. 1000-5000 depending on contributions. It targets India's large unorganized workforce who currently lack pension benefits.
2) Subscribers must join between 18-40 years old and contribute regularly until age 60 to receive the guaranteed minimum pension at that age. The government also provides a 50% co-contribution of contributions or Rs. 1000 annually to eligible subscribers for 5 years.
3) Banks and other agencies enroll subscribers through the National Pension System architecture. Subscribers choose their desired monthly pension amount
This document provides general rules for claiming deductions and tax rebates on Form C for the financial year 2015-2016. It outlines various exemptions for allowances like house rent allowance, medical allowance, and children's education allowance. It also summarizes various deductions that can be claimed under sections 80C, 80CCC, 80CCD, 80CCE, and 80CCG of the Income Tax Act for investments, pension contributions, tuition fees, and other qualifying expenditures, subject to an overall deduction limit of Rs. 150,000. Instructions are provided on eligibility and documentation required for claiming these exemptions and deductions.
This document lists the names, titles, and countries of 197 Latin American parliamentarians who signed a petition requesting that the International Criminal Court investigate crimes against humanity in Venezuela. It provides a breakdown of signatories by country, including 14 from Argentina, 40 from Bolivia, 27 from Brazil, 12 from Colombia, 1 from Chile, 55 from El Salvador, 38 from Peru, and 9 from Uruguay.
Turn your customer's needs into successful it projects it-toolkitsIT-Toolkits.org
Every IT project is driven by a business requirement. For an IT project manager, the hard part is translating that business requirement into an end product that fully meets that business need.
Grandeclasse services sont ✓ Garde D'enfant ✓ Cours De Maths ✓ Aide aux Devoirs ✓ Garde D'enfant Paris ✓ Garde D'enfant en Anglais ✓ Nounou Anglaise etc. # http://www.grandeclasse.fr/garde-denfant-paris/
Making Lean Actionable - Lean UX NYC 2014Angelique S
The document discusses how to take a lean approach to product development. It notes that teams are often asked to build products based on inconsistent requirements without clear performance metrics. It advocates adopting a lean process of creating minimum viable products, testing assumptions through experiments, continuously improving based on user testing and metrics, and designing solutions that are relevant to the current context but can adapt over time. The key aspects of lean highlighted are challenging assumptions, setting measurable goals, iterating through testing, and designing for an ideal future state while accounting for real-world constraints.
O documento discute diversos tópicos relacionados a redes de computadores, incluindo reserva de recursos, controle de admissão, roteamento proporcional, programação de pacotes, serviços integrados, serviços diferenciados, troca de rótulos e MPLS, interconexão de redes e como conectar redes diferentes.
El documento presenta instrucciones para cuatro niños (Diego, Jesús Manuel, Jazmín Guadalupe y Valeria) para que identifiquen las vocales en sus nombres, las subrayen y escriban sus nombres. Se les pide a cada uno que escriba las vocales de su nombre en una línea y luego subrayen y vuelvan a escribir sus nombres.
1. O documento descreve os componentes e características de um sistema de cabeamento estruturado para redes de computadores, incluindo sala de equipamentos, armários de telecomunicações, pontos de trabalho e normas técnicas.
2. Apresenta detalhes sobre os equipamentos de um sistema de cabeamento, como racks, gabinetes, patch panels e conectores ópticos, e suas especificações técnicas de acordo com padrões internacionais.
3. Discorre sobre técnicas de instalação de cabos, normas como distância má
O documento discute processos e threads no sistema operacional. Explica que processos executam ações de software e podem ser controlados de diferentes formas. Threads são fluxos de execução dentro de um processo que podem rodar concorrentemente compartilhando os recursos do processo. O documento fornece exemplos de modelos de processos e threads e discute os desafios da programação multithread.
O documento discute os modelos OSI e TCP/IP, definindo suas camadas, funções e protocolos. O modelo OSI possui sete camadas que organizam a comunicação em níveis de abstração, desde o físico até a aplicação. Já o modelo TCP/IP é similar porém menos rígido, sendo mais utilizado na prática atual de redes.
O documento descreve o que é um Sistema Operacional, como ele funciona controlando e gerenciando os recursos do computador, revezando a execução com outros programas. Também lista os tipos mais comuns de sistemas operacionais e suas principais funções, como gerenciamento de processos, memória, arquivos e entrada/saída de dados.
