Latest news with #8
The Star
8 hours ago
- Business
- The Star
Dr Wee: Review expanded SST
PETALING JAYA: Apart from a longer list of goods taxable under the expanded Sales and Services Tax (SST), another major concern of the people is the tax on raw materials and machinery, says Datuk Seri Dr Wee Ka Siong (pic). The MCA president said this will then set off a wave of price increases down the line, causing more pressure on the people. 'The SST brings a cascading effect because the raw materials and machinery will also be taxed after this. 'This silent inflation wave will surely be felt by all levels of society throughout the coming months,' said the Ayer Hitam MP in a Facebook video yesterday. He pointed out that back in 2018, more than 8,000 items were exempted from the SST. Under the expanded tax scheme set to take effect on July 1, the list has been significantly shrunk to only around 1,000 items, he said. He added that the expanded SST will not only apply to wellness and beauty-related services, it will also be applied to traditional products such as red dates, black fungus, dried longan and snow fungus. He stressed that many industries including rubber, plastics, medicine and oil palm, and the manufacturing sector have voiced their concerns about the expanded scheme as about 97% of goods in the market will be taxed. 'While we welcome the government's U-turn on the tax for imported fruits, it is not enough. 'The real issue and danger lies in the taxation of raw materials and industrial machinery,' he said. 'Politics aside, the people's welfare should be prioritised. It is better for the government to review the scheme or scrap it altogether,' he said, adding that the SST rate had already increased (from 6% to 8%) on March 1, last year. Dr Wee added that it was unfortunate that the expanded SST will start on July 1, the same day that the base electricity tariff and Port Klang tariffs are set to increase. 'The obvious solution for the government is still the GST, which is a fairer and more transparent taxation system. 'The main difference between both systems is that the GST taxes the end user – you use more, you pay more – while the SST taxes all levels of the supply chain and the end user has to pay a far higher price in the end,' he said. 'The GST ensures the stability and strength of the country while the SST will further burden the people and give businesses an excuse to raise prices,' he stressed. In announcing the expanded SST, the Finance Ministry said the measure is to strengthen the country's fiscal position by increasing revenue and broadening the tax base.
Time of India
a day ago
- Politics
- Time of India
From guns to gills: How fish farming is transforming former Naxalites in Jharkhand
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Former insurgents in eastern Jharkhand are trading guns for fishing nets under a central government scheme that has helped transform a once violence-torn region and contributed to its removal from a list of Naxalite-affected Lakra, 41, was once part of a Naxalite group before abandoning the Left-wing insurgency in 2002. Today, he runs a fish feed mill that earned him Rs 8,00,000 in net profit last year under the Centre's Pradhan Mantri Matsya Sampada Yojana (PMMSY) scheme."There were no shops selling fish feed nearby. Villagers had to travel 150 km to buy fish feed," said Lakra, who received Rs 18 lakh grant to set up his mill in Gumla district's Basia block. "So I decided to set up a fish feed mill," he told PMMSY scheme, launched in 2020-21 with joint central and state implementation, has trained 157 individual beneficiaries in Gumla district over four years. About 25 per cent of the 8,000-9,000 families in the district now engaged in fish farming were former Naxalite supporters or participants, according to District Fishery Officer district was removed from the Union Home Ministry 's list of Naxalite-affected areas in May 2025, alongside Ranchi district, marking a significant decline in Left-wing extremism in the transformation is stark in areas where "eight out of ten families" once supported what they called a "revolutionary" way of life, according to local officials. Deserted villages have been repopulated, schools and hospitals reopened, and agricultural activity Gop, 42, another former Naxalite who joined the anti-Maoist Shanti Sena group, now harvests eight quintals of fish annually worth Rs 2,50,000 from a government pond he leases for Rs 1,100 per three-year period."I make a profit of Rs 1,20,000 after expenses," said Gop, who owns 25 acres of farmland but found fish farming more profitable than traditional fish farming initiative began in 2009 when State Fishery Extension Officer Mugda Kumar Topo was posted in the region despite security concerns."It was difficult to enter Basia block of Gumla district as Naxal activities were at their peak," said Topo, now based in state capital Ranchi. "After speaking to 50-odd families, a pilot was launched."The government leased 22 tanks to interested families, including one in a remote forest area that required convincing a former Naxalite to operate due to security Prakash Sahu, an active Naxal supporter until 2007, now operates six fish ponds and harvests 40 quintals annually. In 2024, he received assistance for three ponds with advanced Recirculatory Aquaculture System scheme has created a "three times multiplier effect" in local employment generation and helped reduce migration from the region, according to government Singh, 51, a former Naxal supporter with 150 acres, shifted from paddy cultivation to fish farming across five ponds on his property."Fish farming is much better than paddy cultivation. Each pond is a revenue generator to pay for my children's school education," Singh district has about 4,000 privately owned ponds and 360 government-owned ponds across 12 Gumla and Ranchi have been removed from the Naxalite-affected list, West Singhbhum remains the most-affected district in Jharkhand. Districts, including Bokaro, Chatra, Garhwa, Giridih, Khunti, Lohardaga, and Seraikela-Kharsawan are considered partially Naxalite insurgency, also known as Left-Wing Extremism, has affected parts of eastern and central India for decades, with insurgents claiming to fight for the rights of tribal communities and against economic success in Gumla demonstrates how targeted development programmes can provide economic alternatives to insurgency , contributing to broader counter-terrorism efforts in the region.
