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Having a Business Bank Account, Is It Worth The Effort?

ABC Staff
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Having a Business Bank Account, Is It Worth The Effort?

If you wish to look like a more professional and serious business owner, spare some time to open your business bank account. Opening a business bank account when you’re growing your own business is the best piece of advice anyone could ever receive. It helps you simplify your financials, saves your precious time on paying taxes, and protects your business from IRS and creditors.

Pros of Opening a Business Bank Account

Running a business is not easy, but it can be made a lot easier by opening a business bank account as it helps you in ways you wouldn’t expect. When establishing a new business, opening a business bank account is as critical as other essentials in starting a business.  

Such accounts help you from simplifying your accounting to maintaining your business credit history. Business bank accounts assist you in automating bookkeeping and makes it easier to get a loan by ensuring your business’s credit history is always up-to-date.  

A business bank account links your business bank account transactions with tax preparation software to automate your tax preparation while saving you time and energy. Not having a business bank account gives an impact that you’ve just started your business or you’re too lazy to put some effort into establishing your business.

Why Open Business Bank Account?

Opening a business bank account not only benefits you but also your clients and employees gain advantages of it. Business bank accounts have perks over standard personal accounts, which help you run your business smoothly without putting much effort.

Business banking limits your liability protection by preventing personal assets merge with your business assets. Merchant services ensure your clients’ personal information is secured, thus protecting clients. Business banking can help your business make large startup purchases and create a credit history for your business.

This highly recommended act is easy to do once you have selected your bank, simply visit a local branch or go online to get yourself started. All you require for opening a business bank account is your business license, ownership agreements, your business’s formation documents, and Employer Identification Number.

Perfect Solution For Your Business

Satchel offers customizable white-label cards to help corporate needs and financial goals ensuring the smooth running of businesses. Physical and virtual cards both are essential and unique in their ways.

White label cards allow businesses to establish markup fees and profit following every transaction and subscription. API enables developers instantly create, distribute, and manage virtual and physical cards. Satchel API allows seamless integration of card solutions into any existing business.

The user-friendly API platform eradicates the need of merging different systems and spending months to integrate payment functions. Our seamless process guarantees a rapid increase in your financial product marketing, flexible pricing, and compliance with solution infrastructure.

To get yourself a maximum advantage, look for banks with low fees and good benefits. Before you make a decision, check out the introductory offers, interest rates for lines of credit, interest rates for savings and checking, transaction fees, early termination fees, and minimum account balance fees.

Burn Injury Claims – Advice On Treating Burn Injuries At Work

ABC Staff
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Burn Injury Claims – Advice On Treating Burn Injuries At Work

If you have suffered a burn at work, it is essential to seek medical attention as soon as possible. Burns can be very painful and can lead to serious complications if not treated promptly.

Once you have seen a doctor, you should also contact a personal injury lawyer specializing in burn injury claims. A lawyer will be able to help you to claim compensation for burns and help you to recoup the expenses that you’ve incurred.

Causes of Burn Injuries in The Workplace

There are many potential causes of burn injuries in the workplace. Some of the most common include:

– Chemicals: Workers who come into contact with chemicals without wearing appropriate personal protective equipment may suffer chemical burns.

– Fires: Workers who are exposed to open flames or hot surfaces may suffer burns if there are no adequate procedures in place to offer protection

– Electricity: Where electrical equipment is not well-maintained, workers may suffer electrical burns.

Hot Liquids: Where there are hot liquids, such as in a canteen or staff kitchen, there is also the risk of burns.

Types of Burns

Burns are categorized according to the damage that’s been caused.  There are three main types of burns:

  1. First-degree burns affect the outer layer of skin (the epidermis) and cause redness, swelling, and pain.
  2. Second-degree burns burn through the outer layer of skin and into the second layer (the dermis). They cause redness, swelling, pain, and blistering.
  3. Third-degree burns are the most severe type of burn as they damage all layers of skin and may even damage deeper tissues such as muscles or bones. They can cause white or blackened skin, severe pain, and blistering.

Symptoms of Burn Injuries

Burn injuries can cause a range of symptoms, depending on the severity of the damage. Some of the most common symptoms include:

  • Pain
  • Swelling
  • Redness
  • Blisters
  • Skin that is white or charred

Treating Burn Injuries

The treatment for a burn injury will depend on the severity of the injury. A qualified first aider can usually treat minor burns in the workplace. More severe burns may require hospitalization and more aggressive treatment.

