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The <keyword id="22906567" type="General" weightage="100" keywordseo="Unified-Pension-Scheme" source="keywords">Unified Pension Scheme</keyword> (<keyword id="19904859" type="General" weightage="20" keywordseo="UPS" source="keywords">UPS</keyword>) is a newly introduced <keyword id="20146379" type="General" weightage="20" keywordseo="pension" source="keywords">pension</keyword> system approved by the <keyword id="19909268" type="General" weightage="20" keywordseo="Indian-government" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian government" meta.hostid="261" meta.entityid="Indian government">Indian government</keyword> aimed at providing guaranteed pensions, family pensions, and a minimum assured pension for central <keyword id="19933272" type="General" weightage="20" keywordseo="government-employees" source="keywords">government employees</keyword>. It is set to take effect from April 1, 2025. <h3>Who is eligible for the UPS?</h3>The scheme is applicable to central government employees who have completed a minimum of 10 years of service. It also reportedly offers a choice to current employees between the existing National Pension System (<keyword id="19919089" type="General" weightage="20" keywordseo="NPS" source="keywords">NPS</keyword>) and the new UPS. This includes employees who are retired or retiring on or before 31 March 2025 with arrears. Once selected, the choice will reportedly be final for both current and future employees. <h3>What are the key benefits of the UPS?</h3><ul><li>Guaranteed Pension: Employees will receive a pension equivalent to 50% of their average basic salary from the last 12 months prior to <keyword id="19908343" type="General" weightage="20" keywordseo="retirement" source="keywords">retirement</keyword>, provided they have completed at least 25 years of service. This is proportionately reduced for those with less than 25 years but more than 10 years of service.</li><li>Family Pension: In the event of the pensioner's death, the family is entitled to receive 60% of the pension amount that was being disbursed at the time of the pensioner's passing.</li><li>Minimum Pension: A guaranteed minimum monthly pension of Rs 10,000 is assured after retirement for those with at least 10 years of service.</li></ul><h3>How will the pension be adjusted for inflation?</h3>The UPS includes a provision for <keyword id="22911270" type="General" weightage="20" keywordseo="inflation-adjustment" source="keywords">inflation adjustment</keyword> through Dearness Relief (DR), which is linked to the All India Consumer Price Index for Industrial Workers (AICPI-IW). This ensures that the pension, family pension, and minimum pension keep pace with inflation. <div type="Article" hostid="261" msid="112777109" title="GST Council meet: TMC&amp;#39;s O&amp;#39;Brien urges Sitharaman to withdraw 18 pc GST on insurance premiums" mstype="2" mssubtype="0"></div>The government's contribution to the pension fund has been increased from 14% to 18.5% of the employee's salary. This is part of the government's commitment to ensuring the <keyword id="20615853" type="General" weightage="20" keywordseo="financial-security" source="keywords">financial security</keyword> of its employees in retirement. In addition to the regular pension, employees will receive a lump-sum payment at the time of superannuation. This will be 1/10th of the monthly salary (including basic pay and Dearness Allowance) for every six months of completed service. <h3>How does the UPS compare with the NPS?</h3>The UPS offers a guaranteed pension and family pension, whereas the NPS is a contributory scheme where the final pension amount depends on the accumulated corpus and market performance. Employees under the UPS have the security of a fixed pension, while the NPS offers potentially higher returns but with associated risks. The central government has made the framework of the UPS available to state governments. If adopted, it could benefit around 90 lakh state government employees currently under the NPS. <h3>What is the broader impact of the UPS?</h3>As per current estimates, the implementation of the UPS is expected to cost the government an additional Rs 6,250 crore in its first year. The costs will be reassessed every three years to ensure sustainability. The introduction of the new pension scheme is potentially a significant step toward ensuring the financial security and dignity of government employees in their retirement years. It remains to be seen whether it will effectively address the growing demands for a more secure pension system and improve <keyword id="21935721" type="General" weightage="20" keywordseo="employee-welfare" source="keywords">employee welfare</keyword>.

Confused by the newly introduced Unified Pension Scheme? Here’s all you need to know about how it will work