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Business Standard
2 days ago
- Business
- Business Standard
UP govt acquires 600 acres in Gorakhpur for new industrial township
While Gida has acquired 600 acres for the township in the 17 villages, the acquisition process is ongoing to increase the land inventory Virendra Singh Rawat Lucknow The Uttar Pradesh (UP) government has acquired 600 acres in Gorakhpur, the political stronghold of Chief Minister Yogi Adityanath, to attract investment and accelerate industrial growth in the state's eastern region (Purvanchal). The site has been slated for the development of a modern industrial township under the Gorakhpur Industrial Development Authority. The proposed 'Dhuriyapar Industrial Township' or 'Greater Gida' aims to increase investments in Eastern UP, which lags Western UP. Gida Chief Executive Officer (CEO) Anuj Malik said the master plan for the township has been approved, and the land allotment process —spanning two industrial sectors — will begin soon. While Gida has acquired 600 acres for the township in the 17 villages, the acquisition process is ongoing to increase the land inventory. Leading companies, including the Adani group, are interested in setting up their units in the Greater Gida enclave. According to officials, the Adani group was considering setting up a cement factory under the ACC brand. Shree Cement and Keyaan Distillery have also sought parcels for their greenfield projects in the township. The Yogi-led government was also planning to establish an electronic manufacturing cluster within the township, officials added. Once completed, the Dhuriyapar Industrial Township would become one of the largest industrial land banks in Purvanchal. The recently inaugurated 91 km Gorakhpur Link Expressway will also boost the prospects of the upcoming industrial hub. At the UP Global Investors Summit (GIS) in February 2023, the state had secured fresh investment proposals worth ~40 trillion. The state now plans to host the GIS 2.0 in the current financial year. Major private investor, SLMG Beverages, a Coca-Cola bottling partner, was planning a phased investment of ~8,000 crore to expand its supply network, the company's deputy CEO Rahul Kumar said. SLMG holds nearly 50 per cent of the beverage market share in UP, and operates 7 bottling plants across eastern and western regions. The growing network of expressways, airports, proposed logistics and export hubs has contributed to a marked improvement in the 'ease of doing business' perception, thus translating into growing private investment. Besides manufacturing, the Yogi government is also promoting the services sectors, viz. tourism and information technology (IT) sectors, for boosting socioeconomic development and creating jobs.
