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<ul><li><keyword id="4550079" type="General" weightage="100" keywordseo="Genz" source="Orion">GenZ</keyword> employees are expected to dominate the workforce soon</li><li>Most employees say they want job satisfaction</li><li>Employees also value <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword></li></ul> Decades back, it was common for corporate employees to continue working at one place for their entire lives. Gradually, this started changing and people began switching jobs for <keyword id="19993653" type="General" weightage="20" keywordseo="career-growth" source="keywords">career growth</keyword>. Today, as GenZ is now a part of the workforce, the job-switch trend is commonplace. However, if you think that the younger generation is switching jobs just to get a better pay cheque, you might be wrong. According to a new survey, <keyword id="19919711" type="General" weightage="20" keywordseo="gen-z" source="keywords">Gen Z</keyword> employees feel job satisfaction is more important than a fat pay cheque. Moreover, for many Gen Z professionals, work-life balance has become the make-or-break factor. The report also shows that almost half of them—47%, to be exact—are considering leaving their current jobs within the next two years, searching for something more fulfilling. <h2>What does your GenZ employee want?</h2>The study, carried out by the talent platform Unstop, surveyed over 5,350 Gen Z workers alongside 500 HR professionals to get a better picture of what this generation wants from the workplace. The study revealed that Gen Zers know what they value most in their careers. <div type="Article" hostid="261" msid="113255941" title="SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?" mstype="2" mssubtype="0"></div> 77% of the respondents said that they would rather work for a company that offers growth and opportunities than settle for a higher salary. Almost half (43%) want jobs where they can get practical experience and develop new skills. And 72% say job satisfaction outweighs the need for bigger salaries. Work-life balance is another critical factor. Nearly half (47%) of young professionals say it’s something they carefully consider when looking at new opportunities. For them, an ideal workday involves completing their tasks efficiently, without feeling overloaded, and leaving enough time for personal growth. <h2>Recruiters misunderstanding GenZ priorities </h2> <a href="https://www.businessinsider.in/tech/news/ai-is-entering-classrooms-in-italy-new-learning-tools-to-be-tested-in-15-classrooms-across-four-regions/articleshow/113364057.cms" data-type="tilCustomLink" target="_blank">The study</a> also found out that HR teams often misunderstand these priorities. While 78% of Gen Z workers are switching jobs to boost their career growth, 71% of HR professionals assume it's mostly about higher pay. In reality, only 25% of Gen Zers see salary as the top motivator when changing jobs. The survey also uncovered another key ambition for Gen Z: a clear career path with opportunities for advancement. While many recruiters (44%) believe that company culture is more important to Gen Z than career progression, the truth is that this generation seeks a mix of both—a positive work culture, but also a chance to climb the ladder. Unstop’s report dives into more than just job-hopping. It touches on concerns about entering the job market, mental health expectations, and the distinct working styles of Gen Z, which move away from the "one-size-fits-all" approach of older generations. <div type="Article" hostid="261" msid="113284215" title="Was willing to focus my life on software: Bill Gates on when he dropped out of college" mstype="2" mssubtype="0"></div> "For the youngest generation in the workforce, work isn't just a place you go to every day to get your account credited regularly. It has to fit into several key aspects of your life seamlessly," Ankit Aggarwal, Founder and CEO of Unstop, said as per a PTI report. He added, "They (Gen Z) are reminding us that work should be a part of life, and not the other way around... It's a call to action for employers and recruiters. Those employers who adapt to these fast-changing expectations will be preferred by the new generation of employees." <h2>GenZ growing at the workplace</h2>Gen Z is also on the cusp of becoming a dominant force in the global workforce. By 2025, they’re expected to make up 27% of workers worldwide, according to the World Economic Forum. Adobe predicts this number will grow to 30% by 2030. In fact, Gen Z is projected to outnumber Baby Boomers in the workplace as early as this year (2024). A Glassdoor report recently said that by the end of this year, Gen Z workers will surpass Baby Boomers in numbers within the U.S. workforce.

Majority Gen Z employees feel job satisfaction is more important than salary, say work-life balance is crucial