An it manager’s new best friend the company balance sheet it-toolkitsIT-Toolkits.org
Hey IT manager, how is that company that you are working for currently doing? Yeah, yeah – I know that all of the press releases that your management keeps putting out say that things have never been better and the internal emails that you get from the big guy say the same thing. However, how are things really going? It turns out that you can answer this question if you know how to read your company’s balance sheet…
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
The document provides a summary of the key provisions and implementation timelines of the Affordable Care Act (ACA) health reform legislation passed by Congress and signed into law by President Obama in 2010. It outlines what is required in the immediate future in 2010, as well as changes phased in between now and 2014 such as establishing insurance exchanges, essential benefits packages, and penalties for individuals and employers who do not obtain qualified health insurance coverage. The summary concludes by encouraging questions and feedback from readers to help with understanding and implementing the complex health reform law.
The document provides a summary of the key provisions and implementation timelines of the Affordable Care Act (ACA) health reform legislation passed by Congress and signed into law by President Obama in 2010. It outlines what is required immediately in 2010, and what will be required annually from 2011 through 2014, including establishing health insurance exchanges, essential benefits packages, employer and individual mandates, subsidies and penalties. The implementation is described as bringing challenges for years to come through ongoing rulemaking and changes.
#83 Recent changes affecting income streams finalPeter Harb
1. The document summarizes recent changes affecting income streams from superannuation funds, including clarification around commencement and cessation of pensions, the proportioning rule, continuation of tax exemptions after death, and tax consequences of segregation and timing of transactions.
2. Key points include confirmation that a pension's commencement date cannot be backdated, and that it requires all supporting capital to be added. A pension is also deemed to commence even if the member dies before any payments. A pension can cease due to various reasons like failing to meet minimum payment rules or the member's death.
3. Changes to regulations ensure tax exemptions continue after a member's death for non-reversionary pensions,
The document provides an overview of key provisions and timelines in the Senate healthcare reform bill that was passed in 2010:
- Individuals can keep current health policies on a grandfathered basis until 2014 when state health insurance exchanges will be set up.
- Small businesses are eligible for tax credits to help pay employee premiums starting in 2010.
- Several new consumer protections and benefit requirements go into effect for plans in 2010-2014, including coverage of preexisting conditions for children, preventive care with no cost sharing, and allowing adult children to stay on parents' plans until age 26.
- Health insurance exchanges with standardized plans will be set up in each state starting in 2014, along with penalties for individuals
Non uk domiciliaries tax reform approaching final formLee Stott
This document summarizes recent tax reforms in the UK that will affect non-UK domiciled individuals, or "non-doms". Key points include:
- Reforms will treat long-term UK residents and those born in the UK as UK domiciled from April 2017, ending access to the remittance basis of taxation.
- Transitional reliefs include rebasing foreign assets to April 2017 values and a two-year window to separate mixed funds.
- Protections are introduced for trusts settled by affected individuals before 2017, but gains will still be taxed if benefits are received by close family.
- Payments to non-UK resident beneficiaries will no longer offset trust gains, closing an avoidance opportunity
The Health Care and Education Affordability Reconciliation Act of 2010 was recently passed by the House and will be signed into law 03/30/2010. NAHU (National Association for Health Underwriters) published a comprehensive timeline of the changes coming over the next few years. Please contact me with any questions.
The document summarizes key labour laws in Sri Lanka relating to social security, employee welfare, occupational health and safety, employment terms, labour relations, plantation workers, and foreign employment. It focuses on laws establishing social security programs including the Employees Provident Fund (EPF), Employees Trust Fund (ETF), and gratuity payments. The EPF and ETF require monthly contributions from employers and employees to provide benefits like pensions, life insurance, and medical assistance. Gratuity provides lump sum payments to employees based on years of service and salary upon termination or retirement. Exceptions and claiming processes are outlined for each program.
George Osborne's 2014 budget statements significantly reformed pensions in the UK. Pension holders will now have much more flexibility over how they access their pensions after age 55. They can take their pension as a lump sum, multiple lump sums, or a flexible income. However, any withdrawals over the tax-free lump sum will be taxed as income, potentially up to 45%. Death benefits were also reformed to allow tax-free lump sums to be paid to beneficiaries regardless of their relationship to the deceased. Pensions are now a more flexible and tax-efficient savings and inheritance vehicle. Future pension contributions may be limited to £10,000 per year for those taking flexible income from their pensions.
