Hoteliers have announced a pay rise for seasonal workers

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first_imgHUP-Association of Hospitality and Tourism initiated changes in the tax treatment of accommodation costs and hot meals for seasonal workers so that they would not be treated as a salary in kind but as necessary operating costs.Employers in tourism therefore welcomed the Government’s decision that the costs of accommodation and hot meals for seasonal workers will no longer be taxed as wages in kind. Leading tourist companies, led by Valamar Riviera, Maistra and Plava Laguna, have decided to redirect the funds resulting from this tax relief to increase the material rights of workers.According to the Association, the salary increase is necessary to increase the attractiveness of tourism and prevent further departure of employees from Croatia, and many tourism companies will use this tax relief to increase salaries and improve working conditions in preparation for another successful tourist year.It was employers in tourism who stressed the importance of further fiscal relief in order to open space for wage increases in the sector. With the joint cooperation of HUP members, with the support of the relevant Ministry of Tourism, this initiative has been successfully implemented. In December 2017, the Government of the Republic of Croatia adopted a package of measures for retaining and increasing employment, through which a decision was made on tax relief for all entrepreneurs who provide accommodation and hot meals for their seasonal workers. Through the adopted amendments to the Ordinance on Income Tax, the Ministry of Finance envisages that taxpayers will be relieved of an additional HRK 266 million.Related news:last_img

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Regulatory expectations of engagement a ‘systemic flaw’, says USS

first_imgThe regulatory expectation on institutional investors to “fix society’s ills” is a systemic flaw and does nothing to help investors engage with companies, Universities Superannuation Scheme Investment Management (USSIM) has said.The in-house investment arm of the UK’s largest pension fund, USS, said investors were often blamed for failures at the corporate level, and that it was impractical to address all the issues faced by companies.Speaking at the OECD Roundtable on Long-term Investing in Paris, Daniel Summerfield, co-head of responsible investment at USSIM, said it was unrealistic of regulators and organisations to expect investors to engage with all of their holdings.USS has £42bn (€53bn) in assets, with around 44% invested in listed equities. “We own a large chunk of the investible universe,” he said. “And one needs to prioritise and have a reasonable chance of success with engagement.“The regulators expect investors to fix society’s ills. [The notion] that, if we do not fix it, then it is our fault is a systemic flaw in the regulatory environment.“Simply shifting the blame to investors is not a good call.”Summerfield was backed by Invesco’s CIO for global equities, Bernhard Langer, who said there was a mismatch between calling for pension funds to engage and what engagement actually meant.He cited the pressure placed on the UK’s Local Government Pension Schemes (LGPS) to engage with their equity holdings, but said there were few tangible outcomes in place.“There is the expectation to be engaged, but what is this expectation?” he asked. “Is there a tangible objective? As a human being, I understand where you are coming from, but as an investor, I need more concrete outcomes.”He also criticised external organisations “jumping on bandwagons” such as diversity and encouraging pension funds to engage on aspects that have no material outcome to their portfolios.“Is this relevant to our investment?” he asked. “No. Has it proven that it improves returns? As a member of society, I hope in the long-term it will help, but it has no impact on our portfolio.”However, Fiona Reynolds, managing director for the UN-backed Principles for Responsible Investments, said the engagement of pension funds and their asset managers was key for long-term sustainability.“Pension funds are intergenerational,” she said. “So when you invest in companies, you want companies that will be around for the long term and provide the best value. The best way to ensure that is engaging with them.“Obviously, this does not mean you never sell, but engagement is an effective tool to ensure long-term value.”She also rejected Langer’s point, arguing that proven companies with diversity policies outperformed those without.Langer also said, in many cases, it was easier to sell shares in companies rather than allocate resources to engagement.Agreeing with Langer, Summerfield said sometimes the only course of action was to sell, quoting failed British bank Northern Rock as an example.He also defended asset managers that did not actively engage and said the right incentives were not in place.“It is up to asset owners to set instructions and parameters clearer, rather than going to asset mangers after the investing and asking what they are doing about climate change,” he said.last_img

Actuarial Association warns against strict cross-border funding rules

first_imgIt said: “The AAE agrees it is paramount the interests of members and beneficiaries are protected to the extent required by national social and labour law, but the Directive should not require that a higher level of security applies in a cross-border transfer.”The AAE, however, did not agree with all the amendments proposed by ECON.It questioned why the European Insurance and Occupational Pensions Authority (EIOPA) should be consulted about the cross-border transfer of pension fund assets, as it was difficult to see how such a transfer would cause systemic risks – one of the arguments used by parliamentarians to justify the European supervisor’s scrutiny.It added that individual member interests were protected by the prudential regulations enforced by national regulators.The actuarial association also questioned whether pension funds should be mandated to assess the risk of climate change to investments.Noting the emphasis placed on environmental matters by the Commission and MEPs, the AAE said it accepted that such risks should be assessed using a routine risk-management framework.It added, however, that sponsors and employees should be left to “discuss these matters and agree how they should be taken into account” by any IORP.The view contrasts with the those of several charities pushing for the inclusion of environmental-risk metrics in the finalised draft of the law. The final draft of a revised IORP Directive must ensure cross-border pension funds are not subject to a stricter funding requirements than those operating in one country, European actuaries have urged ahead of final trialogue negotiations.The Actuarial Association of Europe (AAE) set out its views on IORP II as the European Commission, European Parliament and EU member states continued their negotiations on a final version of the law.Many in the industry hope the talks will conclude before the end of the Dutch presidency of the Council of the EU at the end of June.The AAE once again emphasised that any obstacles to cross-border activity should be removed and said it supported attempts by the Economic and Monetary Affairs Committee (ECON) of the European Parliament to link a cross-border fund’s recovery plan to approaches taken by individual member states.last_img

Juve turn to Dzeko as Suarez move collapses

first_imgJuventus could step up the chase for Roma forward Edin Dzeko, as Luis Suarez proposed move from Barcelona has collapsed. Tuttomercatoweb reveals the complications with the Uruguayan’s passport risk taking too much time and perhaps exceed October 5, the deadline for the current transfer market. RAC 1 confirms the Uruguayan will not be able to receive an Italian passport in time and Juventus will consequently not be able to register the South American as an EU player for the upcoming Champions League.Advertisement Loading… read also:Suarez returns to Barcelona training Coach Andrea Pirlo is pushing to have a new striker as soon as possible and will therefore try to accelerate the operation to bring Bosnia international Dzeko to the Allianz Stadium. But the Bianconeri will, according to La Repubblica, have to wait until after September 29, two days after the League match against Roma. FacebookTwitterWhatsAppEmail分享 center_img Promoted Content14 Amazing Pictures Of Unusual Objects Cut In HalfThe Highest Paid Football Players In The WorldHere Are The Top 10 Tiniest Mobile Phones On The Planet!A Soviet Shot Put Thrower’s Record Hasn’t Been Beaten To This DayBirds Enjoy Living In A Gallery Space Created For ThemWhich Country Is The Most Romantic In The World?5 Of The World’s Most Unique Theme Parks6 Interesting Ways To Make Money With A DroneCouples Who Celebrated Their Union In A Unique, Unforgettable WayEver Thought Of Sleeping Next To Celebs? This Guy Will Show You8 Superfoods For Growing Hair Back And Stimulating Its GrowthThe Funniest Prankster Grandma And Her Grandsonlast_img

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