<div type="image" title="For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire" height="900" width="1200" msid="114064202" hostid="261" caption="&amp;lt;p&amp;gt;For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire&amp;lt;/p&amp;gt;"></div> Once upon a time, there thrived a wild, wild land. Here, it was all about super high monetary stakes, lightning-fast trade deals, and bucketloads of money shifting hands every single second. This wilderness lured millions of individuals with the promise of super duper high returns. But, at what cost? Welcome to the unforgiving, ultra-risky wild west of <keyword id="19991165" type="General" weightage="20" keywordseo="Indian-equity-markets" source="keywords">Indian equity markets</keyword> called the <keyword id="145718" type="General" weightage="100" keywordseo="Futures-and-Options" source="Orion">futures and options</keyword>. Here, everyone seems to just fly right through the bright red-flagged warnings of financial risks to earn even a fraction of these promised returns. Most burn themselves in the process, but carry on nevertheless, as if nothing ever happened. <h2>Chasing the cloudy profits</h2>The data conclusively proves that every 9 out of 10 individuals only lost their hard-earned money in this land. But hey, what do the numbers know? Some hide their losses out of shame, some out of fear. The proponents, meanwhile, proudly boast unusually high returns on their investments, some open social media channels while others encourage their friends and family to take the plunge. Naturally, news of this unstoppable and humongous en-masse migration to the F&amp;O (futures and options) town has reached sheriff <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, galvanising them into action. After all, it was time to put a leash on this madness and save the common man. The inhabitants of this town doubled in the last 2 years, from 51 lakh in FY22 to 96 lakh in FY24—99.8% of whom were small and mid-income traders. But profits? Well, that's a different, rather completely absent story. <h2>Que Sera Sera, much?</h2>A recent report by SEBI (Securities and Exchange Board of India) that studied profits and losses made by traders in the equity derivatives segment between FY22-24 exposed the mad mania of futures and options trading in India, especially since the pandemic. Per the report, 91.1% of individual traders, or about 73 lakh traders had only lost money trading in futures and options in FY24. Between FY 22-24, over 1 crore traders, or about 92.8% of individual traders, had lost Rs 2 lakh each. But once bitten, twice shy? Well, not in this case. More than 75% of individuals, who had only made losses trading in F&amp;O in FY22 and FY23, continued to trade vigorously in FY24 as well, without any changes in the bottom line, which remained deep in red and negative. So, then all these traders must be uber-rich, with tons of cash and not much care to spare? Nope. 76% of traders in the F&amp;O space in FY24 had an annual income of less than Rs 5 lakh. 2 years ago, their share stood at 71%. And their choice of poison? Options! In FY24, 60% of traders made losses trading in futures, but a whopping 91.5% burnt their funds trading in options. Mind you, futures are riskier than options. With futures, which require significant capital investment, the buyer and seller both are contractually bound to adhere to the pre-determined strike price of the futures or options contract, irrespective of whether the prevailing prices are higher or lower (and thus, resulting in losses for either the buyer or seller). With options, since this adherence ain't necessary, individuals end up taking debt to take highly leveraged positions while trading here. <h2>Scale of the explosion</h2>Anyone who trades even infrequently will tell you that a demat account is the mitochondria or powerhouse of the trading cell. As of August 2024, India had over 17.1 crore <keyword id="20957284" type="General" weightage="20" keywordseo="demat-accounts" source="keywords">demat accounts</keyword>, which are a prerequisite for trading in the markets. India is the 9th biggest country in the world, in terms of total demat accounts. Did you know that our demat accounts are at par with the entire population of Bangladesh? Talk about scale! Just 4 years ago, in March 2020, this number was a mere 4 crore. Naturally, the total F&amp;O turnover on both <keyword id="20004725" type="General" weightage="20" keywordseo="NSE" source="keywords" meta.keywordsubtype="org" meta.entityname="NSE" meta.hostid="261" meta.entityid="NSE">NSE</keyword> and BSE has hit the roof, and also broken it. As of October 4, 2024, the total futures and options turnover on NSE stood at a massive Rs 4,78,27,27,750.30 crore. Good luck counting the thousands! <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Turnover (Both Futures and Options) (In Rs Crore) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020-21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">64,36,03,951.51 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021-22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,69,52,33,134.47 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022-23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,82,23,26,468.06 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2023-24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,99,27,67,152.43 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source : NSE Another metric that underlines the meteoric growth of trading in India is the collection of STT or <keyword id="20930760" type="General" weightage="20" keywordseo="Securities-Transaction-Tax" source="keywords">Securities Transaction Tax</keyword>. As of September 2024, India's STT mop-up had gone past Rs 26,000 crore. Traders have to pay STT whenever they buy or sell any security in the market. So, more trading brings in more STT, and hence, more revenue for the government, so they're not really complaining. After all, this is certainly what they'd call enviable growth. As of August 2023, our STT collection stood at about Rs 21,599 crores. And in FY20-21, India's STT collection had been Rs 16,000 crore. If only our salaries also managed to grow at this rate! <h2>So, what's happening?</h2>Two things. One, it's the big bulls who are raking in all the moolah. And it's the younger lot (those aged under 30) who are propping them up for this. In FY24, 43% of individual traders in the market were less than 30 years of age. In just one year, this number has swelled by 12 percentage points from just 31% of individual traders. But who says ageing is bad? Wrinkles and silver hair seemingly have a propensity of incurring lesser losses in the market. In FY24, only 79% of traders aged above 60 years made losses, as compared to 93% of those aged below 30. Small and mid-income traders, which make up 98% of the total trader base, witnessed average losses per person of Rs 65,000 and Rs 1.5 lakh in FY24 in futures and options, respectively. The winner here? Clearly, the big bulls, who declared an annual income of over Rs 1 crore, ended up with average profits of Rs 96,000 per person this year. <h2>What’s the sheriff up to?</h2>The government has finally swung into action, hiking the STT rate for F&amp;O during this year’s budget. Effective October 1, 2024, the STT on futures stands at 0.02%, up from 0.0125%. For options, it was upped to 0.1% versus 0.0625% previously. Small margins, but huge impact oncoming. Says Puneet Sharma- CEO and Fund Manager at Whitespace Alpha, “SEBI aims to enhance market stability while safeguarding investor interests, reflecting the regulator's intent to balance risk management with market participation”. But this might come with its own share of challenges, too. “Stricter norms around leverage, transparency, and capital adequacy could limit the ability of investors to determine their own risk appetite, thereby stifling innovation in trading strategies. Over-regulation in an environment that thrives on strategic flexibility and creativity could dampen the market’s dynamism, affecting India's competitiveness in the global derivatives landscape”, he observes. SEBI recently came out with a set of guidelines that aim to thwart <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">retail investors</keyword>' participation in futures and options and hinder them from taking undue risks. Here's a quick recap of what's to come for the residents of the F&amp;O town Margin Requirements: To battle the high volatility and chaos which is generally seen on expiry days(i.e the last mandated date, post which an option becomes invalid), SEBI will put in place an extreme loss margin (ELM) of 2% for all open short options on the day of expiry. Translation? Traders will need to pony up more cash upfront, leaving them with fewer funds to take on risky bets. It ain't a choice: No more of one expiry every single day! Going ahead, an exchange like BSE or NSE will just be able to offer weekly expiries, that too, only on one benchmark index, as opposed to an entire buffet it currently offers. At present, NSE offers weekly options contracts for its financial index, bank and midcap indices. But say goodbye to this, and hello to derivatives on only 1 index per exchange. Raising the bar: Effective November 30, 2024, the minimum contract value for index derivatives will be upped to Rs 15 lakh, from the present Rs 5-10 lakh. The hope is that by making it ultra-expensive to enter these trades, investors will be dissuaded from taking on risky trades. Pay upfront: Starting February 2025, those trading in options will have to pay the entire options premium upfront, even before their trades are executed. This is because options generally carry very high leverage, and paying a significant sum upfront can force traders to think twice. Invigilation Pro Max: Starting April 1 2025, to make sure that the number of positions for equity index derivatives does not slyly slip over the mandated limit, especially on expiry days when trade volumes are huge, the exchanges will have to take a minimum of 4 position snapshots randomly. The question is, will these injections of sobriety be enough to calm down the steroid-fed bull of the futures and options market in India? Well, only time and market turnover will tell! For more insights into the financial markets and business news, stay tuned to our site and social media handles. And don’t forget to subscribe to Business Insider India’s newsletters for your weekly dose of Simply Put! Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

SIMPLY PUT: SEBI is on a mission to take on the wild, wild west of futures and options in India. Here’s why, what, and how

Popular messaging app <keyword id="790242" type="General" weightage="20" keywordseo="whatsapp" source="Orion">WhatsApp</keyword> has announced a new feature that will help users who have multiple accounts. One can soon have two <keyword id="6950081" type="General" weightage="20" keywordseo="whatsapp-accounts" source="Orion">WhatsApp accounts</keyword> logged in at the same time. Yes, you read it right. <keyword id="6354630" type="General" weightage="80" keywordseo="mark-zuckerberg" source="Orion">Mark Zuckerberg</keyword> recently announced that the particular feature will be rolled out to Android users in the coming weeks and months, TechCrunch reported. "Helpful for switching between accounts - such as your work and personal - now you no longer need to log out each time, carry two phones or worry about messaging from the wrong place," the company said in a blog post. To set up a second account, you will need a second phone number and SIM card, or a phone that accepts multi-SIM or eSIM. Simply open your WhatsApp settings, click on the arrow next to your name, and click "Add account". This will allow you to manage two separate accounts within the app. While setting up, you will need your second phone with SIM or a phone with physical or eSIM facility for multi-SIM as you will have to authenticate your account while logging in. The company said that you will be able to manage separate notifications and privacy settings for each account. It is available on both WhatsApp beta and stable versions. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-open-vs-samsung-galaxy-z-fold-5-battle-of-the-foldable-smartphones/slidelist/104581006.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-open-vs-samsung-galaxy-z-fold-5-battle-of-the-foldable-smartphones/slidelist/104581006.cms" target="_blank">OnePlus Open vs Samsung Galaxy Z Fold 5 – battle of the foldable smartphones</a><a href="https://www.businessinsider.in/tech/news/google-pay-everything-you-need-to-know-about-googles-new-credit-offerings/articleshow/104573817.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/google-pay-everything-you-need-to-know-about-googles-new-credit-offerings/articleshow/104573817.cms" target="_blank">Google for India – Sachet loans to credit on UPI, tech giant bets on lending</a><a href="https://www.businessinsider.in/business/news/elon-musk-says-x-to-soon-launch-a-premium-subscription-to-remove-ads/articleshow/104576727.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/elon-musk-says-x-to-soon-launch-a-premium-subscription-to-remove-ads/articleshow/104576727.cms" target="_blank">Pay to post on X soon? Musk says two new subscription plans in the works</a>