The document summarizes key aspects of the Nigerian Pension Reform Act of 2014. It defines important terms like pension and pension fund administrator. It discusses the pension system prior to 2004, including features of the Pension Reform Act of 2004. The 2014 Act increased minimum contribution rates for employers and employees, expanded coverage to informal sectors, and imposed stricter penalties for misappropriation of funds. While the Act aims to boost savings and reduce fraud, it may also increase business costs and reduce employee incomes, at least initially. The document does not specify when provisions of the 2014 Act take effect.
- A Pension Administration Office was established to administer retirement pension schemes in the Maldives according to the Pension Law of 2009.
- The office administers the Retirement Pension Scheme of Maldives, where employers and employees must contribute a minimum of 7% each of the employee's wage to a retirement savings account.
- At age 55 or 65, participants can apply for pension benefits based on the balance in their retirement savings account to receive monthly pension payments.
This document provides an overview of pension law in Kenya. It covers the following key topics:
1. Types of pension plans/schemes in Kenya, including government sponsored plans, personal plans, annuities, and employer sponsored plans.
2. Pension benefits for government employees in Kenya, established under the Pensions Act. Benefits include service pension, gratuities, and dependents pension.
3. Sample pension clauses for inclusion in employment contracts and letters of appointment, covering private sector and government pensions.
4. Judicial perspectives on construing pension clauses based on 5 case precedents, focusing on practical interpretation of scheme rules.
5. Essential characteristics for designing a pension trust deed
What Changes to Expect from the new Healthcare Law, presented by The National Federation of Independent Business, the leading small business association.
How will retirement reform impact your retirement fund by Olano Makhubela10X Investments
Chief Director, Financial Investments and Savings, National Treasury presented at the 10X Retirement Conference 2014 on the topic How will retirement reform impact your retirement fund.
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.
Voluntary pension systems in developmentfwtp7z9497
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.
This document summarizes the key tax proposals from the UK's 2015 budget. Some of the main points included increased personal tax allowances, the introduction of a personal savings allowance, changes to ISAs and pensions, and potential reforms to business property taxes. The budget aims to support growth and job creation through tax cuts and incentives for savings and home buying.
The document summarizes the key tax proposals from the UK's 2015 Budget, including:
1) Increases to the personal tax allowance and reductions in tax rates for savings income. A new Personal Savings Allowance was also introduced.
2) Reforms to pensions, including a reduction to the lifetime allowance cap and measures giving more flexibility over accessing pension funds.
3) Changes to ISAs, including increases to annual contribution limits and a new Help to Buy ISA for first-time homebuyers.
4) Various business tax measures, including reform to business rates in England and changes to Entrepreneur's Relief qualifying conditions.
5) Increased tax charges for non-domic
The document summarizes the key tax proposals from the UK's 2015 Budget, including:
1) Increases to the personal tax allowance and reductions in tax rates for savings income. A new Personal Savings Allowance was also introduced.
2) Reforms to pensions, including a reduction to the lifetime allowance cap and measures giving more flexibility over accessing pension funds.
3) Changes to ISAs, including increases to annual contribution limits and a new Help to Buy ISA for first-time homebuyers.
4) Various business tax measures, including reform to business rates in England and changes to Entrepreneur's Relief qualifying conditions.
5) Increased tax charges for non-domic
This document provides an overview of deferred fixed interest and indexed annuities. It discusses how these annuities can help accumulate funds on a tax-deferred basis for retirement and overcome obstacles to retirement planning like a lack of savings discipline, taxes, inflation, and longevity. The document also explains how deferred annuities work during the accumulation and income phases, and the benefits of tax-deferred growth.
This document provides guidance on how businesses can succeed by understanding what customers value most. It discusses four key points:
1. Identifying a business's "sweet spot" - what it is specially skilled at and enjoys doing, which produces rewards and is valuable to customers.
2. Mapping the value stream to see what adds value and what is waste from the customer's perspective.
3. Selecting improvement projects by prioritizing areas that will most increase customer value and working collaboratively with staff.