Forbes
2 days ago
- Business
- Forbes
How Long Will Your Money Last In Retirement? Key Factors And Planning Strategies
By factoring elements like inflation and life expectancy into your retirement plan, utilizing the ... More right withdrawal strategy for you, planning for unexpected costs, and revisiting your plan regularly, you'll have a safe and happy retirement. Approaching retirement can feel uncertain with many questions arising, like how you'll spend your now open-ended free time and how long your money will last in retirement. With hidden costs like inflation, and very-evident costs like healthcare expenses, it's not enough to just focus on how much you have in savings, but how your lifestyle, expenses and unexpected events will factor into your retirement's longevity. In this article, you'll learn the key factors which affect how long your money can last in retirement, strategies to withdraw the right amount without threatening savings, and how to plan for the unexpected so that you can have confidence in your retirement plan. Whether retirement is rapidly approaching or you're already retired, this guide will help you take the right steps to be financially stable in your golden years. Key Factors That Determine How Long Your Money Will Last How long your money will last isn't only determined by how much you have but also by how you manage that money. Some of the key factors which can affect the longevity of your retirement savings are life expectancy, inflation, and healthcare costs. By understanding how these factors can influence your savings and financial plan, you can plan effectively for retirement, content with the knowledge that you're prepared for all circumstances. A long life is a blessing but it can also mean that your retirement savings will need to last with it. According to the Social Security Administration, the average 65-year-old man today can expect to live until 83 while the average woman can expect to live to 86. By using tools like the SSA provides, you can determine your average age expectancy and provide an ample cushion so your money doesn't run out. Inflation can erode your purchasing power as the value of the dollar (and your savings) goes down every year, based on the United States' average 2 to 3% inflation rate. With this average rate, prices double every 24 years, meaning that if your monthly expenses are $4,000 today at age 65, they'll double to $8,000 once you're 89. To combat inflation, you can invest in assets like equities which will appreciate and out-pace inflation, ensuring your savings don't dwindle. You can investigate equities to invest in by researching well-performing assets like S&P index funds and the best stocks for 2025. Healthcare expenses may be the largest cost you experience in retirement. According to Fidelity's 2024 Retiree Health Care Cost Estimate, the average retiree aged 65 may need $165,000 in after-tax savings to cover health care costs during retirement. Saving sufficiently to cover these expenses as well as taking advantage of long-term care insurance, contributing to Health Savings Accounts (HSAs), and Medicare supplemental plans to address the costs of medical issues head on will enable you to afford these and other retirement expenses. Your lifestyle choices can influence how far your money goes, whether you plan to sell everything and travel the world or live a quiet life in your paid-off home. Choosing to live in a high-cost state or moving to a lower-cost area can make a large difference, as can small decisions like choosing to eat out every day. By evaluating your preferred lifestyle against your portfolio and savings, you can make the right decisions and sacrifices to accommodate a secure and happy retirement. As discussed, spending habits can play an outsized role in how far your retirement savings will last. Having a measured approach to your retirement plan and not assuming your savings will last forever or assets will appreciate inordinately, will help you establish wise spending habits. By creating a budget, tracking your expenses, calculating new potential costs, and understanding how long your money will last, you can spend at a steady level and ensure your savings don't dwindle. Withdrawal Strategies To Extend Your Retirement Savings There are a number of withdrawal strategies which can help you ensure you withdraw the right amount to accommodate your spending and maintain a strong portfolio. Each of these strategies should be evaluated and further researched as one may be more ideal for your personality than another. The 4% Rule recommends that retirees should withdraw 4% of their portfolio in the first year of retirement then adjust the amount based on inflation each year following. This strategy was introduced to help retirees ensure they have a 30-year income stream without exhausting savings. This rule is a useful benchmark which can help you evaluate your spending ability but doesn't take into account factors like market volatility, non-typical interest rate environments and individual circumstances. Dynamic withdrawal strategies allow you to adjust withdrawals based on factors like portfolio performance, inflation rate changes or unexpected costs. During down years, you may choose to reduce spending so your investments can recover or you may take a larger distribution when the market is soaring. This method is less rigid than the 4% rule and can help you ensure you have enough money if you live longer than expected. The bucket strategy divides your savings into different buckets based on time horizon and purposes. For example, you can keep one to two years of living expenses in cash, three to seven years in bonds, and the remaining amount in stocks for long-term growth. This strategy helps you reduce the risk of having to sell investments during a downturn and helps you stay secure in the knowledge that your short-term needs are covered during years of volatility. Planning For Unexpected Costs By planning for unexpected costs, you can build a nearly bullet-proof financial plan which accommodates the possibility of any curve ball that life could throw you. Whether you're assessing costs like a home repair, supporting a grandchild, or covering long-term care costs, you can ensure you're financially resilient for the future. To get started, consider building an emergency fund independent from retirement savings that can cover costs beyond your normal living expenses. This emergency fund can cover these large, unexpected costs so you don't need to pull from less liquid assets or your