Latest news with #reducing
Scottish Sun
an hour ago
- General
- Scottish Sun
Parents can claim back £10,000s if they took time off to raise kids in certain time frame – are you eligible?
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) PARENTS and carers could be missing out on tens of thousands of pounds due to a Government error. More than 100,000 people are thought to have incorrect gaps in their National Insurance records, reducing their state pension pots. Sign up for Scottish Sun newsletter Sign up 1 The issue is mostly impacting women who took time off work to look after a child The issue has impacted some people who cared for a child or someone with a long-term disability between 1978 and 2010. At the time, the Government had a system in place to make sure people would still get the state pension if they were taking time off work to look after a child or a loved one. The system was called Home Responsibilities Protection (HRP) and it should have been automatically awarded to those claiming Child Benefit. But there were errors in the system and it meant hundreds of thousands of people were left with gaps in their National Insurance records that shouldn't be there. Those affected are being underpaid the state pension, or could be in future. The HRP error was first discovered in September 2022 and published in the DWP's annual report. The Government department said the error was the "second largest" it had found relating to state pensions. Earlier this year, the Government confirmed all cases relating to the issue would be resolved by March 2027. It said people had up to two years from March 2025 to provide any additional information so they could claim back the money. The DWP and HMRC have already identified about 119,000 cases of - largely women - who were underpaid due to the error. How to protect your pension and Inheritance from the new Budget Between them they have received £735million. But it's thought there are still thousands of eligible people who are yet to respond to letters sent by the Government telling them they could be owed money. It is understood this is due to the Government requiring further documentation from them. What is Home Responsibilities Protection (HRP)? BELOW we reveal what Home Responsibilities Protection (HRP) is and why if you received it before 2000 you could be missing out on cash. From 1978 to 2010, protection was provided for parents to avoid gaps in their "qualifying years" by a system known as Home Responsibilities Protection (HRP) credits. This system was then replaced in 2010 by the one we have now, called National Insurance Credits. Most people got HRP automatically if they were getting child benefit in their name for a child under the age of 16 and they had given the child benefit office their National Insurance (NI) number. If someone claimed child benefit before May 2000 and did not provide their NI number on the form, it's possible that their credits may not have been transferred to their NI account from the child benefit computer. This may affect their pension entitlement and women who are now in their 60s and 70s are most likely to be affected. If you think you may be entitled, but you have questions, the Pension Service can be reached using the website or by calling 0800 731 0469. Could you be affected? It might be worth checking to see if you're affected if the following apply to you: You're currently aged between 41 and 90 You took time away from paid work to look after a child or a person with a long-term disability or illness at any point between 1978 and 2010 You claimed Child Benefit or Income Support for the first time between May 2000 OR Your partner claimed Child Benefit but you stayed at home to look after a child or person with a long-term health condition at any point between 1978 and 2010 OR You didn't include your National Insurance number on your claim. How can you check? If you're not sure whether you're being paid the right amount in your state pension, you can try these checks. First look at your state pension forecast or statement on the website. Another option is to call the Future Pension Centre, who can post you a copy of your forecast. Make sure you have your National Insurance number to hand when you call. If you're not getting the full state pension, or your forecast says you're not on track to get it, you should then check your National Insurance record for gaps. You can do this online on the website or call up the National Insurance Helpline on 0300 200 3500. If there are gaps in your record between 1978 and 2010, and these were years you took off work to care for a child, you may be missing Home Responsibilities Protection. What should you do next? You may have already received a letter if you're likely to have been affected. But HMRC has said many people didn't act on the letter - perhaps because they thought it was a scam or didn't need to take action. If you think you're eligible for HRP you can still claim without the letter. You can make a claim on the Government website here. The process takes about 15 minutes. You can also claim by post by filling in a CF411 form which can be downloaded off the link above or call the HMRC helpline on 0300 200 3500.
