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<ul><li><keyword id="19894961" type="General" weightage="20" keywordseo="apple" source="keywords">Apple</keyword> recently appointed its new CFO</li><li>The company's new CFO is <keyword id="19990665" type="General" weightage="20" keywordseo="Indian-origin" source="keywords">Indian origin</keyword> <keyword id="22930009" type="General" weightage="100" keywordseo="Kevan-Parekh" source="keywords">Kevan Parekh</keyword></li><li>He will assume his new role in 2025</li></ul><br />Just after confirming the launch date of the iPhone 16, Apple had another announcement in store. The company announced a change in its leadership team and appointed Kevan Parekh as its new <keyword id="19955483" type="General" weightage="20" keywordseo="Chief-Financial-Officer" source="keywords">Chief Financial Officer</keyword>, effective January 1, 2025. Parekh, who has been a vital part of Apple’s finance leadership for over a decade, will succeed <keyword id="20142289" type="General" weightage="20" keywordseo="Luca-Maestri" source="keywords">Luca Maestri</keyword>, a seasoned executive credited with more than doubling Apple’s revenue during his tenure. Read on to know all about the Indian-origin senior Apple executive. <br /><br /> <b><h2>Who is Apple new CFO Kevan Parekh</h2></b> Parekh has been with Apple for 11 years and is currently leading Financial Planning and Analysis, G&amp;A and Benefits Finance, Investor Relations, and Market Research. Prior to this, he led Worldwide Sales, Retail, and Marketing Finance at Apple. Parekh began his tenure at Apple by leading the financial support of Apple’s Product Marketing, Internet Sales and Services, and Engineering teams.<br /><br /> Before joining Apple, Parekh honed his financial expertise at industry giants Thomson Reuters and General Motors. At Thomson Reuters, he climbed the ranks to become Corporate Treasurer, where he was responsible for overseeing the company's global financial operations. His stint at General Motors saw him take on significant roles, including Director of Business Development in New York and Regional Treasurer in Zurich, where he managed financial operations across Europe.<br /><br /> Talking about Parekh’s academic background, he holds a Bachelor of Science in Electrical Engineering from the University of Michigan and an MBA from the University of Chicago.<br /><br /> As Parekh steps into his new role, Apple is on the brink of launching a series of AI-powered features that could redefine the iPhone experience. <br /><br /> <b><h2>Apple’s press release</h2></b> In a press release, Apple noted that as Parekh assumes his new role, Luca Maestri will be continuing his journey in the company. <br /><br /> Although he will step down as CFO, Maestri will continue to lead Apple’s Corporate Services teams, including information systems and technology, information security, and real estate and development. <br /><br /> “During his time as CFO, Maestri enabled essential investments and practiced robust financial discipline, which together helped the company more than double its revenue, with services revenue growing more than five times,” the company said in the press release. <br /><br /> Talking about the next CFO and his next stint with Apple, Maestri said, “I’m looking forward to the next stage of my time at Apple, and I have enormous confidence in Kevan as he prepares to take the reins as CFO. He is truly exceptional, has a deep love for Apple and its mission, and he embodies the leadership, judgment, and values that are so important to this role.”<br /><br /> <b><h2>CEO Tim Cook about Kevan Parekh</h2></b> Apple CEO Tim Cook also expressed his confidence in Parekh’s ability to lead the company’s financial strategy. <br /><br /> “For more than a decade, Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out. His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO,” Cook said according to a press release by Apple.<br /><br /><strong>SEE ALSO: <a href="https://www.businessinsider.in/tech/news/one-of-tim-cooks-big-bets-is-paying-off/articleshow/111763164.cms" data-type="tilCustomLink" target="_blank">One of Tim Cook's big bets is paying off</a><br /></strong><a href="https://www.businessinsider.in/tech/news/the-iphone-16-is-less-than-3-months-away-heres-what-to-expect/articleshow/111412824.cms" data-type="tilCustomLink" target="_blank"><strong>The iPhone 16 is less than 3 months away here's what to expect</strong></a><br />

Apple's new CFO is Indian origin Kevan Parekh: All you need to know

The rupee rose 2 paise to 84.40 against the US dollar in early trade on Tuesday amid a recovery in domestic equity markets and a weaker American currency against major Asian rivals.  Forex traders said, however, sustained outflow of foreign funds and an upward movement in crude oil prices put pressure on the local unit and capped its sharp gain. <br /><br /> At the interbank foreign exchange, the rupee opened at 84.39 and slipped further to 84.40 against the greenback, trading 2 paise higher from its previous close. <br /><br /> On Monday, the rupee recovered from its lowest level of 84.46 to settle 4 paise higher at 84.42 against the US dollar. <br /><br /> Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.09 per cent at 106.10. <br /><br /> Brent crude, the global oil benchmark, rose by 0.19 per cent to USD 73.44 per barrel in futures trade. <br /><br /> On the domestic equity market front, Sensex was trading 271.42 points, or 0.35 per cent higher, at 77,610.43 points. The Nifty advanced 105.55 points, or 0.45 per cent, to 23,559.35 points. <br /><br /> <keyword id="19932515" type="General" weightage="20" keywordseo="Foreign-Institutional-Investors" source="keywords">Foreign Institutional Investors</keyword> (FIIs) were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 1,403.40 crore, according to exchange data.<br /><br /><b>SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/tata-to-buy-a-majority-stake-in-pegatrons-iphone-plant-in-india/articleshow/115414852.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/tech/mobile/news/tata-to-buy-a-majority-stake-in-pegatrons-iphone-plant-in-india/articleshow/115414852.cms" target="_blank">Tata to buy a majority stake in Pegatron's iPhone plant in India</a><a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms" target="_blank">NTPC Green Energy IPO – GMP, risk factors and all you need to know</a><a href="https://www.businessinsider.in/entertainment/news/jiostar-announces-plans-starting-at-15-heres-everything-you-need-to-know/articleshow/115326701.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/entertainment/news/jiostar-announces-plans-starting-at-15-heres-everything-you-need-to-know/articleshow/115326701.cms" target="_blank">JioStar announces plans starting at ₹15 – here’s everything you need to know</a></b><br />

