Benefits India. Welcome to the Twelfth edition of Benefits India, the first in the new Indian fiscal year.
|
|
- Oscar Lee
- 6 years ago
- Views:
Transcription
1 Benefits India Quarterly Newsletter Volume 1 Number 12 May 2011 Welcome In this issue Welcome to the Twelfth edition of Benefits India, the first in the new Indian fiscal year. I know it has been a busy time for everyone, especially with growth continuing to gather momentum. We have also had a busy last quarter and are glad to showcase a summary of Towers Watson s latest healthcare trends in India study. We have conducted this for the second consecutive year. The survey focuses on emerging trends in health and wellness benefits provision and strategies adopted by employers to manage employer sponsored health benefits. The survey covered 154 large employers in India, representing more than 120,000 employees across various industries and there are some very interesting findings. Please do get in touch with us should you require more in-depth details on the survey findings. This year we will find out more in respect of the Direct Tax Code that is due to be effective from April As it stands there are a couple of measures to encourage employers and individuals to save through superannuation and pension schemes in the draft Code. With most employers continuing to grapple with growing benefits costs, we have included an article on effective communication of benefits for better employee engagement. Effective communication is key to improving employee perception on the value and maximising ROI on benefits spend. Our news round up covers the recent developments on the Health Insurance Portability, NPS and Provident Fund. We have attempted to explicate the broad issues in this area, and hope this is useful to you. If there are any queries or feedback you have from any of these articles please do not hesitate to contact us. Summary of latest healthcare trends in India study Maximising ROI on benefits spend through communication Market updates Kulin Patel Head - Benefits, Towers Watson India towerswatson.com 1
2 Summary of latest healthcare trends in India study Towers Watson for the second consecutive year, conducted the Healthcare trends survey in late The survey focuses on emerging trends in health and wellness benefits provision and strategies adopted by employers to manage employer sponsored health benefits. The findings of the survey cover the benefit provision, premium/ claim trends for the past two years, perceived value of health benefits by the employee, current industry trends, strategies in force and planned strategies for the future. The survey covered 154 large employers in India, representing more than 120,000 employees across various industries. Nearly 60 percent of the participants were large companies with an annual revenue turnover of more than Rs 400 crores. Some of the key findings of the survey include: Challenges in providing affordable health benefits Increasing health care costs are becoming a concern to employers. Last year, nearly 51 percent of the participant companies intended to increase their healthcare benefit. In contrast, this year s findings suggest that 57 percent want to align their medical benefit to the market 86 percent of the companies surveyed this year saw an average premium cost increase of more than 10 percent over the last three years, as compared to 55 percent companies last year that had a similar increase >50% 25-50% 15-25% >100% 15-25% % 5-10% Less than 5% % 5-10% No increase 17.1 Less than 5% Percentage Percentage 2010 Percentage increase in premium cost 2009 versus 2010 Statistical evidence from the survey suggests that insurance companies are passing higher claims cost onto companies. Of companies having claims cost of percent, only 9 percent faced a premium increase of percent last year as against almost all respondents in that category this year. The correlation between increase in premiums and increase in claim cost has become stronger Strategies adopted by Companies Employers are adopting various strategies to manage the health benefit provision and these were broadly classified into the following categories 1. Cost sharing with employees 2. Improved plan administration and management and 3. Strategic plan design with focus on wellness towerswatson.com 2
3 The survey findings clearly show the prevalence and future plans for adopting these strategies and are quite insightful on the effectiveness of different approaches Need for intervention Health benefit is widely viewed as a good attraction and retention tool. Approximately 70 percent of the participant employers feel that the perceived value of health benefits is quite significant among employees. However only 28 percent of the participant companies felt that employees are well aware of the benefit spend to provide health benefits Extremely 11% Significantly 59% To some extend 28% No 1% 0% 20% 40% 60% 80% 100% Percentage Employee perception of value of health benefit They are well aware 28% To some extent 50% No 22% 0% 20% 40% 60% 80% 100% Percentage Employee awareness around the benefit spend This shows that while the perceived value of the health care benefit is high, not many employees are aware of the costs incurred by employers to provide such benefit. There is clearly a need for improved communication of the total rewards to employees, including the benefits spends incurred by the organisation, especially against the backdrop of increasing health care costs 66 percent of the surveyed companies made some changes to the benefit design within the last three years but only 18 percent of the companies had a reduction in the insurance premium and 52 percent of these companies still continue to experience claim ratios in excess of 100 percent. This establishes a need for a thorough experience analysis to understand the key drivers of claim costs and introduce benefit levers that can be effective and robust to manage health care benefits in the future 64 percent of the participants have mentioned that providing segmented health benefits would be a great tool to increase the perceived value of the health benefit. This is an indication of the future development where we could expect the medical benefit provision to move from a one size fits all to a more targeted approach. Considering various factors like age, marital status, occupation, etc. while targeting would ensure that employees gain access to benefits that truly fulfill their needs Incentivising wellness is clearly one of the top priorities for employers. We could expect organisations to either introduce or enhance existing wellness benefits. This would help balance the conflicting issues of health care costs and adequacy of health cover Further information For more information, please contact: Kulin Patel kulin.patel@towerswatson.com Anuradha Sriram Anuradha.Sriram@towerswatson.com towerswatson.com 3