The just-announced <keyword id="22906567" type="General" weightage="100" keywordseo="Unified-Pension-Scheme" source="keywords">Unified Pension Scheme</keyword> for central <keyword id="19933272" type="General" weightage="20" keywordseo="government-employees" source="keywords">government employees</keyword> will be available only for those who are currently subscribers of the New Pension Scheme (NPS), including retirees. The new scheme guarantees employees 50% of their average basic pay over the last 12 months before retirement, as a pension for a minimum qualifying service of 25 years against a market returns linked payout under the NPS. According to the scheme approved by the Union Cabinet, the pension will be proportionate for a lesser service period of up to a minimum of 10 years. Also, assured pension of Rs 10,000 per month on superannuation after a minimum of 10 years of service will be provided. The scheme has been brought out to address the concerns of government employees over NPS, which came into effect from January 1, 2004. Under the <keyword id="3246232" type="General" weightage="20" keywordseo="Old-Pension-Scheme" source="Orion">old pension scheme</keyword> (OPS), effective before January 2004, employees got 50 % of their last drawn basic pay as pension. Unlike the old pension scheme, UPS is contributory in nature, wherein employees will be required to contribute 10% of their basic salary and dearness allowance while the employer's contribution (the central government) will be 18.5%. Under the NPS, the employer contribution is 14%, and the employee contribution is 10%. However, the eventual payout depends on the market returns on that corpus, mostly invested in government debt. Employees, under the OPS, were not required to make any contribution. They, however, contributed to the General Provident Fund (GPF). The accumulated amount, along with interest, was paid to the employee at the time of retirement. As the NPS was less attractive than the OPS, several non-BJP-ruled states decided to go back to the old pension scheme, which offered a DA-linked benefit. This prompted the Centre to constitute a committee in April 2023, under former Finance Secretary and now Cabinet Secretary-designate TV Somanathan to suggest improvement in the NPS architecture. Fulfilling the long pending demands of government employees ahead of assembly elections in Haryana and Jammu and Kashmir, the Union Cabinet on August 24 approved the UPS, which will provide assured pension to 23 lakh eligible central government employees. Those opting for the UPS will not be able to switch back. The UPS will put an additional burden of Rs 6,250 crore on the exchequer per year. The expenditure will vary every year according to variations in the number of employees. In addition, there will be an arrear of Rs 800 crore that has to be paid under the National Pension System (NPS) to employees retiring before March 31, 2025. If these retirees opt for UPS, they will receive arrears. "UPS is being implemented by the Central Government, benefitting 23 lakh central government employees," Information &amp; Broadcasting Minister Ashwini Vaishnaw said on X on Sunday. If states also adopt the UPS architecture, a total of over 90 lakh government employees, who are presently on NPS, would be benefitted, he added. On Sunday, Maharashtra, where assembly elections are due later in the year, became the first state to announce the adoption of the UPS for its employees. RSS-affiliate Bharatiya Mazdoor Sangh (BMS) said though the government has attempted to overcome the shortcomings of the NPS, there are still some issues compared to OPS. BMS will decide its future course of action only after a detailed study of the UPS after it is notified. All India Trade Union Congress (AITUC) said it is nothing but an extension of the existing NPS. The trade union expressed apprehensions that UPS will have a lot of aberrations once implemented. AITUC reiterated that it will continue to fight for the restoration of the non-contributory OPS. ICRA Chief Economist Aditi Nayar said assured pensions will add to the government's committed expenditure in the future while reducing the uncertainty for employees. "This will have to be built into the fiscal consolidation roadmap going ahead," Nayar added. The UPS reflects a thoughtful approach to long-term social security, addressing concerns about the adequacy and sustainability of pension benefits in a rapidly changing economic landscape, said Shardul Amarchand Mangaldas &amp; Co Partner Dorothy Thomas. "This move signals the government's commitment to providing robust support for its workforce, enhancing financial stability for millions of government employees across the country," Thomas said.

Over 23 lakh govt employees under NPS get option to choose unified pension scheme

Union Minister of Labour and Employment <keyword id="19906409" type="General" weightage="20" keywordseo="mansukh-mandaviya" source="keywords">Mansukh Mandaviya</keyword> and Chairperson of the Central Board of Trustees, EPF, have given the green light to the proposal for a Centralised <keyword id="23037839" type="General" weightage="100" keywordseo="Pension-Payment-System" source="keywords">Pension Payment System</keyword> (<keyword id="23039389" type="General" weightage="20" keywordseo="CPPS" source="keywords">CPPS</keyword>) under the Employees' Pension Scheme, 1995. According to the Ministry of Labour and Employment, this initiative represents a major advancement by establishing a national-level centralised system, allowing pension disbursement through any bank or branch across India. Commenting on this development, Mandaviya stated, "The approval of the Centralised Pension Payment System (CPPS) marks a significant milestone in the modernization of the <keyword id="19966712" type="General" weightage="20" keywordseo="EPFO" source="keywords" meta.keywordsubtype="org" meta.entityname="EPFO" meta.hostid="83" meta.entityid="EPFO">EPFO</keyword>. By enabling pensioners to receive their pensions from any bank, any branch, anywhere in the country, this initiative addresses the long-standing challenges faced by pensioners and ensures a seamless and efficient disbursement mechanism." He added, "This is a crucial step in our ongoing efforts to transform the EPFO into a more robust, responsive, and tech-enabled organisation, committed to serving the needs of its members and pensioners better." The CPPS is expected to benefit over 7.8 million <keyword id="21992385" type="General" weightage="20" keywordseo="EPS-Pensioners" source="keywords">EPS pensioners</keyword> of EPFO. By leveraging advanced IT and banking technologies, it aims to provide a more efficient and user-friendly experience for pensioners. The CPPS will also ensure seamless pension disbursement across India, eliminating the need to transfer Pension Payment Orders (PPO) when a pensioner relocates or changes their bank or branch. This will be a significant relief for pensioners who move to their hometowns post-retirement. This facility will be launched on January 1, 2025, as part of EPFO's ongoing <keyword id="23015602" type="General" weightage="20" keywordseo="IT-Modernization" source="keywords">IT modernization</keyword> project, Centralised IT Enabled System (CITES 2.01). In the following phase, CPPS will enable a smooth transition to an <keyword id="20028363" type="General" weightage="20" keywordseo="Aadhaar-based-Payment-System" source="keywords">Aadhaar-based payment system</keyword> (ABPS). The CPPS marks a significant departure from the current decentralised pension disbursement system, where each EPFO Zonal/Regional Office maintains separate agreements with only 3-4 banks. Pensioners will no longer need to visit branches for verification at the start of their pension, as it will be credited immediately upon release. Additionally, EPFO anticipates a significant reduction in disbursement costs with the new system.

