Latest news with #povertyReduction
Times of Oman
05-07-2025
- Business
- Times of Oman
India ranks among top world's most equal societies: World Bank report
New Delhi: India has emerged as one of the most equal societies globally, with a Gini Index of 25.5, according to the latest data from the World Bank. Ranking fourth worldwide in income equality, India now stands just behind the Slovak Republic, Slovenia, and Belarus. "It reflects how India's economic progress is being shared more evenly across its population. Behind this success is a consistent policy focus on reducing poverty, expanding financial access, and delivering welfare support directly to those who need it most," a release from the Social Welfare said. The Gini Index, a key measure of income distribution where 0 represents perfect equality and 100 denotes maximum inequality, places India ahead of advanced economies, including China (35.7), the United States (41.8), and all G7 and G20 countries. India's score has improved from 28.8 in 2011, reflecting steady progress in equitable growth. The country's strong performance in reducing poverty has played a central role in achieving greater equality. The World Bank's Spring 2025 Poverty and Equity Brief reports that 171 million Indians were lifted out of extreme poverty between 2011 and 2023. The poverty rate fell sharply from 16.2 per cent to just 2.3 per cent during this period, based on the USD 2.15 per day global poverty threshold. The release also highlights upon, government initiatives have underpinned this transformation. Flagship programmes like PM Jan Dhan Yojana have expanded financial inclusion, with over 55 crore bank accounts. Aadhaar, India's digital ID system, now covers more than 142 crore individuals, streamlining welfare delivery through Direct Benefit Transfers, which saved Rs3.48 lakh crore by March 2023. Healthcare equity has also improved through Ayushman Bharat, which provides Rs5 lakh health coverage to families and has issued over 41 crore cards. The Stand-Up India scheme supports SC/ST and women entrepreneurs, while the PM Vishwakarma Yojana backs artisans with loans and training. PMGKAY, India's food security scheme, has benefited over 80 crore citizens, it added.
Associated Press
30-06-2025
- Business
- Associated Press
Nations are meeting to drum up trillions to combat poverty — but the US isn't going
UNITED NATIONS (AP) — Many of the world's nations are gathering starting Monday in Spain for a high-level conference to tackle the growing gap between rich and poor nations and try to drum up trillions of dollars needed to close it. The United States, previously a major contributor, pulled its participation, so finding funding will be tough. The four-day Financing for Development meeting in the southern city of Seville is taking place as many countries face escalating debt burdens, declining investments, decreasing international aid and increasing trade barriers. The United Nations and Spain, the conference co-hosts, believe it is an opportunity to reverse the downward spiral, close the staggering $4 trillion annual financing gap to promote development, bring millions of people out of poverty and help achieve the U.N.'s wide-ranging and badly lagging Sustainable Development Goals for 2030. U.N. Deputy Secretary-General Amina Mohammed said Wednesday that despite 'the headwinds' and high geopolitical tensions, there is hope the world can address one of the most important global challenges — ensuring all people have access to food, health care, education and water. 'This conference is an appeal to action,' Spain's U.N. Ambassador Hector Gomez Hernandez said, 'and we have the extraordinary opportunity to send a very strong message to defend the international community's commitment to multilateralism.' High-level delegations, including more than 70 world leaders, are expected in Seville, Mohammed said, along with several thousand others from international financial institutions, development banks, philanthropic organizations, the private sector and civil society. At its last preparatory meeting on June 17, the United States rejected the 38-page outcome document that had been negotiated for months by the U.N.'s 193 member nations and announced its withdrawal from the process and from the Seville conference. The rest of the countries then approved the document by consensus and sent it to Seville, where it is expected to be adopted by conference participants without changes. It will be known as the Seville Commitment — or Compromiso de Sevilla in Spanish. The document says the leaders and high-level representatives have decided to launch 'an ambitious package of reforms and actions to close the financing gap with urgency,' saying it is now estimated at $4 trillion a year. Among the proposals and actions, it calls for minimum tax revenue of 15% of a country's gross domestic product to increase government resources, a tripling of lending by multilateral development banks, and scaling up private financing by providing incentives for investing in critical areas like infrastructure. It also calls for a number of reforms to help countries deal with rising debt. U.N. trade chief Rebeca Grynspan told a news conference Friday that 'development is going backward' and the global debt crisis has worsened. Last year, 3.3 billion people were living in countries that pay more interest on their debts than they spend on health or education — and the number will increase to 3.4 billion people this year, she said. And developing countries will pay $947 billion to