Rupee rises 2 paise to 84.40 against US dollar in early trade

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.<br /><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.<br /><br />Once selected, the choice will reportedly be final for both current and future employees.<br /><h3>What are the key benefits of the UPS?</h3><ul><li><strong>Guaranteed Pension:</strong> 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><strong>Family Pension:</strong> 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><strong>Minimum Pension:</strong> 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.<br /><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.<br /><br />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.<br /><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.<br /><br />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.<br /><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.<br /><br />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>.<br />

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

<ul class="summary-list"><li><keyword id="20781003" type="General" weightage="20" keywordseo="Klarna" source="keywords" meta.keywordsubtype="org" meta.entityname="Klarna" meta.hostid="261" meta.entityid="Klarna">Klarna</keyword> CEO <keyword id="23150803" type="General" weightage="20" keywordseo="Sebastian-Siemiatkowski" source="keywords">Sebastian Siemiatkowski</keyword> said that he plans to reduce the company's workforce by half.</li><li>He said the company can "do much more with less" through <keyword id="19904566" type="General" weightage="20" keywordseo="artificial-intelligence" source="keywords">artificial intelligence</keyword>.</li></ul>Klarna plans to employ half the people it did last year, betting on artificial intelligence to enhance efficiency and cut costs.<br /><br />CEO Sebastian Siemiatkowski said in a statement to the <a href="https://www.ft.com/content/bfd9af3d-d607-4877-9571-078ab82a837e" target="_blank">Financial Times</a> that the company could operate effectively with half its current staff, which numbered about 4,000 at the end of June. Siemiatkowski s<keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">ai</keyword>d the company can "do much more with less" using AI.<br /><br />The Swedish <keyword id="20050492" type="General" weightage="20" keywordseo="buy-now-pay-later" source="keywords">buy-now-pay-later</keyword> company lost about 24% of its staff in the last year, per its annual report. Spokesman Joel Hedin told Business Insider those losses were "natural attrition" and that with the company's hiring freeze, "headcount is gradually decreasing."<br /><br />Last year, Klarna halted hiring for most positions outside its engineering team as it increasingly relied on AI technology to fill gaps left by departing staff.<br /><br />He added that the marketing team had been more productive, working with half its size compared to the previous year.<br /><br />Last year, Klarna <a target="_blank" href="https://www.businessinsider.com/klarna-ai-chatbot-work-700-people-2024-2">halted</a> hiring for most positions outside its engineering team as it increasingly relied on AI technology to fill gaps left by departing staff.<br /><br />In a February blog <a target="_blank" class="" href="https://www.klarna.com/international/press/klarna-ai-assistant-handles-two-thirds-of-customer-service-chats-in-its-first-month/">post</a>, the company claimed its AI assistant could handle the workload of 700 full-time employees. Klarna said that the chatbot outperformed human agents in "errand resolution" accuracy and matched human employees in customer satisfaction levels.<br /><br />Klarna also projected that this technology could boost the company's profits by $40 million this year.<br /><br />Meanwhile, Klarna competitor Affirm is also doubling down on AI chatbots — but isn't publicly seeking to cut its staff.<br /><br />"No one has yet to lose their job to be replaced by robot at Affirm, so that's not a short-term cost saving," CEO Max Levchin said on a <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-prefers-ai-chatbots-phone-calls-affirm-ceo-bnpl-2024-5">May earnings call</a>, adding that AI could save the company money over the next one to three years.<br /><br /><h2>AI shakes up tech staff</h2>Other tech companies are axing staff as they transition to AI-centric businesses.<br /><br />Earlier this month, <a target="_blank" href="https://www.businessinsider.com/dell-layoffs-ai-strategy-workers-more-effective-jobs-fulfilling-2024-8">Dell</a> announced the significant restructuring of its sales division, resulting in mass layoffs.<br /><br />Tech companies, including Google and Apple, have laid off over 350,000 workers since the beginning of 2023, according to data from online tracker <a target="_blank" href="http://Layoffs.fyi">Layoffs.fyi</a>. While many of these layoffs were attributed to overhiring during the pandemic, the need to reallocate capital for AI investments is also a significant factor for the layoffs.<br /><br />Meta CEO Mark Zuckerberg <a target="_blank" href="https://www.businessinsider.com/ai-job-losses-spending-new-tech-meta-google-amazon-layoffs-2024-7">said</a> in a February earnings call that layoffs were necessary to invest in "long-term, ambitious visions around AI."<br /><br />Google CEO Sundar Pichai also <a target="_blank" href="https://www.businessinsider.com/google-ceo-says-more-layoffs-to-come-2024-1">wrote</a> in a January memo that job cuts were needed to "create the capacity for investment" in AI.<br /><br />Klarna had credited an improvement in its <keyword id="20088085" type="General" weightage="20" keywordseo="financial-performance" source="keywords">financial performance</keyword> to AI, with net losses declining from 854 million Swedish Krona, around $84 million, during the second quarter of 2023, to 10 million Krona, around $900,000, in the most recent quarter.<br /><br />The company also reported a 27% increase in revenue and a 73% increase in revenue per employee over 12 months.<br /><br />Klarna is gearing up for an <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> as early as next year, although Siemiatkowski told the FT that the company has not made any IPO decisions yet.<br /><br />Klarna did not respond to a request for comment by BI sent outside standard business hours.<br /><br /><i>Correction: August 28, 2024 — This story has been updated with a more exact headcount change and to specify why Klarna lost staff in the last year. After publication, a Klarna representative told Business Insider that the loss — about 24% of staff — came from natural attrition.</i><br />