WhatsApp now allows users to have two accounts on one phone within the app

<ul><li>You will have to first link your bank account to <keyword id="4878801" type="General" weightage="20" keywordseo="whatsapp-pay" source="Orion">WhatsApp Pay</keyword>.</li><li>The bank account balance can be viewed either from settings or from the payment message screen.</li><li>To view your account balance, you will need to input the UPI PIN.</li></ul>Most of us use WhatsApp as an instant messaging application, but since last year, the Facebook-owned platform has been <a href="https://www.businessinsider.in/tech/news/whatsapp-pay-upi-rolls-out-while-google-pay-phonepe-have-already-got-the-first-sting-with-the-npci-cap/articleshow/79075049.cms">offering UPI payments</a> in India. You can use WhatsApp to send and receive money just like any other UPI payment applications such as Google Pay, PhonePe and Paytm. If you haven’t set up WhatsApp payment, you can do that in the app by heading over to the Payments option in Settings on iOS devices or by tapping the three-dot More options icon on Android devices. Select ‘Add payment method’ and follow the instructions. It’s important to note that you can only select a bank account that is associated with your WhatsApp number. At the end of the process, you will have to set up a PIN which has to be remembered for making further use of the UPI payment services. Once you have set-up the payment method and added a bank account, you can check your bank account’s balance using the two methods given below. <cmsannotation type="cmsannotation" annotationid="Check bank account balance from Settings." comment="subhead" text="Check bank account balance from Settings.">Check bank account balance from Settings.</cmsannotation> <ul><li>Open the WhatsApp application.</li><li>On iOS, tap on Settings at the bottom of the screen, or on Android OS, tap on the three-dot icon at the top right of the main screen.</li><li>Select Payments.</li><li>Under the Payment methods, choose the relevant bank account.</li><li>Tap on View Account Balance and it will prompt you to input the PIN.</li><li>Your bank account balance will be displayed once you enter the PIN.</li></ul><cmsannotation type="cmsannotation" annotationid="Check bank account balance when sending money" comment="subhead" text="Check bank account balance when sending money">Check bank account balance when sending money</cmsannotation> You can also check your account balance while sending money from the payment message screen. Follow the steps below to check your balance. <ul><li>From the payment message screen, tap on the available payment method.</li><li>If you have linked more than one bank account to WhatsApp Pay, tap on the account whose balance you wish to view.</li><li>Now, tap on View Account Balance.</li><li>When prompted, enter the PIN to check your account balance.</li></ul>Alternatively, some banks also offer free banking services to customers over WhatsApp. Save the contact of the WhatsApp chatbot number associated with your bank and send a ‘Hi’ message. A menu of services will be prompted in the chatbox that will include viewing your account balance option. Respond with the selection to view your account balance. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/how-to-take-screenshots-on-windows-10-8-and-7/articleshow/86168223.cms">How to take screenshots on Windows 10, 8 and 7</a> <a href="https://www.businessinsider.in/how-to-delete-facebook-account-permanently/articleshow/70313851.cms">How to delete Facebook account permanently</a> <a href="https://www.businessinsider.in/tech/how-to/how-to-fix-gmail-if-youre-not-receiving-emails/articleshow/86105969.cms">How to fix Gmail if you're not receiving emails</a>