cash reserves intended for regular expenses. Another tactic you can deploy is to add some extra buffer into your withdrawal rate, so even if you could comfortably afford a 4% withdrawal rate, you withdraw just 3.5% so your savings have even more room to grow in case an unexpected cost arises. Adjusting Your Plan Over Time Your retirement plan isn't something which you set at 65 and blindly follow for the next 25+ years. A variety of factors can affect your plan including markets, performance of your portfolio, new spending and changes in priorities. By revisiting your retirement plan each year, you can ensure you're on track and address any changes or issues promptly. Reassessing goals can lead to effective changes whether you need to reduce your spending, pick up extra work, or move to a lower-cost area. Economic and market shifts can also change your plans whether you need to respond to poor performance in your portfolio or higher cost of living. By staying flexible and sober-mindedly choosing to make the right moves like downsizing your home or changing your portfolio mix to ensure a stable retirement, regular plan assessments will help you in the long-term. Psychological Aspects to Consider As you reach retirement, you'll face a psychological shift as well as a financial shift. Retirement can produce anxiety whether you know or just feel that you don't have enough. Being proactive in having an accurate understanding of your financial situation will help you gain control of your feelings and spend the right amount and deploy the right financial moves for success. Some retirees who spent their lives planning for retirement and saving more than enough can be too afraid to spend money in retirement which causes them to miss out on the experiences and things they can afford. By reviewing your budget, understanding your portfolio and growth potential and accessing where you can deploy additional spending, you can ensure you don't miss out on well-lived retirement. Additionally, leaving work can leave retirees missing the socialization their workplace provided as well as a sense of purpose. By picking up new hobbies and finding community in friends, families, or third places, retirees can ensure their retirement is just as purposeful and full as pre-retirement life. Bottom Line Your retirement savings don't just depend on what you've saved but how you use it and how you grow it. By factoring elements like inflation and life expectancy into your retirement plan, utilizing the right withdrawal strategy for you, planning for unexpected costs, and revisiting your plan regularly, you'll have a safe and happy retirement. While retirement finances can prompt anxiety in some, by boldly researching, planning and implementing smart strategies, you'll be ready to take on this next stage of life with confidence. Frequently Asked Questions (FAQs) How Do I Know If I Have Saved Enough For Retirement? You can determine if you have enough saved for retirement by estimating your planned annual spending in retirement and multiplying the amount by 25 to get a rough target of how much you need saved, based on the 4% withdrawal rule. What Is A Safe Withdrawal Rate In Retirement? A safe withdrawal rate in retirement is about 3-to-4% depending on the size of your portfolio, budget, market outlook and life expectancy. How Can I Reduce My Expenses In Retirement? You can reduce your expenses in retirement by downsizing to a smaller home, moving to a lower-cost of living area, cutting out extraneous spending and minimizing your taxes by leveraging efficient withdrawal strategies. Is It Too Late To Start Saving At 50? If you're already 50, you have no choice but to start saving by maxing out your retirement contributions, delaying retirement and taking advantage of catch-up contributions but ideally you should start saving for retirement as early as possible. What Should I Do If I Outlive My Savings? If you outlive your savings, you should reduce your expenses, take up a part-time job, tap into your home equity or apply for government benefits.
Finextra
4 days ago
- Business
- Finextra
Ozone API to join Plaid's FDX-enabled Gateway Partner Program
Ozone API, the global leader in open banking technology, is proud to announce a new partnership with Plaid, the leading financial data network powering the digital financial tools that millions of people rely on. 0 As part of the collaboration, Ozone API will join Plaid's FDX-enabled Gateway Partner Program, bringing Ozone API's powerful open banking platform to Plaid's network of over 12,000 financial institutions and 8,000 fintechs across North America and beyond. Ozone API provides a platform that enables any bank or financial institution to easily deliver open APIs that fully comply with the FDX standard. Through the partnership, the Ozone API platform provides this API as a seamless, out-of-the-box integration with Plaid's infrastructure, enabling customers of banks and financial institutions to seamlessly connect to thousands of apps on the Plaid network. The collaboration reflects a shared commitment to innovation, regulatory compliance, and enhanced customer value within the rapidly evolving financial landscape. 'We're incredibly excited to partner with Plaid,' said Huw Davies, Co-Founder & CEO of Ozone API. 'By joining Plaid's Gateway Partner Program, we can significantly accelerate open banking adoption across North America. This partnership empowers financial institutions to launch secure, scalable, and standards-compliant API services faster than ever, marking a major step forward in delivering true open finance and tangible commercial impact.' 'We're excited to welcome Ozone API to Plaid's Gateway Partner Program. This partnership underlines our mission to unlock financial freedom for everyone, no matter where their financial institution is in their open banking journey,' said Christy Sunquist, Head of Open Finance at Plaid. 'Partners like Ozone API are ensuring that financial institutions of all sizes are not only secure, but have the agility and innovation required in today's digital-first landscape.' This collaboration marks a significant expansion for open banking capabilities, seamlessly combining Ozone API's deep standards and technology expertise with Plaid's rich network and established infrastructure in North America. Through this partnership, financial institutions will be able to harness the full potential of open banking, driving new avenues for growth, enriching customer experiences, and exploring innovative embedded financial services.
