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Arabian Business
10 hours ago
- Business
- Arabian Business
Oman announces holiday for public and private sectors
Oman has announced an official holiday for public and private sectors at the end of this month. Sunday, June 29 has been announced as an official holiday for employees of the public and private sectors on the occasion of the new Hijri year 1447 AH. With Friday and Saturday being a typical weekend for many in the country, it means a three-day break, with workers able to rest from June 27 to 29. Oman announces Islamic New Year holiday The Ministry of Labour pointed out that employers may agree on terms to engage employees on the said holiday—if deemed necessary due to the nature of their work—provided they compensate the workers for the holiday.
The Guardian
5 days ago
- Business
- The Guardian
Rachel Reeves accused of leaving devolved nations in red after NICs rise
Rachel Reeves has been accused of shortchanging the UK's devolved nations after leaving the Welsh, Scottish and northern Irish governments with multimillion-pound funding gaps. The chancellor said the Treasury would fully cover the 1.2% rise in national insurance contributions for employers on salaries above £5,000, which came in on 6 April. However, Reeves has calculated the amount of money needed by using the Barnett formula, which ensures funding increases proportional to England in terms of population. Cardiff, Edinburgh and Belfast – which all operate larger public sectors than England – now say they have been left in the red. The Celtic nations' finance officials have argued the move violates the UK's statement of funding policy, which states each constituent government is not allowed to act in a way that creates adverse financial implications for the others. The Welsh cabinet secretary for finance, Mark Drakeford, announced last week that the Welsh government would use £36m annually, taken from its reserves, to plug half the gap, but a further £36m would have to be funded by public sector employers, including health boards, all 22 local councils, Natural Resources Wales and Cardiff airport. The funding shortage amounts to cuts across the board of about 14%. Drakeford said: 'We have made our position very clear with the Treasury that using the Barnett formula in this instance is a breach of the rules. If this was a one-off, we may have been able to use more of our reserves to cover the shortfall, but as it is, this will unfairly impact Wales year after year.' The bill for Scotland's public services amounts to an estimated £700m, and about £200m in northern Ireland. The Treasury has agreed an additional £339m for Edinburgh and £146m for Belfast. Scotland's budget is already under significant pressure from the rising cost of devolved welfare benefits, public sector pay settlements, and new policy commitments – including the mitigation of the two-child limit. Holyrood's finance secretary, Shona Robison, has called repeatedly for the tax increase to be fully funded by the UK government. She said: 'We have been calling for the UK government to abandon its employer national insurance rise, which risks damaging the economy by making it harder for businesses to take on or keep staff. 'Failing that, we have asked that they fully fund this tax increase to ensure Scotland's NHS, councils and other public services don't lose out on vital revenue. 'As such, it is deeply disappointing that the funding falls so far short of the more than £700m bill we estimate public services face. It feels like Scotland is now being punished for having decided to employ more people in the public sector and to invest in key public services.' The UK government has defended the use of the Barnett formula in calculating public sector national insurance contributions. A spokesperson said the changes were 'in line with agreed funding arrangements and longstanding precedent'. However, the row has reignited a longstanding debate over whether the Barnett formula – in use since 1978 – is fit for purpose, and whether it should be reformed or scrapped in favour of a universal needs-based approach. It also adds to growing friction between the Welsh Labour and UK Labour administrations. Wales has consistently voted Labour for 100 years, and Welsh Labour has controlled the Senedd since its inception in 1999. However, with a year to go before the next Welsh elections, recent polling has suggested the party will trail in third place behind Plaid Cymru and Reform UK, with just 18% of votes, putting the first minister and Welsh Labour leader, Eluned Morgan, under pressure to differentiate her wing of the party from its Westminster counterpart. Rory Carroll contributed reporting
