Latest news with #publicSector
Times
09-07-2025
- Health
- Times
The pay perk striking doctors don't mention: gold-plated pensions
Salaries are only part of the story when it comes to the debate about resident doctors' pay packets. Missing from the British Medical Association's call for a 29 per cent pay rise is recognition of the fact that doctors, alongside nurses, teachers, civil servants and other public sector employees, are among the few who still have generous salary-linked pensions. Most of us save into defined contribution (DC) schemes, where the size of your pension pot at retirement depends on how much was paid in and how your investments performed. However, defined benefit (DB) schemes, which have largely disappeared outside the public sector, pay a guaranteed income in retirement, linked to your level of pay and increasing in line with inflation. Doctors are told they receive a 23.7 per cent pension contribution from the NHS but in reality the cost to the taxpayer of funding their retirement income can be higher. In years when the cost of paying out pensions is more than what is being contributed, the Treasury — and therefore the taxpayer — fills the gap.
Yahoo
02-07-2025
- Business
- Yahoo
Gravity Unveils New Brand Identity as It Prepares to Launch the Next Generation of Financial Disclosure Reporting
MIAMI, July 02, 2025--(BUSINESS WIRE)--Gravity, the fastest-growing disclosure automation company in North America, today unveiled a bold new brand identity that reflects the company's momentum and vision for the future of government finance. As governments face increasing pressure to modernize outdated financial systems, the demand for efficient, compliant, and transparent reporting has never been higher. The rebrand includes a refreshed look, a new domain, and signals the company's expansion into a broader product portfolio designed to reshape how governments manage financial data. More than 230 governments across 40 states rely on Gravity to prepare their most visible and scrutinized financial documents. Purpose-built for the public sector, Gravity enables teams to reduce Annual Comprehensive Financial Report (ACFR) preparation time by up to 85%, streamline audit readiness, and eliminate the rework and risk that come with manual processes. With an industry-leading retention rate, Gravity is becoming the long-term partner of choice for finance leaders who are ready to move beyond spreadsheets and establish a robust, connected reporting process. "This rebrand is more than a new visual identity—it's a reflection of who we've become as a company and the impact we're making," said Cheryl Stookes, Chief Marketing Officer. "Our customers are telling stories of transformation. And now, we're stepping forward with a brand that matches the strength of our platform and the clarity of our mission." The next phase of Gravity's platform is shaped by the needs of modern government, guided by deep customer partnerships, and powered by new AI capabilities, transforming how finance teams work and how governments engage the public. Developed in collaboration with leading agencies and audit experts, our upcoming portfolio strengthens planning, budgeting, and disclosure with smarter automation, real-time compliance, and greater accessibility. This evolution positions Gravity as the central platform for finance teams striving to meet rising expectations for transparency, accountability, and performance. "We're not just speeding up reporting—we're rethinking how it's done," said Tyler Davey, Chief Executive Officer of Gravity. "Public finance teams have been expected to hit higher standards with outdated tools. We're changing that, and our growth is proof that the market is ready." Gravity's platform spans ACFRs, budget books, CIP planning, lease and debt management, and more—all powered by its proprietary Multidimensional Financial Data Model (MDFM). With deep roots in disclosure and an integrated approach across the full financial cycle, Gravity is defining the category of connected financial management for the public sector, linking data, processes, and outcomes in a way that legacy systems or point solutions simply cannot. "Our approach combines human and industry expertise with AI automation to reimagine and simplify the full scope of public finance," said Harish Pandian, Chief Product Officer. "We're building a connected platform that enhances judgment, accelerates workflows, and gives teams the control they need from planning through publication." About Gravity Gravity is the only platform purpose-built to automate and connect the full scope of public sector financial reporting. From ACFRs to budget books and compliance disclosures, Gravity helps governments reduce manual work, accelerate audit readiness, and publish with confidence. With over 230 customers across over 40 states, Gravity defines the category of connected financial management—bringing together data, processes, and public trust. To learn more, visit View source version on Contacts Cheryl StookesChief Marketing Officercstookes@ 416-899-6740 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-06-2025
- Business
- Yahoo
The carbon footprint of this big pension fund is shrinking year by year
A multi-billion pound public sector pension fund is exceeding a greenhouse gas reduction target year on year, a meeting heard. Dyfed Pension Fund, whose members includes council and other public sector employees in Mid and West Wales, was valued at £3.46bn in March 2024. Around 65-70% of this portfolio is invested in equities - or stocks and shares - and a decision was taken years ago to reduce equity exposure to carbon-intensive companies by 7% per year compared to the fund's baseline figure in September 2020. Stay informed on Carms news by signing up to our newsletter here READ MORE: Popular Welsh holiday park goes into administration READ MORE: Layla was raped at a house party by the 'joker' from school. This is her story, in her own words, and it will break your heart Anthony Parnell, treasury and pension investments manager at Carmarthenshire Council - host authority of Dyfed Pension Fund - told a meeting that exposure to carbon-intensive companies had fallen by an average of 13.9% per year between September 2020 and March 31, 2025. This figure factors in a lower fall of 10.7% during the 2024-25 financial year. "It's going in the right direction," Mr Parnell told the Dyfed Pension Fund committee, which helps oversee the fund. Referring to the 7% per annum target Mr Parnell said: "So we have overshot that and we continue to work to reduce that further going forward." The pension fund, like many others, has faced pressure from campaigners in recent years to reduce investment in high greenhouse gas-emitting sectors. It has also has a fidicuary duty to act in the best interest of its beneficiaries. The Dyfed Pension Fund committee meeting went on to hear about ongoing work to encourage "responsible investment" by an umbrella group called Wales Pension Partnership (WPP), which pools together investments of eight public sector pension funds including Dyfed's. WPP employs a firm to do this engagement work on its behalf, such as encouraging more responsible production of palm oil, which a committee report said was linked to deforestation and biodiversity loss. The firm - Robeco - has engaged with household names such as BP, Shell, Starbucks, Samsung Electronics and Tesla on various topics. The Dyfed Pension Fund committee report said Robeco wrote a letter to the chairman of BP along with other investors with a reminder that the company had passed a "binding resolution" in 2019 that called for alignment with the goals of the Paris climate agreement of 2015. The resolution, said the letter, was supported by 99% of BP's shareholders. Robeco also requested a say on climate at BP's annual general meeting this year.