4 Maximising ROI on Benefits Spend through communication Benefits form an important element of Total Rewards for an employee. While the cash component of rewards is easily understood and appreciated, the same cannot be said about benefits. An effective communication on all aspects of rewards help employees better appreciate what their employers offer. The Communication ROI study report published in by Towers Watson based on a global study shows that only 43% of the employers felt that the employees understand the value of their health care benefits. The percentage was far lower for other aspects of rewards like bonus, pension and pay levels. Other studies confirm that employee satisfaction as far as rewards are concerned improves significantly once an employee understands the value of the rewards. Specifically, a focused communication strategy often gives better returns than additional spend on the benefit programmes. The first step in understanding benefits as a part of the tangible elements of Total Rewards is to prepare an inventory (base pay, variable pay, incentives including long term incentives, training and development, executive compensation, if any) of all those elements that are quantifiable. The biggest challenge is around how one quantifies retirement savings, group life insurance and training and development on the same plane as say base pay. Valuing benefits involves applying standards and principles that are based on the nature and timing of benefits to help in a quantitative evaluation of these benefits. These are done in the larger context of the rewards strategy of the company. The company s rewards strategy would drive the approach between Market Value and Cost to Company. A combination of both would give the value add perspective. As an illustration, if one was to value group term life insurance, one could compare the premium paid by the company towards group cover vs. the cost of buying the same cover in the retail market. Other benefits like Gratuity involve more complex decisions like accrued benefit vs. actuarial value. Once the company has decided upon the valuation methodology for all the elements, the key messages that the company needs to emphasise upon and convey to the employees need to be identified and incorporated into the communication design. Pay Base salary Bonuses Recognition Allowances Geographical and shift allowances Employee Benefits Health insurance Long-term sickness benefit Pension Holiday Staff restaurant Relocation assistance Life insurance Learning and development Career development Learning experiences Performance management Succession planning Training Talent mgt. Coaching Work environment Leadership Culture Involvement Diversity Work/life balance Interesting meaningful work Job security towerswatson.com 4
5 The communication could either be web based, paper based or a combination of both. The modus operandi would depend upon the level of IT maturity that the company s HRMS has. From a strategic viewpoint, the key differentiator to Total Rewards approach on benefits communication is that it is employee centric. It needs to address requirements of various demographics as well as business/ geography specific requirements. It reinforces the message that rewards are more than just salary. It enables better understanding of the value of benefits, particularly those that are not highly appreciated and hence improves employee perception of the overall programme. This is the preamble to optimising spend on employees while ensuring that the company understands what employees value. Further information For more information, please contact: Preeti Chandrashekhar Preeti.Chandrashekhar@towerswatson.com Market updates Health Insurance Portability The insurance regulator IRDA has on 10 February 2011 issued guidelines for portability of health insurance policies. The guidelines are effective 1 July The portability feature will allow policyholders to switch insurance companies without having to lose any of the benefits the current health insurer provides. In other words it would ensure continuity of benefits such as The credit from the waiting period for pre existing condition(s) already completed can be carried forward to the new insurer The new insurer will provide cover at least up to the extent of cover under the old insurance policy However some additional clarifications are awaited with regards to waiting period for certain diseases, maternity cover etc, before portability becomes operational. The General Insurance council has sought some clarifications to this effect from the regulator. While these guidelines are applicable to individuals, it is not likely to have much of an impact on group policies, as generally the group policies are negotiated and tailored to employer needs. However in case of group policies we need to wait and watch if there could be a resultant spin off benefits that could emerge due to portability guidelines, though there is no clarity as of now. Recent Changes: New Pension System (NPS) Swavalamban Scheme was announced in the Union Budget to address the longevity risk of workers in the unorganised sectors. Under the scheme the Government of India shall contribute Rs 1,000 per year to each NPS account opened in the year and for the next 3 years. The benefits will be available only to persons who join the scheme with minimum contribution of Rs 1,000 and maximum of Rs 12,000 and there are a host of other conditions to be eligible for the Government contribution. In the Union Budget the Government has decided to extend this benefit of government contribution from three to five years for all Swavalamban subscribers who enroll during the financial year and Further, the Government has proposed to relax the age of exit from 60 years to 50 years, or the minimum tenure of 20 years, whichever is later towerswatson.com 5