Klarna only needs half its staff, because AI lets the buy-now-pay-later company 'do much more with less'

In Maharashtra’s Thane district, police have registered a case of alleged fraud involving two construction company owners accused of deceiving a family of ₹1.2 crore. The incident came to light after a 28-year-old woman from Thane’s Rabodi area lodged a complaint against the two accused, who are brothers. The accused allegedly persuaded the woman, her mother, and her sister to invest the substantial sum in their construction company based in Mumbai’s Bandra area. Promises were made of a significant payout within five years or, alternatively, the option of acquiring two or three apartments in the city’s prime real estate zone.<br /><br />According to the complaint, the woman’s family entered the deal on December 31, 2022, convinced by assurances of either a return of ₹3 crore over five years or property options in Bandra. To meet the required investment amount, the family borrowed funds from various sources, entrusting their money with the accused based on the lucrative promises. The police official handling the case noted that the family, enticed by the seemingly profitable terms, had not foreseen the outcome that would follow.<br /><br />In May 2023, however, when the family attempted to reclaim their funds and the anticipated profit, the accused allegedly declined the request. The complainant stated that the brothers not only refused to pay but also reportedly threatened the family, citing powerful connections that would shield them from legal repercussions. This behaviour alarmed the family, leading them to seek legal recourse.<br /><br />The Rabodi police have filed a case against the accused under various sections of the Indian Penal Code, including Section 420 for cheating, Section 406 for criminal breach of trust, and Section 506 for criminal intimidation. Additionally, charges were filed under Section 34, indicating common intention, along with relevant provisions of the Maharashtra Protection of Interest of Depositors Act.<br /><br />The case highlights the dangers that investors may face when lured by high-return promises in unregulated sectors. Fraudulent schemes in real estate and construction have been known to target individuals and families looking for profitable investments, often leaving them with financial losses and emotional distress.<br /><br />Authorities are continuing investigations, with the Rabodi police closely monitoring the case to gather further evidence. This incident is expected to bring more attention to regulatory practices within the real estate industry and underscore the need for stricter oversight to protect potential investors from falling prey to deceitful operators.<br /><br />(with PTI inputs)<br /><br />

Thane family loses Rs 1.2 crore as they get cheated by construction company, details here