4. Continually understanding customer values, making waste visible, and involving all staff to improve the business. Case studies show the benefits of engaging staff in improvement efforts.
The document discusses the National Cleaner Production Centre of South Africa (NCPC-SA) and its projects promoting industrial sustainability. It outlines NCPC-SA's Industrial Energy Efficiency Project, upcoming Industrial Water Efficiency Project, and Industrial Symbiosis Programme. The Industrial Symbiosis Programme facilitates partnerships between companies to reduce waste by identifying opportunities for waste exchange or synergies. The document provides an example of how industrial symbiosis can reduce waste and costs by connecting companies to exchange wood wastes. It also summarizes results of the Industrial Symbiosis Programme which has diverted over 400 tonnes of waste from landfills.
This document provides a summary of environmental regulation legal updates in South Africa from March 1, 2017 to June 13, 2017. It outlines several draft bills and final legislation related to environmental management. Draft bills include amendments to waste management activities and national biodiversity offset policy. Final legislation includes regulations for national greenhouse gas emissions reporting and amendments to CITES regulations. The document was written by Matthew Thornton-Dibb of Norton Rose Fulbright South Africa Inc.
The document discusses Bank of China's role in supporting economic collaboration between China and South Africa. It provides an overview of the growing business collaboration between the two countries, with Chinese investments and sectors of involvement outlined. It then discusses Bank of China's services that support trade and capital related clients, including various financial products. The bank has played a pioneering role in developing renminbi business on the African continent.
Development of a Spice Quarter in Durban, which leads the way in economic, environmental and social sustainability, universal access and healthy living.
Presented by: Jonathan Edkins Pr.Arch Pr.CPM | Vusa Collaborative
About the Spice Quarter:
The Spice Quarter development catalyses opportunities for regeneration of an under-optimised central city building, and a precinct with the potential to provide an example for the rest of the inner city of Durban. A carefully selected set of inter-related developments and businesses will maximise the potential of the site, to provide social and economic opportunities, and contribute positively to inner city regeneration.
The document provides an update on the Navis system and EDI projects at Transnet Port Terminals for March 2017. It notes that the Navis system performance was stable with 99.84% availability for the month and no major impacting events. It also discusses that the Navis BI portal went live on March 25th and user training will occur in May. Finally, it outlines a new project to introduce paperless order processing through a Service Order Instruction automation project starting with the auto sector.
The document provides updates on various port development projects in Durban, South Africa. The Point Precinct project to construct a permanent sand bypass is nearing completion, with water and slurry commissioning 70% and 20% complete respectively and performance testing scheduled to begin in May 2017. Rehabilitation and deepening of berths at Maydon Wharf is ongoing. The Durban Container Terminal project involves deepening three berths, with detailed design complete and tendering 30% finished. Filling of Salisbury Island is in planning with environmental studies in progress. Several maintenance and upgrade projects at Bayhead Park under Operation Phakisa are in design or feasibility stages.
This document summarizes key performance indicators (KPIs) for two piers at a terminal for March 2017 and the previous year. It includes metrics such as vessel turnaround time, port turnaround time, crane working hour rate, rail turnaround time, and import/export dwell times. Performance is shown to vary month-to-month and some metrics are above or below set targets. The document also provides percentages of cargo handled by rail, road, and transhipment for each pier over the past year.
The multi-disciplinary task team of the eThekwini municipality conducted an enforcement operation to address problem buildings, crime, and illegal businesses in the city. The team inspected over ten buildings and businesses, arresting nine people for drug possession or living in the country illegally. They also fined three illegal businesses. The head of the Inner City Regeneration program said the monthly enforcement operations aimed to maintain a clean, crime-free city and that the raids were producing good results, with more building owners learning about problem building bylaws.
This document provides information about South Africa's Black Industrialists Scheme (BIS). The BIS aims to promote black industrial participation in key manufacturing sectors by providing cost-sharing grants from 30-50% up to R50 million for qualifying black-owned businesses. Eligible businesses must have over 50% black ownership and management control and invest over R30 million in supported sectors like agro-processing, automotive, and chemicals. The grants can be used for capital costs, feasibility studies, business support, and creating or retaining jobs.