The Sun
10-06-2025
- Business
- The Sun
The best jobs that allow you to retire early and how you could boost your pension pot to £345k
EVERYONE dreams of escaping the daily grind early and retiring - but what jobs will help you do that as quickly as possible? Here, we reveal the top roles to get the best paid pension and the employers offering more to make you richer in retirement. It might be tempting to choose a job based on salary alone, but it's important not to overlook how it will affect you when you retire. While private sector jobs tend to offer more flexibility and a higher salary, public sector jobs typically offer more generous "defined benefit" or "final salary" pension schemes. These schemes guarantee an income that rises with inflation, making them a "gold-plated" option rarely found in the private sector. In the private sector, you'll likely have a "defined contribution" scheme, where your retirement income depends on contributions and investment performance. Auto-enrolment requires at least 8% of your salary (5% from you, 3% from your employer) to go into a pension fund, and the government adds to this through tax relief. For basic-rate taxpayers, every £80 contributed becomes £100. Although defined contribution schemes may seem less appealing, starting early and maximising contributions can build a substantial retirement fund. According to the Pensions and Lifetime Savings Association, a single person needs £13,400 per year for a basic retirement, while a couple requires £21,600. Craig Rickman, pensions expert at interactive investor (ii), said: "Don't overlook pensions when job hunting. "Even though it might not seem like extra cash in your pocket right now, an attractive workplace pension means you don't have to save as much personally every month to retire comfortably. "That's why it's vital to engage with your workplace pension at the earliest opportunity." Kings Speech 2024 reveals huge pensions shake-up that could add over £11,000 to retirement pots Below we reveal the best jobs in the public and private sector to help you build your pension pot and boost your chances of retiring early. Top jobs for solid pension pots Town planners have some of the most generous pension pots. For example, someone earning £30,000 a year from the age of 30 could retire with an annual pension of £41,400 through the Local Government Pension Scheme (LGPS), according to ii. The LGPS works by adding a small portion of your salary - 1/49th - into your pension pot each year. This amount grows over time in line with inflation, helping it keep its value. Boost your pot by £354,000 RETIREMENT expert Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, shares how to maximise your pension savings. She said: "Small changes can make big differences to your pension." "And increasing your contributions beyond auto-enrolment minimums can make a huge impact over time. "The amount you contribute now will directly impact how much money you have when you decide to retire, typically around age 68. "For example, if someone starts saving at age 21 and continues until age 68, with a starting salary of £25,000 per year and an investment growth of 5% per year after fees, they could save around £236,000 by retirement. "This assumes they contribute 5% of their salary, and their employer adds an additional 3%." "If you increase your contribution to 10%, with your boss still adding 3%, you could boost your savings to roughly £384,000. "But what if your boss is feeling generous? "A more substantial contribution from your employer can significantly boost your retirement savings. "For example, If you save 5% of your salary and your boss matches that with another 5%, your pension could reach approximately £295,000 by the time you retire. "Even better, if both you and your boss contribute a hefty 10% of your salary each, you could be looking at a substantial pension pot of around £590,000. "It really pays to find out what your employer's policy is on pension contributions – it could make a massive difference to your future." Meanwhile, armed forces personnel don't have to pay into their pensions at all, as the Ministry of Defence contributes on their behalf, adding 1/47th of their salary each year and adjusting it for inflation. The standard pension age is 60, but those who serve for at least 20 years and leave after age 40 can benefit from the Early Departure Payment (EDP) scheme, which provides a tax-free lump sum and monthly income. For example, a sergeant retiring as a major could receive a pension of around £32,000 a year. Plus, teachers can build a pension of roughly £25,700 a year after 40 years of service on a £60,000 salary, plus a £170,000 if they tax a one-off tax-free lump sum, according