6 Tax Benefits for New Pension System (NPS) The NPS introduced by government few years ago allowed contributions to be made by non government employers and employees. The Direct Tax Code Bill includes confirmation that a deduction could be claimed by an employee for contributions made by him not exceeding 10% of the salary subject to an overall limit of Rs.1 lakh in a financial year. Likewise, the employer also enjoys corporate tax deduction for the contribution made by it. This is over and above the combined contribution by the employer to the extent of 27% of the employee s salary for each year towards the superannuation fund and recognised provident fund. Thus tax treatment is expected to make NPS popular as a cost effective and efficient tool for providing for pension to its employees, amongst companies. It is important to note that even though the withdrawals from NPS are currently taxable, under the proposed DTC the NPS is proposed to be covered under the exempt-exempt-exempt regime Convergence of Indian Accounting Standards with IFRS Ministry of Corporate affairs notified and confirmed that 35 converged Indian Accounting standards (now called Ind AS) to IFRS have been placed on the Ministry website ( This includes Ind AS 19 for employee benefits. The date of implementation is yet to be notified. We will keep you updated on any further developments. Declaration of PF interest and related aspects In continuation to the circular from the Ministry of Labour declaring final interest rate at 9.5% for , it has been notified in April that pending declaration of the rate of interest for the rate of 9.5% would be considered for the settlement cases Private PF trusts too will have to pay 9.5% interest for the year Government has allowed tax exemption on 9.5% interest on Provident Fund Private PF Trusts get one more year of extension of time for re-recognition Private PF Trusts already recognised by the IT Act, employers were required to apply for fresh recognition after obtaining exemption under section 17 of the EPF and MP act by 31st December 2010.The time limit is now extended to 31st March This amendment will take effect retrospectively from 1st January International Workers As per the recent notification by the EPFO it is now required to insert relevant clauses in respect to International Workers in the PF Trust rules of the exempted establishments. Further information For more information, please contact: Anil Lobo anil.lobo@towerswatson.com About Towers Watson Towers Watson is a leading global professional services company that helps organisations improve performance through effective people, risk, and financial management. With 14,000 associates around the world, we offer solutions in the areas of employee benefits, talent management, rewards, and risk and capital management. Towers Watson covers the length and breadth of India and operates from five offices in four cities. For more information, please us at benefitsindia@towerswatson.com or visit towerswatson.com 6
IOPS COUNTRY PROFILE: INDIA INDIA: COUNTRY PENSION DESIGN
1 IOPS COUNTRY PROFILE: INDIA DEMOGRAPHICS AND MACROECONOMICS GDP per capita (USD) 1,269 GDP growth (%) 7.1 Population (billion) 1.2108 Labour force (000s) 730072 Population over 60 (% of total) 8.58 Inflation
More informationAccounting for revenue is changing, are you ready?
1 Accounting for revenue is changing, are you ready? This article aims to: Highlight the key changes that Indian companies can expect on application of Ind AS 115, Revenue from Contracts with Customers.
More informationInstitute of Actuaries of India
Liyaquat Khan President Submission to IRDA 6 th July, 2012 Submission to IRDA on the exposure draft IRDA (HEALTH INSURANCE) REGULATIONS, 2012_draft for comments This submission provides the comments based
More informationExposure Draft. Accounting Standard (AS) 19. Employee Benefits
ED/AS19/2018/03 Exposure Draft Accounting Standard (AS) 19 Employee Benefits Last Date of comments: August 10, 2018 Issued by Accounting Standards Board The Institute of Chartered Accountants of India
More informationMinistry of Statistics & Programme Implementation Central Statistics Office. Payroll Reporting in India: An Employment Perspective - June, 2018
Ministry of Statistics & Programme Implementation Central Statistics Office Dated 2 nd Bhadrapada, Saka 1940 24 th August, 2018 Payroll Reporting in India: An Employment Perspective - June, 2018 Introduction
More informationA growing interest in employee financial well-being in India
A growing interest in employee financial well-being in India Insights from the Global Benefits Attitudes Survey 2016 Indian employees satisfaction with their financial state today belies financial worries
More informationVoices on Reporting. 18 November KPMG.com/in
Voices on Reporting 18 November 2015 KPMG.com/in Welcome Series of knowledge sharing calls Covering current and emerging reporting issues Scheduled towards the end of each month Look out for our Accounting
More information2018 Report. July 2018
2018 Report July 2018 Foreword This year the FCA and FCA Practitioner Panel have, for the second time, carried out a joint survey of regulated firms to monitor the industry s perception of the FCA and
More informationCIMA salary survey 2009 South Africa
CIMA South Africa qualified salary survey 2009 CIMA salary survey 2009 South Africa Foreword 1 Executive summary 2 Main findings 4 Salaries and bonuses.. 4 Years experience. 4 Gender 5 Sector 5 Regions.