<ul class="summary-list"><li>Trump wants to cut taxes on Social Security benefits, impacting current and future beneficiaries.</li><li>Experts warn these cuts could deplete the Social Security fund three years earlier than expected.</li></ul>Donald Trump plans to make changes to America's Social Security system with his return to the White Housein January.<br /><br />The president-elect promised on the campaign trail to <a target="_blank" class="" href="https://www.businessinsider.com/trumps-tax-plan-social-security-retirement-medicare-2024-8">cut taxes on Social Security benefits</a> in his second term.<br /><br />"People on Social Security are being killed, and one of the things I'm doing is no tax for seniors on Social Security, and I'll get it done quickly," Trump told "Fox &amp; Friends" in August.<br /><br />For some baby boomers, lower <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">Social Security</a> taxes could mean larger monthly checks in the short-term. But experts predict that the <keyword id="23944791" type="General" weightage="20" keywordseo="Social-Security-tax-cuts" source="keywords">Social Security tax cuts</keyword>, along with other campaign promises made by Trump, could quickly drain the national Social Security fund. That would put benefits at risk for low-income retirees and younger generations, who may <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">rely on that income</a> as they age.<br /><br />"It's designed to help retirees, but the people it's going to hurt are people that rely on Social Security the most," Taylor Lee, a certified financial planner at Belmont Capital Advisors, told BI of Trump's Social Security tax cut.<br /><br />More than 72 million Americans receive Social Security and the estimated average monthly check is <a target="_blank" href="https://faq.ssa.gov/en-us/Topic/article/KA-01903">$1,92</a>4.35 a month, per the Social Security Administration. Americans can begin taking Social Security at age 62, or wait until their full benefits kick in at 67, the national retirement age.<br /><br />Trump's campaign promise comes as Business Insider has <a target="_blank" class="" href="https://www.businessinsider.com/older-americans-regret-retirement-savings-taking-social-security-early-investments-2024-10">heard from older adults</a> with limited retirement savings, many of whom are struggling to afford necessities like housing and groceries on their fixed Social Security income. Income taxes on Social Security apply to all beneficiaries with an annual household income above $25,000, and most pay taxes on at least <a target="_blank" href="https://www-origin.ssa.gov/benefits/retirement/planner/taxes.html">50%</a> of their benefits. Lower-income beneficiaries pay less in taxes.<br /><br /><h2><strong>Social Security tax cuts would hurt low-income retirees, younger generations</strong></h2>US Social Security will be depleted<a target="_blank" href="https://www.businessinsider.com/when-will-social-security-benefits-run-out-retirement-crisis-boomers-2024-5">in the next decade</a> without Congressional action. The fund is largely financed through payroll taxes that Americans contribute to throughout their career.<br /><br /><a target="_blank" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">A report</a> published in October by the nonpartisan Committee for a Responsible Federal Budget said that Trump's campaign promises — which alsoincludes ending taxes on tips, reducing <a target="_blank" class="" href="https://www.businessinsider.com/trump-tax-plan-tarriffs-benefits-top-earners-study-2024-10">some income taxes</a>, expanding deportations, and imposing tariffs — would take a toll on the Social Security fund, making it "insolvent" within the next six years. That's three years earlier than the Congressional Budget Office's current estimation.<br /><br />Those policies would also lead to a 33% <a target="_blank" class="" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">benefit cut</a> in 2035, a 10% increase from what the Congressional Budget Office projects under the current law.<br /><br />Lee said that low-income boomers and younger generations are likely to feel the brunt of these cuts.<br /><br />Low-income boomers living on Social Security already pay less income taxes, so they wouldn't see the benefits Trump promised. Lee said that many don't have other <a target="_blank" class="" href="https://www.businessinsider.com/social-security-no-savings-snap-benefits-debt-boomers-experiences-2024-6">retirement savings </a>to fall back on if their benefits are slashed.<br /><br />He added that older Americans who are wealthy or middle class would feel less stress from Social Security cuts, and may benefit in the short term from Trump's tax plan.<br /><br />"It would help people in the middle class, people that have the luxury of having a 401(k) or an IRA and have multiple sources of retirement income," Lee said. "But the people that's going to hurt the most are people that don't have that traditional retirement income."<br /><br />Lee said it's possible that <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-social-security-insolvency-medicare-donald-trump-biden-mcconnell-2023-3">younger generations</a> will have lower Social Security benefits, requiring them to rely more heavily on retirement savings.<br /><br />To be sure, any changes Trump hopes to make the tax or Social Security systems would need to be approved by Congress. Working in his favor is that the<a target="_blank" class="" href="https://www.businessinsider.com/republicans-win-senate-election-majority-election-2024-11">Senate will have a Republican majority</a>.(Votes for House representatives are still being counted.) Lee added that tax funding is also not the only challenge facing Social Security: people are living longer, meaning that more benefits funding is required per person.<br /><br />As for other retirement finances, like <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-is-401k">401(k) accounts</a> and <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">investments</a>, it's unclear what impact a second Trump term will have. The president-elect plans to impose tariffs on foreign goods and make broad tax cuts, a move that is likely to drive inflation and make the cost of living <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">more expensive</a>.<br /><br />With the <keyword id="23944794" type="General" weightage="20" keywordseo="future-of-Social-Security" source="keywords">future of Social Security</keyword> uncertain, Lee said it's important for retirees to build a strong financial plan.<br /><br />"There's a lot of planning that we can still do," Lee said. "Government policy — we really can't affect that. So we just have to control what we can control."<br /><br /><em>Are you relying on Social Security in retirement? Are you adjusting your retirement plans based on Trump's return to office? If so, reach out to this reporter at </em><a target="_blank" class="" href="mailto:allisonkelly@businessinsider.com"><em>allisonkelly@businessinsider.com</em></a><em>.</em><br /><br />

Trump's plan for Social Security will help baby boomers in the short term and cut benefits for anyone younger