to ii. Tax inspectors in the Civil Service Alpha scheme could receive £23,600 a year on a £36,100 salary. The Civil Service Alpha pension scheme is a 'career average' defined benefit scheme where you build up an annual pension based on 2.32% of your pensionable earnings each year, adjusted for inflation Police officers can retire after 30 years with about £22,000 annually. Firefighters retiring at 60 might get £20,000 to £29,000 a year, depending on service length. NHS workers build pensions based on 1/54th of their salary each year, offering strong retirement income. Museum curators in public roles could get £15,000 a year after 30 years, earning £30,000 annually. I tracked down lost pension and boosted my pot by £5,000 KATHERINE Brant was one of millions who lost track of an old pension pot – a common problem in the UK, where 4.8 million pots are "missing, Each time you start a new job you start a new pension, which can leave you with several pots of cash that are easily forgotten about. On average, employees lose sight of pots worth £10,000. As an assistant manager at a charity shop in Lincoln, Katherine, 32, realised she had no idea where her old pensions were, fearing that the savings from her previous jobs might be lost forever. Determined to take action, she decided to get on top of her pension planning during the pandemic. "I only had a very basic understanding of how pensions worked, but I knew I must have old pots knocking around somewhere that I'd completely lost," she said. Her search led her to Moneybox, an app designed to help people locate and consolidate their pension pots. Unsure of what to expect, Katherine signed up and provided her details. What followed was life-changing. The app helped her uncover a forgotten £2,000 pension pot, which has since grown to £5,000, significantly boosting her retirement savings. With decades left before retirement, Katherine now has plenty of time to grow her savings even further. "Finding this extra money feels life-changing—I had no idea it was even there," she said. If you're looking to track down a lost pension pot, you can also use the government's Pension Tracing Service by visiting Top jobs in the private sector Some private sector companies offer generous contribution rates to employees. The financial services industry tends to be a good place to start, with average employer contributions around 9.5%. For example, Unilever provides a benefits package equal to 25% of your salary. If you earn £40,000, this means £10,000. You can decide how to use it - put it all into your pension, take some as extra pay, or split it, such as £8,000 for your pension and £2,000 as cash. Shell follows with a total pension contribution of 20% (5% from employees and 15% from the employer), which can rise to 27.5%. Legal & General combines a basic contribution with a matching scheme, allowing employees to potentially reach a total of 20%. Kingfisher, owner of B&Q and Screwfix, offers a sliding scale where employees contributing 8% or more receive 14% from the employer. Phoenix Group boosts salary sacrifice contributions, enabling employees to receive 14.2% while contributing only 2%. A salary sacrifice scheme is where you agree to reduce your gross salary in exchange for a non-cash benefit, like increased pension contributions. This reduces your taxable income and National Insurance contributions, potentially saving you money while boosting your benefits. Royal Mail contributes 13.3% to its Collective Defined Contribution scheme, with employees adding 6%. Tesco matches pension contributions up to 7.5%. INDUSTRY trade body The Pension and Lifetime Savings Association calculates how much a single person and a couple need to afford different levels of comfort in retirement. They factor in all household bills, groceries, travel and car costs, going away on holiday, clothes, beauty treatments and more, into the amount of money you need per year. There are three lifestyle levels - minimum, moderate and comfortable. Here's how much you need per year to afford them all. Basic retirement: A single person needs £13,400 annually for a basic retirement lifestyle, while a couple needs £21,600. This covers essential needs plus a few extras like a small holiday and monthly cheap meal out. Moderate retirement: A single person needs £31,700, while a couple needs £43,900. This covers one holiday abroad a year, eating out once a week, and budget for two or three weekly activities like going to the cinema or swimming. Comfortable retirement: A single person needs £43,900, while a two-person household needs £60,600. This includes a foreign holiday and several mini breaks a year, as well as beauty treatments and hair appointments every six weeks.