More informationInstitute of Actuaries of India
Institute of Actuaries of India Subject SA4: Pension & Other Employee Benefits May 2014 Examination INDICATIVE SOLUTION Introduction The indicative solution has been written by the paper setters with the
More informationAccounting Standard 15 (Revised 2005) Employee Benefits
Accounting Standard 15 (Revised 2005) Employee Benefits Content 1. Introduction 2. Applicability 3. Key Features 4. Recognition & Measurement, Disclosures 5. Difference With IAS-19 6. Case Study (opinion
More informationFIRST NOTES KPMG in India. The MCA provides further clarity on deposit related norms of the Companies Act, April 2015
FIRST NOTES KPMG in India The MCA provides further clarity on deposit related norms of the Companies Act, 2013 2 April 2015 First Notes on: Financial Reporting Corporate law updates Regulatory other information
More informationNew on the Horizon: Defined benefit plans. International Financial Reporting Standards May 2010
New on the Horizon: Defined benefit plans International Financial Reporting Standards Foreword In 2006 the International Accounting Standards Board (IASB) added to its agenda a project for a fundamental
More informationAccounting for revenue - the new normal: Ind AS 115. April 2018
Accounting for revenue - the new normal: Ind AS 115 April 2018 Contents Section Page Preface 03 Ind AS 115 - Revenue from contracts with customers 04 Scope 07 The five steps 08 Step 1: Identify the contract(s)
More informationVoices on Reporting. 20 January KPMG.com/in
Voices on Reporting 20 January 2016 KPMG.com/in Welcome Series of knowledge sharing calls Covering current and emerging reporting issues Scheduled towards the end of each month Look out for our Accounting
More informationArticle. MCA relaxes controls on Managerial Remuneration: Professional Directors benefited. CS Aman Nijhawan
MCA relaxes controls on Managerial Remuneration: Professional Directors CS Aman Nijhawan aman@vinodkothari.com Vinod Kothari & Company Corporate Law Services Group corplaw@vinodkothari.com September 12,
More informationRetirement Solutions. Engaging the Next Generations in Retirement Savings
www.calamos.com Retirement Solutions Engaging the Next Generations in Retirement Savings Improving Retirement Readiness for the Next Generations by Applying Behavioral Finance & Thoughtful Plan Design
More informationChanges in Financial Statements and Auditor s Report. Presentation By CA Anil Sharma
Changes in Financial Statements and Auditor s Report Presentation By CA Anil Sharma Sec 129- Financial Statement The financial statement shall : be in the form in Schedule III and comply with the accounting
More informationPost Employment Benefit and Other Long term Benefit Disclosures under Ind AS 19 and AS 15 (R)
Post Employment Benefit and Other Long term Benefit Disclosures under Ind AS 19 and AS 15 (R) Objective To present exhaustive disclosures along with paragraph references of Indian Accounting Standards
More informationInto focus. FTSE 350 Executive and Board remuneration report. January 2016
Into focus FTSE 350 Executive and Board remuneration report January 2016 Introduction Executive salaries continue to increase and the median of 2015/16 proposed salary increases is 2.2% Welcome and introduction
More informationPwC ReportingPerspectives July 2018
July 2018 Table of contents Topic Page no. 4 24 37 40 43 2 PwC Editorial We are pleased to bring you the 15th edition of our quarterly newsletter covering the latest developments in financial reporting
More information2.1 Employees Provident Funds Scheme: September, 2017 to July, 2018
Ministry of Statistics & Programme Implementation Central Statistics Office Payroll Reporting in India: An Employment Perspective - July, 2018 Dated 3 rd Ashwin, Saka 1940 25 th September, 2018 Introduction
More informationTAX EXEMPTION TO NATIONAL PENSION SYSTEM
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE RAJYA SABHA STARRED QUESTION No. *285 TO BE ANSWERED ON TUESDAY, THE 28 th MARCH, 2017 7, CHAITRA, 1939 (SAKA) TAX EXEMPTION TO NATIONAL PENSION
More informationVoices on Reporting. 18 February 2015
18 February 2015 Welcome Series of knowledge sharing calls Covering current and emerging reporting issues Scheduled towards the end of each month Look out for our Accounting and Auditing Update, IFRS Notes
More informationMethodology and Inputs for the 2017 Valuation: Initial assessment. Technical discussion document for sponsoring employers
NOTE: This document was first circulated to stakeholders in February 2017 as part of the Trustee's preparations for the 2017 valuation. In December 2017, a formal actuarial report was submitted to the
More information18: ACCOUNTING POLICY FOR ETFS (EQUITY AND RELATED INSTRUMENTS) FOR EPF SCHEME
Item no. 18: ACCOUNTING POLICY FOR ETFS (EQUITY AND RELATED INSTRUMENTS) FOR EPF SCHEME 1. In accordance with Investment Pattern notified by Ministry of Labour and Employment vide Notification no. 1071
More informationEmployee Benefits, AS 15