Here’s how to check your bank account balance using WhatsApp Pay

<ul class="summary-list"><li>American consumers and businesses are having a hard time paying off credit card, auto, and commercial real estate debt.</li><li>US banks have increased their reserves in part to prepare for potential loan losses.</li></ul>US banks are having a harder time <a target="_blank" href="https://www.businessinsider.com/personal-finance/credit-score/what-is-debt-collection">collecting debts</a>, so they're taking precautions.According to Federal Reserve data, the past-due debt share for <a target="_blank" href="https://www.businessinsider.com/paid-off-credit-card-debt-solid-plan-2024-6">credit card</a>, <a target="_blank" href="https://www.businessinsider.com/consumer-credit-card-debt-auto-loans-delinquency-economic-outlook-bofa-2024-9">auto</a>, and <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-debt-property-losses-mortgage-interest-rates-prices-2024-7">commercial real estate</a> has recently risen to above pre-pandemic levels. The share of debt banks have written off as a loss because they couldn't collect it has also <a target="_blank" class="" href="https://www.federalreserve.gov/releases/chargeoff/chgallsa.htm">ticked up</a>, with the charge-off rate for two of these three loan types the <a target="_blank" class="" href="https://fred.stlouisfed.org/series/CORCCACBS">highest</a> they've been in <a target="_blank" class="" href="https://fred.stlouisfed.org/series/CORCREXFACBS">more than a decade</a>.Business Insider spoke to industry insiders who said this has prompted a response from big banks anticipating a continued increase in bad loans. <a target="_blank" href="https://www.businessinsider.com/largest-banks-us-list">US banks</a> have increased their reserves in recent years, effectively setting aside cash to cover potential loan losses.While it's commonplace for banks to increase their reserves as loan levels rise over time, reserves have started gradually making up a bigger share of total loans at firms like <a target="_blank" href="https://www.wellsfargo.com/assets/pdf/about/investor-relations/earnings/third-quarter-2024-earnings.pdf">Wells Fargo</a>, <a target="_blank" href="https://d1io3yog0oux5.cloudfront.net/_9d388ee07cccbcc3c8dc5bafe2ea4aff/bankofamerica/db/775/10116/webcast_transcript/2024-10-15+BAC+3Q+Earnings+Call_ADA.pdf">Bank of America</a>, <a target="_blank" href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2024/3rd-quarter/6bca0e4a-703c-4fff-8e70-f026f015fee5.pdf">JPMorgan</a>, and <a target="_blank" class="" href="https://www.citigroup.com/rcs/citigpa/storage/public/Earnings/Q32024/3Q24-SUPP-ForWeb.pdf">Citigroup</a>. Since June 2022, Wells Fargo's and Bank of America's reserves have risen by about $1.8 billion and $2.4 billion respectively. Still, for context, these firms' cash coffers are still considerably lighter than they were during the Great Recession.<h2 id="3bd35426-2903-4a17-860b-981ba0e86427">America's 3 debt pain points</h2>Each month, the New York Fed <a target="_blank" class="" href="https://www.newyorkfed.org/microeconomics/sce#/debtexp-1">asks</a> roughly 1,300 Americans to estimate the chance they'll be unable to make a minimum debt payment over the next three months. Aside from the pandemic, Americans haven't been this pessimistic since 2017.Consumers' struggles to repay credit card and auto debt suggest that <a target="_blank" href="https://www.businessinsider.com/inflation-september-cpi-consumer-price-index-federal-reserve-interest-rates-2024-10">inflation</a> and <a target="_blank" href="https://www.businessinsider.com/fed-cuts-interest-rates-how-much-september-fomc-powell-inflation-2024-9">interest rates</a>, while moderating in recent months, are still taking a toll on their finances. Additionally, businesses' struggles to pack back commercial real estate debt show that factors like elevated interest rates and the <a target="_blank" href="https://www.businessinsider.com/office-market-interest-rates-commercial-real-estate-federal-reserve-pandemic-2024-9">remote work revolution</a> are still having lingering effects.Here's a closer look at each of the three debt categories:<h3 id="df61242d-618b-4bfb-824d-874b5a53ce4d">Credit card debt</h3>As of the second quarter of this year, more than <a target="_blank" class="" href="https://fred.stlouisfed.org/series/DRCCLACBS">3%</a> of all credit card accounts in the US had past-due balances — up from less than 2% in 2021.The steady uptick in past-due credit card debt over such a short period of time provides some cause for concern, Bruce McClary, a nonprofit credit counselor and senior vice president at the National Foundation for Credit Counseling, told BI."What we are seeing is that people are struggling to repay debt while continuing to use up what is left of their available credit — forcing more people to start falling behind on their payments and into the hands of debt collectors," he said.David Schiff, senior managing director at FTI, told BI that prolonged debt-repayment problems will eventually present a bigger risk to the economy.The increase in reserves raises "real concerns about the softness of certain assets classes — specifically ongoing uncertainty around the commercial real estate market, and increasing worry about the number of revolving credit card customers and their rapidly growing balances," Schiff told BI.<h3 id="2c271636-eeeb-43a1-a28b-b69f0c808b83">Auto debt</h3>A Federal Reserve <a target="_blank" class="" href="https://www.federalreserve.gov/econres/notes/feds-notes/rising-auto-loan-delinquencies-and-high-monthly-payments-20240926.html">report</a> published on September 26 found that auto loan delinquency rates rose "substantially" above pre-pandemic levels by the end of 2023, driven in large part by growth in monthly debt payments.In fact, a growing number of Americans owe more than their cars are worth, according to a <a target="_blank" href="https://affiliate.insider.com?h=76e351eb917843c15c21c91acd7d8e92304c81583e3e5bb129c38093d6e7aff2&amp;postID=67114ad8434c477c23344eb6&amp;postSlug=big-banks-preparing-loan-loss-credit-card-auto-debt-cre-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.edmunds.com%2Findustry%2Fpress%2Fnegative-equity-on-the-rise-the-average-amount-owed-on-upside-down-car-loans-hit-an-all-time-high-in-q3-2024-according-to-edmunds.html%3Futm_source%3Dsubstack%26utm_medium%3Demail">report</a> published on October 15 by the automotive website Edmunds. Stephen Biggar, director of financial services research at Argus Research, told Business Insider that if a bank is forced to repossess such a vehicle, the car's value wouldn't even cover the loan, resulting in losses to the bank. He said that the uptick in auto delinquencies is "not a spike, but is kind of a concern about what goes on from here."<h3 id="108a8464-8ec8-4eb3-8b19-f2eb7af18b2d">Commercial real estate</h3>Another problem for banks is that some businesses with commercial real estate loans are struggling to repay them. Biggar said some of this is tied to high vacancy rates among offices. While many companies have called employees back to the office since the height of the pandemic, office vacancy rates still <a target="_blank" href="https://www.axios.com/2024/07/09/office-vacancy-rate-record-high">rose</a> to <a target="_blank" href="https://www.businessinsider.com/real-estate-outlook-office-buildings-vacancies-commerical-markets-investors-remote-2024-1">record highs</a> over the past year.Elevated interest rates have also made it difficult for businesses to pay back debt on commercial real estate loans related to offices, retail, hotel, and apartment building properties, among others. That's because some loans are coming due — forcing businesses to refinance at <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-big-trouble-crash-bank-crisis-2024-2">much higher interest rates</a>.To be sure, we're still far from a debt crisis: The share of past-due and charged-off debt generally remains in line with historical levels after rising from pandemic-era lows. Additionally, some banks are simply restoring reserves that were depleted during the pandemic. However, if the <a target="_blank" class="" href="https://www.businessinsider.com/recession-outlook-economy-layoffs-inflation-spending-job-market-tariffs-morgan-stanley-2024-10">economy slows</a> and the <a target="_blank" class="" href="https://www.businessinsider.com/job-market-recession-unemployment-rate-september-payrolls-report-fed-cuts-2024-10">unemployment rate</a> rises further, the uptick in delinquencies could become a larger concern, Biggar said.<h2 id="3723386c-1711-4911-97f5-b3d9337f3327">Wall Street acknowledgement</h2>While <a target="_blank" href="https://www.businessinsider.com/wall-street-banks-earnings-calls-interest-rates-fed-cuts-debt-2024-10">banking executives</a> this earnings season generally spoke highly of the economy, they did acknowledge that elevated prices and interest rates continue to weigh on American consumers."Our customers are healthy, but more discerning in their spend with signs of stress isolated," <a target="_blank" class="" href="https://www.fool.com/earnings/call-transcripts/2024/10/15/citigroup-c-q3-2024-earnings-call-transcript/">said</a> Jane Fraser, Citi's CEO, referring to consumers with lower credit scores.Brian Moynihan, Bank of America's CEO, <a target="_blank" href="https://www.fool.com/earnings/call-transcripts/2024/10/15/bank-of-america-bac-q3-2024-earnings-call-transcri/">said</a> that overall consumer spending remains strong but that "consumers are worried of the cost of living, worried about higher rates, and other matters."Charles Scharf, Wells Fargo's CEO, <a target="_blank" class="" href="https://www.fool.com/earnings/call-transcripts/2024/10/11/wells-fargo-wfc-q3-2024-earnings-call-transcript/">said</a> the bank hasn't seen "meaningful changes" in delinquency rates across its credit portfolio, but that there is evidence of financial strain among some Americans."We continue to see more pronounced stress in certain customer segments with lower deposit and asset levels where inflation has partially offset strong employment and wage growth," he said.Jeremy Barnum, JPMorgan's CFO, <a target="_blank" class="" href="https://www.fool.com/earnings/call-transcripts/2024/10/11/jpmorgan-chase-jpm-q3-2024-earnings-call-transcrip/">said</a> that consumers' discretionary spending has "normalized" following particularly strong levels in recent years.The financial roller coaster of pandemic payments, whipsawing inflation, and high interest rates are especially affecting lower-income Americans."We know consumers at a certain income level and below are strapped," Biggar said, adding, "There's been a lot of concern, particularly at the lower income category, that people are unable to make ends meet."Going forward, Biggar said that many banks could continue adding to their reserves, particularly if the unemployment rate rises further. That might not ultimately be necessary, since the jobless rate has <a target="_blank" href="https://fred.stlouisfed.org/series/UNRATE">stabilized</a> over the past two months after a surprise increase."I'm not expecting any big spike from here unless the unemployment rate moves materially higher," Biggar said of further reserve reinforcements.

Big banks are bracing for losses as Americans struggle to pay off debt

<ul class="summary-list"><li>Payouts to partners at the Big Four consultancies are falling.</li><li>Annual returns are being affected by a slowdown in sales and an increase in the number of partners.</li></ul>Partner payouts at the <a target="_blank" class="" href="https://www.businessinsider.com/big-four-consultancies-deloitte-ey-cut-staff-pwc-accenture-2024-10">Big Four consultancies</a> are falling as demand for professional services declines and firms increase the number of partners.At EY, partner payouts in the UK, where the global consulting and accountancy firm is headquartered, were down 5% this year. UK partners received an average of £723,000 ($938,000) compared to £761,000 ($987,000) the previous year.The firm said in <a target="_blank" class="" href="https://www.ey.com/en_uk/newsroom/2024/10/ey-uk-net-revenues-grew-3-percent-in-a-challenging-market">a press release</a> that the decrease in pay reflected a rise in the number of partners during the 2024 financial year. EY now has 903 partners as of June 2024, up from 866 at the same point in 2023, <a target="_blank" class="" href="https://www.ft.com/content/39095b58-5940-46f3-92e5-759a2923334d">the FT</a> reported.Revenue growth at EY fell from 16% in the previous financial year to just 3% in FY2024. The drop in performance was driven by declines in some of EY's key divisions, with its consulting and strategy business decreasing by 4% and transactions decreasing by 13%."With depressed UK and global deal activity and weak levels of corporate confidence during FY24, we have responded to the market to ensure we have the right platform for continued long-term growth and profitability," said Hywel Ball, EY's outgoing UK managing partner.Senior employees at the Big Four consultancies, which are all privately held, can be <a target="_blank" class="" href="https://www.businessinsider.com/how-to-get-onto-partner-track-make-millions-management-consulting-mckinsey">promoted to partner status</a>, and some are offered equity ownership in the business. In addition to salary and bonuses, equity partners traditionally receive a share of annual profits.At PwC and Deloitte, partners have also seen their payouts drop this year as growth slows.UK partners at PwC took home an average of £862,000 ($1.11 million) this financial year, 5% less than the same period in 2023. <a target="_blank" class="" href="https://www.pwc.co.uk/who-we-are/annual-report.html">PwC reported</a> that its total revenue growth was down to 9% compared to 16% growth in 2023.At Deloitte, partner payouts were down by 4.5% to around £1 million ($1.3 million), leaving equity partners taking home roughly £50,000 less than the previous year.The fall in pay comes as the Big Four — which consists of Deloitte, EY, KPMG, and PwC — attempt to balance operations following the end of the pandemic-era rush on advisory services.Many <a target="_blank" class="" href="https://www.businessinsider.com/consulting-firms-mckinsey-bcg-accenture-workers-leaving-2024-9">consultancies hired rapidly</a> to meet soaring demand in the early 2020s. As the workload slowed, revenues declined. The major firms have been making adjustments in order to balance operations, such as <a target="_blank" class="" href="https://www.businessinsider.com/ey-graduate-hires-start-dates-delayed-slowdown-strategy-consulting-2024-10">delaying start dates</a> for new hires and laying off employees. However, the impact of policies is not expected to be immediate.Despite the current slowdown in growth, many firms believe <a target="_blank" class="" href="https://www.businessinsider.com/ai-questions-consulting-firms-are-answering-for-clients-2024-6">AI</a> will provide a necessary boost to business as more companies look to consultants for advice on how best to get started and optimize their operations.