service debts this year, up from $847 billion last year. She spoke at a press conference where an expert group on debt appointed by U.N. Secretary-General Antonio Guterres presented 11 recommendations that they say can resolve the debt crisis, empower borrowing countries and create a fairer system. While the U.S. objected to many actions in the outcome document, American diplomat Jonathan Shrier told the June 17 meeting: 'Our commitment to international cooperation and long-term economic development remains steadfast.' He said, however, that the text 'crosses many of our red lines,' including interfering with the governance of international financial institutions, tripling the annual lending capacity of multilateral development banks and proposals envisioning a role for the U.N. in the global debt architecture. Shrier also objected to proposals on trade, tax and innovation that are not in line with U.S. policy, as well as language on a U.N. framework convention on international tax cooperation. The United States was the world's largest single funder of foreign aid. The Trump administration has dismantled its main aid agency, the U.S. Agency for International Development, while drastically slashing foreign assistance funding, calling it wasteful and contrary to the Republican president's agenda. Other Western donors also have cut back international aid. The U.N.'s Mohammed said the U.S. withdrawal from the conference was 'unfortunate,' stressing that 'many of the recommendations you see cannot be pursued without a continuous engagement with the U.S.' After Seville, 'we will engage again with the U.S. and hope that we can make the case that they be part of the success of pulling millions of people out of poverty.'
Yahoo
30-06-2025
- Business
- Yahoo
Nations are meeting to drum up trillions to combat poverty - but the US isn't going
UNITED NATIONS (AP) — Many of the world's nations are gathering starting Monday in Spain for a high-level conference to tackle the growing gap between rich and poor nations and try to drum up trillions of dollars needed to close it. The United States, previously a major contributor, pulled its participation, so finding funding will be tough. The four-day Financing for Development meeting in the southern city of Seville is taking place as many countries face escalating debt burdens, declining investments, decreasing international aid and increasing trade barriers. The United Nations and Spain, the conference co-hosts, believe it is an opportunity to reverse the downward spiral, close the staggering $4 trillion annual financing gap to promote development, bring millions of people out of poverty and help achieve the U.N.'s wide-ranging and badly lagging Sustainable Development Goals for 2030. U.N. Deputy Secretary-General Amina Mohammed said Wednesday that despite 'the headwinds' and high geopolitical tensions, there is hope the world can address one of the most important global challenges — ensuring all people have access to food, health care, education and water. 'This conference is an appeal to action,' Spain's U.N. Ambassador Hector Gomez Hernandez said, 'and we have the extraordinary opportunity to send a very strong message to defend the international community's commitment to multilateralism.' High-level delegations, including more than 70 world leaders, are expected in Seville, Mohammed said, along with several thousand others from international financial institutions, development banks, philanthropic organizations, the private sector and civil society. At its last preparatory meeting on June 17, the United States rejected the 38-page outcome document that had been negotiated for months by the U.N.'s 193 member nations and announced its withdrawal from the process and from the Seville conference. The rest of the countries then approved the document by consensus and sent it to Seville, where it is expected to be adopted by conference participants without changes. It will be known as the Seville Commitment — or Compromiso de Sevilla in Spanish. The document says the leaders and high-level representatives have decided to launch 'an ambitious package of reforms and actions to close the financing gap with urgency,' saying it is now estimated at $4 trillion a year. Among the proposals and actions, it calls for minimum tax revenue of 15% of a country's gross domestic product to increase government resources, a tripling of lending by multilateral development banks, and scaling up private financing by providing incentives for investing in critical areas like infrastructure. It also calls for a number of reforms to help countries deal with rising debt. U.N. trade chief Rebeca Grynspan told a news conference Friday that 'development is going backward' and the global debt crisis has worsened. Last year, 3.3 billion people were living in countries that pay more interest on their debts than they spend on health or education — and the number will increase to 3.4 billion people this year, she said. And developing countries will pay $947 billion to service debts this year, up from $847 billion last year. She spoke at a press conference where an expert group on debt appointed by U.N. Secretary-General Antonio Guterres presented 11 recommendations that they say can resolve the debt crisis, empower borrowing countries and create a fairer system. While the U.S. objected to many actions in the outcome document, American diplomat Jonathan Shrier told the June 17 meeting: 'Our commitment to international cooperation and long-term economic development remains steadfast.' He