Fast Company
09-06-2025
- Business
- Fast Company
Unlock Africa's economic potential through open trade
Recent tariff announcements have caused significant disruption across global markets and economies. Subsequent changes and postponements—including negotiations between major economies like China and the U.S.—offer a welcome step towards resolution. But the initial uncertainty has already prompted impacted countries to diversify their trade partnership from long-standing trade allies in order to reduce dependence on a single market. In the short term, this volatility has created a significant headache for business leaders grappling with the costs and pricing of goods and services. However, this very uncertainty also presents unique opportunities, especially for emerging markets, particularly in Africa, to forge new trade relationships and strengthen their economic positions. A rare opportunity for Africa to forge its own path On one hand, escalating trade restrictions could further marginalize developing economies. On the other hand, they present a rare moment for Africa to forge its own path and build a future anchored in the open flow of trade, ideas, innovations, cross-border collaboration, and digital empowerment within its borders. Fortunately, private and public sector leaders on the continent have been actively putting in place measures to further grow trade within itself, both as a powerful engine for economic expansion and as a vital strategy to protect against external shocks such as tariffs. With the African Continental Free Trade Area (AfCFTA) now gaining momentum and a growing digital economy taking shape, the continent has the tools to chart its own course. The AfCFTA has already significantly increased intra-continental trade since its official commencement on January 1, 2021. According to Afreximbank's Africa Trade Report 2024, [1] intra-African trade rose to $192.2 billion in 2023, a 3.2% increase from the previous year, despite global economic challenges. The United Nations Economic Commission for Africa anticipates a 35% increase [2] in intra-African trade by 2045, after AfCFTA is fully implemented. Challenges to increasing intra-African trade Despite the promise of AfCFTA, significant barriers continue to hinder robust intra-African trade, whether through traditional channels or digitally enabled transactions. These challenges include fragmented payment systems, inconsistent regulatory frameworks, and complex cross-border logistics. This has contributed to Africa's historically low intra-African trade, which was about 18% of its total trade in 2022, compared to 59% for Asia and 68% for Europe. [3] Payments are trade's lifeblood Africa must be able to trade with itself quickly, affordably, and securely. When payments move across borders with ease, so do goods, ideas, services, opportunities, and people. This is not just about convenience or merely advocating for fintech adoption; it is about the transformation of how we trade. A trader in Nairobi selling goods to customers in Accra must be able to receive payment as easily, if not easier, than if they were in London or New York. Similarly, a major multinational looking to tap into Africa's young and growing consumer base needs payment systems that handle complex, high-volume transactions just like in their home markets. The future of intra-African trade depends on our ability to make such transactions as intuitive and reliable as the click of a button. When paying and getting paid for intra-African trade becomes seamless, we will see faster growth of regional value chains, a more efficient distribution of locally manufactured goods, and the emergence of more African brands competing globally. Essentially, with the necessary support for an open economy in Africa, we increase not just the volume but also the value of trades within Africa, building economic resilience for shared prosperity. What we must do First, we must ensure payment system interoperability so that businesses can transact seamlessly across borders, without the hindrance of friction or currency barriers. This is critical because, while African countries have developed efficient local payment networks tailored to their needs, these systems do not interact well across borders, limiting our potential to trade more internally and withstand global economic shocks. Second, we need to align policies across governments to create an environment where innovation thrives and cross-border commerce flows effortlessly. This includes, but is not restricted to, a review of policies on customs and barriers to trade, and logistics (inter-country shipping, freight, and flights). Lastly, a critical step involves significant investment in physical infrastructure, particularly in addressing inadequate transportation networks (roads, rail, and ports) and resolving unreliable energy supplies. Together, these efforts will reduce the continent's external dependency, making it easier for businesses to grow within Africa and beyond, creating an economic firewall that protects us from external shocks. Now is the time to double down on openness, not retreat from it; Africa's future depends on it.
The National
07-06-2025
- The National
Eid greeting stamp issued to visitors arriving in Dubai
Visitors arriving in Dubai during the Eid Al Adha holiday are being greeted by a special welcome stamp bearing the phrase "Eid in Dubai". The motif features a unique design created by Brand Dubai, the creative arm of the Dubai Media Office. For public and private sector workers in the UAE, Eid Al Adha this year is marked by a long weekend. Employees have been granted leave from Thursday June 5 to Sunday June 8, with work resuming on Monday June 9. Public and private sector staff in the Emirates are typically allocated the same number of public holidays each year. What is Eid Al Adha? Eid Al Adha – which means 'festival of the sacrifice' – is the latter of the two Eid holidays celebrated across the Arab world, coming after Eid Al Fitr. Eid Al Adha commemorates how the Prophet Ibrahim was asked by God in a dream to sacrifice his son, Ismail, as a test of his faith. As with other religious holidays in the Emirates, it is a time for friends and family to gather, often over meals, and reflect on their lives and faith. Eid around the world in pictures