<ul class="summary-list"><li>Four therapists shared what their clients from different tax brackets discuss in sessions.</li><li>Money can be a source of stress for both those on lower incomes as well as the <keyword id="20766455" type="General" weightage="20" keywordseo="ultra-rich" source="keywords">ultra-rich</keyword>. </li></ul>We may think getting that big promotion with a hefty pay rise would solve all our problems, but would it?<br /><br />As Business Insider learned from interviewing therapists with clients across the socioeconomic spectrum —from <a target="_blank" class="" href="https://www.businessinsider.com/alices-dinks-henrys-fires-economy-guide-2024-6">ALICEs to HENRYs</a> and beyond — while it's easy to see why having a low income can cause stress — particularly with <a target="_blank" class="" href="https://www.businessinsider.com/wealth-inequality-so-bad-will-take-230-years-end-poverty-2024-1">growing wealth inequality</a> — rich people have their own worries. <br /><br />So what are people across the tax brackets discussing with their therapists?<br /><br /><h2>People on low incomes</h2>Anna Nathanson, a licensed clinical social worker and therapist based in New York, runs a website called Low-Cost Therapy NYC. She said that "financial instability really eats at people's souls."<br /><br />It affects not only people's physical well-being but also their interpersonal relationships and self-worth, which is linked to money for many.<br /><br />Clients might talk about <a target="_blank" href="https://www.businessinsider.com/personal-finance/rules-spender-saver-relationship-build-wealth-2021-9">arguing about money with their partner</a>, job hunting, having to rely on friends for childcare, or how their income affects their self-esteem, Nathanson said. <br /><br />She has also helped patients work through chronic trauma responses, such as depression or nightmares, that they have developed from repeatedly not having their basic needs met.<br /><br />  <div type="image" title="A couple sat, arguing." height="1414" width="2121" msid="114215104" hostid="261"></div>Dr. Ashley Castro, a New York-based clinical psychologist who started Healwise, an affordable and accessible therapy nonprofit, said: "Poverty brings with it so many different kinds of stress."<br /><br />She added: "There is a lot that's out of their control that can be difficult emotionally. It's just a reality that life can be tough if you don't have a lot of money."<br /><br /><h2><keyword id="23623471" type="General" weightage="20" keywordseo="ALICEs" source="keywords">ALICEs</keyword></h2><a target="_blank" href="https://www.businessinsider.com/alice-living-paycheck-to-paycheck-without-government-assistance-snap-medicaid-2024-5">ALICEs</a> (Asset Limited, Income Constrained, Employed) are people who earn enough to sit above the federal poverty line but struggle with the cost of living.<br /><br />  <div type="image" title="A birds-eye view of a woman typing on a calculator and looking at her bills" height="1414" width="2121" msid="114215097" hostid="261"></div>Traci Williams, a psychologist and certified financial therapist in Atlanta, said that people with little money can end up overspending and getting into debt because they might be "trying to live a life that they desire for themselves that they cannot yet afford."<br /><br />On the other hand, people who have <em>become</em> ALICEs — for instance those who have lost wealth or grew up in financially stable homes butdon't make as much as their parents — may develop <a target="_blank" href="https://www.businessinsider.com/personal-finance/money-anxiety-scarcity-mindset-generational-trauma-2022-6">scarcity mindsets</a>, Williams said.<br /><br />As such, while some ALICEs will discuss in therapy their need to hoard money others talk about wanting to "live it up" and spend recklessly when they are able, she said.<br /><br /><h2>HIFIs</h2><a target="_blank" href="https://www.businessinsider.com/americans-feel-financially-insecure-wont-stop-luxury-shopping-millennials-genz-2024-5">HIFIs</a> (<keyword id="23623474" type="General" weightage="20" keywordseo="high-income" source="keywords">High Income</keyword>, Financially Insecure) earn a high salary, but spend so much they end up living paycheck to paycheck.<br /><br />Just over half of people who make $100,000 or more live paycheck to paycheck, a 2023 report by PYMNTS, a data-analytics company, and LendingClub, a financial-services company, found.<br /><br />  <div type="image" title="A woman in a green jumper, looking out a window and away from her phone." height="1086" width="1629" msid="114215098" hostid="261"></div>"That is not because they don't have enough, but it's often because they are overspending or not financially aware," Williams said.<br /><br />This may be due to the <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-causes-inflation">increased cost of living</a>, which has contributed to many people's <keyword id="22941859" type="General" weightage="20" keywordseo="financial-insecurity" source="keywords">financial insecurity</keyword>, she said.<br /><br />Many of Williams' clients say they also feel pressured to spend above their means in order to keep up with the lifestyles of their peers that they see on social media.<br /><br /><h2><keyword id="23623470" type="General" weightage="20" keywordseo="HENRYs" source="keywords">HENRYs</keyword></h2>Some <a target="_blank" href="https://www.businessinsider.com/henry-student-loans-six-figure-income-millennial-gen-z-retirement-2023-11">HENRYs</a> (High Earners, Not Rich Yet) might seem wealthy to others, but still worry about having enough money, Williams said, because "it's all relative."<br /><br />She gave the example of higher-earning clients who <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/how-to-invest-in-stocks">invest in stocks</a> and worry markets could crash at any time, despite that being unlikely.<br /><br />  <div type="image" title="A stressed men looking a stock market graph on a laptop." height="1414" width="2121" msid="114215100" hostid="261"></div>HENRYs who didn't grow up with much money might tell Nathanson that they feel guilty being wealthy, she said. They might also talk about feeling uncomfortable receiving gifts because they don't feel deserving, she said.<br /><br />Or they may feel the reverse and have an unnecessary scarcity mindset. Such people often talk to Nathanson in therapy about feeling "really <a target="_blank" href="https://www.businessinsider.com/young-people-are-developing-money-dysmorphia-2024-7">nervous about spending</a> anything and feeling like they can't indulge in any way."<br /><br />Two HENRYs in a couple, meanwhile, might want to discuss tension in their relationship if they have different ways of thinking about shared wealth, she said.<br /><br /><h2>Ultra-high net worth individuals</h2>"The stereotype is that rich people problems aren't real problems, that they're just in therapy talking about really inconsequential trivial things," Castro said. "But my patients have real issues and they genuinely struggle."<br /><br />Dr. Paul L. Hokemeyer, a licensed marriage and family therapist and clinical consultant to <a target="_blank" href="https://www.businessinsider.com/what-ultra-high-net-worth-investors-are-buying-family-office-2024-6">ultra-high net-worth people</a>, based in Colorado, agreed with Castro. <br /><br />"At the core, people of wealth suffer from the same mental health and relational issues as the rest of humanity," he said.<br /><br />  <div type="image" title="A man and woman sit far apart in a fancy apartment." height="1414" width="2121" msid="114215106" hostid="261"></div>For example, Hokemeyer helps people who feel "objectified" and "vilified" because of their wealth; who feel pressure to use it in productive ways; and who deal with the "highly stressful and chaotic" process of starting a business.<br /><br />Well-off children and teens, meanwhile, must often deal with the expectation that they will get into <a target="_blank" class="" href="https://www.businessinsider.com/extreme-moves-gifts-parents-use-get-kids-into-prestigious-preschools-2020-6">elite educational institutions</a> with intense workloads, Castro said. The pressure to achieve can cause problems with perfectionism and anxiety disorders, as well as depression from a lack of downtime and fun.<br /><br />Williams said that she sees a lot of guilt and hopelessness in her wealthier clients, because they realize they can't make as big a difference in the world as they would like to. And, as people live longer, she said that some worry about not having enough money to sustain their lifestylesas they get older. <br /><br />Wealth can also cause issues within families, she said, with disagreements over wills, estates, and spending on vacations.<br /><br />According to Hokemeyer, "wealth can be both a blessing and a curse," but, at the end of the day, "emotions are emotions, pain is pain."<br /><br /><em>Correction: October 16, 2024 — An earlier version of this story misspelled the first name of a psychologist and financial therapist in Atlanta. Her name is Traci Williams, not Tracy. An earlier version also misstated the name of a financial-services company. It’s LendingClub, not LendingCompany. </em><br />