On Thursday, 13 April the HR Business Forum hosted their monthly forum discussion, a panel discussion took place that gave an update on the IR climate in 2017.
Presentation 4: Ian Delport, IR Executive, Defy and Chairman of KZNEIA (Metal Industry)
On Thursday, 13 April the HR Business Forum hosted their monthly forum discussion, a panel discussion took place that gave an update on the IR climate in 2017.
Presentation 3: Stephen Rubidge, Group IR Executive, Deneb Investment Limited (Textile Industry)
On Thursday, 13 April the HR Business Forum hosted their monthly forum discussion, a panel discussion took place that gave an update on the IR climate in 2017.
Presentation 2: Jacquie Bhana, HR Director, Tongaat Hulett Sugar (Sugar Industry)
On Thursday, 13 April the HR Business Forum hosted their monthly forum discussion, a panel discussion took place that gave an update on the IR climate in 2017.
Presentation 1: Annerita Edy, Senior Manager, Industrial : Relations, Toyota Motor South Africa (Automotive Industry)
The Durban Chamber's Health Professionals Business Forum met for a discussion on the Universal Health Insurance Coverage as a sustainable building block for the reform of the South African health system from a KZN Perspective.
Presented by: Mfowethu M Zungu Deputy Director – General: Macro Policy, Planning and National Health Insurance in the Department of Health, KwaZulu-Natal
(June 2016 - present) Responsible for Strategic Leadership of Health Reforms Macro Policy Planning, Development and implementation in the Province of KwaZulu-Natal in line with the National Department of Health NHI policy direction.
The document provides information on current and planned water resource projects for Umgeni Water. It discusses several dams and water treatment facilities currently used or being implemented. It also evaluates a potential large-scale desalination plant for the East Coast, including feasibility studies on site locations, plant components, and costs. Both benefits and risks are outlined for desalination compared to conventional water sources. The document appears to be informing stakeholders such as the Durban Chamber of Commerce on water resource infrastructure and securing future supply.
On 10 February, the Durban Chamber Port Committee and Western Area Forum met to hear a presentation by Warwick Lord, CEO of the Cato Ridge Logistics Hub.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
Profiles of Iconic Fashion Personalities.pdfTTop Threads
The fashion industry is dynamic and ever-changing, continuously sculpted by trailblazing visionaries who challenge norms and redefine beauty. This document delves into the profiles of some of the most iconic fashion personalities whose impact has left a lasting impression on the industry. From timeless designers to modern-day influencers, each individual has uniquely woven their thread into the rich fabric of fashion history, contributing to its ongoing evolution.
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
Cover Story - China's Investment Leader - Dr. Alyce SUmsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....Lacey Max
“After being the most listed dog breed in the United States for 31
years in a row, the Labrador Retriever has dropped to second place
in the American Kennel Club's annual survey of the country's most
popular canines. The French Bulldog is the new top dog in the
United States as of 2022. The stylish puppy has ascended the
rankings in rapid time despite having health concerns and limited
color choices.”
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Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
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Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
Digital Marketing with a Focus on Sustainabilitysssourabhsharma
Digital Marketing best practices including influencer marketing, content creators, and omnichannel marketing for Sustainable Brands at the Sustainable Cosmetics Summit 2024 in New York
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
The Steadfast and Reliable Bull: Taurus Zodiac Signmy Pandit
Explore the steadfast and reliable nature of the Taurus Zodiac Sign. Discover the personality traits, key dates, and horoscope insights that define the determined and practical Taurus, and learn how their grounded nature makes them the anchor of the zodiac.
The Most Inspiring Entrepreneurs to Follow in 2024.pdfthesiliconleaders
In a world where the potential of youth innovation remains vastly untouched, there emerges a guiding light in the form of Norm Goldstein, the Founder and CEO of EduNetwork Partners. His dedication to this cause has earned him recognition as a Congressional Leadership Award recipient.
Negotiation & Presentation Skills regarding steps in business communication, ...
Tax harmonisation
1. 1
Questions and Answers (Q&A)1
3rd
December 2015
Tax harmonisation and retirement reforms
1. What are the changes that will come into effect on 1 March 2016?
The Taxation Laws Amendment Act, 2013 will come into effect on 1 March 2016. This
law allows for a 27.5% tax deduction up to a maximum of R350 000 per annum for all
retirement fund contributions. This law should have been implemented on 1 March 2015,
but was delayed by one year to take account of concerns raised by some stakeholders.
