Latest news with #employer
CTV News
a day ago
- Politics
- CTV News
Crown, judge question source of anonymous emails in Sask. human trafficking trial
WATCH: The defence lawyers in a Sask. human trafficking trial faced questions after they obtained private messages between a woman and her employer.
The National
2 days ago
- Business
- The National
‘Is a non-compete clause valid if I quit during the probation period?'
Question: I started a new job in April and am still in my probation period of up to six months. I am not happy, so plan to resign as soon as I find another job. Do I need to give notice in my probation period? For how long? When I started, they made me sign a non-compete clause even though I am only an accounts clerk and am not involved in the sales side at all. Will this cause a problem, and can this company stop me from taking a new job? What if the new job is for a similar business? NR, Dubai Answer: NR is required to give his employer written notice of his resignation. This always applies, even if someone is on probation. This is covered in UAE labour law, Article (9), which states: 'If the worker wishes to move during the probationary period, to work for another employer in the State, he shall notify the original employer of the same in writing within not less than one month from the date of his wish to terminate the contract.' The same clause adds: 'And unless agreed otherwise, the new employer shall compensate the first employer for recruitment or contract costs. ' Note that costs are borne by the employers, not the employee. In this situation, the non-compete clause will not be enforceable. This was covered in the follow-up legalisation to the main labour law, Cabinet Resolution No. (1) of 2022 Concerning the Executive Regulations of Federal Decree-Law No. (33) of 2021 Regulating Labour Relations. Article (12) of this states: 'The worker shall be exempted from the non-compete clause … in accordance with the following conditions: b. If the contract is terminated during the probation period. ' The non-compete clause protects the interest of a business and should not be used as a way of preventing any departing employee from taking another job. It does not apply to all employees in any business and for such a clause to be upheld in a court, the company would need to demonstrate that there would be genuine harm to their business in some way. The burden of proof is on the employer. This is made clear in the executive regulations, which state that such a clause is only relevant if it can be demonstrated that 'the work's nature … causes gross damage to the employer's legitimate interests'. To clarify, NR must give one month's written notice, will not be bound by a non-compete clause, and all costs must be borne by his employers. Q: I work for an international company with an ADGM visa and transferred to them at the start of 2024. It was a very busy year, so I did not take my entire annual leave. I have asked for all eight days to be added to this year's leave, but the HR department is not letting me do that. I was able to carry days forward when working for the company in Hong Kong, so it seems unfair that the rules are different. What does the law say so I have all details before I make my complaint? HC, Abu Dhabi A: HC is a permanent employee with a contract of employment under ADGM, so the provisions of this employment law are the only ones that apply. He should have signed a contract that states this. The provisions that apply are those set out in the latest rules, Employment regulations 2024, which came into effect on April 1, 2025. Section 21 covers annual leave and clause 2 states: 'An employee is entitled to carry forward accrued but untaken vacation leave into the next vacation leave year for a maximum period of 12 months, after which any unused vacation leave carried forward from the previous vacation leave year shall expire. The amount of accrued but untaken vacation leave to be carried forward may be agreed between the employer and the employee, provided that nothing shall prevent an employee from carrying forward at least five days of vacation leave in each vacation leave year.' All employers must apply the provisions in the relevant law as a minimum, although they can choose to offer benefits above the minimum required. Five days is the amount stated in law but the employer can choose to permit more. If the reason is due to pressures of work, HC should speak to his manager to request special dispensation to carry forward additional days of annual leave, although there is no legal obligation to do so. Should the company refuse to permit his request, there are no grounds for a complaint under the ADGM employment regulations.