EPS Pensioners to get pension from any bank, any branch, anywhere in India from January 1, announces Mansukh Mandaviya

The Ministry of Labour and Employment recently directed the Employees' Provident Fund Organization (<keyword id="19966712" type="General" weightage="100" keywordseo="EPFO" source="keywords">EPFO</keyword>) to ensure the activation of UAN (<keyword id="20789489" type="General" weightage="20" keywordseo="universal-account-number" source="keywords">Universal Account Number</keyword>) via Aadhar-based OTP. The outreach is part of announcements made during the Union Budget 2024-25, which aim to maximize the net of beneficiaries under the Employment Linked Incentive (ELI) Scheme. The central government has already directed concerned ministries and departments to ensure that payment of all subsidies and incentives under all welfare schemes occurs via the Aadhar Payment Bridge and that 100% biometric Aadhar authentication is achieved. Notably, Aadhaar-based verification eliminates the need for producing multiple documents to prove one's identity. In the first stage, all employers must complete <keyword id="24089674" type="General" weightage="20" keywordseo="UAN-activation" source="keywords">UAN activation</keyword> through Aadhar-based OTP for all employees who've joined the company in the current financial year by November 30, 2024. Starting with their latest recruits, employers will have to finish this process for all their employees. As per the budget announcements, the government will implement 3 schemes for 'Employment Linked Incentive' as part of the Prime Minister's package. These will be based on enrollment in the EPFO and focus on recognition of first-time employees and support to employees and employers. The ELI Scheme aims to create over 2 crore jobs in the country in 2 years. This will significantly contribute to increasing employment opportunities and enhancing livelihoods. UAN activation provides employees with seamless access to EPFO's comprehensive online services, enabling them to efficiently manage their Provident Fund (PF) accounts, view and download PF passbooks, submit online claims for withdrawals, advances, or transfers, update personal details, and track claims in real-time. This allows employees 24/7 access to EPFO services from the comfort of their homes, eliminating the need for physical visits to EPFO offices. For the uninitiated, UAN is a 12-digit number allotted to each member of EPFO (Employee Provident Fund Organization). Think of UAN as a single-point number that brings together multiple member IDs that have been allocated to a particular employee. In September this year, EPFO added 18.81 lakh members, registering a 9.33% YoY growth.

EPFO to ensure UAN activation for employees through Aadhaar-based OTP

The Union <keyword id="6355513" type="General" weightage="20" keywordseo="cabinet" source="Orion">Cabinet</keyword> on Wednesday approved a four per cent increase in <keyword id="6429991" type="General" weightage="50" keywordseo="dearness-allowance" source="Orion">Dearness Allowance</keyword> (DA) for Central government employees and Dearness Relief for pensioners. Briefing reporters about the decisions of the union cabinet, Information and Broadcasting Minister <keyword id="6364468" type="General" weightage="50" keywordseo="anurag-thakur" source="Orion">Anurag Thakur</keyword> said the decision will be implemented from July 1 this year. "Dearness Allowance for Central government employees and Dearness Relief for pensioners has been increased by 4%. The <keyword id="663200" type="General" weightage="60" keywordseo="DA-hike" source="Orion">DA hike</keyword> will be implemented from 1, July 2023," he said. The decision will benefit 48.67 lakh Central Government Employees and 67.95 lakh pensioners. The minister said the decision has come in the festival season and will benefit both the central government employees and pensioners. Generous bonus for railway employees The Cabinet has also granted approval for a Productivity Linked Bonus (PLB) that amounts to 78 days wages for eligible non-gazetted Railway employees. This bonus is for the financial year 2022-23 and will benefit a wide array of railway staff, including Track maintainers, Loco Pilots, Train Managers (Guards), Station Masters, Supervisors, Technicians, Technician Helpers, Points man, Ministerial Staff, and other Group 'C' staff, excluding Railway Protection Force (RPF)/ Railway Protection Special Force (RPSF) personnel, read the press release issued by Cabinet. This move comes in recognition of the outstanding performance of the railway employees throughout the financial year 2022-23. The Union Government has sanctioned a PLB totalling Rs 1,968.87 crores, which will be disbursed to approximately 1,107,346 railway employees, read the press release. (This copy will be updated)