Partner pay at Big 4 firms is dropping, the latest sign of the consulting slowdown

<ul class="summary-list"><li>Startup founder Charlie Baron felt lonely and burned out in London.</li><li>He moved to Lisbon in 2023 and started a new company focused on building community.</li></ul>This as-told-to essay is based on a transcribed conversation with Charlie Baron, 30-year-old founder in Lisbon, Portugal, about moving from London. It has been edited for length and clarity.When I moved to <a target="_blank" class="" href="https://www.businessinsider.com/american-visiting-portugal-first-time-surprising-things-lisbon-2022-8">Lisbon</a>, I was <a target="_blank" class="" href="https://www.businessinsider.com/working-part-time-avoid-burnout-great-resignation-job-hopping-2023-3">burned out</a> and <a target="_blank" class="" href="https://www.businessinsider.com/incredibly-lonely-high-paying-tech-job-seattle-2023-9">lonely</a> from working from home for a tech startup I'd co-founded.One week in November 2022, I barely left the house. I needed to change my lifestyle. I'd been thinking about <a target="_blank" class="" href="https://www.businessinsider.com/lived-texas-california-alabama-moved-finland-better-life-2024-10">moving to another country</a> for a while. Moving abroad would push me to meet new people and live a more fulfilling life.<h2 id="a60fe711-1dc1-4bd1-9b29-c1cbcea73c40">I co-founded a startup</h2>I've always been entrepreneurial and worked on little projects from a young age. In 2012, I went to Loughborough University to study business. When I left university in 2016, I joined Tesla in their London sales team. I had always wanted to work in tech.While there, I started a side business helping inventors launch their products on crowdfunding platforms like Indiegogo. I quit <a target="_blank" class="" href="https://www.businessinsider.com/quit-white-collar-jobs-after-2-decades-electrician-blue-collar-2024-8">Tesla</a> in 2017 to work on it full-time.Through that, I met the founder of a portable phone charging network ChargedUp. I consulted for them, then wrapped up my business and joined ChargedUp as a cofounder in November 2017. I led various teams, including sales and marketing. We raised capital from VCs in the UK.The COVID-19 pandemic stopped us in our tracks. We pivoted to<a target="_blank" href="https://www.businessinsider.com/how-to-pivot-business-in-crisis-what-chargedup-founders-learned-2020-8"> creating hand sanitizer dispenser stations</a> under the name CleanedUp. Five years into the business, we sold the CleanedUp side and launched another tech product for <a target="_blank" href="https://www.uktechnews.info/2022/01/04/innovate-energy-solutions-theup-co-secures-7-million-series-a-investment/">the hospitality industry in 2022</a>.<h2 id="44c45deb-cf22-42a1-8051-88854847d668">I was lonely</h2>I started to feel slightly lost and tired of London. I'd grown up in London and moved around the city in my 20s.When the COVID-19 pandemic hit, everyone left the capital and moved to the outskirts with their partners. When restrictions were lifted, I realized I barely saw my friends anymore. We would meet up once a month if we could.I struggled to meet new people. I joined a football team locally but still spent most of my time working remotely from home and not meeting anyone.Over the five years, I often worked 18-hour days and was burned out.<h2 id="36e9e39a-f4fb-41a3-b77b-b3eb6fee78d7">I considered moving to the US</h2>Moving to California had always been a dream. But after the pandemic, the state seemed to be on the decline, with lots of people moving out.I'd visited Lisbon before and loved it. It felt like somewhere on the ascent. One of my friends had moved there and encouraged me to join. I decided to go for three months in 2022 while working part-time for ChargedUp.I wanted to live there immediately and applied for a <a target="_blank" href="https://www.businessinsider.com/portugal-shutting-down-golden-visa-d7-digital-nomad-still-open-2023-2">D7 visa</a> that summer. The visa is for people who make at least $7,673 a year in passive income. It took me around five months to get the visa. I flew back to the UK a lot for my visa appointments and still had an apartment there with my brother. I got the visa in January 2023 and moved to Lisbon shortly after.Since I started my application, <a target="_blank" href="https://www.businessinsider.com/portugal-launches-digital-nomad-visa-2700-month-income-requirement-2022-10">digital nomad visas</a> have become available. Those require a higher minimum income.I left ChargedUp in April 2023 but kept equity in the company. I took six months off to enjoy myself, living off my savings. I scoured WhatsApp for groups to meet new people, tried out new sports, and spent time in nature. Hiking around Lisbon is very easy. People I met often had similar stories to mine. They lived in different cities and struggled to connect with people there. They all moved to Lisbon to reconnect.<h2 id="c5d78187-58f0-425e-a428-bf32f8f924af">I started my own business</h2>These interactions <a target="_blank" class="" href="https://www.businessinsider.com/irl-social-startups-combat-loneliness-among-millennials-gen-z-2024-5">inspired my new business</a>. I started it in July 2023 as a fun side project. It's a membership app called <a target="_blank" href="https://www.tribesocial.co/">Tribe,</a> which connects people new to a city on mutual interests like sports, arts, or music. We host events at our social clubs, which are also coworking spaces.I launched the business with money from my previous businesses and used AI tools to help me build the app. I met my cofounder paddleboarding in Lisbon. He'd run a chain of cocktail bars in London. We'd even worked together but never met. We bootstrapped the app together.<h2 id="5143e392-49d9-49cb-b8c6-8f3ab71a2474">London's business scene is ahead</h2>Building in Lisbon was probably harder than it would've been in London. Getting investment and finding tech talent in London might have been easier, and it would have been faster to set up a business in London. In Lisbon, it was a long process, and employers have to pay Social Security tax proportional to an employee's salary, so it's more expensive<a target="_blank" href="https://taxsummaries.pwc.com/portugal/individual/other-taxes"> to pay</a> <a target="_blank" href="https://taxsummaries.pwc.com/portugal/corporate/other-taxes#:~:text=As%20a%20rule%2C%20employers%20are%20required%20to%20make%20monthly%20social%20security%20contributions%20at%20the%20standard%20rate%20of%2023.75%25%20on%20the%20monthly%20gross%20remuneration%20of%20their%20employees.">people</a> higher salaries, which is frustrating.We plan to take the app to Spain, France, and the UK over the next few months.<h2 id="d12bb4e7-137c-456d-8dd8-00762344a54e">My lifestyle is better and cheaper</h2>The UK, especially London, is constantly in a rush. Lisbon is more laid-back. My lifestyle is focused on wellness and being outdoors. I walk and exercise more.Playing sports four times a week is easy, even while building the business, because everything is nearby. In 20 minutes, I can be on the beach or up a beautiful mountain. I haven't taken a salary yet from my business, but I hope to next year. It helps that I live a simple life, and it's much cheaper than London. There's some of the nicest wine in Europe, and it's three or four euros for a glass. I didn't go out in London much because it was so expensive.When I first moved here, I had a one-bedroom apartment in the center of town. Rent has since gone up. I now live 10 minutes away from the center in a nice community, and I rent a three-bedroom house from a friend for less than double my initial rent.I feel so much less lonely than I did in London. I'm almost overstimulated now from meeting so many new people. It was a good decision to move.If you've relocated to another country and would like to share your story, email <a target="_blank" href="mailto:ehopkins@businessinsider.com">ehopkins@businessinsider.com</a>.