From ALICEs to HENRYs, here's what people across the tax brackets discuss in therapy

<ul class="summary-list"><li>Many people who receive an inheritance don't spend it wisely, according to financial planners.</li><li>It's important to come up with a detailed financial plan when you receive an inheritance.</li></ul><p>Receiving a large amount of money from an <a target="_blank" href="https://www.businessinsider.com/estate-planning-how-to-handle-inheritance-assets-house-401k-ira-2024-10">inheritance</a> can be life-changing — but only if you take the right steps to handle it.</p><p>It can be difficult to make big financial decisions, especially around an emotionally charged subject. According to financial advisors, many inheritors end up spending the money they receive — usually from a deceased parent or grandparent — in just a few years.</p><p>Don't worry, though, if you're expecting or recently received an inheritance. You can prevent this situation by avoiding a few simple mistakes, according to Vimala Snow, head of wealth strategy at Cresset Capital, and Dave Jones, director of estate strategy at Bailard.</p><p>Below are the most common mistakes they see clients make and how to avoid them.</p><h2 id="b00e9626-47f7-4359-b39e-a059e32d0222"><strong>Not having tough conversations early</strong></h2><p>It's definitely not a comfortable conversation, but discussing estate planning early on will save you a lot of headaches later.</p><p>Jones recommends starting small by talking about easier topics, such as the location of important documents.</p><p>"Just the location of documents can be a starting conversation. Sometimes parents don't want to talk about the exact plans yet," he said.</p><p>Asking your parents about their retirement accounts, if they have an estate plan, and what sort of assets they're thinking of passing down are good starting points.</p><p>"Those are just really basic things that can then lead into a larger discussion about the estate plan," Jones added.</p><p>It's much easier to clarify any confusion surrounding assets when the person passing their assets along is still alive, which is why these conversations are important, according to Snow. Inheritors should make sure they understand the values that parents have regarding money, as well as how certain assets should be managed.</p><h2 id="14519a89-2828-4b1a-924f-d01da5b20939"><strong>Not having a long-term plan</strong></h2><p>This is a common mistake when it comes to financial planning in general, but it's especially relevant when a large amount of money is on the line, according to Jones.</p><p>"A lot of inheritors will spend the money, and they'll spend it quickly because they may not have had the best financial habits before the inheritance," Jones said.</p><p>He recommends considering a few basic financial planning questions. Take a look at the type of assets you're inheriting — whether it be brokerage accounts, real estate, or others — and evaluate how these fit into your current financial goals.</p><p>It depends on your personalized financial needs, but Jones recommends considering the following questions: "Do you need to generate income for yourself? Do you have an emergency fund? Do you have debts that you need to pay off?"</p><p>Inheritors who establish concrete financial goals will set themselves up for success. "There's a much higher chance that the inheritance will benefit the inheritor for a long time," Jones said.</p><h2 id="1eee78ff-be04-43de-a777-3edbcdfaf8b3"><strong>Expecting to receive assets immediately</strong></h2><p>When coming up with a financial plan, keep in mind that you won't receive your inheritance immediately, according to Snow.</p><p>Estate administration can be a long legal process. The larger the estate, the longer the wealth transfer process will take, Snow said. It could take several months, or even years, for asset distribution to be completed.</p><p>If estate taxes are due, then the tax return will need to be submitted nine months after the date of death, Snow added.</p><p>The distribution process won't always be smooth. Complications can arise, especially over assets like a house, Jones said. If siblings inherit the family home but can't agree on what to do with the property, it could take a long time to figure out how to pass on the asset in a way that satisfies all the inheritors.</p><h2 id="a6fd722f-adb9-406d-ab55-78010263bfb4"><strong>Not working with an advisor</strong></h2><p>Don't underestimate how complicated estate planning can be. It's often helpful to use the advice of a professional, especially during an emotionally turbulent time.</p><p>It might take a team of legal and financial professionals to ensure the best outcome for your inheritance. Financial advisors, tax specialists, and estate planning attorneys can all offer assistance.</p><p>Experts can help you come up with a long-term strategy for investing an inheritance. In more complicated cases, such as if the person died without a will, you may need to consult a probate lawyer to locate and value the deceased's assets. The laws governing estate taxes can also vary from state to state, so getting an expert opinion can help clarify confusion.</p><p>"Making sure that you're asking lots of questions and relying on your team is a really important part of the process rather than trying to do it yourself because it is pretty complicated," Snow said.</p>