Dearness allowance of central government employees hiked by 4%

Private lender <keyword id="2240511" type="General" weightage="20" keywordseo="bandhan-bank" source="Orion">Bandhan Bank</keyword> on Wednesday said it has been authorised by the Reserve Bank of India (RBI) to disburse <keyword id="6354432" type="General" weightage="20" keywordseo="pension" source="Orion">pension</keyword> to <keyword id="19806630" type="General" weightage="20" keywordseo="retired-railways-employees" source="Orion">retired railways employees</keyword>. In a statement, the bank said the lender will shortly integrate its system with the railways ministry to operationalise the pension disbursement process. The mandate will give the bank access to around 50,000 retirees each year across 17 zonal offices and eight production units of the railways across the country. Debraj Saha, head (government business), Bandhan Bank, said, "Indian Railways is one of the largest employers in the country. This will help <keyword id="6379276" type="General" weightage="20" keywordseo="pensioners" source="Orion">pensioners</keyword> to get access to competitive rates offered by the bank and other products of the lender."

RBI authorises Bandhan Bank to disburse pension to retired railway employees

<keyword id="20104772" type="General" weightage="20" keywordseo="Hyundai-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyundai Motors" meta.hostid="261" meta.entityid="Hyundai Motors">Hyundai Motors</keyword> India's IPO worth Rs 27,870 crore, the largest India has ever seen, got off to an unhurried start today, with 18% of the total offer subscribed on the first day. The IPO, which closes on October 17, has already attracted significant attention from retail and institutional investors. The issue was subscribed 0.27x in the retail category, 0.05x in the QIB (qualified institutional buyers) category and 0.13x in the NII (non institutional investors) category. <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">Retail investors</keyword> placed bids for 1.3 crore shares, as against the 4.94 crore shares which were offered to them. In contrast, Hyundai employees showed strong support for the IPO, bidding for 6,28,509 shares, as against the 7,78,400 shares allocated to them. Just a day before, Hyundai had raised Rs 8,315.3 crore from about 225 <keyword id="21330641" type="General" weightage="20" keywordseo="anchor-investors" source="keywords">anchor investors</keyword>. The list included several marquee global names, like the <keyword id="22882636" type="General" weightage="20" keywordseo="Government-of-Singapore" source="keywords" meta.keywordsubtype="org" meta.entityname="Government of Singapore" meta.hostid="261" meta.entityid="Government of Singapore">Government of Singapore</keyword>, New World Fund Inc, and the Canada Pension Plan Investment Board. These institutions, along with Fidelity, Government Pension Fund Global, and American Funds Insurance Series New World Fund, invested a combined Rs 2,191.66 crore in the company. Other notable participants in the anchor round included Vanguard, Blackrock, Goldman Sachs and JP Morgan. Hyundai Motor India allocated 4.2 crore equity shares to these anchor investors at Rs 1,960 per share. Also, 34.42% of the entire allocation to anchor investors went to 21 domestic mutual funds via 83 schemes. AMCs (asset management companies) like ICICI, Invesco, Kotak and UTI were part of this round. While the current IPO is entirely OFS (offer for sale), which means that no part of the proceeds will go to Hyundai Motor India, the company has announced that it plans to invest more than Rs 33,000 crore over the next 10 years in India. The country is an important market for the South Korean automobile giant, given that it is the 2nd largest OEM (original equipment manufacturer) in the passenger vehicle space in India. However, the market is already preparing for muted listing day gains, with the company's GMP dropping to Rs 59 today. Hyundai is estimated to list at Rs 2,019 per today's GMP, taking the expected gain/loss per share to a minuscule 3.01%, as per data from IPO site Chittorgarh.