No matter the severity of the burn, quick and appropriate treatment is essential to minimize the risk of infection and other complications.

How Much Compensation Do Burn Victims Receive?

The amount of compensation that a burn victim receives will depend on the severity of the injuries. Victims of minor burns may receive a few thousand pounds in compensation, while victims of more severe burns can receive millions.

There are many factors that affect the amount of compensation that is awarded, including:

  • The type of burns suffered
  • The severity of the burns
  • The age of the victim
  • The pain and suffering experienced by the victim
  • Whether the victim has suffered any disfigurement or scarring
  • Whether the victim has experienced any loss of earnings as a result of the injury

What’s Needed to Make a Claim?

To make a compensation claim, you will need to have suffered burns in an accident that wasn’t your fault. You will also need to be able to prove that another person or organization was responsible for the accident.

Evidence is an essential part of making a successful claim, and this is likely to include-

  • Photographs of the injuries
  • Photographs of the accident scene. If you’re unable to do this yourself, then ask a work colleague to do this for you and before anything gets moved from the site of the accident.
  • Witnesses statements. If there is any doubt about who is responsible for your injuries, then your solicitor may ask to speak with people who were present at the time of the accident.
  • Copies of any medical reports. These can be requested from the hospital or Doctors where you received treatment.

– A copy of the accident report form from the workplace. It is a legal requirement for companies to have an accident report form, and this will be useful in providing details of the accident.

– A copy of your employment contract. This will be used to calculate any loss of earnings that you have suffered due to the accident.

In these types of situations, it’s often recommended to keep a diary.  This can be used to keep track of any pain and suffering that is experienced as a result of the injury. You can also use it to keep a record of expenses incurred and of medical appointments and their outcome.

How Long Will A Compensation Claim Take?

There is no definitive answer when it comes to how long it will take to make a compensation claim. The time scale will depend on several factors, including the severity of the injuries, the type of accident, and who is liable for the accident.

In most situations, claims can be settled within a few months. However, more complex cases can take longer to resolve. If you have suffered serious injuries, then it’s important to seek legal advice as soon as possible so that your claim can be started right away.

When Do I Need To Start The Claim?

You should be aware that you must start your claim within three years of the date of the accident, or you will be unable to claim compensation.

That may seem like a long time, but it’s still recommended to start the process as soon as possible and while everything is fresh in your memory. This also means that you might be awarded an interim payment to help with the costs that you’ve had so far.

The Best Credit Card Features to Look Out for

ABC Staff
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The Best Credit Card Features to Look Out for

There are tons of credit cards available to you. That can make it hard to choose the best option. After all, there is no one-size-fits-all credit card. Fortunately, a little research should help you get a credit card specifically designed for your lifestyle. 

The first step to determining the card ideal for your lifestyle is looking for the best credit card features. When you understand your options, you will be able to ask the right questions to help you find the best fit for your goals and give you access to credit card bonus offers. 

Finding the best credit card is part science and part art. No type of credit card is better than all others in any category or for everyone. By understanding what you want and asking the right questions, you will find one that best fits your credit situation and spending habits.

Some of the basic features to look out for include:

Type of Credit Card

As you probably know, not all credit cards are equal. There are many different types of credit cards out there. A credit card issuing company may issue some or all of them. However, you need to understand that one card may have multiple versions. Some of the well-known types of credit cards include:

  • Standard credit cards – Have no extra perks or benefits.
  • Balance transfer credit cards – Offer an introductory interest rate and a lower fee on balance transfers.
  • Retail credit cards.
  • Premium credit cards – Have many benefits and perks.
  • Charge cards – Require users to pay their balance each month instead of minimum monthly payments.
  • Secured credit cards – Require users to make a security deposit against their credit limit.

Balance

The balance on your credit is another feature to consider. That refers to the amount of money you owe at any given time, including purchases, the amount owed, fees, and finance charges. The higher the credit card balance, the lower your available credit for making purchases. A high balance will also lower your credit score and increase your credit utilization.

Credit Limit

Almost all types of credit cards have a credit limit. That refers to the maximum balance a user can have on the credit card at any given time. Your maximum balance will include cash advances, purchases, finance charges, balance transfers, and fees.