said, however, that the text 'crosses many of our red lines,' including interfering with the governance of international financial institutions, tripling the annual lending capacity of multilateral development banks and proposals envisioning a role for the U.N. in the global debt architecture. Shrier also objected to proposals on trade, tax and innovation that are not in line with U.S. policy, as well as language on a U.N. framework convention on international tax cooperation. The United States was the world's largest single funder of foreign aid. The Trump administration has dismantled its main aid agency, the U.S. Agency for International Development, while drastically slashing foreign assistance funding, calling it wasteful and contrary to the Republican president's agenda. Other Western donors also have cut back international aid. The U.N.'s Mohammed said the U.S. withdrawal from the conference was 'unfortunate,' stressing that 'many of the recommendations you see cannot be pursued without a continuous engagement with the U.S.' After Seville, "we will engage again with the U.S. and hope that we can make the case that they be part of the success of pulling millions of people out of poverty.' Edith M. Lederer, The Associated Press Sign in to access your portfolio
Yahoo
22-06-2025
- Business
- Yahoo
It's Official: Social Security Retired-Worker Benefits Have Made History
Social Security provides a financial foundation for aging workers who can no longer do so for themselves. Based on the latest statistical snapshot from the Social Security Administration, the average monthly payout for retired workers hit a historic level in May. On the other hand, the purchasing power of a Social Security dollar simply isn't what it used to be. The $23,760 Social Security bonus most retirees completely overlook › In August 1935, the Social Security Act was signed into law, with the first retired-worker benefit being issued in January 1940. For decades, this prized social program has been providing a financial foundation for those who could no longer do so for themselves. Based on a recently updated analysis from the Center on Budget and Policy Priorities, Social Security helped pull more than 22 million people above the federal poverty line in 2023, 16.3 million of whom were aged 65 and above. It's also reduced the federal poverty rate for seniors to 10.1% from an estimated 37.3% if the program didn't exist. Separately, national pollster Gallup has been surveying retirees in each of the last 23 years to gauge how important their Social Security income is to making ends meet. Anywhere from 80% to 90% of respondents noted it was necessary, in some capacity, to cover their expenses. In May, the average Social Security check for retired-worker beneficiaries, who comprise the bulk of recipients, made history by surpassing a psychological milestone. Every month, the Social Security Administration (SSA) publishes what's known as its "Monthly Statistical Snapshot," which provides a detailed rundown of where every dollar in traditional Social Security outlays ends up. "Traditional" benefits refer to payouts for retired workers, survivor beneficiaries, and workers with disabilities. For example, the June statistical snapshot from the SSA shows that 69.628 million people received a benefit in May 2025. This includes more than 52.8 million retired workers, close to 5.9 million survivors of deceased workers, and 7.1 million workers with disabilities. You'll note these figures don't add up to 69.628 million, with the difference made up by spouses, children, widow(er)s, and parents of current/former beneficiaries who also qualify for a monthly check under select circumstances. The SSA's detailed monthly breakdown also allows anyone to see how much in benefits was outlaid, which includes the average benefit paid for each specific category. As a whole, $129.351 billion was dispersed in May to the aforementioned 69.628 million beneficiaries, which worked out to an average payout, across all beneficiary types, of $1,857.75. However, the highest average check of all beneficiary categories went to retired workers. For the first time in the program's 90-year history, the average Social Security retired-worker benefit crested $2,000 -- officially, it came in at $2,002.39. This average payout for retired workers has risen on a month-to-month basis for as long as the SSA has been publishing its Monthly Statistical Snapshot. This is because of the dynamic of new workers filing for and receiving initial benefits, as well as some beneficiaries dying. With wages and salaries nominally increasing over time, as well as near-annual cost-of-living adjustments (COLAs) boosting how much Social Security beneficiaries receive, it was simply a matter of time before the average Social Security retired-worker benefit hit the psychologically important $2,000 level. Unfortunately, this nominal achievement isn't reason to cheer. Despite the average retired worker now receiving a payout that begins with a "2" for the first time in the program's storied history, studies have shown that Social Security payouts have done a very poor job of keeping up with the inflationary pressures retirees have contended with since this century began. Prior to 1975, there was no rhyme or reason to how Social Security COLAs were determined or passed along. Following an entire decade without a COLA in the 1940s, Congress passed a whopping increase to benefits of 77% in 1950. Beginning in 1975, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was "adopted" as Social Security's measure of inflation, which would allow for annual adjustments, if necessary. The CPI-W has in excess of 200 spending categories, all of which have their own unique percentage weightings. These weightings are what allow the CPI-W to be chiseled down to a single number at the end of each month, which makes for easy year-over-year comparisons to determine if this broad basket of goods and services is rising (indicating inflation) or declining (indicating deflation). Though you'd think a broad-basket inflationary index would be perfect for mirroring the prevailing rate of inflation, this simply hasn't been the case. The inherent flaw with the CPI-W can be easily seen in the latter half of its full name: "urban wage earners and clerical workers." This inflationary index is tracking the spending habits of mostly working-age Americans who aren't currently receiving a Social Security benefit. In comparison, more than 85% of Social Security beneficiaries are 62 and older. Working-age Americans and retirees budget their money differently. Whereas the former are likely to spend a higher percentage of their monthly budget on education and apparel expenses, seniors dole out more for shelter and medical care services than the typical working-age American. Unfortunately, the CPI-W doesn't account for the added importance of shelter and medical care service expenses, thus leading to a fairly persistent decline in the purchasing power of a Social Security dollar over time. According to a July 2024 study from nonpartisan senior advocacy group The Senior Citizens League, the buying power of a Social Security dollar has dropped by 20% since 2010. As long as the CPI-W remains Social Security's inflationary tether, even a record-breaking monthly benefit for retired workers is unlikely to keep pace with the pricing pressures beneficiaries are contending with. If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. It's Official: Social Security Retired-Worker Benefits Have Made History was originally published by The Motley Fool Sign in to access your portfolio
Independent Singapore
18-06-2025
- Business
- Independent Singapore
‘JB businesses will be happy' — Singaporeans debate pros and cons of Universal Basic Income
SINGAPORE: When a local Redditor asked what Singaporeans think of Universal Basic Income, a commenter took somewhat of a left turn and said it would certainly make business owners in Johor happy. In a June 17 (Wednesday) post on r/askSingapore, u/AjaxCooperwater wrote, 'With people getting retrenched and AI replacing jobs, what do Singaporeans think of Universal Basic Income (UBI)? Can it be implemented in Singapore?' They further explained that UBI 'is a regular, unconditional cash payment given by the government to all citizens, regardless of their income or employment status, to cover basic living costs.' Certain countries around the world have used or launched a trial of one form or another of basic income, such as Brazil, Kenya, and South Korea. The advantages and disadvantages of such a scheme have been widely discussed. On the one hand, UBI would significantly reduce poverty. On the other hand, it may be too expensive for countries to sustain. As for u/AjaxCooperwater's post, many commenters had a lot to say. The top comment, however, was this: 'If you give cash as UBI, the business owners in JB will be very happy.' A Reddit user replied that this illustrates the biggest problem with the scheme. 'For an economy like Singapore, a lot of such money will flow out. Be it foreign investments or overseas trips/shopping. We will be essentially paying taxes to stimulate other countries' economies. I would very much prefer CDC vouchers. At least we keep the money within the country,' they wrote. Another seemed to agree, writing, 'I'm starting to think of things like CDC and NS Home credits as extremely limited forms of UBI, with the limitation that we need to use it in the local economy. Yes, they're not universal, but if I'm not wrong, it's actual usable currency, which is very different from tax rebates, etc. Plus, receiving these is very hard to game, and at the very least it's NOT disproportionately putting money in the hands of the rich, which is a very common complaint for how governments redistribute wealth.' Others also said that they believe Singapore already has a form of UBI. 'Your CDC vouchers, GST credits, and the slew of new fanciful vouchers are UBI dressed in different names. The government won't suddenly announce that everyone will get $x unconditionally because they don't like sudden shifts. They like to give a bit, look-see monitor, then shift a bit more, etc. Evolution, not revolution. Who's gonna pay for it? We are. That's why they had raised GST ahead of time,' one wrote. A commenter, however, was blunt in declaring that they are not in favour of UBI at all. 'Money is not free; you are just taxing more on those who are productive and not in a good way. Prefer for the government to actually invest more in education, financial literacy, and support schemes to help uplift those who are in need. At least these have very clear ROI and impact. Also with the mindset that some SG people have, confirm will have some that will exploit it/be damn entitled kpkb too little, want these and that. Very hard to determine a good threshold and will breed complacency. Our only resource is people and hard work, take away the motivation and SG is gonna lose competitive edge.' /TISG Read also: Universal basic income: is it really what today's youth need?