Jordan News
4 hours ago
- Health
- Jordan News
Jordan's Social Security System Requires Urgent, Inclusive Reforms, New Policy Paper Concludes - Jordan News
Jordan's Social Security System Requires Urgent, Inclusive Reforms, New Policy Paper Concludes A position paper released by the Phenix Center for Economic and Informatics Studies stresses the urgent need for comprehensive and inclusive reforms to Jordan's social security system. The paper concludes that any reform must focus on expanding protections, achieving equitable coverage for all workers, and ensuring institutional sustainability—rather than reducing benefits or shifting the financial burden onto workers. اضافة اعلان The paper outlines seven core policy priorities. Chief among them is the need to expand social security coverage to include all workers, particularly those in the informal economy and self-employed individuals. It proposes flexible, low-cost contribution mechanisms, supported by partial public funding, to encourage voluntary enrollment in the system. Another major concern addressed in the paper is the widespread use of early retirement, especially in the public sector. Early retirees now account for approximately 63% of all pensioners, which significantly strains the pension fund and reduces average retirement benefits. The paper calls for restricting early retirement to voluntary cases and high-risk professions only, while discouraging forced retirement practices. The paper also recommends transforming the current unemployment insurance into a comprehensive unemployment benefit system. It emphasizes the importance of including individuals undergoing long-term medical treatment, such as cancer patients, and ensuring that the fund is used strictly for its intended purpose—income replacement during job loss. Recent amendments that excluded young workers under 30 from full coverage under old-age, disability, and death insurance are strongly criticized. The paper calls for repealing these changes and restoring equity in coverage. Instead of cutting protections, it urges the government to adopt alternative incentives for hiring young people that do not undermine their long-term security. Additionally, the paper urges the activation of a national health insurance scheme in collaboration with the government, employers, and workers. This should align with international standards, particularly ILO Convention No. 102, and be funded through a dedicated health insurance fund. Institutional governance and independence are also key themes in the paper. It warns that excessive government borrowing from social security funds undermines the system's sustainability. To counter this, the paper recommends legislative safeguards, independent oversight of investments, and restructuring the Corporation's board to ensure balanced representation and stronger accountability. Finally, the paper highlights the need to enhance law enforcement and compliance. It proposes digital inspection systems, stricter penalties for non-compliant employers, and the integration of social security registration into licensing procedures. In conclusion, the Phenix Center emphasizes that social protection is not a financial burden, but a cornerstone of sustainable development and social stability. 'Reforming the social security system is not a luxury,' the paper asserts, 'it is a national necessity and a long-term investment in Jordan's future.'
New Straits Times
13 hours ago
- Business
- New Straits Times
Malaysia on track to cut debt-to-GDP to 60pct
KUALA LUMPUR: Malaysia is on track to reduce its debt-to-GDP ratio to 60 per cent over the medium term, backed by disciplined fiscal management and lower annual borrowings. Treasury secretary-general Datuk Johan Mahmood Merican said the country's fiscal consolidation efforts are bearing fruit, with the budget deficit narrowing from 5.5 per cent of gross domestic product (GDP) in 2022 to 4.1 per cent last year and further targeted to reach 3.8 per cent in 2025. Concurrently, annual new borrowings have declined significantly, from RM99 billion in 2022 to RM77 billion in 2024, reflecting the government's commitment to long-term fiscal sustainability, Johan said in an interview with TV3. "This shows that each year, the level of new debt is being lowered. This is consistent with the government's target to reduce the national debt level to 60 per cent of GDP. "Currently, it stands at around 64 per cent, but the reduction in annual deficit and new borrowings will support the achievement of the 60 per cent target. "So far, the government is on track, and what has been implemented is aligned with what was targeted under the fiscal responsibility legislation," he said. He said certain parties may attempt to distort the narrative around the government's financial management, but international bodies such as the International Monetary Fund have acknowledged Malaysia's commitment to fiscal reforms, particularly through the implementation of the Fiscal Responsibility Act. Prime Minister Anwar Ibrahim said the government has successfully lowered annual new borrowings, marking progress toward its commitment to more responsible fiscal management with only interest payments on existing debt yet to be reduced. He said the decline in new debt aligns with the government's efforts to narrow the fiscal deficit, adding that the administration remains committed to reducing the deficit gradually and responsibly, without disrupting national development. Anwar, who also serves as finance minister, said the government has deliberately taken a phased approach to ensure that deficit reduction does not compromise development priorities or undermine investor confidence. Progressive tax reform protects rakyat. Johan said the government's expansion of the Sales and Services Tax (SST) was part of a progressive and targeted tax approach, one designed to avoid overburdening the rakyat and support sustainable growth. "If we were to reintroduce the Goods and Services Tax (GST) using the same parameters as SST, it would generate more than double the tax revenue. But this could be too heavy a burden on the economy," he said. Instead, Johan said SST is structured to exempt essential items such as basic food and focus taxation on non-essential or premium goods. "For example, service tax is applied to industrial buildings but not to residential homes. This ensures that those with higher purchasing power contribute more," he shared. He added that additional revenue collected would go towards improving core public services. In 2025, welfare assistance under Sumbangan Tunai Rahmah (STR) will increase from RM10 billion to RM13 billion. Meanwhile, allocations for education and healthcare have also been raised. The Education Ministry will receive RM74 billion, up from RM59 billion, and the Health Ministry RM45 billion, up from RM41 billion. "These funds will be used to repair schools and clinics, fix road conditions, and upgrade basic infrastructure, ensuring the rakyat enjoys better quality of life through responsible and equitable fiscal measures," Johan said.