Your credit card issuer will charge you a fee when you exceed your limit. The issuer may also raise your interest rate. Hence, this is one of the vital credit card features to look out for. 

Annual Percentage Rate

The APR is the interest rate credit card issuers apply to any balance you carry past your grace period. You need to understand that different credit cards come with various APRs. Furthermore, APRs can be variable or fixed. 

Grace Period

You need to determine the set time you have to settle your balance in full before your credit card issuer applies a finance charge. To determine your grace period, refer to your credit card agreement. The contract should also state the length of the grace period.

Sources:

https://www.forbes.com/advisor/credit-cards/best-credit-cards/

https://www.cnbc.com/select/best-credit-cards/

Your digital supply chain is under attack. What to do about it.

ABC Staff
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Your digital supply chain is under attack. What to do about it.

In the past, there are many security attacks have been observed, like the Kaseya ransomware attack that has impacted globally. It was not the end of such attacks, and technological development increased the benefits and the threats. So, there must be some vigilant measures to cure such attacks and prevent them.

Software supply chain security attacks are not new to the industry. In the past years, plenty of such attacks has affected millions of users globally. The risk of being hacked or invaded is still active and a considerable threat for companies. The fundamental question is what to do if the digital supply chain encounters an attack.

No worries!

There are many ways to deal with such conditions with the continuous advancement in technology and knowledge. Hereunder are some effective strategies, and let’s look at them.

Identify the external components

Run a software composition analysis to identify all the elements of the system, such as external vendors or programs associated with infrastructure—the greater the number of these elements, the more significant the risk. If you identify such elements, you are in a more suitable position to deal with such attacks.  

Pay attention at the start

It is a fact that companies and businesses perform based on mutual trust, and however, it doesn’t refer to that vendors or software provider takes care to keep you and themselves safe from security threats. So, according to NIST, it looks pretty cool to start with safety measures and check the following at the time of start.

  • Documentation of hardware/ software design along with its scalability and repeatability.
  • Extenuation of security risks in product prototypes such as architecture, code review, and run-time safety techniques.
  • Vendors’ capabilities to tackle present vulnerabilities and also potential future ones
  • The controls that are implemented to manage and monitor

Include a third-party hardware and software inventory

If you have heard about a supply chain attack, start reviewing inventory regularly and vigilantly. Don’t trust any obsolete inventory as it can’t show an accurate picture, and you may get misled.

Divide the network into segments

Network segmentation is highly beneficial to enhancing cyber security, and it lessens the potential damage by crafting numerous safe segments or subnets. It is not as simple as it seems, especially when critical functional procedures are mutually dependent. But implementing the segmentation and decrease in co-dependencies can potentially augment cyber security.

Use Good cyber practices

Good cyber practices include restricted access to accounts using access policies such as user account control and management privileges. Encryption and multifactor authentication are also helpful techniques.

Design a response plan

It would be best if you always were prepared to respond to such attacks and save your data and system. To meet this need of time, you must have an effective plan and way out so that when any component from some third party becomes affected, you can quickly step back and leave the situation safely.

Bottom line

The market is quite familiar with digital supply chain attacks that can affect globally. The best strategy to cope with them is to be vigilant while starting a business in any collaboration. Another suitable strategy has parallel and effective responsive plans to help you escape the situation. There could be more options that any business can adapt according to the problem.

6 ways to reduce your energy bills

ABC Staff
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6 ways to reduce your energy bills

Home owners across the UK are experiencing are experiencing the biggest squeeze on their energy bills in decades.  This has been driven by political and economic factors relating to the supply chain of key distributor countries. While we can’t do anything about cross-country frictions, what we can do is make changes to reduce our energy needs and therefore energy bills. Here are 6 ways we can do exactly that.

  • Insulate our homes properly

The more insulation you have the better your home is at retaining heat energy. This is perhaps the most effective way to reduce your energy bills. It can be expensive to purchase and install insulation but using websites such as Builders Insulation will help you secure the best prices and can offer advice on exactly what insulation you need for your home. For example one of the best thermal conductors is Rockwool RWA45 100mm. It has the large thickness and is relatively easy to fit. 

  • Install Solar Panels

Solar Panel technology has come a long way over the years and they are becoming more and more popular in UK. You might be wondering how this helps with energy bills, well when used combination with an air source heat pump, solar panels can indirectly provide heat through heat pump.