I quit my tech job due to burnout and left London. Moving to Lisbon cured my loneliness and restored my work-life balance.

<ul><li>X has started testing a paid subscription program for all new users in two countries.</li><li>New users will have to pay a fee to be able to interact with other users.</li><li>Here’s everything you need to know about the Not a Bot program.</li></ul> <keyword id="6355315" type="General" weightage="20" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> in a live-stream has mentioned that X (formerly Twitter) is moving towards becoming a paid platform for all users. X has announced that the company is now testing a new program in two countries. The program, dubbed as “Not a Bot” has initially been announced in two countries – New Zealand and Philippines. Users creating a new account in these countries will have to pay an annual fee of $1 to interact with other users. Let’s understand what the Not a Bot program is and what impact it may have on new users – <cmsannotation type="cmsannotation" annotationid="Mobile number verification" comment="subhead" text="Mobile number verification">Mobile number verification</cmsannotation> The first thing users will have to do under the Not a Bot program is to verify their phone number. This will strictly apply to new users as well. <cmsannotation type="cmsannotation" annotationid="Subscription plan" comment="subhead" text="Subscription plan">Subscription plan</cmsannotation> Once the user has authenticated their mobile number, they will be asked to select a subscription plan. The user will have three options – <ul><li>$1 plan</li><li>X Premium</li><li>Verified Organisations</li></ul><cmsannotation type="cmsannotation" annotationid="Here’s what you get with the $1 plan" comment="subhead" text="Here’s what you get with the $1 plan">Here’s what you get with the $1 plan</cmsannotation> The $1 plan, which is the cheapest option among the three subscription plans, will allow you to perform the following actions – post content, like posts, reply to posts, quote or repost posts and bookmark posts. It is noteworthy that these are all the things that users can currently do for free. <cmsannotation type="cmsannotation" annotationid="Can new users create an account for free?" comment="subhead" text="Can new users create an account for free?">Can new users create an account for free?</cmsannotation> While new users will be able to opt for a free account, their actions on the platform will be very limited. The users who do not opt for a subscription plan will only be able to read posts, watch videos and follow accounts. <cmsannotation type="cmsannotation" annotationid="Will existing users have to pay $1?" comment="subhead" text="Will existing users have to pay $1?">Will existing users have to pay $1?</cmsannotation> X has mentioned that existing users will not be affected within this test and won’t have to pay any subscription fees. But, from the wording, “within this test”, it can be interpreted that the company is considering charging users a nominal fee to be able to interact on the platform. Musk has been vocal about eliminating bots on the platform and may consider charging a nominal fee to reduce bots on the platform. <cmsannotation type="cmsannotation" annotationid="Why is X doing this?" comment="subhead" text="Why is X doing this?">Why is X doing this?</cmsannotation> As per the platform, this move is not aimed at earning a profit but to reduce spam, manipulation of the platform and reduce bot activity. “This new test was developed to bolster our already successful efforts to reduce spam, manipulation of our platform and bot activity, while balancing platform accessibility with the small fee amount. It is not a profit driver,” X said in a<a href="https://twitter.com/Support/status/1714429406192582896"> post</a>. “It’s the only way to fight bots without blocking real users. This won’t stop bots completely, but it will be 1000X harder to manipulate the platform,” Elon Musk said in a post. <cmsannotation type="cmsannotation" annotationid="Will this program be rolled out globally?" comment="subhead" text="Will this program be rolled out globally?">Will this program be rolled out globally?</cmsannotation> While X has not announced plans for a global rollout, like most features that have been tested on X, including the paid verification feature will likely be rolled out globally once the testing has been done. This could be a few weeks or a few months, based on the results of the testing. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-decline-for-the-ninth-consecutive-quarter-expected-to-bounce-back-in-festive-season/articleshow/104487576.cms">Smartphone makers should be a worried lot as global shipments decline to a decade low</a> <a href="https://www.businessinsider.in/india/news/explained-how-to-lock-and-unlock-your-aadhaar-biometrics-to-prevent-frauds/articleshow/104462114.cms">Explained: How to lock and unlock your Aadhaar biometrics to prevent frauds</a> <a href="https://www.businessinsider.in/tech/news/passkeys-may-soon-replace-passwords-everything-you-need-to-know/articleshow/104361209.cms">Passkeys may soon replace passwords - everything you need to know</a>

Fight against bots? Musk says new users on X will soon have to pay $1 to create an account

<ul class="summary-list"><li>My client service workload required travel and long nights and weekends, which was hard to manage.</li><li>I made an unthinkable decision to forgo my cushy salary, great benefits, and leadership perks.</li></ul>Working for a global organization is no joke — particularly as a front-line, "the buck stops here" <a target="_blank" href="https://www.businessinsider.com/millennial-becoming-manager-regret-job-career-advice-2023-12">client service manager.</a>I recall the interviewing manager telling me I would never be able to keep up with the workload. I passed off the insinuation, thinking, "He has no idea how effective and efficient I am." It turns out no amount of efficiency and effectiveness was sufficient to keep up with domestic travel, schmoozing with clients, leading a <a target="_blank" href="https://www.businessinsider.com/cofounders-motherly-multimillion-dollar-company-myths-running-remote-team">remote cross-functional team</a>, and managing all the administrative processes.Pair that workload with being <a target="_blank" href="https://www.businessinsider.com/single-mother-five-children-gave-up-bedroom-daughter-privacy-tiktok-2024-1">a single mom</a> and the primary caregiver for aging parents, and it was a recipe for disaster.I loved my job and was great at it, but something had to give.<h2>My demanding career was affecting all areas of my life</h2>Our team members used to tease, "You're not a true employee until you've forgotten to <a target="_blank" href="https://www.businessinsider.com/hire-college-students-child-care-kids-2024-2">pick up your kids at day care</a>." The sad thing is, it wasn't a joke. I got caught up and missed the 6:30 final call at day care more than once.It wasn't just my kid getting the short end of the stick while I traveled and worked late. My <a target="_blank" href="https://www.businessinsider.com/guides/health/essentials-for-better-physical-and-mental-health">physical and mental health</a> dwindled as I tried to pace the never-ending demands of work, parenting, and caregiving. I couldn't keep up, and I felt like I was drowning.<h2>I decided to take a lower-level position with another company</h2>My leader and clients were shocked when I gave my notice. I stayed on past my notice to attend an on-site meeting for one of our largest clients, an international household name. The client leader asked me to name my price to keep me as the service manager on their account. He was dismayed when I replied, "I'm leaving to have a <a target="_blank" href="https://www.businessinsider.com/news-today-november-18-work-life-balance-job-careers-remote-2023-11">better work-life balance</a>, and that's something you can't provide. No amount of pay is enough to make me stay."Even though I was taking a step down and finances would be tight, standing firm in my decision was one of the times I've felt most resolute in my life.<h2>The transition was challenging, but it set me up in the best way</h2>I quickly whipped all my tasks into shape when I began working for my new employer. It wasn't long before I was bored as an individual contributor with no team members to lead. I even considered returning to my former employer to initiate more of that fire I'd become accustomed to. When you're used to chaos, a slower, more deliberate pace can feel excruciating. Thankfully, my good friend helped me stay the course.After a few months on the job, I <a target="_blank" href="https://www.businessinsider.com/meet-elder-millennial-who-took-35000-pay-cut-stay-remote-2023-8">took another pay cut to work part-time</a>, resulting in a nearly 50% pay cut from my client service salary. This time, the move was to be even more present for my growing son, who was in elementary school, and my mother, who'd recently been diagnosed with cancer.<h2>Losing the money was nothing compared to what I gained</h2>I worked for my last employer for 10 years, receiving several promotions and ultimately becoming a director who reported to the CEO. It wasn't long before I surpassed my original salary. Better yet, during my time there, I was blessed with fantastic leadership, minimal travel requirements, <a target="_blank" href="https://www.businessinsider.com/workers-ditch-9-to-5-jobs-to-work-whenever-schedule-flexibility-2022-10">a flexible schedule</a>, ample paid time off, and the ability to put my family first.It's a good thing, too, because my son was getting older, and I lost both of my parents within five years.When the demands of <a target="_blank" href="https://www.businessinsider.com/sandwich-generation-mom-emotional-burnout-2023-10">the sandwich generation</a> were tough, as they often were, I was supported and even gifted donated PTO from fellow employees. I was able to take my parents to doctor appointments, be with them during frequent hospital stays, and care for them in their dying days at hospice.I'll never regret leaving the fast-paced hustle that made family time an afterthought in exchange for the ability to really be there for my family when they needed it most.