Avoid these 4 mistakes and misconceptions when receiving an inheritance, according to financial planners

The Prime Minister’s Internship Scheme, announced in the Union Budget 2024-25, is set to offer a tremendous opportunity for young Indians to gain hands-on experience in leading companies across diverse sectors.<br /><br />As of October 12, the portal for this ambitious initiative is open for registrations, with over 90,000 internship positions posted by top companies like <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword>, <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="261" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS), ONGC, Maruti Suzuki, and more. Here’s everything you need to know about how to apply, the companies participating, and answers to frequently asked questions.<br /><h2>Step-by-Step Guide to Applying for the <keyword id="23273918" type="General" weightage="100" keywordseo="PM-Internship-Scheme" source="keywords">PM Internship Scheme</keyword></h2><ol><li>Visit the Official Portal: The PM Internship Scheme’s application process takes place on the official website,<a href="http://pminternship.mca.gov.in"> pminternship.mca.gov.in</a>.</li><li>Register and Set Up Your Profile: After opening the portal, you’ll need to register and fill out basic information, including educational qualifications, age, and internship preferences.</li><li>Explore Internship Listings: With over 90,000 internships available from 193 companies, you can browse listings in sectors like Oil &amp; Gas, Travel &amp; Hospitality, Automotive, Banking, and more. Each listing will provide details on job roles, skills required, and specific fields like Operations Management, Production, Maintenance, and Sales.</li><li>Apply for Your Chosen Roles: You can apply for up to five internships based on your interests, qualifications, and preferred location. The portal allows for an easy application submission and lets you track your applications.</li><li>Confirmation and Next Steps: Once you apply, download the confirmation page for reference. Internships are set to begin on December 2, 2024, so selected candidates will receive further instructions as the start date approaches.</li></ol><h2>Major Companies Participating in the PM Internship Scheme</h2>Here are some of the top companies that have already posted internships on the portal, with more joining every day:<br /><br /><ul><li>Reliance Industries Ltd.</li><li>HDFC Bank</li><li>Tata Consultancy Services (TCS)</li><li>Oil and Natural Gas Corporation (ONGC)</li><li>State Bank of India (SBI)</li><li>Maruti Suzuki India Ltd.</li><li>Jubilant FoodWorks</li><li>Larsen &amp; Toubro Ltd.</li><li>Eicher Motors Ltd.</li><li>Muthoot Finance</li></ul>These companies are providing internships across over 20 fields, covering a wide range of skills and sectors. The biggest opportunities are currently in the Oil &amp; Gas sector, followed by industries like Travel, Automotive, and Financial Services.<br />    <div type="Article" hostid="261" msid="113986236" title="Why so many entry-level jobs aren&amp;#39;t entry-level" mstype="2" mssubtype="0"></div><h2>Key Features of the Internship Scheme</h2>Under the scheme, interns will receive a stipend of Rs 5,000 per month, plus a one-time grant of Rs 6,000 to support miscellaneous expenses. These internships are available across 737 districts in all 37 states and Union Territories, making this a truly inclusive national program.<br /><br />Interns can indulge in many diverse internship roles. From operations to maintenance, sales, marketing, and production, these internships offer a variety of hands-on experiences that match real-world corporate needs.<br /><h2>FAQs about the PM Internship Scheme</h2><h5>Who is eligible?</h5>The scheme is open to Indian citizens aged 21 to 24 who are not employed full-time or enrolled in full-time study programs. Candidates in online or distance learning programs are eligible.<br /><h5>What sectors offer the most internships?</h5>The largest number of internships are in the Oil &amp; Gas, Travel &amp; Hospitality, Automotive, and Banking &amp; Financial Services sectors, with positions also available in fields like Manufacturing, IT, and Retail.<br /><h5>When do the internships start?</h5>Internships for this year will begin on December 2, 2024. The scheme aims to facilitate 1.25 lakh internships this financial year and eventually reach one crore internships over the next five years.<br /><h5>What are the application deadlines?</h5>The portal is open from October 12 for candidates to start applying, with companies continuing to post positions as the scheme rolls out. It’s recommended to apply early, as some positions may fill up quickly.<br />    <div type="Article" hostid="261" msid="114029056" title="Read 5 résumés that helped techies land $300,000-plus jobs at Google, Meta, Amazon, and Salesforce" mstype="2" mssubtype="0"></div><br />

