A study by the pensions group Aviva found that one in 10 people believe they will never be able to give up work.
A study by the pensions group Aviva found that one in 10 people believe they will never be able to give up work.
A study by the pensions group Aviva found that one in 10 people believe they will never be able to give up work.
A study by the pensions group Aviva found that one in 10 people believe they will never be able to give up work.

If age shall not weary them work should do the trick


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Grey power is stepping to the fore in the UK workforce and there's no stopping it, going by the response to government plans to scrap the retirement age of 65. Almost every editorial, opinion piece and reader's comment in the mainstream British media gives a thumbs-up to the move, which is due to take effect in October next year.

On the surface it looks like a win-win scenario for all sides. For the government, grimly looking down a black hole in public finances, the change would raise tax revenues and reduce benefit payments. It would also do the new coalition's image no harm to be seen protecting the rights of older people to work. For employers, it would mean retaining the experience of older workers. For workers who want to continue active employment, no longer having to retire simply because of their age is a big relief.

And with people expected to live longer, until the average age of 78 for men and 82 for women, the thought of living in enforced idleness for more than two decades might be alarming. Hundreds of thousands of older workers will take advantage of the new regulation, surveys suggest. Campaign groups have hailed the change as a victory against age discrimination. But in reality the picture is not so happy. Honestly, who wants to work forever? Unless it is a most gratifying job, it's like being in prison without the hope of parole.

Given the choice, wouldn't you rather spend your time going for walks or playing golf, or watching midweek matinees at the theatre rather than being stressed at work? Here lies the problem: for many Britons there is no choice, because they just cannot afford to retire at 65. Many have failed to save a large enough nest egg to enjoy a comfortable retirement. Others are still stuck with a huge mortgage in their 50s, or a family that still needs financial support.

A recent study by the pensions group Aviva yielded the depressing result that one in 10 believe they will never be able to give up work. While it may seem good and fair to allow ageing workers to continue contributing to their pensions, thought must also be given to the impact of the new rules on young people seeking employment. They are already disillusioned with the tough labour market, and now their working grandparents are further cutting their chances of getting a job. One in five people aged between 16 and 24 are unemployed.

For employers, non-retiring staff would also deprive them of fresh talent and make it more difficult for junior workers to be rewarded with promotion. "How are we going to attract and retain young people ? if those at the other end of the scale refuse to leave?" asks one human resources director. Businesses also fear a surge in tribunal claims. The proposals would make it very difficult to get rid of staff experiencing too many "senior moments".

Instead of letting retiring workers leave with dignity, the employers might have to sack them for underperformance and then prove their case in a tribunal. Companies have three months to voice objections or suggestions on how to improve the plans but ministers have made clear that the decision will stay in principle. Together with proposals to raise the state pension age to 66 for men in 2016 and gradually over the next decade from 60 to 66 for women, the end of the retirement age will certainly help government efforts to cut its gaping deficit.

But Granddad, before you stamp your foot and insist on carrying on working into your 70s, stop and reflect for a moment. The spirit may be willing but the flesh may not. Work until you drop? Hardly a happy way to end a living. @Email:business@thenational.ae

MATCH INFO

Europa League final

Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports

Important questions to consider

1. Where on the plane does my pet travel?

There are different types of travel available for pets:

  • Manifest cargo
  • Excess luggage in the hold
  • Excess luggage in the cabin

Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.

 

2. What is the difference between my pet traveling as manifest cargo or as excess luggage?

If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.

If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.

 

3. What happens when my pet arrives in the country they are traveling to?

As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.

If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty. 

If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport. 

 

4. How long does the travel paperwork and other travel preparations take?

This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.

In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.

 

5. What vaccinations does my pet need to travel?

Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.

Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.

Source: Pawsome Pets UAE

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

RESULTS

6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m

Winner RB Money To Burn, Fabrice Veron (jockey), Eric Lemartinel (trainer).

7.05pm Handicap (TB) $175,000 (Turf) 1,200m

Winner Ekhtiyaar, Jim Crowley, Doug Watson.

7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m

Winner Commanding, Richard Mullen, Satish Seemar.

8.15pm Singspiel Stakes Group Two (TB) $250,000 (T) 1,800m

Winner Benbatl, Christophe Soumillon, Saeed bin Suroor.

8.50pm Handicap (TB) $135,000 (T) 1,600m

Winner Zakouski, William Buick, Charlie Appleby.

9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m

Winner Kimbear, Pat Dobbs, Doug Watson.

10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m

Winner Platinum Star, Christophe Soumillon, Saeed bin Suroor.

10.35pm Handicap (TB) $135,000 (T) 1,600m

Winner Key Victory, James Doyle, Charlie Appleby.