India's biggest IPO off to a slow start, subscribed 0.18x on Day 1

<ul><li>The union cabinet has approved the proposal to increase the <keyword id="6429991" type="General" weightage="20" keywordseo="dearness-allowance" source="Orion">dearness allowance</keyword> for central government employees and pensioners by 3% to 34%.</li><li>The increase in allowance will be effective from January 1, 2022.</li><li>The hike in dearness allowance will benefit 1.16 crore government employees including pensioners.</li></ul>The government’s decision to increase the dearness allowance comes as a relief at a time when inflation is souring high because of surging fuel prices. The union cabinet on Wednesday approved the proposal to increase the dearness allowance for central government employees and pensioners by 3% to 34%. The increase in allowance will be effective from January 1, 2022. Dearness Allowance means an allowance paid by the government to its employees as well as pensioners to curb the impact of inflation. The hike in dearness allowance will benefit about 47.68 lakh central government employees and 68.62 lakh pensioners. Currently, the central government is paying 31% as dearness allowance. Prior to this, the government had approved an increase in dearness allowance and <keyword id="772677" type="General" weightage="20" keywordseo="dearness-relief" source="Orion">dearness relief</keyword> given to central government employees and pensioners from 28% to 31% in October 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tata-consumer-products-simplifies-corporates-structure-and-bring-some-businesses-under-one-roof/articleshow/90537452.cms">Tata Group brings some businesses under one roof to save expenses as it aims to have a single strong entity for FMCG space</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/iphones-reported-as-stolen-will-no-longer-be-repaired-by-apple/articleshow/90534039.cms">iPhones reported as stolen will no longer be repaired by Apple</a>

Dearness allowance hiked by 3% for central government employees and pensioners

In a bonanza for 48 lakh <keyword id="772729" type="General" weightage="20" keywordseo="Central-government-employees" source="Orion">Central government employees</keyword> and 70 lakh pensioners, the government on Friday hiked <keyword id="6429991" type="General" weightage="20" keywordseo="dearness-allowance" source="Orion">dearness allowance</keyword> (DA) and dearness relief (DR) by 4 per cent with retrospective effect from January 1, 2023. The decision was taken in the <keyword id="1246760" type="General" weightage="20" keywordseo="Union-Cabinet-meeting" source="Orion">Union Cabinet meeting</keyword> on Friday evening. According to official sources, the additional instalment will represent an increase of 4 per cent over the existing rate of 38 per cent of the basic pay or pension, to compensate against price rise. The cabinet gave its approval to release an additional instalment of DA to Central government employees and DRA to pensioners with effect from January 1, 2023, they added. The combined impact on the exchequer on account of both DA and DR would be Rs 12,815.60 crore per annum, the sources added. This increase is in accordance with the accepted formula, which is based on the recommendations of the <keyword id="1581536" type="General" weightage="20" keywordseo="7th-Central-Pay-Commission" source="Orion">7th Central Pay Commission</keyword>. DA is calculated as per the latest consumer price index for industrial workers. It is revised periodically twice a year and was last revised in September 2022, and was effective retrospectively from July 1, 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/desk-bombing-monk-mode-other-emerging-trends-at-the-workplace-as-per-linkedin/slidelist/98973217.cms">Desk-bombing, monk mode &amp; other emerging trends at the workplace</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/haircut-on-cases-resolved-through-ibc-not-very-encouraging-says-kotak-report/articleshow/98972743.cms">Haircut on cases resolved through IBC not very encouraging, says Kotak report</a>

Cabinet clears dearness allowance hike by 4%

During the coronavirus pandemic, offices around the world had to alter their way of working and make work from home the norm to keep people safe. For two years, almost all companies in the world offered <keyword id="20665553" type="General" weightage="20" keywordseo="remote-work" source="keywords">remote work</keyword> and there were reports that this would become the future of working. Employees enjoyed the new flexibility and realised how remote work can help them balance work and life with ease. However, contrary to what was perceived, companies began calling employees <keyword id="9081434" type="General" weightage="100" keywordseo="back-to-office" source="Orion">back to office</keyword> as soon as it was safe. <h2><keyword id="20122085" type="General" weightage="20" keywordseo="CEOs" source="keywords">CEOs</keyword> want employees back in offices </h2> In the last few months, there have been ample studies that show how employees are more productive while working from home or in a hybrid setup where they are required to come to office for 2-3 days in a week. Yet, companies are adamant on calling their employees back to offices. For instance, Amazon recently ordered its employees to return to office for five days a week, putting an end to remote work forever. Now, a new study by <keyword id="19896405" type="General" weightage="20" keywordseo="KPMG" source="keywords" meta.keywordsubtype="org" meta.entityname="KPMG" meta.hostid="261" meta.entityid="KPMG">KPMG</keyword> has revealed that majority of Indian CEOs are ready to incentivise employees who work from the office, marking a shift towards a more traditional work model post-pandemic. According to the KPMG 2024 India CEO Outlook, 91 percent of Indian CEOs are considering linking rewards, such as promotions and pay raises, to <keyword id="21386806" type="General" weightage="20" keywordseo="office-attendance" source="keywords">office attendance</keyword>. This figure is slightly higher than the global average of 87 percent, indicating a stronger push in India to encourage in-person work. The report, based on responses from 125 Indian CEOs, highlights a growing belief that office-based work fosters better collaboration, innovation, and productivity. As many as 78% of Indian CEOs expect their entire workforce to return to the office within the next three years, a trend mirrored globally, though at a slightly higher rate of 83%. <keyword id="20142903" type="General" weightage="20" keywordseo="Indian-companies" source="keywords">Indian companies</keyword> are increasingly focused on improving their employee value proposition—the set of benefits and incentives offered to employees. CEOs are prioritising a supportive and engaging office environment as key to attracting and retaining top talent. By linking rewards to in-office work, companies aim to align employee satisfaction with long-term growth objectives. <h2>Understanding what employees want </h2> Sunit Sinha, Partner and Head of Human Capital Advisory Solutions at KPMG in India, pointed out that in the post-COVID-19 era, it is crucial for businesses to understand the evolving preferences of employees. As workers reconsider their options, businesses need to adapt to remain competitive in the talent market. Sinha said that companies must use data to address employee needs, saying, “The power to shape the future of talent lies in staying informed and adapting proactively.” In addition to in-office incentives, the KPMG report also talked about the increasing role of technology, particularly generative AI, in workforce development. Half of the CEOs surveyed are prioritising the enhancement of workforce skills alongside their investment in AI. Indian CEOs believe generative AI can help develop diverse skills and prepare their teams for a future where technology plays a central role in operations. However, while CEOs are optimistic about the potential of AI, they also expressed concern over the lack of regulations governing the technology. Seventy-seven percent of Indian CEOs are apprehensive about the pace of AI regulation, higher than the global average of 69%. Despite these concerns, Indian business leaders remain confident in AI’s ability to enhance organisational performance and secure a competitive edge.