PM Internship Scheme finally launched — here’s how you can apply to work with Reliance, TCS, SBI and more!

<keyword id="19900795" type="General" weightage="20" keywordseo="foreign-investors" source="keywords">Foreign investors</keyword> are currently making a beeline for <keyword id="19894886" type="General" weightage="100" keywordseo="China" source="keywords">China</keyword>, enthused by the gush of <keyword id="23496485" type="General" weightage="20" keywordseo="financial-stimulus" source="keywords">financial stimulus</keyword> injected by the government into the Chinese economy. While this may have temporarily sent their stock markets soaring, a recent report by the <keyword id="19899824" type="General" weightage="20" keywordseo="World-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="World Bank" meta.hostid="261" meta.entityid="World Bank">World Bank</keyword> notes that this might not be enough to push back the <keyword id="19904090" type="General" weightage="20" keywordseo="economic-slowdown" source="keywords">economic slowdown</keyword> that has already set in. China's growth rate is projected to slack further to 4.3% in 2025, down from its present rate of 4.8%. The <keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords" meta.keywordsubtype="org" meta.entityname="OECD" meta.hostid="261" meta.entityid="OECD">OECD</keyword> also expects the country's growth to slow down to 4.5% in 2025<br /><br />Experts believe that the recent economic push by the government, which includes lowering reserve requirement ratio (RRR) by 0.5% to 6.6%, lowering mortgage rates, injecting $142 billion into banks, among others, are too little to sustain long-term recovery. Notably, lowering RRR frees up $140 billion for banks to lend, while reducing mortgages and minimum down payments for housing purchases are directed to spur up the Chinese real estate segment. <br /><br />Per <keyword id="19906485" type="General" weightage="20" keywordseo="Goldman-Sachs" source="keywords" meta.keywordsubtype="org" meta.entityname="Goldman Sachs" meta.hostid="261" meta.entityid="Goldman Sachs">Goldman Sachs</keyword>, weak domestic demand, dwindling consumer confidence and spending and an endless real-estate crisis are some of the main reasons for the slowdown.The average Chinese citizen still grapples with job insecurity, stagnant salaries, and depreciating real estate and equity values. <br /><br />For instance, China's last public holiday of the year, the Golden Week, which ended on October 7 and commemorates the nation's founding, saw 2% less spending per domestic trip, as compared to pre-pandemic levels. "Low tourism spending per head and subdued services prices highlight the still weak domestic demand and continued consumption downgrading in the country,” the analysts at GS noted. <br /><br /><h2>Its all temporary</h2>The <keyword id="21360606" type="General" weightage="20" keywordseo="Hang-Seng-index" source="keywords">Hang Seng index</keyword>, which is up by 4.22% today, has been seeing a meteoric rise over the past few weeks. Inching up by a little over 24% over the last month, the Chinese markets have been seeing an significant influx of foreign investment, largely at the expense of other emerging markets like India. <br /><br />Foreign investors had offloaded shares worth Rs 27,142 crore between the first and third of this month, after foreign investments reached a staggering record-high of Rs 93,538 crore in September, as per NSDL data. Over the last 10 days, FIIs have constantly been net sellers, while DIIs have been net buyers. <br /><br />As of October 10th, DII (Domestic Institutional Investors) have put in Rs 50,183 crores in Indian markets, almost balancing out Rs 49,305.29 crore withdrawn by foreign investors. <br /><br />But whether this trend of FII inflow in China continues will largely depend on the fundamentals their economy, an area where India has an edge, thanks to strong confidence of domestic investors. <br /><br />Viram Shah, CEO of Vested Finance highlights that while the Hang Seng index's recent 26% surge over the last month has caught investors' attention, and while this bullish trend is expected to continue, driven by low Chinese stock valuations and hopes for economic improvement from government stimulus, there lies a long road ahead.  <br /><br />"Foreign Portfolio Investors (FPIs) pulled out $5.4 billion from Indian equities over five consecutive sessions, ending Monday, October 7. While this suggests a possible rotation of funds from India to China, how long this shift will last will depend on the Chinese government’s ability to resolve the structural economic issues. While the market rally is encouraging, more policy steps are needed to boost economic activity and confidence in China", he added. <br /><br />

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