  • Install a Heat Pump

The UK government want to push this technology and are offering homeowners with grants to switch from their gas boilers over to heat pumps. They are incredibly efficient at converting electricity into heat. Air source heat pumps are the more affordable however ground source heat pumps offer consistent heat output all year round as they operate at a more stable temperature. Heat pumps will help to heat your hot water and even help out with the heating which works particularly well when used in combination with underfloor heating.

  • Double or Triple Glazing Windows

Similar to insulating your home, ensuring you have at least double-glazed windows will retain the heat energy in your home for a longer period and reduce the overall amount of heat needed. This is due to the insulative layer of air between glass which prevents heat from passing. Aside from reducing your energy bills, you’ll also get a higher grade on your EPC certificate.

  • Moving from gas to electric cooker

This won’t have an monumental impact on reducing your energy bills however every little helps as they say. With gas prices increasing over 300% over the last 2 years and no idea when it will stop increasing, this seems like a simple and effective way to reduce energy bills without too much initial upfront cost.

  • Use less energy

Perhaps the easiest way to reduce your energy bills without making any changes to your house at all is to simply use less energy. If your house runs off a boiler then spending less time in the shower and even having a cold shower will help save a few pounds each month.

What is international arbitration?

ABC Staff
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What is international arbitration?

As the fraud trial P&ID v. Federal Government of Nigeria approaches, we take a closer look at international arbitration, and what this method of dispute resolution means for Nigeria’s prospects.

Two of the highest-profile international arbitration cases this year are both being disputed between energy investors and sovereign states. The first is a highly politically contentious and potentially costly claim stemming from the Biden administration’s decision to scrap the Keystone pipeline, which had been the focal point of environmentalists’ struggle against fossil fuels and the Canadian oil deposits. Having formally begun the arbitration process in November of last year, TC Energy is seeking over USD 15 billion in damages from the United States government due to the cancellation of the Keystone XL project.

The second most prominent case, however, is one that would have serious repercussions on the economy of a developing country: Process & Industrial Developments v. Federal Republic of Nigeria. The result of this dispute, considered one of the world’s biggest lawsuits, will have profound implications for the future of transnational justice. If the alleged sham company P&ID wins, the decision could set a legal precedent for other predatory vulture funds to take advantage of emerging African economies for decades to come.

What is international arbitration and why is it important?

Arbitration refers to a private and confidential method of resolving disputes in which each party has agreed that their dispute will be decided upon by an arbitrator, rather than a judge in a court of law. The most typical application of international arbitration relates to international commercial contracts and corporate agreements, assisting companies or individuals in resolving cross-border disputes and allowing each party to avoid public litigation in their national courts. This ease of enforceability, the ability to choose a neutral deciding party for the dispute, confidentiality, and flexibility are the main benefits of international arbitration.

The agreements and awards which arise from these processes are enforced under the 1958 United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, more commonly known as the “New York Convention”. To date, 169 countries are signatories to the New York Convention, meaning that judgments can be enforced across the world.

When and how did international arbitration come to exist?

Arbitration between states has been used as a solution to disagreements that diplomacy cannot settle since the time of ancient Greece, where the approach was used to manage disputes between city-states. In the Middle Ages, the pope often acted as the sole arbitrator appointed to resolve such conflicts.

Modern international arbitration as we know it arguably arose in 1794, when the Jay Treaty between the United Kingdom and the United States created three arbitral panels to adjudicate issues and complaints originating from the American Revolution. This treaty helped to avert war and allowed for 10 years of stable trade between the US and Britain.

The Hague Convention of 1899 and 1907, widely considered the first formal declaration of the laws of war, gave international arbitration a more permanent basis and described its purpose as “the settlement of disputes between States by judges of their own choice and on the basis of respect for law”.

How does international arbitration work?

A formal agreement to arbitrate is required prior to any arbitration, since arbitration is a consensual method for dispute resolution. This is usually achieved by incorporating a clause into the parties’ contract requiring them to settle any potential disputes arising “out of or in connection with” that contract via arbitration. Several significant aspects of the arbitration procedure may be agreed upon in the arbitration clause itself, including the number of independent arbitrators, the language and location of the arbitration, and the procedural standards which will govern it.