Seminar on Accounting Standards (March 9, 2014) Western India Regional Council of The Institute of Chartered Accountants of India Employee Benefits, AS 15 and Consultants Version: March 2014 Page 1 Presentation
More informationSinghi & Co. News Letter - July 2015 Quality services for seven decades. Assurance and Advisory
Singhi & Co. News Letter - July 2015 Quality services for seven decades Assurance and Advisory INDIAN ACCOUNTING STANDARDS (IND AS) Preamble On February 16, 2015, the Ministry of Corporate Affairs (MCA)
More informationWhat do pensions mean to you? A 2018 survey of UK maritime employers and employees
What do pensions mean to you? A 2018 survey of UK maritime employers and employees Foreword Designed specifically for employees in the maritime industry, Ensign is a lowcost, high-quality pension plan
More informationVoices on Reporting. 25 May KPMG.com/in
Voices on Reporting 25 May 2016 KPMG.com/in 2016 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative
More information2017 Vitality Engagement Study
7 Vitality Engagement Study INSIGHTS FROM VITALITY THE VITALITY ENGAGEMENT STUDY 7 Employer-sponsored wellness programs continue to grow as employers take aim at the key behaviors that drive the prevalence
More informationThe end of contracting out
The end of contracting out What will you do? 13 March 2014 2014 Towers Watson. All rights reserved. How do you see the end of contracting out impacting you company? 1. Nothing to worry about likely to
More informationRE: Wholesale sector competition review call for inputs
9 October 2014 Becky Young Policy, Risk and Research Division Financial Conduct Authority 25 The North Colonnade Canary Wharf London E14 5HS Submitted via email to: wholesalecompetition@fca.org.uk RE:
More informationFUNDAMENTALS OF INSURANCE (PART-3) INSURANCE AS A SOCIAL SECURITY TOOL
FUNDAMENTALS OF INSURANCE (PART-3) INSURANCE AS A SOCIAL SECURITY TOOL 1. INTRODUCTION Hello students, welcome to the series on Fundamentals of Insurance. The topic of this lecture is insurance as a social
More informationSupporting your people around the world. Retirement savings for mobile employees in the hotel industry
Supporting your people around the world Retirement savings for mobile employees in the hotel industry Helping you to support your people The global recession had a big impact on the hotel and leisure industry,
More informationSupplementary Memorandum Explaining the Official Amendments Moved in the Finance Bill, 2012 As Reflected In The Finance Act, 2012
Supplementary Memorandum Explaining the Official Amendments Moved in the Finance Bill, 2012 As Reflected In The Finance Act, 2012 Circular no. 3/2012, dated 12-6-2012 FINANCE ACT, 2012 - PROVISIONS RELATING
More informationSupplementary Memorandum Explaining the Official Amendments Moved in the Finance Bill, 2012 AS REFLECTED IN THE FINANCE ACT, 2012.
INCOME TAX CIRCULAR No. 3/2012, Dated 12 th June, 2012. Supplementary Memorandum Explaining the Official Amendments Moved in the Finance Bill, 2012 AS REFLECTED IN THE FINANCE ACT, 2012. FINANCE ACT, 2012
More informationMarket Insights. 1. Rice Warner Research Reports. Superannuation and Investments Reports. 1.1 Superannuation Market Projections
Market Insights 1. Rice Warner Research Reports This product list sets out a description for all regular research reports issued by Rice Warner. In addition, there are one-off reports such as, Member Direct
More informationLedger Services Private Limited Union Budget 2018 Inside Finance Bill
Key Policy Announcements in Budget 2018 Agriculture and Rural Economy Health, Education and Social Protection MSME & Employment Page 1 Page 2 Ledger Services Private Limited UNION BUDGET 2018 1. Direct
More informationPREQIN SPECIAL REPORT: VENTURE CAPITAL FUND MANAGER OUTLOOK
PREQIN SPECIAL REPORT: VENTURE CAPITAL FUND MANAGER OUTLOOK H1 2018 PREQIN SPECIAL REPORT: VENTURE CAPITAL FUND MANAGER OUTLOOK, H1 2018 FOREWORD Venture capital is a unique strategy with characteristics
More informationDeveloping a Sustainable
Developing a Sustainable Retiree Health Plan Strategy By Amy H. Burgoyne and Kim Denbow Medicare Advantage retirees rely on their former employer for medical benefit security. Retiree health plans can
More informationDefined benefit pension schemes. The impact on FTSE350 company accounts at 31 December 2011
Defined benefit pension schemes The impact on FTSE350 company accounts at 31 December 2011 June 2012 Defined benefit pension schemes The impact on FTSE350 company accounts at 31 December 2011 Contents
More information2017 DIRECTORS REMUNERATION POLICY
2017 DIRECTORS REMUNERATION POLICY The Group's Remuneration Policy was approved at the Annual General Meeting of Inmarsat plc held on 4 May 2017. The Group s Remuneration Policy is designed to deliver
More informationOctober PwC ReportingPerspectives
October 2018 PwC ReportingPerspectives Editorial We are pleased to bring you the 16th edition of our quarterly newsletter covering latest developments in financial reporting as well as other regulatory.
More informationFINANCIAL WELLNESS. We all need a little guidance sometimes. Let s talk.
