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Cash-strapped parastatals turn to debt to pay workers

CMA bars Cytonn from taking up new investors till name change

CMA bars Cytonn from taking up new investors till name change
standardmedia.co.ke - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from standardmedia.co.ke Daily Mail and Mail on Sunday newspapers.

Debunking the common myths about retirement

Debunking the common myths about retirement
businessdailyafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessdailyafrica.com Daily Mail and Mail on Sunday newspapers.

Gaming workers gratuity - Newspaper

The end of service gratuity, a statutory right of employees and a defined retirement benefit, is being gamed by some employers in Pakistan. Workers are made to resign one month before the end of the company’s financial year and immediately re-employed with effect from the start of the next financial year. Because gratuity is a multiple of one’s salary and years of service, it is paid to the workers annually and not as a lump sum at the natural end of the employment. This controversial practise that exploits the legal loopholes is against the spirit of gratuity. The employees stand to lose because when gratuity is paid at the natural end of service, it is likely to be greater due to reasons such as increment and promotion. Add to it that a lump sum could be used for a variety of purposes, such as starting a small business. Employees resigning and getting immediately reappointed every year is of course a farce.

Pension firm banks on tech to weather Covid-19 storm

FINANCIAL STANDARD From left, Liaison Group Managing Director Tom Mulwa and Group Head Pensions Michael Mitau (right) demonstrates the new Pensions Management System that is set to transform the user experience, to Retirement Benefits Authority (RBA) CEO Nzomo Mutuku during trustees management forum on the value of proposition of technology in the Future of pensions. [David Njaaga, Standard]. As the economy continues to shrug off the economic effects occasioned by the coronavirus pandemic, the pension sector is looking to capitalise on digitisation. The Liason Group, one of the major players in the sector, plans to digitise all its operations as it seeks to grow post-pandemic.

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