Perth Now
19 hours ago
- Business
- Perth Now
Sweden to host US, China talks on tariff deadline
US Treasury Secretary Scott Bessent says he will meet his Chinese counterpart next week in Stockholm and discuss what is likely to be an extension of an August 12 deadline for a deal to avert sharply higher tariffs. Bessent told Fox Business Network that trade with China was in "a very good place" and the meetings in Sweden would take place next Monday and Tuesday. "I think we've actually moved to a new level with China, where it's very constructive and ... we're going to be able to get a lot of things done now that trade has kind of settled in at a good level," Bessent said. Swedish Prime Minister Ulf Kristersson confirmed in a post on X that Sweden will host the US-China trade talks early next week. "It is positive that both countries wish to meet in Sweden to seek mutual understanding," Kristersson said. Since mid-May, Bessent has met twice with Chinese Vice Premier He Lifeng in Geneva and London to work out and refine a temporary trade truce that dialled back duelling triple-digit retaliatory tariffs that threatened to cut off all trade between the world's two largest economies. US Trade Representative Jamieson Greer, Commerce Secretary Howard Lutnick, China's Commerce Minister Wang Wentao and chief trade negotiator Li Chenggang also participated in those talks. In talks so far, China has agreed to end its export ban on rare earth metals and magnets to the US while the US agreed to restart shipments of semiconductor design software and production materials as well as commercial aircraft engines and other goods to China. But the two sides set a 90-day deadline to resolve deeper issues, including US complaints about China's state-led and subsidised export-driven economic model that has created excess manufacturing capacity in China that is flooding world markets with cheap goods. China denies that it subsidises its industries and attributes their export success to innovation. Tariffs could snap back to 145 per cent on the US side and 125 per cent on the Chinese side without a deal or negotiating extension. "We'll be working out what is likely an extension" at the Stockholm talks, Bessent said, adding that US officials would discuss other issues including reducing China's over-reliance on manufacturing and exports. "Hopefully we can see the Chinese pull back on some of this glut of manufacturing that they're doing and concentrate on building a consumer economy," Bessent said. He said he also wants to issue warnings to China about continuing to buy sanctioned Russian and Iranian oil and China's efforts to aid Russia's war against Ukraine. Bessent said that there was bipartisan support in the US Senate for legislation aimed at imposing tariffs of 100 per cent on goods from countries that continue to buy Russian oil, namely China and India. "I'm going to be in touch with my European counterparts. The Europeans that have talked a big game about sanctioning Russia, and it'll be very important for the Europeans to also be willing to put on these high level of secondary tariffs for sanctioned Russian oil." He said that the US was poised to announce "a rash of trade deals" with other countries, and Japan could be among these despite an election setback for Japan's ruling party and difficult negotiations. "I wouldn't be surprised if we aren't able to iron out something with Japan pretty quickly," Bessent said. Nonetheless, he said that for most countries, tariffs would "boomerang" back towards April 2 levels from the current 10 per cent but negotiations on trade deals could continue.
Business Wire
a day ago
- Business
- Business Wire
VergeIO and Solidigm Introduce 'The AFA Replacement Kit' to Eliminate the Complexity and Cost of Dedicated Flash Arrays
ANN ARBOR, Mich.--(BUSINESS WIRE)--VergeIO, the VMware alternative and pioneer in ultraconverged infrastructure, and Solidigm, a leader in enterprise data storage, today announced the launch of The AFA Replacement Kit—an offering designed to replace traditional all-flash arrays with a simpler, more cost-effective infrastructure solution. The AFA Replacement Kit brings together three (3) Solidigm™ 4TB enterprise SSDs and a VergeOS server license combined into one streamlined platform. Along with your servers, it's a complete, ready-to-run infrastructure solution designed to deliver performance, resiliency, and simplicity. 'Customers are tired of bloated hardware stacks and complex licensing schemes,' said Yan Ness, CEO of VergeIO. 'This kit gives them everything they need to run high-performance workloads—without the operational baggage.' The AFA Replacement Kit offers IT a turnkey alternative to aging all-flash infrastructure, reducing costs, simplifying operations, and enhancing performance through software-defined efficiency. All IT needs to do is insert the included flash drives into empty drive bays in existing servers, and they're ready to deploy VergeOS. VergeIO customers have reported reducing storage costs by a factor of ten, in addition to the added savings from eliminating expensive VMware licensing and support agreements. 'We simply inserted the drives into our existing servers, and VergeOS picked them up immediately,' said Brian Bazzell, Director of IT at the City of St. Peters, Missouri. 'It now handles all of our production data and guarantees performance for our critical workloads while protecting it automatically. We saved tens of thousands of dollars by using this approach instead of refreshing our Nimble array.' 'VergeIO's software platform unlocks the full potential of Solidigm enterprise SSDs,' said Greg Matson, Senior Vice President, Head of Products and Marketing at Solidigm. 'Together, we deliver performance and efficiency that legacy architectures can't match. We're focused on pushing the boundaries of storage technology to help customers optimize across modern compute workloads, including today's hyperconverged infrastructure demands." As part of the campaign launch, VergeIO and Solidigm will host a joint webinar on July 31, 2025, 1:00PM ET titled 'How to Replace Your AFA—While Improving Performance and Slashing Costs,' featuring a live demonstration and migration strategies. Click here to register: About VergeIO VergeIO is the leading VMware alternative, delivering a unified platform that converges virtualization, storage, networking, AI, and backup into a single software-defined solution. Learn more at About Solidigm Solidigm, a pioneer in enterprise data storage, leverages decades of product leadership and technical innovation to help customers propel into the data-centric future with a robust end-to-end product portfolio for core data centers to the edge. Explore