FINANCIAL WELLNESS MMI s purpose is to enhance the lifetime Financial Wellness of people, their communities and their businesses. MMI s definition of Financial Wellness for a household or individual is
More informationIOPS Technical Committee DRAFT GOOD PRACTICES FOR GOVERNANCE OF PENSION SUPERVISORY AUTHORITIES. Version for public consultation
IOPS Technical Committee DRAFT GOOD PRACTICES FOR GOVERNANCE OF PENSION SUPERVISORY AUTHORITIES Version for public consultation DRAFT GOOD PRACTICES FOR GOVERNANCE OF PENSION SUPERVISORY AUTHORITIES Introduction:
More informationExecutive Retirement Benefits Practices
2011 Report Executive Retirement Benefits Practices September 2011 Benefits Data Source U.S. External pressures and the need for strong governance are driving U.S. organizations to review their executive
More informationTotal Rewards. My Guide to. My Guide to Total Rewards Helping you achieve your personal, financial and career goals.
My Guide to Total Rewards Helping you achieve your personal, financial and career goals. My Guide to Total Rewards My Guide to Total Rewards answers a lot of questions you might have about the firm s support
More informationAPRA s review of life insurance capital standards
APRA s review of life insurance capital standards June 2010 APRA released a discussion paper considering capital for life insurance companies on 13 May 2010. While much of the detail is still to come,
More information2012 Workplace Benefits Report
2012 Workplace Benefits Report The State of Workplace Benefits in 2012 Workplace benefits integral to company performance and vital to employees lifelong financial security I m pleased to share with you
More informationTreasury Committee. Restoring confidence in long-term savings: Endowment Mortgages Report. Response by the Financial Services Authority
Treasury Committee Restoring confidence in long-term savings: Endowment Mortgages Report Response by the Financial Services Authority Introduction 1. This note is submitted in response to the Committee's
More informationTRIPLE YOUR RETIREMENT DOLLARS
From the author of Bullet Proof My Wealth KEN CRUISE TRIPLE YOUR RETIREMENT DOLLARS Learn How to Retire With Enough Table of Contents Chapter 1 - Retirees are Going Broke 3 Chapter 2 - What is 5 Chapter
More informationGain leaders trust to sharpen the human capital agenda. Navigate across contexts to create tangible impact
Gain leaders trust to sharpen the human capital agenda Navigate across contexts to create tangible impact Understand business imperatives, connect people initiatives Alumni refer someone for an AHLC course
More informationOld Mutual SME Employee Benefits Monitor for 2015
Our ability to see the bigger picture fully supports your entrepreneurial thinking, because the more meaningful a business becomes to its employees, the more effort employees make to bring about success.
More information2011 Private Equity. Compensation Report PRESS VERSION
2011 Private Equity 2009 JobSearchDigest Compensation Report 2010 JobSearchDigest.com PRESS VERSION TERMS OF USEljldjlkjljlj NOTE FOR PRESS VERSION: This version of the report is a subset of the data available
More informationRevised proposal for revenue from contracts with customers
Applying IFRS in Oil & Gas IASB proposed standard Revised proposal for revenue from contracts with customers Implications for the oil & gas sector March 2012 2011 Europe, Middle East, India and Africa
More informationVoices on Reporting. 18 March 2015
18 March 2015 Welcome Series of knowledge sharing calls Covering current and emerging reporting issues Scheduled towards the end of each month Look out for our Accounting and Auditing Update, IFRS Notes
More informationWhy to plan for Retirement
1 Why to plan for Retirement Out of the average Indian life span of 80 years minimum 20 years is spent without steady earnings McKinsey India Life Insurance 2012 Report 2 Why to plan for Retirement contd
More informationGood morning and welcome to AIA s 2018 interim results presentation. I am Lance Burbidge, Chief Investor Relations Officer.
AIA Group Limited 2018 Interim Results Analyst Briefing Presentation Transcript 24 August 2018 Lance Burbidge, Chief Investor Relations Officer: Good morning and welcome to AIA s 2018 interim results presentation.
