Latest news with #Employers
Forbes
16 hours ago
- Business
- Forbes
Social Security: Bankrupt, Insolvent Or Neither?
Over the years much has been written and communicated in the media that Social Security is going bankrupt or is insolvent and this is creating a lot of uneasiness among Seniors. At the outset, we need to understand that Social Security is not part of the government's general fund, Social Security is self-funded. So, when you hear all of the talk about debt and deficits, that refers to the general fund and has nothing to do with the Social Security trust fund. Let's define bankruptcy and insolvency. Bankruptcy is defined as a formal and legal declaration of the inability to settle debts. Insolvency is that state where an organization cannot pay debts on time because of lack of funds or bank balances. Based on the above, insolvency is a timing issue where bankruptcy is a finality. Below is a summary taken from the 2025 OASDI Trustees Report with projected operations of the Social Security trust fund through 2034. Think of the trust fund as a 'savings account' created by Social Security. The income going into the trust fund is made up of payroll taxes contributed by employees and matched by their employer. Payroll taxes represent 91% of the trust funds income. Income taxes on Social Security represent 6% of the income and interest earned by the trust fund represents 3% of the total income. As you can see from the chart, 2033 is when things change. In recent years, more benefits are being paid out than income coming in. The difference is made up by using the 'savings account.' In 2033 we will have used up all of the 'savings account'. The projected income in 2033 of $1,712 represents 78.2% of the projected benefits to be paid. How do we solve this problem? There are a number of options on the income side and the expense side to shore up the trust fund issued by the Office of the Chief Actuary at the Social Security Administration on September 25, 2024. This report is based on the 2024 Trustees Report. The report focuses on: Two of the bigger provisions that will help solve the problem and shore up the financial stability of the trust fund revolve around increasing the payroll tax rate from 12.4% to 16.0% or making all W-2 wages and self-employment income subject to the Social Security payroll tax which is now limited to $176,100. The report contains approximately 140 proposed provisions that would eliminate the shortfalls and let Social Security pay benefits based on the current formula being used. If none of these proposed provisions are enacted by Congress, then benefits are projected to be cut across the board anywhere ranging from 20% to 25%. As long as people continue to work, money will be going into the trust fund, and benefits will be coming out of the trust fund. The question is, how much? To sum up, Social Security is not going to go bankrupt unless everybody quits working. In 2033 Social Security will technically become insolvent because it will not be able to pay benefits at the rate they are paying now under the current method of calculating monthly benefits. If Congress does not make the necessary changes to pay benefits using the current formula, the insolvency will be cured by paying current benefits in the amount of income coming into the trust fund. Money in, money out! So, I would say Social Security is neither. It can't go bankrupt, and when it technically goes insolvent, it cures that by adjusting the payout to equal the income. Remember, take the wrong benefit at the wrong time, it's usually smaller and forever.
Business Wire
17 hours ago
- Business
- Business Wire
Stewart Named a Forbes America's Best Employer for Women 2025
HOUSTON--(BUSINESS WIRE)-- Stewart Information Services Corporation (NYSE:STC) announced today that it has been awarded a place on the Forbes list of America's Best Employers for Women 2025, marking the company's second year receiving this honor. This prestigious award is presented in collaboration with Statista, the world-leading statistics portal and industry ranking provider. The awards list was announced on July 30, 2025, and can be viewed on the Forbes website. I applaud this achievement and the incredible women across Stewart who help drive our success every day. Stewart is proud to have been ranked among the top 5% overall on the 2025 list and #1 within Forbes' industry category of Business Services & Supplies. Within Stewart's U.S. workforce, 71% of employees are women, including 61% of managers and 38% of our Executive Leadership Team. These figures highlight the company's dedication to creating a workplace where all individuals can succeed at every level. 'This recognition by Forbes as one of America's Best Employers for Women is a proud moment that reinforces our belief that when we invest in and support an environment where everyone thrives, it benefits our people, our customers, and our business,' said Stewart CEO Fred Eppinger. 'I applaud this achievement and the incredible women across Stewart who help drive our success every day.' America's Best Employers for Women 2025 is based on data collected through online panels, with over 140,000 women working for companies and institutions in the U.S. with at least 1,000 employees over the past three years. Only responses from women were considered. The analysis is based on three criteria: personal evaluations, public evaluations and a Leadership Diversity Index. 'Women play a vital role in shaping our company's future, and we're committed to supporting them every step of the way,' said Emily Kain, Chief Human Resources Officer at Stewart. 'This award reflects the intentional actions we've taken to champion women at every stage of life and career. From inclusive benefits to development opportunities, we are focused on creating a workplace where women are equipped and empowered to thrive.' Over the past several years, Stewart has made purposeful investments to foster a culture where women are supported through every milestone and moment that matters. These include enhanced health and welfare benefits, fertility and family-building support, paid leave for childbirth and bonding, as well as personalized development programs such as financial wellness resources and retirement planning. Together, these initiatives reflect Stewart's commitment to creating a workplace where women are equipped to grow, lead, and thrive, both personally and professionally. Learn more at About Stewart Stewart (NYSE-STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage and real estate industries, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we are dedicated to becoming the premier title services company and we are committed to doing so by partnering with our customers to create mutual success. Learn more at
