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7 Out of 10 Workers Not Saving Enough For Retirement

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Around 70% of working age individuals who began seeking financial advice from deVere Group to date this year were not adequately saving for their retirement, it has been revealed.

Nigel Green, the chief executive and founder of deVere Group, one of the world’s largest independent financial advisory organisations, with more than 80,000 clients and $12bn under advisement, says: “This is an alarmingly high percentage.

“Seven out of 10 of all the new clients we took on as a firm last year were not saving enough in order to be able to have a comparable lifestyle in retirement.

“When we initially meet with new clients, we do detailed studies of their current financial situation. Then we discuss what age they would like to retire and how much money they would need to have saved over their working lives in order to achieve this.

“This year, only about 30% were saving enough to be able to make their own long-term financial objectives a reality and having enough money to last throughout their retirement.”

He continues: “The high number of individuals not having accumulated enough for their retirement is concerning for many reasons including because we’re living longer, meaning the money we save throughout our working lives has to last longer.

“In addition, in the future, it’s unlikely that governments will be in a position to support older people like they have done for previous generations; plus many company pension schemes have ballooning deficits.

“Also, it should be remembered that it might not be possible to work longer if necessary due to ill health, lack of career opportunities, or because you need to look after sick or elderly relatives.  The decision might not be up to you in the end.”

Bearing this in mind, how much income should we be putting aside for our retirement?

That will depend on your age and when you started saving, amongst other factors.

However, in general terms, deVere Group, which has helped tens of thousands of savers get on track with their retirement planning, suggests that people aged between 25 and 34 should be saving between 15 and 20% of their income, for those between 35 and 44 this should increase to 20 to 30%, for the 45 to 54 bracket it goes to 30-40%, and those 55 and over would need to save a considerable amount more.  Of course, this all depends on the individual and their personal and professional circumstances.

Mr Green concludes: “Whatever stage you are at in your working lives, the time to start saving is now. The earlier you begin, the easier it will be to reach your long-term goals.  And it’s never too late to start saving for your retirement.”

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Job Cuts Hit Tesla: More Than 6,000 Positions Axed Across Texas and California

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Tesla Inc. has announced plans to slash over 6,000 jobs in Texas and California as part of CEO Elon Musk’s directive to trim more than 10% of the company’s global workforce.

The cuts come amidst a tumultuous period for the electric vehicle maker, which has faced challenges ranging from production bottlenecks to supply chain disruptions.

In Texas, where Tesla is headquartered and operates a major factory, 2,688 workers are set to lose their jobs.

The layoffs are scheduled to begin during a 14-day period starting June 14, as outlined in a WARN notice filed with the Texas Workforce Commission.

Also, Tesla revealed intentions to lay off 3,332 employees across multiple sites in California, according to separate WARN notices filed in the state.

The decision marks Tesla’s largest-ever round of job cuts, with the company boasting more than 140,000 employees globally before the restructuring initiative commenced.

Despite announcing a reduction of over 10% of its workforce on April 15, insiders familiar with Tesla’s plans suggest that the actual number of job losses could exceed 20,000.

The news of the layoffs comes as Tesla’s stock performance continues to struggle, with shares plummeting by 42% this year, marking the worst performance in the S&P 500 Index.

The company’s workforce in Austin, Texas, surpassed 22,000 employees at the end of last year, with its production facility responsible for manufacturing the Model Y and Cybertruck.

However, the extent to which factory jobs will be affected remains unclear amidst the restructuring efforts.

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Heritage Bank Faces Union Action as NUBIFIE Protests Mass Layoffs

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Amid mounting tension and grievances over alleged mass layoffs, the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has led its members to the head office of Heritage Bank in Lagos.

NUBIFIE’s actions stem from Heritage Bank’s recent management decision to terminate the employment of over 1000 personnel without adhering to due process, prompting widespread outrage among affected workers and the union alike.

The union has made it clear that its picketing of the bank’s premises will persist until management addresses the sacked workers’ grievances and ensures the provision of rightful severance packages.

At the forefront of the protest, aggrieved ex-staff members have barricaded the entrance gate, obstructing access to and from the bank’s headquarters located at 143 Ahmadu Bello Way, Victoria Island, Lagos.

Reports reveal that Heritage Bank, under the leadership of Mr. Akinola George-Taylor, dismissed over 70 senior staff members within a year of his tenure. Moreover, numerous other employees were allegedly coerced into resigning, exacerbating the bank’s internal crisis.

Of significant concern is the failure to remit accrued entitlements and allowances owed to the affected staff.

Sources familiar with the matter have disclosed that the bank’s chief executive officer instigated the internal turmoil as part of a broader scheme to purge the institution of individuals suspected of loyalty to certain board members.

This purported purge is believed to be aimed at consolidating power and control over the bank, with the backing of a prominent shareholder seeking sole ownership and the removal of existing board members.

Despite efforts to seek clarification and comment from Heritage Bank’s head of Corporate Communications, Ozenna Utulu, no response has been forthcoming as of the time of reporting.

The standoff between Heritage Bank and NUBIFIE underscores the growing unrest within the banking sector and the urgent need for dialogue to address grievances and ensure fair labor practices.

As protests intensify and pressure mounts on the bank’s management, the outcome of these developments remains uncertain, leaving both employees and stakeholders on edge.

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Google Fires 28 Workers Over Controversial Project Nimbus Protests

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Google has terminated 28 employees who participated in protests against the tech giant’s involvement in Project Nimbus, a joint venture with Amazon to provide AI and cloud services to the Israeli government.

The protests, organized by the No Tech for Apartheid group, took place across Google offices in New York City, Seattle, and Sunnyvale, California.

The demonstrations, which included a nearly 10-hour sit-in, culminated in the arrest of nine protesters on trespassing charges.

Subsequently, several workers received notices of being placed on leave, only to be informed of their dismissal by the company the following day.

Google cited the protesters’ interference with other employees’ work and refusal to vacate the premises despite multiple requests as the primary reasons for their termination.

The company’s response has reignited discussions about the balance between corporate policies, employee activism, and human rights advocacy.

Critics argue that the dismissals infringe on employees’ rights to engage in collective action related to working conditions, a stance supported by US labor laws.

Tech workers have increasingly voiced concerns about how the products they develop are used, highlighting ethical considerations in their industry.

The situation underscores the challenges faced by tech companies in managing internal dissent and navigating complex geopolitical issues.

Google’s handling of the protests has sparked internal debates about the company’s stance on the Middle East conflict and its approach to employee engagement.

Despite the firings, support for the protesters and their cause has grown, indicating ongoing tensions within the organization.

Google’s actions signal a broader reckoning within the tech industry regarding the responsibilities of corporations in addressing social and political issues.

As employees continue to advocate for change within their companies, the fallout from the Project Nimbus protests serves as a reminder of the ongoing struggle to balance corporate interests with ethical imperatives and employee rights.

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