More informationReward and the war for talent
Author Sarah Connellan Partner People Advisory Services EY sarah.connellan@ie.ey.com Reward and the war for talent The return of growth to the Irish economy and a renewed confidence in the Irish business
More informationATAL PENSION YOJANA (APY)
ATAL PENSION YOJANA (APY) 1. Introduction 1.1 The Government of India is extremely concerned about the old age income security of the working poor and is focused on encouraging and enabling them to join
More informationFinancial Services Authority. With-profits regime review report
Financial Services Authority With-profits regime review report June 2010 Contents 1 Overview 3 2 Our approach 9 3 Governance 11 4 Consumer communications 17 5 With-profits fund operations 23 6 Closed
More informationOracle Financial Services Software Limited
Unaudited Condensed Consolidated Balance Sheet as at June 30, 2016 ASSETS (Amounts in ` million) June 30, 2016 March 31, 2016 April 1, 2015 Non-current assets Property, Plant and Equipment 2,872.07 2,561.96
More informationNAVWEALTH NEWS. Contact us
NAVWEALTH NEWS After 27 years of working in the financial services industry I have learnt that it is never dull, and 2017 certainly didn t disappoint in that regard. In 2017 we saw the most comprehensive
More informationEmployee s Provident Funds and Miscellaneous Provisions Act, 1952
Employee s Provident Funds and Miscellaneous Provisions Act, 1952 About EPFO The Employees' Provident Fund Organization (abbreviated to EPFO), is an Organization tasked to assist the Central Board of Trustees,
More informationUniversity of Missouri Retirement Plan Report from UM Retirement Plan Advisory Committee March Background
University of Missouri Retirement Plan Report from UM Retirement Plan Advisory Committee March 2011 Background UM has spent more than fifty years conservatively managing and diligently funding its defined
More informationRevised Schedule VI. By: Purushottam Nyati Mukul Rathi. July 27, Page 1
Revised Schedule VI July 27, 2012 By: Purushottam Nyati Mukul Rathi Page 1 Contents of the Session Introduction Why Revised Schedule VI? Journey so far Key Features Format of Balance Sheet Format of Statement
More informationVoices on Reporting. 7 October KPMG.com/in
Voices on Reporting 7 October 2016 KPMG.com/in 2016 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative
More informationRole of actuaries in defined contribution environment
Role of actuaries in defined contribution environment By Gautam Kakar The nature of retirement provision reflects the culture of the country. However the global trends do affect the basic structure of
More informationI. VARIOUS OPTIONS FOR CONVERGENCE WITH IFRSs IN INDIA
P I. VARIOUS OPTIONS FOR CONVERGENCE WITH IFRSs IN INDIA 1. Background 1.1 International Financial Reporting Standards (IFRSs), issued by the International Accounting Standards Board (IASB), which are
More informationSir David Eastwood Chair of Trustees Universities Superannuation Scheme Ltd Sent via only. Our ref: C December 2018.
Sir David Eastwood Chair of Trustees Universities Superannuation Scheme Ltd Sent via email only Our ref: C72540470 11 December 2018 Dear Sir David Universities Superannuation Scheme (the Scheme) Actuarial
More informationBanking Reform Program. Report on Consumer Study Wave Two
Banking Reform Program Report on Consumer Study Wave Two Banks success is inextricably tied to the economy. When Australia does well, banks do well. Australia s banks are key to Australia s economic success.
More informationRevised proposal for revenue from contracts with customers. Applying IFRS in Mining & Metals. Implications for the mining & metals sector March 2012
Applying IFRS in Mining & Metals IASB proposed standard Revised proposal for revenue from contracts with customers Implications for the mining & metals sector March 2012 2011 Europe, Middle East, India
More informationEmerging wealth Capturing the long-term growth dynamics of the emerging markets
Emerging wealth Capturing the long-term growth dynamics of the emerging markets Originally published by Watson Wyatt Worldwide Emerging wealth Capturing the long-term growth dynamics of the emerging markets
More informationand issues concerning direct taxes and endeavours to be a bridge between the tax payers and the tax administration.
and issues concerning direct taxes and endeavours to be a bridge between the tax payers and the tax administration. In the matters of audits including tax audits, the ICAI has responsibility to maintain
More informationDiscussion Paper: What do a toaster, holidays and injury management have in common?
The Impact of Compensation on Recovery Discussion Paper: What do a toaster, holidays and injury management have in common? The NPS and its relevance to the personal injury and disability management sector.
More informationProfessional Level Essentials Module, P2 (IRL)
Answers Professional Level Essentials Module, P2 (IRL) Corporate Reporting (Irish) June 2008 Answers 1 (a) The functional currency is the currency of the primary economic environment in which the entity
More informationRe.: Consultation Paper: Accounting for Revenue and Non-Exchange Expenses
15 January 2018 Mr. John Stanford International Public Sector Accounting Standards Board 529 Fifth Avenue, 6 th Floor New York NY 10017, USA submitted electronically through the IPSASB website Re.: Consultation
More informationUK companies from an accounting perspective - Q&A
FOCUS INTERNATIONAL UK companies from an accounting perspective - Q&A Nicola Morgan-Schulz, Manager of Jordans Accounting Services, answers your questions on accounting and tax requirements of a UK company.
More informationIntroduction to Ind-AS. M/s Pranjal Joshi & Co Chartered Accountants
Introduction to Ind-AS M/s Pranjal Joshi & Co Chartered Accountants What is the importance of financial statements? Financial statements are very important as they are the basis for variety of decisions
More informationFIRST NOTES KPMG in India. The Ministry of Finance issues revised drafts on tax computation standards. 14 January 2015
FIRST NOTES KPMG in India The Ministry of Finance issues revised drafts on tax computation standards 14 January 2015 First Notes on: Financial Reporting Corporate law updates Regulatory and other information
More informationGOOD PRACTICES FOR GOVERNANCE OF PENSION SUPERVISORY AUTHORITIES
. GOOD PRACTICES FOR GOVERNANCE OF PENSION SUPERVISORY AUTHORITIES November 2013 GOOD PRACTICES FOR GOVERNANCE OF PENSION SUPERVISORY AUTHORITIES Introduction 1. Promoting good governance has been at the
More informationIROHS010. Submission to the. Independent Review of Occupational Health and Safety Compliance and Enforcement in Victoria
IROHS010 Submission to the Independent Review of Occupational Health and Safety Compliance and Enforcement in Victoria 1 August 2016 ABOUT THE HOUSING INDUSTRY ASSOCIATION...3 1. INTRODUCTION...4 2. RESPONSE
More informationAtal Pension Yojana (APY) 1 Details of the Scheme. 1. Introduction
Atal Pension Yojana (APY) 1 Details of the Scheme 1. Introduction 1.1 The Government of India is extremely concerned about the old age income security of the working poor and is focused on encouraging
More informationManaging Retirement Doing the right thing by employees (and by the organisation)
Managing Retirement Doing the right thing by employees (and by the organisation) 1. Introduction This paper addresses the challenges facing organisations in managing retirement today and in the future.