Yahoo
3 days ago
- Business
- Yahoo
Delaying Medicare enrollment. What to know
Dear Liz: When my husband was approaching 65, he was employed and covered by a high deductible healthcare plan (HDHP) with a health savings account by his employer. Neither his employer nor our local Social Security office had concrete advice on how to proceed about enrolling in Medicare, but after tremendous research, he eventually delayed enrollment. Now I am approaching 65. My husband is still working, and I am still covered by his health insurance, although both are in his name. Do I enroll in Medicare at the appropriate time or do I delay enrollment like he did? Answer: Delaying Medicare enrollment can result in penalties that can increase your premiums for life. If you or a spouse is still working for an employer with 20 or more employees, however, generally you can opt to keep the employer-provided health insurance and delay applying for Medicare without being penalized. If you lose the coverage or employment ends, you'll have eight months to sign up before being penalized. Delaying your Medicare enrollment also allows your husband to continue making contributions on your behalf to his health savings account. In 2025, the HSA contribution limit is $4,300 for self-only coverage and $8,550 for family coverage, plus a $1,000 catch-up contribution for account holders 55 and older. Once you enroll in Medicare, HSA contributions are no longer allowed. Medicare itself suggests reaching out to the employer's benefits department to confirm you are appropriately covered and can delay your application. Let's hope that by now your employer's human resources department has gotten up to speed on this important topic. Dear Liz: We read your recent column about capital gains and home sales. Our understanding is that if you sell and then buy a property of equal or greater value within the 180-day window, the basis for tax purposes is the purchase price, plus the $500,000 exemption, plus the improvements to the property, minus the depreciation, whatever that number comes to, and then the profit above that has to be reinvested or it is subject to capital gains. We talked to our CPA about this and he referred us to a site that specializes in 1031 exchanges. Answer: You've mashed together two different sets of tax laws. Only the sale of your primary residence will qualify for the home sale exemption, which for a married couple can exempt as much as $500,000 of home sale profits from taxation. You must have owned and lived in the home at least two of the previous five years. Meanwhile, 1031 exchanges allow you to defer capital gains on investment property, such as commercial or rental real estate, as long as you purchase a similar property within 180 days (and follow a bunch of other rules). The replacement property doesn't have to be more expensive, but if it's less expensive or has a smaller mortgage than the property you sell, you could owe capital gains taxes on the difference. It is possible to use both tax laws on the same property, but not simultaneously. In the past, you could do a 1031 exchange and then convert the rental property into a primary residence to claim the home sale exemption after two years. Current tax law requires waiting at least five years after a 1031 exchange before a home sale exemption can be taken. You can turn your primary residence into a rental and after two years do a 1031 exchange, but you would be deferring capital gains, while the home sale exemption allows you to avoid them on up to $500,000 of home sale profits. Liz Weston, Certified Financial Planner®, is a personal finance columnist. Questions may be sent to her at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or by using the "Contact" form at Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times. Sign in to access your portfolio
Yahoo
3 days ago
- Business
- Yahoo
Delaying Medicare enrollment. What to know
Dear Liz: When my husband was approaching 65, he was employed and covered by a high deductible healthcare plan (HDHP) with a health savings account by his employer. Neither his employer nor our local Social Security office had concrete advice on how to proceed about enrolling in Medicare, but after tremendous research, he eventually delayed enrollment. Now I am approaching 65. My husband is still working, and I am still covered by his health insurance, although both are in his name. Do I enroll in Medicare at the appropriate time or do I delay enrollment like he did? Answer: Delaying Medicare enrollment can result in penalties that can increase your premiums for life. If you or a spouse is still working for an employer with 20 or more employees, however, generally you can opt to keep the employer-provided health insurance and delay applying for Medicare without being penalized. If you lose the coverage or employment ends, you'll have eight months to sign up before being penalized. Delaying your Medicare enrollment also allows your husband to continue making contributions on your behalf to his health savings account. In 2025, the HSA contribution limit is $4,300 for self-only coverage and $8,550 for family coverage, plus a $1,000 catch-up contribution for account holders 55 and older. Once you enroll in Medicare, HSA contributions are no longer allowed. Medicare itself suggests reaching out to the employer's benefits department to confirm you are appropriately covered and can delay your application. Let's hope that by now your employer's human resources department has gotten up to speed on this important topic. Dear Liz: We read your recent column about capital gains and home sales. Our understanding is that if you sell and then buy a property of equal or greater value within the 180-day window, the basis for tax purposes is the purchase price, plus the $500,000 exemption, plus the improvements to the property, minus the depreciation, whatever that number comes to, and then the profit above that has to be reinvested or it is subject to capital gains. We talked to our CPA about this and he referred us to a site that specializes in 1031 exchanges. Answer: You've mashed together two different sets of tax laws. Only the sale of your primary residence will qualify for the home sale exemption, which for a married couple can exempt as much as $500,000 of home sale profits from taxation. You must have owned and lived in the home at least two of the previous five years. Meanwhile, 1031 exchanges allow you to defer capital gains on investment property, such as commercial or rental real estate, as long as you purchase a similar property within 180 days (and follow a bunch of other rules). The replacement property doesn't have to be more expensive, but if it's less expensive or has a smaller mortgage than the property you sell, you could owe capital gains taxes on the difference. It is possible to use both tax laws on the same property, but not simultaneously. In the past, you could do a 1031 exchange and then convert the rental property into a primary residence to claim the home sale exemption after two years. Current tax law requires waiting at least five years after a 1031 exchange before a home sale exemption can be taken. You can turn your primary residence into a rental and after two years do a 1031 exchange, but you would be deferring capital gains, while the home sale exemption allows you to avoid them on up to $500,000 of home sale profits. Liz Weston, Certified Financial Planner®, is a personal finance columnist. Questions may be sent to her at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or by using the "Contact" form at Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times. Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
This Is the Best Way To Contribute To Your 401(k)
Contributing to a 401(k) or other workplace retirement plan is a great way to save money so that you can retire comfortably when you're ready. One of the big advantages to saving this way is that you can 'set it and forget it.' Read More: Explore Next: But that doesn't mean you don't need to put some thought into how you contribute. Here's what you need to know about the best way to contribute to your 401(k). Your 401(k) contributions should start as soon as possible. Even if you can't contribute very much, contribute something. The money is deducted from your gross pay before you get your paycheck, so you'll never miss it. When you start a new job, start your 401(k) contributions immediately if you can. Some companies will enroll you automatically, so check to see if yours is an opt-out plan (meaning you have to tell your employer if you don't want to participate). If you are automatically enrolled, make sure the amount is what you want it to be. See Now: Many companies will match your contributions, up to a certain percentage of your salary. Some companies will match half of what you contribute, or 50 cents on the dollar, while others will match dollar-for-dollar. They may match up to 3% or 5% of your salary. If you can, contribute at least as much as you need to in order to get the maximum match. The company match is essentially free money that your employer is giving you toward your retirement savings, but you have to contribute in order to get it. Here's an example. Suppose your annual salary is $100,000. Your employer offers a 401(k) plan with a matching employer contribution of 50 cents per dollar, up to 5% of your salary. This means that your employer will contribute half of what you contribute, but no more than $5,000 per year. If you contribute $5,000 per year (5% of your salary), your company will match that with $2,500 per year (half of your contribution). If you contribute $10,000 per year, your company will match that with $5,000. If you contribute $15,000 per year, your company will match that with $5,000, since that's 5% of your salary, which is the maximum they will match. Some companies will match 100% of your contributions, and the maximum percentage of your compensation that the company will match can vary. Check with your human resources department to see what your company offers. The amount you contribute to your 401(k) is always available to you to rollover or withdraw (although a tax penalty may apply), but the company may impose a vesting schedule. Many companies will vest 20% of their contributions per year, so after 5 years, the company's contributions are 100% yours. But if you leave the company before that time, you will only get part of the company match money. As important as it is to start early when you contribute to your 401(k), it's equally important to increase your contributions as you get older. This will help your 401(k) balance to keep pace with increases in the cost of living and will help you stay on track for a comfortable retirement. When you get a raise, use part of the increase to boost your 401(k) contributions. For example, if you get a 4% increase in your pay, increase your 401(k) contribution by 2%, and get the other 2% in your check. Keep doing this until you are contributing the maximum possible amount, which is $23,500 in 2025 if you're under 50. If you're over 50, you can contribute an additional $7,500 for a total of $31,000. Those who are between 60 and 63 can contribute a total of $34,750. While it's best to set your contribution amount and then forget about it (until you're able to increase it, of course) but you don't want to do that with your investments. Your asset allocation should change as you age. You can be aggressive in your 20s and 30s, but your investments should become more balanced in your 40s and 50s, and move to the conservative end of the investment spectrum in your 60s. The reason you want to adjust your retirement portfolio as you age is obvious: you have more time to recover from a downturn when you're younger. Investments that can fluctuate 20 or 30% in either direction are fine when you're younger, because if you do experience a steep drop, you can wait for the market to rebound. A 25% drop in your 60s, however, could be devastating. An easy way to manage your investments is with a target date fund. A target date fund is a mutual fund that includes positions that are tied to a specific date in the future. If you plan to retire in 2070, for example, you can choose a 2070 target date fund. This fund would have a fairly aggressive mix of investments, such as individual stocks or tech mutual funds, right now. Over time, the investments would shift toward more bonds and other conservative investments. Note that you don't have to choose a target date fund that corresponds exactly with your expected retirement date. If you plan to retire in 2070 but you're comfortable taking a little more risk, you can choose a 2075 target date fund. Or, if you're more conservative, you can choose a 2065 target-date fund. The single best way to contribute to your 401(k) is to simply do it. Start today and take advantage of the magic of compounding. Increase your contributions as you can, keep an eye on your investments and before you know it, you'll be heading for retirement with a nice financial cushion. More From GOBankingRates 9 Downsizing Tips for the Middle Class To Save on Monthly Expenses Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck This article originally appeared on This Is the Best Way To Contribute To Your 401(k)