Further, the new law passed in Parliament has increased the amount required for
annuitisation at retirement from R150 000 to R247 500, closes certain coverage gaps;
and requires a review of the legislation after two years from the effective date, and to
report this review to Parliament .
2. What is an annuity?
An annuity is income earned in retirement from the retirement savings one would have
accumulated over ones working life.
3. How much of one’s retirement benefits needs to be annuitised after 1 March 2016?
For pension funds and retirement annuity funds, there will be no change. For provident
funds, one third of the retirement benefit lump sum may be taken as cash and the
remaining two thirds has to be annuitised with respect to contributions made after 1
March 2016 for those below 55 years of age. For example, with a retirement benefit of
R300 000, the amont that may be taken as a lump sum is R100 000 and R200 000
would have to be annuitised, meaning the member would get a monthly income from
this.
4. How will the new legislation apply to provident funds?
Members of provident funds will, in a similar treatment of members of pension and
retirement annuity funds, be able to claim a tax deduction on their contributions to their
funds. Also, the contributions their employers make to their provident funds will become
visible on their payslips. Most fund members who make contributions to their provident
funds, except the very highly paid, will see their take-home pay increase as a
consequence. Further, all new contributions into provident funds after 1 March 2016 by
those younger than 55 years, and the growth on these contributions, will be subject to
the annuitisation requirement once the value when they retire exceeds the de minimis
threshold noted below. All provident fund members will still be able to take all their
1
To be updated from time to time
2. 2
retirement savings that would have been accumulated as at 1 March 2016, and the
growth thereon, as a cash lump sum when they go into retirement.
The conversion of a portion of the retirement money into income at retirement will only
apply to new contributions made by those who are younger than 55 when the legislation
comes into effect. This means that members who are 55 years and older on 1 March
2016, when the law comes into effect, will not be affected, i.e. they will still be able to
even take (new) contributions made after the legislation has come into effect as a cash
lump sum in retirement.
Fund members who are below 55 years on 1 March 2016, will not be asked to annuitise
or take a pension on the portion of new contributions if the total of those accumulated
savings are R247 500 or less (“de minimis rule”) when they reach retirement.
Irrespective of age, whatever a member has accumulated in the provident fund as at 1
March 2016, and the growth on those amounts will be available to them as a cash lump
sum when the person retires (i.e. protection of vested rights). For most low- and middle-
income fund members, it will take several years (more than five up to fifteen) years to
reach the de minimis threshold, and hence many years before they have to annuitise at
retirement.
5. Why should provident funds members not worry about the changes?
The first point to make is that the reforms do not take away the right of provident fund
members to take their benefits before or at retirement. Instead, the reforms enable a
slower use of such benefits in retirement, by requiring annuitising from a certain amount.
The data indicates that 83.5% of provident funds members earn R160 000 or less, and
that the majority of these retire with an average retirement benefit of R300 000 or less.
These data, coupled with protection of vested rights and a higher de minimis amount of
R247 500 (i.e. the amount below which you do not require annuitising) mean that most, if
not all, low income earners approaching retirement in at least the next two to five years
(and probably much longer), will not be affected by the annuitisation requirement.
6. Will members have access to their pension or provident fund upon resignation or
losing a job?
Yes. The implementation of the Taxation Laws Amendment Act of 2013 will not take
away the right of provident or pension fund members to withdraw their benefits before or
at retirement as a lump sum. Contrary to false rumours, Government has NO intention to
take-over the hard-earned retirement savings of fund members, whose funds will remain
under the control of their trustees. Government has also improved the law to ensure
better governance practices by trustees, and intends to strengthen these further.
Further, Government has, as part of its retirement reform programme:
· Passed a law in 2013 to criminalise the non-transfer/payment of member
contributions to the fund.
· Initiated policy discussions on the lowering of high charges, and the selling of
certain inappropriate annuities by the retirement industry.
3. 3
7. What happens if a member of a provident fund wants to access his/her retirement
benefit upon resigning?