91 percent Indian CEOs want to reward employees who work from offices, majority expect to end remote work in three years

This as-told-to essay is based on a conversation with Wannapa Suprasert, a 28-year-old from Thailand now based in San Francisco who was scammed out of over $300,000. The following has been edited for length and clarity.I never thought that I'd be a victim of a drawn-out scam. I always thought <a target="_blank" class="" href="https://www.businessinsider.com/scammed-all-savings-changed-retirement-plan-2024-7">scams were about making quick money</a>, like someone calling and asking for $2,000 within 10 minutes.Instead, I went through three months of psychological warfare. The scammers created a new reality for me, making me think that if I didn't comply, I could be jailed or deported. They framed themselves as the good guys who could help me, never rushed me to do anything, sent me fake documents, and even talked to me on the phone for hours at a time.It didn't register in my brain that the scammers would invest so much time and energy into this. Now I know that they're professionals, and this is what they do.<h2>They said I was a suspect in a money laundering scheme</h2>It was a Friday afternoon in March when I got the call that changed my life.I was at my data analyst job in San Francisco, and the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/government-impostor-scams-prey-on-fear-during-pandemic-bbb-study-finds-1029446957">caller said she was from the Thai embassy</a> in Washington, DC. She asked to speak with Wannapa Suprasert, which spooked me because I generally go by my nickname, Bow.She told me that someone had smuggled a passport bearing my name into the Bangkok airport. She started interrogating me on whether I had lost or sold my passport. I was shocked.I told her that I hadn't lost my passport and offered to prove I still had it. She said she'd transfer me to the Thai police to file a report. My call with the "police" dropped a couple of times, and someone posing as an officer asked me to add them on LINE, a messaging application popular in many Asian countries.This didn't strike me as fishy because I'd just gone back to Thailand in February and communicated with the Thai consulate via LINE about renewing my passport while I was home.At one point after my call had dropped, I tried to phone the Thai embassy in Washington, DC, but nobody answered.The "police officer" claimed to be part of the Central Investigation Bureau, a division of the Thai police. He sent me a PDF copy of a police report he said he had filed for me. He also said he discovered my identification number on a list of at least 239 people involved with an international money laundering scheme. I was now a suspect.<h2>I had to send updates four times a day</h2>The fake officer sent me a PDF with the alleged photos, names, and descriptions of five masterminds behind the fictional laundering scheme and interrogated me over video chat about whether I knew any of them. The supposed masterminds included two bank managers, an American police officer, a Thai consulate official, and a Thai exchange student in the US. After I told him I didn't know any of them, he said that they'd investigate and help me clear my name. But because I was a suspect, I needed to send daily updates about my whereabouts and activities to ensure I didn't flee.I had to send three pictures of myself, my location, and a description of what I was doing four times a day: at 9 a.m., 12 p.m., 5 p.m., and 8 p.m. He told me that if I didn't comply, he would send agents to monitor me. If I tried to escape or missed a daily report, my family could be jailed and their assets frozen, he said. He also said I couldn't tell anyone because it might interfere with the investigation, which also involved the FBI. If I did, I risked jail time and fines.The scammers played on my fears. I had worked so hard for a better education and life since <a target="_blank" class="" href="https://www.businessinsider.com/america-immigration-needs-reform-losing-workers-2023-3">immigrating to the US</a> 10 years ago, and I was afraid of being deported and losing my status. The scammers also warned of people who were killed by the supposed crime syndicate. Leaving my apartment to go to work or shop for groceries was suddenly frightening. I thought someone was really after me and that at any moment, anything could go wrong.There were many moments when I was skeptical. In fact, a couple of weeks into the scam, I received a LINE message from the Thai Consulate in LA warning about scammers impersonating the Thai police. But the scammers convinced me that the warning message had been sent by the criminals to keep me from complying with the investigation. Because of the threats, paranoia, stress, and lack of sleep, I found myself believing every word they said.