Following this, one or several arbitrators must be appointed; this individual or group will be responsible for giving the final decision, or award, of the arbitration process. Disputes are often submitted to one or three arbitrators, known as a tribunal. In the case of three arbitrators, it is typical for each party to recommend one. The third arbitrator is then commonly nominated by the relevant institution leading the arbitration process, or by the two previously appointed arbitrators. For sole arbitrators, a designated appointing body usually manages the appointment of the individual or by agreement of the parties.

The procedure for international arbitration varies from institution to institution, but in general, the whole process from the start of the arbitration, the formation of the tribunal, the undertaking of the proceeding to the delivery of the usually takes between 16 and 26 months.

Why is the P&ID v. Nigeria case particularly significant?

Playing out over three continents, this case is seeing Nigeria dispute a USD 10 billion arbitration award granted to P&ID, a British Virgin Islands-based company founded by two Irish businessmen with no employees, financing or past record of carrying out any business in Nigeria. P&ID is seeking to enforce the arbitration award for damages for the collapse of a natural gas contract, which it claims would have led to hundreds of millions of dollars of yearly profits. In September 2020, however, the London High Court ruled that there was a strong prima facie case that P&ID procured the contract through bribery.

Many will be watching how the case proceeds this year, after the Nigerian government reemphasized its commitment to overturning the USD 10 billion award, an amount equal to ten times the country’s health budget, and which could pay Nigeria’s national security budget for twenty years.

This dispute is of crucial importance for the future of international arbitration in Nigeria. While the arbitration took place in London, and enforcement proceedings are ongoing in England and the US, these have had a significant impact on how Nigerian parties will conduct international arbitration processes. The National Arbitration Policy Committee was established as a direct response to the P&ID case and its impact on Nigeria, showing that the country is taking positive steps to protect itself from substantial future liabilities. The fine line that Nigeria must walk, however, is being able to direct future arbitration policy to defend its national interest whilst avoiding the risk of alienating foreign investors.

The Money Scaries: From Fear to Freedom

Sam Allcock
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The Money Scaries: From Fear to Freedom

How the free money-saving app HyperJar is liberating Brits from their spending woes
 

  • Direct card payments from unlimited individual Jars (sub-accounts)
  • Shared in-app Jars that function as instant digital kitties for multiple users
  • Spending control options such as blocking spending on certain retailers
  • Customers gain a 4.8% AGR with some of their favourite retailers

 
Mat Megens, founder and CEO of HyperJar, comments on the importance of implementing sensible spending habits and how they can aid Brits in navigating the cost-of-living crisis.
 
As the nation observes the worst cost-of-living crisis seen in over a generation, our relationship with the source of the issue – money – is perhaps the worst it’s ever been. An analysis by the Institute for Fiscal Studies (IFS) found a median earner will be around £800 worse off this year after inflation hit a 30-year high and energy prices continue to soar. It’s fair to say – irrespective of one’s socio-economic standing – life and the way we spend it has changed.
 
Taking inspiration from the simple saving mechanism of the jam jar, HyperJar provides a visually engaging saving app that empowers users to control their expenditure and reorder how they use their money. From nurturing sensible spending habits for children, to being rewarded for committing expenditure with household name retailers with a 4.8% annual growth rate, HyperJar’s digital Jars represent an easy method for managing personal finances. 
 
Helping Brits get in control again, HyperJar’s simple toolkit of clever tech puts us one step ahead, one jar at a time, helping our reaction to ‘money’ transform from being a trigger of fear, to a source of feeling in charge again. Whether it’s teaching your kids to budget their pocket money, putting a collective jar together to save for your summer holiday, or keeping track of how much you spend on the weekly supermarket shop, HyperJar is here to help you use your money in smarter ways. 

How the HyperJar app and card work
 The HyperJar prepaid debit Mastercard can be used anywhere Mastercard is accepted and added to Apple Pay and Google Pay wallets. The card cannot be used for ATM withdrawals. The app is intended to run alongside a traditional bank account, not replace it. HyperJar is regulated by the Financial Conduct Authority under e-money rules, and all deposits are held in segregated accounts at the Bank of England. HyperJar also offers the only free specialist kids’ app and card in the UK for children aged 6+, making it a cost-effective alternative to other providers charging monthly fees. 
 
HyperJar CEO and founder Mat Megens is passionate about helping consumers implement good habits and change how they view saving to spend. 
 