Business Wire
a day ago
- Business
- Business Wire
U.S. Bank Marks 25 Years in Europe with Spotlight on Irish Origins, Innovation and Community Leadership
DUBLIN--(BUSINESS WIRE)--U.S. Bank (NYSE: USB), the fifth-largest commercial bank in the United States, is celebrating 25 years of operations in Europe, a journey that began in Arklow, Ireland and laid the foundations for one of Europe's leading payment providers, Elavon. Since its early beginnings, the company has grown from a small joint venture into one of Ireland's most significant financial employers. Today, U.S. Bank provides end-to-end payment processing solutions and services to merchants through its payment division, Elavon, and provides investment services to institutional clients across Europe, employing over 1,100 staff in Ireland which serves as the company's European headquarters. Elavon's European journey leading global payment innovation began in 2000 in Arklow through the formation of euroConex, a joint venture with Bank of Ireland. This marked the first step in what would become a decades long commitment to Ireland as a hub for talent, technology and transformation. Jamie Walker, now CEO of Elavon, was a key part of starting the company's Arklow operations 25 years ago. He reflects on Ireland's pivotal role in its European success: 'Ireland gave us more than just a starting point, it gave us our blueprint for growth. The talent, agility and ambition we found in our first Irish team set the tone for how we would operate across Europe. What began in Arklow laid the groundwork for the technology, service culture and community spirit that continue to define Elavon today.' Over the years, Elavon and U.S Bank have expanded their Irish footprint through key milestones: 2000 – euroConex, a joint venture between NOVA Corporation and the Bank of Ireland, is founded 2001 – U.S. Bancorp acquires NOVA Corporation 2008 – euroConex rebranded as Elavon 2004 – U.S. Bank acquires Bank of Ireland's stake in euroConex, making it a wholly owned division of U.S. Bank and cementing Ireland as the operational base for its European ambitions 2006 – Elavon Financial Services Limited obtains its banking licence on 8 December 2006 and has been operating in Ireland as a licenced credit institution since that date. 2010 – U.S. Bank acquires the European securitisation, trust and agency business from Bank of America. This marks the start of the bank's Global Corporate Trust (GCT) business in Europe, with teams based in London and Dublin 2013 – U.S. Bank acquires Irish hedge fund business Quintillion and establishes its Global Fund Services business in Europe 2018 – Depositary business established to service Irish companies 2019 – Opened a flagship headquarters in Cherrywood, Dublin. 2023–2025 – Rolled out new tools including cloud-based POS systems, mobile payment devices, and enterprise-grade integrations supporting omnichannel commerce across Irish retail, hospitality, and healthcare sectors. 2025 – The company is ranked no 10 (out of 1000) in FT Europe's Best Employers of 2025 list. Powering progress 'As we mark 25 years in Ireland, we're not just celebrating the past, we're investing in the future,' said Declan Lynch, CEO of U.S. Bank Europe. 'Ireland will continue to be at the heart of our European operations from technology and talent to community and culture. We are truly delighted to have been ranked as 10 th best company in Europe in the Financial Times list of 1000 best Employer's in Europe in our anniversary year, and we are excited for the future.' U.S. Bank's Irish teams are deeply involved in community-building initiatives. Through its Engagement Europe platform, employees receive 16 paid volunteer hours annually and are active participants in causes including: Junior Achievement Ireland: a decade-long partnership supporting financial literacy and entrepreneurship in under-resourced schools Sustainability initiatives: from Arklow Beach Clean and Tidy Towns to biodiversity efforts through the All-Ireland Pollinator Plan Animal welfare and local charities: with more than €12,000 raised in the past year for causes such as Pieta, LauraLynn, RNLI, and the East Coast Samaritans. As part of its ongoing commitment to Irish business and culture, Elavon proudly sponsors organisations including Retail Excellence Ireland, the Small Firms Association, the Professional Golf Association of Ireland, and the Wexford Opera Festival. About U.S. Bank Europe U.S. Bank Europe is a European division of U.S. Bank and provides end-to-end payment processing solutions and services to merchants, and investment services to institutional clients in Europe. Established in 2000, U.S Bank Europe is headquartered in Dublin, Ireland and employs over 3400 staff across Europe. Regulatory Disclosure U.S. Bank Europe DAC. Registered in Ireland – Number 418442. Registered Office: Block F1, Cherrywood Business Park, Dublin 18, D18 W2X7, Ireland. U.S. Bank Europe DAC, trading as Elavon Merchant Services, is regulated by the Central Bank of Ireland.