<h2>I sent the scammers $81,000 in a wire transfer</h2>My first <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/credit-score/wire-fraud">wire transfer</a> was on April 3, 11 days after the initial call.The scammers said I was accused of selling my bank account to the crime syndicate, so in order to clear my name, they needed to investigate the money in my bank account. They claimed to have a contract with Hong Kong police who specialized in investigating money laundering, so I wired $81,000 — pretty much all of my savings — to a Hong Kong bank account. They left me with some money for day-to-day spending and paying rent and said they would eventually return the full amount.A few days later, the fake police officer told me that my money cleared, but the court would need to examine all of the evidence as well. He asked if I could travel to Thailand to appear in court, but warned that someone had been killed making the same trip to clear their name. He said I could also ask someone else to appear on my behalf.Thinking I couldn't risk telling my family, I asked the officer if he would represent me in court. He played it very well, saying it was a lot to ask and that he needed a few days to decide. He agreed the next day but said that I needed to send money for collateral to ensure I didn't escape while he was representing me.<h2>Then, I transferred another $150,000</h2>I didn't have any more money since I'd already emptied my life's savings. I lied to my family and asked them for money, telling them that I was applying for a Ph.D. — which had been my dream — and needed to show the school that I had $200,000 in my bank account to help with my chances of being accepted. My family valued education so much that I knew they would send me that amount without many questions. They wired the money — most of it from my aunt's retirement fund — and I wired $150,000 to the "police" in two chunks, first $100,000 and then $50,000.Someone from Bank of America's fraud department called me after I made the $100,000 transaction. She asked me what the money was for and informed me about <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/crypto-crime-pig-butchering-scam-bitcoing-trafficking-fraud-cryptocurrency-2024-2">"pig butchering" investment scams</a> and <a target="_blank" class="" href="https://www.businessinsider.com/romance-scammer-peter-gray-tinder-fraud-2024-5">romance scams</a>. Neither of those applied to me, so it didn't occur to me that I was being scammed. I lied and said that the money was for my sick cousin in Hong Kong whom I'd never met.When I <a target="_blank" class="" href="https://www.businessinsider.com/wells-fargo-customer-lost-68k-after-being-tricked-scammer-2023-5">tried to wire</a> the additional $50,000 a couple of days later, the bank's fraud department called again, asking more questions about where the $100,000 came from and where it went. I told them that my dad had meant to send it to my cousin but accidentally wired it to me. They told me to show up at the local branch, where I found out that the $50,000 transfer had been canceled. The scammers instructed me to appear agitated and say that my cousin needed the money for brain surgery. The $50,000 transfer was approved, and I walked out of that branch feeling such a sense of accomplishment, because I thought I had saved my family from being jailed.<h2>I just wanted it to be over</h2>About a week later, the scammers introduced new characters.They said a woman who had been scammed by the "crime syndicate" had died by suicide, and that I was responsible for her death because she had transferred money into a bank account in my name. They told me the woman's son wanted payment.During one of my video calls with the police officer, I could hear the "son" calling for justice for his mom. He wanted me to pay $120,000 in compensation for her death. The scammers acted like they helped me negotiate the amount down to $60,000, which I got from my family through more lies, and wired it over.At this point, the "investigation" had been ongoing for nearly a month and a half. I kept thinking: I just want to be done with this. Why is it not over yet? I didn't want to report my whereabouts to them four times a day anymore, and I felt like I was being monitored constantly both in my physical world and in the online world. I started to have suicidal ideation. I wanted to disappear.But the scammers talked me out of those thoughts, telling me not to let the "criminals" win. Of course, now I realize they wouldn't let me die because they wanted me to keep wiring money to them.<h2>Coming back to reality, my whole world came crashing down</h2>The scammers ultimately told me that the court thought the evidence I provided looked clean, but they needed to make sure I didn't keep any assets on my credit cards. On June 4, I was told to cash-advance them $10,800 from my three different credit cards and wire them all of the income I'd made over the past three months since the "investigation" had begun, totaling $20,000. They told me this was the last thing I had to do, and they would present it in court.On June 7, the fake officer sent me a text that the court had ruled me innocent and that I wouldn't need to give daily reports of my location and photos anymore.He also said I needed to go back to Thailand to collect repayment of the money I had sent.I started looking up flight tickets. A few days later, I sent him a screenshot of a potential flight option and called him multiple times to ask about the details of the security measures in place, because I was fearful about my safety.None of my phone calls went through, and that was when it hit me: They were gone, and my money was probably gone, too.On June 11, I went to the FBI office in San Francisco and asked the agents for a reality check. They said they ran my record, and it was clean. An FBI agent told me, "You've been scammed. You should report it