I once took a nearly 50% pay cut for a better work-life balance. It was worth it. 

<ul class="summary-list"><li>Google's landmark antitrust trial concludes this week in DC.</li><li>The outcome will have massive implications for other tech giants facing scrutiny from regulators.</li></ul>Google is about to learn its fate.Its landmark antitrust trial is wrapping up this week in DC with closing arguments, capping off a yearslong saga.And its not just Alphabet that needs to pay attention. The findings in the case will have massive regulatory implications for not just the world's biggest search engine, but also fellow tech behemoths like Amazon, Apple, and Meta.The 10-week trial, presided over by US District Judge Amit Mehta, featured testimony from the likes of Microsoft chief Satya Nadella and Google CEO Sundar Pichai — the defense's <a target="_blank" href="https://www.businessinsider.com/google-ceo-pichai-defends-paying-billions-apple-default-search-engine-2023-10">star witness</a>.The Department of Justice <a target="_blank" href="https://www.businessinsider.com/doj-google-antitrust-case-revealed-2020-10">first filed suit in 2020</a>, alleging that Google's deals that made it the default search-engine provider for device makers like Apple blocked off healthy competition.Google says its deals aren't exclusive, and that users can always switch their default browsers — though one government expert <a target="_blank" href="https://www.businessinsider.com/google-antitrust-trial-expert-testifies-difficult-switch-default-search-engine-2023-9">testified in September that it wasn't easy</a>.Google also argued that it simply makes good search products, and noted that the rise of AI technology has increased competition."People don't use Google because they have to — they use it because they want to," Kent Walker, Google's president of global affairs, previously told Business Insider in a statement.In the end, Judge Mehta can clear Google or find it liable, which could result in changes to its search-engine contracts. Mehta could even bar Google from making future deals around its search engine.Worse — and perhaps least likely — Google could be ordered to make structural changes.<h2>The trial provided a glimpse at Google's massive search deals</h2>Though the trial wasn't publicly broadcast, certain exhibits and moments of testimony have given us a glimpse into Google's inner workings.In November, an apparent slip-up by an expert witness for Google revealed the company pays Apple a staggering <a target="_blank" href="https://www.businessinsider.com/google-lawyer-cringed-court-confidential-apple-payment-ad-revenue-report-2023-11">36% of the ad revenues</a> it gets when people search in Safari.It also emerged at trial that Google spent around $26 billion in 2021 to be the default search engine for various smartphone makers — with Apple's cut being about $18 billion, <a target="_blank" href="https://www.nytimes.com/2024/05/02/technology/google-antitrust-trial-closing-arguments.html">The New York Times reported</a>.In 2022, that figure climbed to an eye-watering <a target="_blank" href="https://www.businessinsider.com/google-apple-iphone-search-engine-safari-deal-20-billion-2022-2024-5">$20 billion</a>, according to new court documents.As part of the trial, an email from Nadella was made public <a target="_blank" href="https://www.businessinsider.com/satya-nadella-bill-gates-microsoft-concern-google-rivals-ai-emails-2024-5">that highlighted Microsoft's concerns</a> about Google's AI prowess all the way back in 2019.Still, Google has tried to downplay its power. In his testimony, Prabhakar Raghavan, a senior vice president at the company, said the search giant is referred to as "<a target="_blank" href="https://www.businessinsider.com/grandpa-google-risk-becoming-irrelevant-to-young-testimony-antitrust-trial-2023-10">Grandpa Google</a>" in some circles, adding that company executives fear its influence might be dwindling.<h2>Apple, Amazon, and Meta face similar regulatory battles</h2>Google's antitrust case is the most consequential since <a target="_blank" href="https://www.businessinsider.com/microsoft-1990s-antitrust-case-looms-over-apple-2024-3">Microsoft faced comparable DOJ scrutiny</a> in the late '90s.DOJ lawyers have even argued that the ruling against Microsoft at the time paved the way for Google and Apple to become the behemoths they are now, <a target="_blank" href="https://apnews.com/article/google-apple-microsoft-antitrust-technology-cases-1e0c510088825745a6e74ba3b81b44c6">the AP reported</a>. Microsoft settled in 2001 after agreeing to restructure its business.The DOJ filed an antitrust suit against Apple in March, alleging that the iPhone maker was suppressing app development and worsening the quality of cross-platform messaging, <a target="_blank" href="https://www.businessinsider.com/apple-antitrust-lawsuit-justice-department-2024-3">among other claims</a>.And in September, the FTC <a target="_blank" href="https://www.businessinsider.com/amazon-used-secret-algorithm-raise-rival-site-prices-antitrust-lawsuit-2023-11#:~:text=Platt%2FGetty%20Images-,The%20Federal%20Trade%20Commission%20and%2017%20states%20are%20suing%20Amazon,two%20years%22%20worth%20of%20communications.">sued Amazon</a> for inflating prices on its marketplace and overcharging smaller sellers.The agency previously sued Meta in a bid to force it to sell Instagram and WhatsApp, which it said marked a monopoly.US regulators are clearly taking aim at Big Tech again.Mehta's decision — which could come later this summer or early in the fall, the AP reported — will be the biggest signal yet about <a target="_blank" href="https://www.businessinsider.com/how-google-antitrust-lawsuit-affects-amazon-facebook-apple-justice-department-2020-10">how likely</a> the government's other regulatory battles are to succeed.