More informationInd AS pocket guide 2015 Concepts and principles of Ind AS in a nutshell
Ind AS pocket guide 2015 Concepts and principles of Ind AS in a nutshell 2 PwC Introduction This pocket guide provides a brief summary of the recognition, measurement, presentation and disclosure requirements
More informationRepresentation to Ministry of Finance On issues faced by Private Equity / Venture Capital industry. 7 January, 2015
Representation to Ministry of Finance On issues faced by Private Equity / Venture Capital industry 7 January, 2015 1 PE/VC Industry has contributed to Indian economy across multiple dimensions 200+ active
More informationdc for a Confronting the challenges of managing plans across multiple countries by nigel aston
Confronting the challenges of managing plans across multiple countries by nigel aston dc for a small planet Global companies increasingly provide defined contribution plans in many countries. A plan in
More informationSpotlight on gender diversity in profitto-member
Spotlight on gender diversity in profitto-member super funds Contents EXECUTIVE SUMMARY 4 INTRODUCTION 5 ABOUT THE PROJECT 6 WORKPLACE SUPPORT FOR GENDER EQUALITY 8 GENDER COMPOSITION OF THE BOARD 10
More informationRemuneration Committee annual statement. Role of the Remuneration Committee
Remuneration Committee annual statement The Committee continues to place the interests of shareholders at the forefront of its decision-making with regards to remuneration policy implementation. Role of
More informationWelcome to Presentation on preparation of financial statements under revised schedule VI. K.Chandra Sekhar Company Secretary Ace Designers Limited
Welcome to Presentation on preparation of financial statements under revised schedule VI K.Chandra Sekhar Company Secretary Ace Designers Limited 1 Relevant provisions Indian Companies Act, 1956 Rules
More information[ more ] insight. think workplace pension
[ more ] insight think workplace pension reform contents Part one employer duties 4 7 Part two implementing the reforms 8 13 Part three administering the reforms 14 17 glossary 18 19 useful resources 20
More informationBonuses The bonuses earned by the executive Directors in respect of the year ended 31 March 2016 are set out on page 94.
Governance Remuneration Report To set remuneration policy in alignment with the Company s long term strategic goals and the creation of shareholder value. Introduction Dear Shareholder, As Chairman of
More informationGallagher Marketplace: Comparison of Benefits, Financial Impact, and
Investment Monitoring Retirement Josh Rickard, Plan ASA, Consulting MAAA Consultant, Financial Analysis and Underwriting Benefits & Human Resources Consulting Arthur J. Gallagher & Co. Table of Contents
More informationIncome Computation & Disclosure Standards (ICDS)
1 Income Computation & Disclosure Standards () are applicable for computation of income chargeable under the head Profit and gains of business or profession and income from other sources and not for maintaining
More informationThe changing role of the management share plan in continental Europe Received: 11th August, 2003
The changing role of the management share plan in continental Europe Received: 11th August, 2003 Piia Pilv is a European partner in Mercer Human Resources Consulting. Based in the Netherlands, she leads
More informationCHAPTER 3 PENSION PROVISIONS FOR EMPLOYEES OF CENTRAL / STATE GOVT. AND PUBLIC SECTOR
CHAPTER 3 PENSION PROVISIONS FOR EMPLOYEES OF CENTRAL / STATE GOVT. AND PUBLIC SECTOR 3. PENSION PROVISIONS FOR CENTRAL / STATE GOVERNMENT AND PUBLIC SECTOR EMPLOYEES 3.1 INTRODUCTION The Indian pension
More informationPwC s Insurance Insights. Analysis of regulatory changes and impact assessment, July 2018
Analysis of regulatory changes and impact assessment, July 2018 Importance and emergence of group insurance globally 1 This edition highlights the importance and emergence of group insurance policies over
More informationAlternative Investments Introduction To Real Estate Investments
Alternative Investments Introduction To Real Estate Investments Growth( %) India: Growth Engine of the World Economy India is the Seventh largest country in the world in terms of GDP and third largest
More informationAtal Pension Yojana (APY) Details of the Scheme
Atal Pension Yojana (APY) Details of the Scheme 1. Introduction 1.1 The Government of India is extremely concerned about the old age income security of the working poor and is focused on encouraging and
More information