online."I walked back to my office and sat in my chair looking up at the ceiling, trying to figure out if what the FBI agent said was real. Maybe, I thought, it was such a top-secret case that this FBI agent didn't know about it. It was hard to discern the truth.I went home and told the story to two friends, then called the Central Investigation Bureau (CIB) and a few other Thai organizations. They all told me the same thing: I'd been scammed.That's when my world came crashing down. I remember dropping onto the ground of my friends' apartment as the realization washed over me. It was one of the most painful moments of my life — coming to the realization that I had lost more than $300,000. The money was gone. And not just my money, but also my family's money — pretty much my aunt's entire retirement fund. It was all because of me. The guilt will stay with me for the rest of my life.<h2>My friends and family have helped me through it</h2>My friends helped pick me up off the floor and make a step-by-step plan, including going to the banks to report fraudulent activity, filing a report with the FBI and the San Francisco police, and contacting the Thai embassy.It took me a few days to call my brother and tell him what was going on. I said, "The money you wired to me is gone, and it's all because of me."A few days later, my brother and my aunt called me together and asked what help I needed, and offered to fly to me in San Francisco. I'm very lucky that they are supportive. I'm sure that they have a lot of questions that they're not asking me yet, but their main concern right now is my mental health.I still remember something my brother said to me: "You can lose anything in this world, but you cannot lose yourself. You still have your brain, your legs. I'm glad that nothing bad happened to you. You still have your full potential and capability to continue the work that you do, to be you, and to make an impact on this world. You still have that, and know that that's something no one can take away from you." I hold onto that — focusing on what I have and not on what I lost.<h2>I'm doing better but still sometimes have nightmares</h2>I felt like I lost myself in those three months; it was like I was in a cult. All the lies and threats prevented me from taking the steps I should've taken to protect myself. I feel like I'm the scammer because I <a target="_blank" class="" href="https://www.businessinsider.com/elderly-immigrant-parents-lost-life-savings-investment-scam-2023-12">scammed my family</a>, in a sense, by lying to them. It broke my heart and I'm disgusted with myself.Each week is better, but there are nights I still have nightmares, and I wake up in the middle of the night crying. I spiral into negative self-talk. My brain still goes over the conversations I had with the scammers.The FBI told me they would contact me if they assigned anyone to the case, but I still haven't heard back. I also contacted the Hong Kong police, who informed me that there was no money left in the three bank accounts I wired to.I take responsibility for what I did, but I also feel that the financial system failed me. If bank employees had asked me for even more details and documents as proof — like the medical records of my "cousin" who needed surgery — I might have hit a dead end.I was in $10,800 of <a target="_blank" class="" href="https://www.businessinsider.com/paid-off-credit-card-debt-solid-plan-2024-6">credit card debt</a> because of the cash advance, so I paid that off first. I'm grateful to friends who lent me money to do so, and now I'm working on paying them back. My plan is to get myself back to zero by the end of the year. Then, I can start rebuilding my life again. I also plan to talk to my aunt about some kind of installment plan for repaying her. I'm still pretty traumatized but I'm doing much better emotionally now.My biggest piece of advice from going through this is to not let yourself be vulnerable to your own emotions. Take a step back and ask yourself: What am I feeling? Why am I feeling this way? Do I have to do this? If people take a deep breath and don't give in to powerful emotions, they'll be less likely to fall victim to these <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/crypto-scams">devastating and life-changing scams</a>.Bank of America told Business Insider about its approach to scam prevention, saying: "We continuously educate our clients about scams. Bank employees receive regular training, and we have internal processes to help flag unusual transactions."The company said that these safety measures include asking questions in real time about withdrawals and warning clients about scams. However, the company said that sometimes clients neglect warnings, lie about the purposes of withdrawals, and proceed with the transactions anyway.In response to Suprasert's case, the bank said it tried to warn her. "We spent considerable time sharing information with the client about scams and she even thanked us during a call for our efforts to warn her," the company said. "Despite our warnings, she decided to send her money."A representative of the Royal Thai Embassy said that it would not comment on the specific case, but confirmed that its officers have received reports of similar scams. An FBI spokesperson said it does not comment on potential investigations.

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