“Without tangible benefits and incentives, it’s hard for any of us to get into good habits. With money, there’s just not been a good enough tool to plan ahead sustainably – until now.
 
HyperJar is like a to-do list for our money. It’s a way of seeing what, where and when we spend and to realise the power we have. With HyperJar, it’s this spending power we’re now rewarding customers for.”
 
Awards and recognition
 HyperJar’s innovative product has resulted in the company winning Startup of the Year 2022 and Personal Finance Tech of the Year 2022 at this year’s UK Fintech Awards. It also currently holds the Most Disruptive Payments Technology of the Year and Money Management App of the Year titles from the 2021 Payment Awards. This year HyperJar is also a finalist in four categories at the 2022 British Bank Awards and in three categories at the Card & Payments Awards 2022.
 
The Technical Stuff
 HyperJar Limited is a UK-based tech company bringing their money management app to market with an aim to turn saving funds into an easy, digital experience. Money paid into HyperJar accounts is kept in the Bank of England, managed by Modulr FS Limited, an authorised Electronic Money Institution regulated by the Financial Conduct Authority. Modulr is a directly connected participant to the Faster Payments and Bacs schemes.
 
Mastercard, the world’s fastest payment processing network, provides the payment rails for the HyperJar prepaid card. Carta Worldwide receives and processes all the Mastercard transactions. Monavate Ltd, authorised by the Financial Conduct Authority, issues the HyperJar card. TagNitecrest produces the HyperJar Mastercard.

Nike roughly needs 15 minutes to match its 1972 revenue

Sam Allcock
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Nike roughly needs 15 minutes to match its 1972 revenue

Stockapps.com has been evaluating the journey of Nike through its annual revenue since 1972. According to their data presentation, it currently takes Nike around 15 minutes to sell the same amount of merchandise that it did in 1972 in a year. 

Blue Ribbon Sports, now Nike, was perpetually cash-strapped in 1972, with annual revenues of $1.3 million. However, with $44.5 billion as annual revenue in 2021, Nike is the world’s largest sportswear brand today. 

Nike marked its 50th anniversary this week. The event made them share a letter written by Phil Knight, the founder, on all their social media platforms. The letter showed the twists and turns that the company has been through to be where it is today.

According to Edith Reads from stockapps.com, “Much of Nike’s success may be traced to its global marketing strategy, which enlists superstar athletes, elite sports groups, and school athletic programs to promote its technology and design through sponsorship deals.”

Mergers and acquisitions in sporting goods industries

Many mergers and acquisitions have occurred in the athletic goods business. Reebok, Adidas, Puma, and Under Armour are among the industry’s other major participants. Some of these businesses collaborate with fashion designers to create new apparel styles and expand their product offerings. As a result, a trend toward casual work attire and demand from specific segments such as teenagers and baby boomers will fuel consumption.

Sports and fitness gear is highly diversified, with many manufacturers vying for attention, ranging from low-cost discounters to high-end couture labels. Even the most well-known firms must work hard to maintain their market share. Consumers are expecting more versatile clothing with greater usefulness. Thus retailers are continuing to develop new sportswear styles for men and women.

Despite the economic hardships triggered by the COVID-19, the sportswear brands are showing an upward trajectory. For Instance, Adidas and Puma are among the most valuable sports business brands. Adidas has a market cap of $23.5 billion, while Puma has $6.2 billion.

The full story and statistics can be found here: Nike roughly needs 15 minutes to match its 1972 revenue

Most Britons Don’t Understand Their Pension, Survey Shows

Sam Allcock
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Most Britons Don’t Understand Their Pension, Survey Shows

A majority of people in Britain do not have enough information about their workplace pensions, and don’t understand what they will eventually get when they retire, a new poll reveals. 

The survey, commissioned by UK insurance firm Drewberry and carried out by YouGov, found that while pensions remain highly desirable among staff, not enough information about how they work and what employees’ contributions are is being provided in the workplace. 

This is leading to a growing level of confusion among workers, the poll found, and it comes at a time when the UK is in the midst of a cost-of-living crisis triggered by soaring energy and other household bills, stretching personal finances to breaking point. 

Dissatisfaction with Pension Information

Asked if they understood what their workplace pensions mean for them, the majority of respondents who took part in the 2022 Drewberry™ Workplace Pension Survey (58%) said they didn’t know if they were saving enough in their pensions so they would be comfortable in their retirement. As policies can often be complex, they said it would be beneficial if their employers provided financial advice so they could better understand what their pensions entailed. 