Times
26-06-2025
- Politics
- Times
No 10 gags civil servants to stop them speaking out in public
Sir Keir Starmer has gagged senior health officials, military leaders and even the head of the civil service from speaking openly in public, in a move that has been described as a 'chilling' attack on free speech. In an edict issued across Whitehall, Downing Street has warned public sector officials not to talk at open events where their comments have not been vetted in advance. They have also been barred from taking part in any public question-and-answer sessions — even if they are part of an industry event. The rules also apply to media briefings on issues such as public health, carried out by senior figures such as the chief medical and scientific officers. While these can go ahead they must be cleared in advance by Downing Street and have a minister or special adviser in attendance. Those affected include public sector officials working for arms-length bodies such as the media regulator Ofcom and the education inspectorate Ofsted, which have operational independence from the government. The rules also apply to senior health leaders, diplomats and military officers. The edict has already led to cancellation or curtailment of a number of public events where senior government officials were due to speak. The Whitehall think tank the Institute for Government (IFG) was forced to cancel an event on Tuesday which was due to discuss Labour's new approach to public sector spending after Nick Donlevy, a senior civil servant at the Treasury, was made to pull out. Last week the Royal United Services Institute (Rusi) told journalists attending a land warfare conference that they would not be able to report on a speech by Air Chief Marshal Sir Richard Knighton, the chief of the air staff, who is expected to become head of the armed forces. • No 10 gags military chiefs at events where a minister is present The think tank said there had been a change in 'reporting rules relating to speakers from the British armed forces'. It said that the majority of speeches and panel appearances by British personnel 'will not be for reporting', whereas those by individuals from foreign militaries will be. Sources confirmed that the change had been forced on Rusi by the new Downing Street senior Whitehall figure said the move had been made to prevent high-profile officials from causing 'problems' for the government by using speeches to 'lobby ministers in public' or criticising spending plans or government policy. However, it has caused unease both inside and outside the government with one senior source describing it as 'unnecessary' and heavy-handed. 'It's the usual desire of No 10 to control absolutely everything without thinking through the consequences,' the source said. 'The idea that even the cabinet secretary cannot take part in a public question-and-answer event is both misguided and counterproductive.' Another added: 'This is mad on so many levels.' Alex Thomas, programme director at the IFG, said the rules would have a 'chilling effect' on public debate. 'This will lead to a more closed government and less effective policymaking,' he said. • Foreign Office staff told to resign if they don't like Gaza stance 'Openness is one of the seven principles of public life and it cannot be a good thing that officials that are responsible for the day-to-day running of critical public services will no longer be able to attend, speak, and answer questions at events.' 'Ministers will always be the main public spokespeople for government activity but this is an overreach and will damage the quality of government and public discourse.' Paul Johnson, director of the Institute for Fiscal Studies, described the move as 'outrageous'. He said: 'This unprecedented ban on civil servants speaking in public will damage public debate, politics, policymaking and the civil service itself. What are they thinking?' Baroness Spielman of Durlston, the former head of Ofsted and now a Conservative peer, said the restriction was 'astonishing and unworkable'. She added that it would force bodies like Ofsted to cancel interactive stakeholder events without a minister present and slow down communication. 'Government grinds too slowly and this will jam the works completely,' she said. Sir John Kingman, a former permanent secretary at the Treasury, said that when he worked for government he would participate in an event involving questions most days. 'It was quite an important part of the job because many people understandably want to know what the government thinks and why, and want a chance to discuss it,' he said. A Downing Street source insisted the guidance was not heavy-handed and would be looked at on a 'case by case' basis. But No 10 said it reflected the principle that ministers were responsible for representing the government in public — rather than officials. A Cabinet Office spokesman said that the rules around media engagement were 'longstanding and established'. 'It has always been the case, and a constitutional principle, that ministers are ultimately accountable for decision-making to parliament and the public — so it is right they are routinely scrutinised by the media and MPs.'
Bloomberg
26-06-2025
- Bloomberg
Chile Catches Thousands of Workers Holidaying at State's Expense
Using tactics that could have won her a prize for investigative journalism, Chile's unassuming comptroller general is shaking up the nation's sclerotic public sector in her war on waste. By cross-referencing travel records and medical leave certificates, Dorothy Perez discovered that more than 25,000 state employees had gone abroad in the past two years, while supposedly in their sick beds. Some took leave in order to work on their own businesses, others to travel around Europe, while others completed studies abroad.