The future of Google &mdash; and Big Tech &mdash; hangs in the balance at trial

<ul><li><keyword id="790242" type="General" weightage="20" keywordseo="whatsapp" source="Orion">WhatsApp</keyword> is expected to soon get several new features, including AI-powered features.</li><li>The upcoming features also include international <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> payments from WhatsApp.</li><li>Here are some of the features expected to be introduced soon on WhatsApp.</li></ul>WhatsApp received several features in <a href="https://www.businessinsider.in/tech/apps/news/list-of-features-introduced-by-whatsapp-in-2023/articleshow/106141000.cms"> 2023</a>, including the ability to edit messages that have already been sent, using<a href="https://www.businessinsider.in/tech/apps/news/how-to-use-two-whatsapp-accounts-on-one-phone/articleshow/104641592.cms"> multiple accounts</a> on a single phone, chat lock, and more. The Meta-owned platform has now been spotted testing some new features. The upcoming features range from international UPI payments to AI features for editing photos, answering queries and more. WhatsApp is also expected to get usernames, longer video status duration and more. In this post, we look at some of the upcoming WhatsApp features. <cmsannotation type="cmsannotation" annotationid="International UPI payments" comment="subhead" text="International UPI payments">International UPI payments</cmsannotation> WhatsApp is<a href="https://twitter.com/AssembleDebug/status/1772145252415189196"> reportedly</a> working on a new feature that will allow users to enable international payments in the app. As part of this, users will be able to authorise international payments for a period of up to three months using UPI right from WhatsApp. This will allow users to make payments to international businesses. Do note that this feature is already available in UPI apps such as PhonePe and Google Pay. <cmsannotation type="cmsannotation" annotationid="AI photo editing, chat and more" comment="subhead" text="AI photo editing, chat and more">AI photo editing, chat and more</cmsannotation> Meta will reportedly integrate its Meta AI into WhatsApp, allowing users to ask questions and chat with the AI chatbot using the search bar. The app will offer users suggestions on what questions to ask to easily get answers. In addition to this, WhatsApp is also working on a tool that will allow users to use AI to edit their photos before they send them to others. Users will reportedly be able to change the background of the images, add artistic effects to the images and more. The introduction of these features will eliminate the need to use other AI-powered tools to get answers to queries or edit images. <cmsannotation type="cmsannotation" annotationid="Share files" comment="subhead" text="Share files">Share files</cmsannotation> WhatsApp is reportedly working on a new feature that will allow users to easily share files with others. This feature works just like Google’s Quick Share feature and is expected to allow users to share files up to 2GB. This feature will allow users to share files only with users who are near them. <cmsannotation type="cmsannotation" annotationid="Username for login" comment="subhead" text="Username for login">Username for login</cmsannotation> WhatsApp is expected to soon introduce a new feature that will enable users to set usernames on the app. Applications such as Instagram and Facebook already allow users to use unique usernames on their platforms. With the introduction of this feature, users will be able to set unique usernames on WhatsApp and will not be required to share their phone number to connect with someone. Telegram has been offering this feature for a while now, and Signal recently<a href="https://www.businessinsider.in/tech/apps/news/signal-launches-usernames-to-keep-your-phone-number-private/articleshow/107868401.cms"> announced</a> the rollout of the feature. <cmsannotation type="cmsannotation" annotationid="Profile picture privacy" comment="subhead" text="Profile picture privacy">Profile picture privacy</cmsannotation> In a bid to boost user privacy, WhatsApp is planning on rolling out a new feature that will prevent users from taking screenshots of the profile pictures of other users. Users who try to take a screenshot of a profile picture will get an error message that reads, “Can’t take a screenshot due to app restrictions.”. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/wwdc-2024-to-begin-on-june-10-ai-features-for-ios-18-and-more/articleshow/108810215.cms">WWDC 2024 to begin on June 10 – AI features for iOS 18 and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-review/articleshow/108723955.cms">OnePlus 12 review: A feature-packed device with promising battery backup</a> <a href="https://www.businessinsider.in/tech/mobile/news/motorola-edge-50-pro-to-launch-in-india-on-april-3-everything-we-know-so-far/articleshow/108667275.cms">Motorola Edge 50 Pro to launch in India on April 3 – Everything we know so far</a>

From AI photo editing to international UPI payments, here are upcoming WhatsApp features

<ul class="summary-list"><li>Shannon Rowan, 51, divorced her ex-husband in 2010.</li><li>She's still stuck with the bill for his student loans and cannot separate their balances.</li></ul>Shannon Rowan, 51, divorced her ex-husband in 2010. But more than a decade later, their student loans are preventing them from fully separating.In 2002, Rowan and her then-husband decided to consolidate their student-loan balances into the spousal <a target="_blank" rel="" href="https://www.businessinsider.com/how-do-separate-spousal-student-loan-debt-balance-new-guidance-2023-5">joint consolidation loan program,</a> which Congress created to allow married couples to combine their balances and make payments with a single interest rate.When they decided to divorce eight years later, they <a target="_blank" href="https://www.businessinsider.com/when-will-spousal-loans-be-separated-student-debt-relief-forgiveness-2023-9">could not separate their loans</a> because Congress shuttered the program in 2006, leaving them without any avenue to pay their loans separately. As a result, the judge overseeing the divorce ordered Rowan to pay 18% of the balance — which was about $98,000 at the time — and her ex-husband was ordered to pay 82% of it since the majority of the loans belonged to him, according to court documents reviewed by Business Insider.The agreement also stated that her ex-husband would make the payments, and Rowan would reimburse him for her portion.While Rowan's ex-husband made some payments, they were not consistent — and she was notified that her loan was in default status with the risk of wage garnishment if she did not bring the account up to date on payments.Their combined balance now stands at just under $365,000, per documents reviewed by BI, due to surging interest on the loans during the periods when no payments were being made. Rowan has since re-married, and to help pay for her kids' educations, her husband has had to take out federal parent PLUS student loans under his own name, which allow a parent to borrow up to the full cost of attendance for their child."When my oldest went into college, I tried to get a parent loan, and I couldn't because of my outstanding debt. So my current husband has all my kids' student loans in his name," Rowan told BI."And we've got a second one that's in university now, and it's the same situation," she continued. "All the student loans are in my current husband's name. So it's just been extremely difficult, and I want to make the payments. I want to get out of default status. I went to college, I got my degree, I owe that money back, and I have no problem paying it, but he has to be the one to do it."<div type="image" title="Shannon Rowan" height="719" width="958" msid="108205881" hostid="261" sizebytes="87160"></div>While Rowan wants to separate her loans to gain financial freedom from her ex, other borrowers with spousal loans are seeking to separate their balances for a range of reasons. For example, one married coupled <a target="_blank" href="https://www.businessinsider.com/married-couples-blocked-from-student-loan-forgiveness-after-combining-balances-2022-5">previously told BI</a> they want separate so they can qualify for Public Service Loan Forgiveness, and spousal loans are not eligible for the program.To address the issue, Sen. Mark Warner and Rep. David Price introduced the <a target="_blank" rel="" href="https://www.businessinsider.com/spousal-student-loan-borrowers-can-separate-balances-debt-relief-forgiveness-2022-9">Joint Consolidation Loan Separation Act</a> of 2021 — signed into law by President Joe Biden in 2022 — to allow borrowers to separate their spousal loans. However, Federal Student Aid's website said implementation of the law likely won't happen "until late 2024 at the earliest," meaning spousal borrowers are still stuck in limbo without any avenue for relief."It's been a huge financial stress because my husband also has the house in his name," Rowan said. "And I keep thinking every time we try to do something that is necessary for the kids or our living situation, are we going to get turned down as a result of all of this?"<h2>'It's been a nightmare'</h2>Rowan said she started encountering hurdles with her student-loan balance shortly after her divorce. For example, when she attempted to purchase a car, she wasn't able to do so because of her outstanding balance in default status.She also can't get a new credit card, and she said that her parents are concerned her inheritance will be garnished because of her student loans."It's been a nightmare," Rowan said. "It's just a continuous issue."BI <a target="_blank" href="https://www.businessinsider.com/student-loans-spousal-separation-mom-paying-ex-husband-debt-children-2024-2">recently spoke to Chrystal Copeland</a>, a 46-year-old mom also seeking to get her loan balance separated from her ex-husband. Similar to Rowan, Copeland said the inability to separate the balances means she can't buy a new car, and she's not on the mortgage for the house her current husband owns."The only thing that is still holding me in this cycle of abuse is these student loans," Copeland said. "They're still beholding me to my ex-spouse, and I can't break free."For now, Rowan said she is trying to get out of default status, and she hopes the application to separate her student loans from her ex will become available as soon as possible so she can finally have closure."It was a huge, huge sense of relief when I saw that passed," Rowan said, referring to the law to allow spousal loans to separate. "But the delays have been very disheartening because we thought this was going to be resolved, but it's been a roller coaster."

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The future of Google and Big Tech — hangs in the balance at trial