Emirates 24/7
3 days ago
- Business
- Emirates 24/7
MoHRE fines 40 Domestic Worker Recruitment Offices for 140 legal violations in H1
The Ministry of Human Resources and Emiratisation (MoHRE) announced that 40 Domestic Worker Recruitment Offices in the UAE were penalised during the first half of 2025, with administrative and financial legal measures taken against them after confirming approximately 140 violations of the Labour Law concerning Domestic Workers and its Implementing Regulations. The ministry asserted that it would show no leniency with any Domestic Worker Recruitment Office proven to have committed legal or administrative violations and transgressions. It clarified that repeated violations by said Offices and non-compliance with the legal regulations governing their operations expose them to strict and more severe penalties, which may include cancellation of their licences. In a press statement, MoHRE explained that continuous monitoring of Domestic Worker Recruitment Offices' operations in the UAE forms part of its efforts to sustain labour market regulations, enhance these Offices' competitiveness and leadership, and respond promptly to employer and family complaints regarding their work. These objectives are achieved through the efficient application of field-based and digital monitoring systems to flag and contain violations, while ensuring strict compliance among these Offices with the legislation regulating their work. The ministry indicated that the majority of recorded violations consisted of failure to refund all or part of the recruitment fees to employers dealing with them within the specified period of two weeks from the date the Domestic Worker was brought back to the recruitment office, or from the date the domestic worker was reported to have stopped working. Infringements also included non-compliance with displaying ministry-approved service package prices clearly to clients. Moreover, MoHRE affirmed that its inspection and monitoring system was fully prepared to deal with transgressions and violations seriously, firmly, and transparently, noting its commitment to listening to feedback and complaints from employers regarding Domestic Worker Recruitment Offices. It urged customers to communicate with the ministry and report any negative practices by these Offices through the dedicated digital channels and platforms, or by calling the Labour Claims and Advisory Call Centre at 80084. The ministry also urged customers to ensure they deal only with licenced Domestic Worker Recruitment Offices in the UAE to avoid exposure to any negative practices. It commended the majority of these Offices for their commitment to providing pioneering and competitive services to their customers, and offering diverse options and packages that meet their various needs and requirements at reasonable prices, and in accordance with the governing laws and regulations. This, in turn, contributes to enhancing their competitiveness and growth, while ensuring the leadership of the Domestic Worker services sector in the UAE.
Malay Mail
22-07-2025
- Business
- Malay Mail
Minimum wage order at RM1,700 to be enforced nationwide from August 1, no more deferments, says ministry
PUTRAJAYA, July 22 — The 2024 Minimum Wage Order of RM1,700 will come into full effect from August 1, according to the Ministry of Human Resources (Kesuma). In today's statement, Kesuma announced that the order will apply to employers nationwide, regardless of the number of employees hired, following the end of the six-month deferment period on July 31. 'Effective August 1, 2025, without exception, all employers, including those who previously benefited from the deferment period, must comply with the RM1,700 monthly minimum wage order. 'This includes non-citizen employees and contract apprentices, but does not apply to domestic workers,' read the statement. The ministry reminded employers to review their company's wage structure to ensure no employee receives a basic salary below the stipulated minimum rate, and to progressively adjust operations by focusing on productivity enhancement and employee skills training. Kesuma also warned that failure to comply with the order is an offence under the National Wages Consultative Council Act 2011, which carries a fine of up to RM10,000 for each affected employee, with an additional penalty of RM1,000 for each day the offence continues after conviction. For repeat offences, the maximum penalty may reach RM20,000 or imprisonment for up to five years. The ministry also encouraged employers to adopt the voluntary progressive wage policy (PWP) that serves to complement the implementation of the minimum wage order. 'Through the PWP, employers have the opportunity to raise employees' incomes based on productivity, skills, and work contributions, while also benefiting from targeted cash incentives provided by the government. 'This not only helps companies retain highly skilled workers but also strengthens long-term competitiveness in an increasingly challenging labour market,' it added. Complaints regarding the implementation of the Minimum Wage Order can be submitted to the Department of Labour nationwide or via Kesuma's official website. Further information on the minimum wage order and the PWP can be obtained at and respectively. — Bernama