A slightly higher majority (59%) of those polled said workplace pensions were one of the most important aspects they take into account when deciding on a new job. And 41% said pensions were among the most important staff benefits. But an almost equal number (41.5%) were unaware of how much their companies were paying into their pensions every month, and 29% believed their employers were not contributing sufficient amounts. 

A further 34% of respondents felt they themselves didn’t pay in enough to their pension pot. Meanwhile, nearly half of those polled (48%) were clueless about pension tax relief and salary sacrifice, while 27% wanted improved communication at their companies about their pensions, with one in three in favour of a financial adviser being brought in for individual consultations. 

A Lack of Financial Planning 

Author and financial coach Elizabeth Buko says it’s no surprise there’s a lot of confusion about pensions, because there’s generally a lack of awareness about the intricacies of the financial product, and many people don’t even have a clear picture of how their finances will be in the years ahead. 

“Everyone knows that they should plan, but many don’t. It can be hard for people to imagine what their future will be like,” she said. 

“Many look at their current situation and find it hard to visualise how putting a little extra into a pension can help them, so this leaves them stuck not saving enough for their pension. The idea that a government pension will provide enough seems to give a false sense of comfort.”

Commenting on the survey’s findings, Drewberry director Tom Conner urged companies to provide adequate information about their employees’ pensions, so they were not left in the dark and knew how much they and their employers are putting in and how much they will get when they retire. 

“It’s up to pension firms and people’s bosses to explain where people stand with their pensions, so there are no doubts about this financial product,” he said. 

Earn Passive Income With WhiteBIT Referral Program

ABC Staff
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Earn Passive Income With WhiteBIT Referral Program

WhiteBIT crypto exchange, one of the biggest European crypto exchanges, offers multiple ways to earn on crypto. More than 450 trading pairs on the platform, with over 30 pairs against fiat, make WhiteBIT a fair candidate for being the best crypto exchange for day trading. Moreover, traders from all over the world can enjoy the benefits of trading with up to 20x leverage, an exchange service with user-friendly fees, cryptocurrency staking, and various unique tools designed by the exchange. No wonder WhiteBIT is called the most trusted cryptocurrency exchange, for it offers reliable services with reasonable fees.

Passive income from holding cryptocurrency has presented itself as a great way to diversify investments and gain profit with minimum effort. But holding cryptos is not the only way to get passive income. One of the easiest and most reliable ways is to use a referral program on the safest crypto exchange.

What is WhiteBIT’s referral program?

Did you know that you can invite your friends to join you on your favorite crypto platform and receive bonuses? Apart from building your own crypto community of like-minded people, you can receive 40% of each trading fee your invited friends will pay on the platform. If you have already signed up on WhiteBIT, you can send your unique referral link to friends and enjoy the bonuses as soon as your referrals start trading.

Here are some essentials to know about WhiteBIT’s referral program:

  • you can invite any number of people, and they can trade any sum of money, you will still receive 40% of each referral’s fee;
  • you will receive your bonuses at the beginning of each month in those currencies involved in trading by your referrals;
  • the history of your referral bonuses can be viewed on the Referrals page.

How to become a member of the Referral Program?

Profiting from the program is easy:

  1. sign up on WhiteBIT;
  2. open the Referral program page and press the Invite friends button;
  3. copy your referral link and send it to the people you want to invite to the exchange.

Once they use the link to sign up on the exchange, they will automatically become your referrals; 40% of their trading fees will be paid to you.

Conclusion

There are many ways to earn passively on cryptocurrencies, and holding is not even the easiest one! The best fiat to crypto exchange, WhiteBIT, offers a possibility to profit from the trading fees of invited friends. All you need to do is sign up on the exchange and send invitations to the people interested in trading. Each time your referral pays a fee, 40% of it will is accrued to you! It is effortless, simple, and effective. You can sign up on WhiteBIT now and see for yourself!

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  • bitcoinBitcoin (BTC) $ 112,551.00 1.18%
  • ethereumEthereum (ETH) $ 4,507.25 0.09%
  • xrpXRP (XRP) $ 2.97 0.02%
  • tetherTether (USDT) $ 1.00 0%
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