Members will be able to take all their retirement savings as a cash lump sum upon
resignation, resulting in major tax implications. However, members of both pension and
provident funds are encouraged to keep their savings until retirement (i.e. preserve their
savings), and Government intends to ensure that members receive proper financial
advice from their pension and provident funds before withdrawing such funds.
Government is also concerned that many fund members are highly indebted. Such fund
members should not risk their secure jobs by resigning simply to access their savings.
8. Does the new law mean that provident funds will be abolished?
The Government recognises the hard-won rights to secure provident funds for fund
members. Provident funds will continue to exist after these reforms. Over the very long
term, they will evolve to have the same tax treatment of contributions and benefits as
pension funds, i.e. tax -deductible contributions and a one-third retirement lump sum and
a requirement to buy an annuity with the remainder. This evolution will take many years,
as current members of provident funds will still be entitled to take their contributions up
to 1 March 2016 plus growth (vested rights) as a cash lump sum.
9. How will the tax and retirement reform benefit fund members?
After the reform, members of provident funds will, similar to members of pension and
retirement annuity funds, be able to claim a tax deduction on their contributions to their
funds. There are over 2.5 million provident fund members who contribute to a provident
fund. Around 1.25 million are likely to see an increase in their take home salaries, and
many more will receive the tax deduction if they decide to save more for their retirement.
Once the reforms have bedded down, which may take many years; retired members of
provident funds will be less vulnerable to poverty in old age, and less reliant on their
relatives for support. This is because they will only be able to access their retirement
savings more slowly once they have retired.
10. What is T-Day and has it come to effect?
T-day is the day when the harmonisation of the tax treatment of retirement contributions
is to be introduced. This T-day will officially be on 1 March 2016. From this date most
taxpayers, to their benefit, will be able to deduct a higher amount in contributions from
their income. T-day is also the day when the alignment of the payment of benefits from
provident and pension funds comes into effect, subject to the protection of vested rights
as detailed below.
11. What does ‘protection of vested rights’ mean?
Protection of vested rights means that all accumulated retirement savings in retirement
funds on the date of implementation of the Taxation Laws Amendment Act No. 39 of
2013 (i.e. 1 March 2016), as well as growth on these amounts, will not be required to be
annuitised upon retirement. For those older than 55 who are members of provident funds
on 1 March 2016, contributions made after 1 March 2016, and growth on these, can be
taken as a lump sum.
4. 4
Further, these accumulated savings – in respect of contributions made before or after 1
March 2016, for fund members younger or older than 55 on that date – can be
withdrawn upon resignation, although such pre-retirement withdrawal is discouraged.
12. Can members of provident funds transfer their vested amounts to another fund?
Vested rights for provident fund members who are 55 years and older on 1 March 2016
will be fully protected if they remain in the same fund. However, if the member decides to
transfer to another fund, they would be required to annuitise two-thirds of any future
contributions to the new fund. A 55 year old that changes funds, for example in June
2017, will have amounts accumulated till then as a vested right and those amounts can
be preserved in the same fund or transferred to another. However, new contributions
from there on will not enjoy the vested right.
13. Why is Government aligning provident fund benefits with those received from
pension and retirement annuity funds?
To help retirees from provident funds to better manage longevity risk (i.e. the risk of
outliving retirement savings when in retirement) and investment risk (i.e. the risk of up
and down movements of market prices in securities), and prevent them from spending
their retirement assets too quickly and becoming excessively reliant on the State or their
families for support.
14. Will members contributing to a pension fund be affected by the reforms?
For fund members contributing less than R350 000 and 27.5% of remuneration there will
be no changes, in terms of deduction and take-home salary. However, they can take
advantage of the higher tax deductions and contribute to retirement annuity policies for
retirement purposes. For fund members contributing more than these thresholds, there
may be a fall in take-home salaries, depending on how much they contribute and how
much they earn. There will not be any changes for those retiring from pension funds, if
the pension fund pays a pension or requires members to purchase an annuity. The
pension fund status quo will then remain in terms of the annuitisation requirement (i.e.
getting a pension when one retires).
15. Do the retirement reforms affect members of a pension funds, retirement
annuities and the Government Employees Pension Fund (GEPF)?
