KOCHI: The Ernakulam region of Life Insurance Corporation of India has been retaining the topmost position in terms of first premium receipts for several years. A boom in economy had prompted employees and businessmen to take insurance cover on a large scale. But the situation is not so bright now as the slowdown in the economy is taking its toll on the industry also.
About 40 per cent of the policyholders are postponing payment, says R. Sahasranaman, a senior member of the agency network of the LIC. The payment can be postponed for six months and will be accepted with interest. But there are many customers who want to surrender the policies as they are not confident of being able to remit the premium after a few months. The trend is more visible among those employed in the IT sector. About 20 per cent of his clients are interested in surrendering the policies, according to him. The policy-holders were being advised to hold the policies at least for a year so that the surrender value would be more, he said.
The people are not evincing much interest even in new policies. Jeevan Astha, a policy announced recently which had a minimum premium of Rs.25,000, could not get the expected support from clients, he said. Development Officer N. Muraleedharan too aired a similar view. The business generally goes up in March every year, but the expectations are moderate this time because of the meltdown, according to him.
news source : http://www.hindu.com/
The 44,000 Utahns who receive unemployment benefits will receive an additional $25 to $75 per week beginning Sunday, although the amount may not be reflected in their checks until sometime around mid-March, according to a statement Wednesday by the Utah Department of Workforce Services, which administers the unemployment insurance program in Utah.
The increase is part of the federal stimulus package and lasts from Sunday through Dec. 31, with a phase-out program until June 30, 2010. The state is required to enter an agreement with the U.S. Department of Labor to send out the money. In the meantime, Workforce Services is programming its systems to begin paying the extra money by March 16 and backdating money from Feb. 22.
Also part of the federal stimulus package is the Emergency Unemployment Compensation program, which authorizes up to an extra 20 weeks of unemployment benefits, not for each claimant but rather for the entire program through Dec. 31 with a phase-out provision until May 31, 2010. About 4,400 Utahns have exhausted their regular unemployment benefits and are receiving emergency unemployment compensation. Last year at this time, 16,400 unemployed workers were filing for unemployment.
news source : http://deseretnews.com/
Unemployment is rising sharply among the older segment of the working population. According to the Unemployment Insurance Fund, the rate at which over 56-year old workers are losing jobs is higher than during the depression of 90's. Compared to last year, twice as many have been shifted into early retirement plans.
Unemployment Insurance Fund Managing Director Heikki Pohja is critical of how many companies speak of pension arrangements for older workers, when it would be more honest to say that they are being fired. "In most cases, it is a matter of the employee losing his or her job and living on unemployment benefits for several years before it is time to get an old-age pension," points out Pohja..
The rise in firings of older employees is in conflict with the government's target of keeping people in the labour force as long as possible. The chairman of a committee that has been examining an overhaul of social welfare, Markku Lehto, has expressed fears that the same thing will happen as during the last serious economic downswing: the job market will lose skilled people and know-how that it will never get back.
"This is clearly a setback. Finland was just turning over a new leaf in appreciation of older people in the workforce. It will be very difficult to get them back into the job market, even if the situation changes within two or three years," argues Lehto. Matti Kokkinen, in Forssa, is being moved into early retirement this summer after 34 years of working at a house construction plant. As late as at the end of 2008, his job looked secure, but the situation changed rapidly. While the early retirement scheme is voluntary, he feels that he is being forced into it.
news source : http://www.yle.fi/uutiset/news/
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KOCHI: The Ernakulam region of Life Insurance Corporation of India has been retaining the topmost position in terms of first premium receipts for several years. A boom in economy had prompted employees and businessmen to take insurance cover on a large scale. But the situation is not so bright now as the slowdown in the economy is taking its toll on the industry also.
