The Malaysian Insight’s Post

Efficiency is Key. Our payroll software is designed to save you time and reduce errors. Join the countless businesses that have transformed their payroll processes with us. With the latest statutory updates Wingubox is the way to go. #compliance #statutorycompliance #seamlesspayroll #PayrollAutomation #Efficiencymatters https://lnkd.in/d93mvVYz

The Fair Work Commission's decision to increase wages for aged care workers by up 28.5 per cent is set to have a significant impact on the sector. The ruling will undoubtedly bring immense relief and a profound sense of recognition to the more than 200,000 residential and home care workers impacted by the decision. But it comes at a pivotal juncture for the industry, which continues to grapple with multiple challenges, including ongoing workforce issues, an increasingly demanding regulatory environment and impending new legislation. The wage increases present yet another crucial moment for aged care providers to assess the potential risks and insurance implications that may result from the change. In our latest article, Lyle Steffensen, Manager of Industry Strategy & Innovation, delves into these considerations, shedding light on why this shift might serve as a positive catalyst for long-term success, even amidst the sector's adversities. Link to article in comments ⬇️ #AgedCare #FairWorkCommission #WageIncrease #IndustryInsights #RiskManagement #Insurance

Subject: Temporary Covid Incentives Should Not Deny ESIC Benefits Judgment Date: November 8, 2024 MS GODAMBARI RATURI  -Petitioner versus EMPLOYEE STATE INSURANCE CORPORATION LTD. & ANR - Respondent Case Reference: W.P.(C) 12345/2024 The Delhi High Court has delivered a significant judgment affirming that temporary COVID-19 related incentives should not disqualify employees from receiving benefits under the Employees' State Insurance Corporation (ESIC) COVID-19 Relief Scheme. Key Highlights: Welfare-Centric Approach: The court emphasized that temporary incentives provided during the pandemic to support employees should not be considered part of regular wages for determining eligibility under the ESIC scheme. Protection of Dependents' Rights: This ruling ensures that dependents of employees who succumbed to COVID-19 are not unjustly denied financial relief due to temporary wage increases during the pandemic. #Covid19 #ESIC #wages #employee #ppchattaraj

Following the autumn budget last week, the big headline is the increase to employers’ national insurance contributions (NICs) which means that employing staff will soon become more costly. The main rate of class 1 employer NICs will rise from 13.8% to 15.0% from 6 April ’25, and the secondary threshold at which employer NICs are payable will be reduced from £9,100 to £5,000. In addition: ⬆ The national living wage will increase to £12.21 per hour. ⬆  The national minimum wage for 18–20-year-olds will increase to £10 per hour. A full-time employee will now cost almost £2.5k more per year, representing a massive additional cost to companies. Our prediction is that businesses will turn more towards fixed-term contracts and temporary staffing through agencies, allowing them to have adequate resources during busy periods without committing to permanent staff salaries. For advice on your project management and QHSE staffing requirements, contact: jobs@prismconnect.co.uk

Increasing Employer Nics Would Risk Jobs Government Warned The hospitality sector and the wider business community have hit out over a potential rise in National Insurance paid by employers, arguing it will make hiring staff and creating jobs more difficult and stifle growth. Leading business groups in the UK raised concerns over the potential tax rise - something Prime Minister and the chancellor has so far failed to rule out. Kate Nicholls, Chief Executive of UKHospitality, said: “Labour market data released today shows that vacancies in hospitality remain stubbornly high.” “What this clearly demonstrates is the need for Government to incentivise sectors like hospitality to create jobs and support employment.” “The rumoured increase to employer National Insurance Contributions would do the opposite – a tax on jobs. “An increase would particularly hammer sectors like hospitality, where staffing costs are the biggest business expense.” “Hospitality businesses are much less able to stomach yet another cost increase, when they’re already managing increases in other areas like wages, food, drink and energy. But it is hospitality that is most likely to support people from economic inactivity back into the workforce.” “If the Government is to achieve its plan for growth and getting more people into work, it should use the Budget to incentivise that. It should be looking to support job creation, as well as reducing the cost burden for businesses.” “For hospitality, that means no increases to employer National Insurance Contributions and action to avoid a billion-pound tax bill for venues when business rates relief is set to end in April.” Read More:

National Insurance and Minimum Wage Hikes – Tough News for Primary Care Providers 🏥 Primary care providers are feeling the pinch – is it time to rethink exemptions? With the recent Budget announcement, primary care providers like GPs, care homes, and hospices are now facing big financial challenges. New increases to employer national insurance and the minimum wage mean even higher running costs at a time when many clinics and care facilities are already stretched thin. While hospitals and larger NHS facilities got a pass on these extra costs, the smaller players—those on the front lines of community care—are carrying the burden! There’s a growing call for the government to reconsider this policy. After all, primary care providers are dealing with a unique set of challenges, especially with patient demand at an all-time high and workforce shortages across the board. If this financial pressure continues, we could see an impact on patient access and care quality, with some smaller providers potentially struggling to keep their doors open. So, what can be done? Many in the field are pushing for exemptions to ease the load on primary care providers, especially those working tirelessly in local communities. This is about keeping essential services accessible, especially for those who rely on them most. What do you think? Should the government give primary care a break on these new costs? #PrimaryCareNews #NHSChallenges #HealthcareBudget #SupportPrimaryCare

Quick question for KSA payroll experts (GOSI): If a Saudi employee's contributory wage exceeds 45000, then the employer can contribute GOSI % of wages upto 45K max. However, GOSI guide has shared the definition of contributory wage as follows: "...The following should be taken into account: 1.  If the above-mentioned contributory wage neither exceeds the maximum contributory wage provided for by the social insurance law/scheme of the work-based state, or is less than the minimum contributory wage (SR 1,500), the worker shall pay his share and the employer's share of contribution to cover the difference in the two wages..." One can interpret it as "neither" was erroneously put instead of "either" and the worker needs to pay the balance contribution for his share as well as the employer's share on the contributory wage exceeding 45000. Share your thoughts in the comments section.

The Ministry of Human Resources and Social Development - KSA has launched mandatory insurance for domestic labour contracts, a move designed to protect both workers and employers. This initiative is part of a broader strategy that includes the wage protection program, electronic contract documentation, labour culture awareness campaigns, and the unified contract program. Follow the link for more details: https://lnkd.in/d6RgsX94

UK: The government’s changes to employer national insurance contributions (NIC) combined with a 6.7% increase in the National Minimum Wage will significantly affect labor intensive sectors with predominantly relatively lower paid staff. In addition, if these sectors are less able to pass on cost increases to consumers, the sectors will experience margin erosion and/or a reduction in hours worked. For example, when examining the accounts for a 32-bed nursing home in England, with around 38 employees, the increase in NIC (National Insurance Contribution) from 13.8% to 15% results in an annual increase of +£60K to be paid. Analyzing the same nursing home, the total tax impact is now over £70K. This comprises around 6% of current payroll costs. Local authorities are unlikely to fund such increases without direct central government support.

#UnionBudget2024: The #pharmaceuticalindustry is optimistic about the upcoming #budget, especially following the government’s implementation of enhanced quality control measures like Good Manufacturing Practices and revised Schedule M. Ministry of Health and Family Welfare, Government of India | Indian Ministry of Finance | #narendramodi #NirmalaSitharaman #UnionBudget2024 #BudgetwithFE