Pension funds and retirement annuities are already required to annuitise two-thirds of
retirement benefits and hence will not be affected by the 2013 or 2015 laws. The
Government Employees Pension Fund (GEPF) is a pension fund, and hence will also
not be affected by the 2013 or 2015 laws. However, GEPF members will be subject to
the same tax deductibility limits on retirement contributions contained in the above tax
legislation. The rules applicable to the GEPF will continue to apply, as is the case for
most pension funds.
It should be noted that all members of pension funds will also benefit from the 27.5% tax
deduction, up to a limit of R350 000. Except for very high-income taxpayers who tended
to claim a higher than proportionate deduction, this limit will, in most cases afford
members of pension funds to save more through a retirement fund.
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16. Is Government going to take away or deny members access to their money?
No. Government has had a long-run intention to introduce some kind of preservation
requirements (see below). However, any such introduction will take full account of
vested rights. Further, there is no intention by government to nationalise fund members’
pension/provident funds, or to prevent them from accessing their money. Instead,
government is proposing important measures to encourage fund members to keep their
savings until retirement, and to convert some of these funds into income at retirement.
Fund members who panic and resign to access their pension savings will be losing
secure jobs and placing their well-being in retirement at peril for no reason.
17. How do the reforms affect members that take early retirement or get disabled or
deceased?
A person that takes early retirement, or gets disabled or deceased will be paid out their
retirement benefit in terms of the rules of the fund they are contributing into.
18. Will these changes make the tax system more equitable and progressive?
Yes, it will. The Government is concerned about tax avoidance structuring where high-
income taxpayers are able to structure their remuneration packages to reduce their tax
liability out of proportion to what Government considers to be fair. The abuse/avoidance
is mainly by high income earners in provident funds, who exploit the fact that the
employer contribution is a non-taxable fringe benefit, and hence have funds where
employers make a 20 to 30% contribution with no contribution from the member.
The 2013 law will make the tax system more progressive, by improving vertical equity
between high income and low income taxpayers, as it limits the tax deduction to R350
000. It will also improve horizontal equity by harmonising the same deduction across all
retirement funds.
Since the purpose of the tax deduction is to encourage savings for retirement, it is
important that members of a fund annuitise on retirement. (Note that the current changes
to the law do not deal with preservation before retirement).
19. What are the objectives of the tax and retirement reforms?
The reforms seek to achieve the following: (1) Simplify the tax treatment of contributions
to retirement funds (current system is complex and confusing); (2) Improve vertical
equity between high and low income taxpayers by imposing a limit on the total allowable
deduction to high income taxpayers; (3). Improve horizontal equity by harmonising the
same deduction across all retirement funds; (4) Enhance post-retirement income by
extending the requirement to purchase an annuity to provident funds. (5) Protect vested
rights, and thereby ensure that the impact of annuitisation takes longer to be felt by
provident fund members.
The Government is encouraging everyone who has a job or income to save for their
retirement, and does so by allowing a tax deduction up to 27.5% of income (up to R350
000) on all contributions made towards a retirement fund. The Government also wants to
be fair and allow this benefit to all members of any retirement fund – whilst members of
6. 6
pension and retirement annuities enjoy this benefit for their own contributions; members
of provident funds currently do not.
20. What is preservation?
Preservation is when money saved for retirement through pension, provident and
preservation funds remains in those funds until the person retires, or is rolled over or
transferred into another similar retirement savings vehicle.
21. Why is Government encouraging preservation?
People tend to change jobs a number of times in their working lives. Every time an
employee changes employment, they tend to cash in their accumulated retirement
savings, thereby retiring with insufficient retirement benefits. Cashing in before
retirement also prematurely erodes security in old age, undermines the alleviation of
poverty and increases reliance on others for support.
22. When will preservation come into effect?
Preservation is expected to be introduced in the future. Whatever form it will take, it will
not be full preservation; i.e. fund members will still be allowed to access some of their
money before retirement. Full vested rights will also be granted. A date for effecting
preservation has not yet been announced,as there is still no policy decision on the exact
and final nature of the preservation rules. Preservation is still a proposal that is open for
public comment and debate. Before any form of preservation comes into effect,
legislation will still be made available for public comment before being passed into law.
23. Where can fund members find information about the retirement reforms?
Members may find information from, firstly, from their own fund principal officers, and
trustees. Additional information may be obtained from the National Treasury website by
following this link: http://www.treasury.gov.za/publications/RetirementReform/