Tag: Sponsors

Visa Renewal for Returnees: Saudi sponsors now out to milk them

Many migrant workers, who got stuck after coming from Saudi Arabia on vacation, are having to ask their employers to get their visas and residence permits renewed.

They are paying additional money to the employers in many cases, the workers alleged.

Visas and residence permits of many migrant workers expired as international air travel remained suspended during the pandemic.

About a dozen migrant workers waiting in a queue to buy tickets from Saudi Arabian Airlines in the capital’s Karwan Bazar told these to The Daily Star yesterday.

The Kingdom in July announced an automatic three-month extension of visas and residence permits for workers, according to media reports.

On September 23, Bangladesh Foreign Minister AK Abdul Momen said migrants could get their visas renewed at the Saudi embassy in Dhaka from September 27 and that their work permits (iqama) would remain valid until October 17.

The validity may be extended further

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More sponsors in U.K. embrace outsourcing

Multiemployer plan providers in the U.K. are winning more defined contribution business as sponsoring employers have been more decisive about outsourcing under the pandemic-induced lockdown.

The heightened interest comes as U.K. employers were already increasingly considering outsourcing plan assets to multiemployer plans, known in the U.K. as master trusts, to cut costs at a time when the government has been increasing trustee duties and decreasing support.

Large corporations as well as small and medium employers’ expenses for running defined contribution plans expanded in 2015 when the U.K. government canceled refunds used to offset costs associated with running the plans. The UK Department for Work and Pensions estimates that employers are missing out on the equivalent to £14.3 million ($19 million) per year due to this change. Industry sources said employers pay between £400,000 to £1 million ($517,000 to $1.3 million) each per year to cover administration, risk management, advice, and

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Transamerica Announces New Small Business Initiative to Support Retirement Plan Participants, Sponsors and Third Party Administrators

BALTIMORE, Sept. 25, 2020 /PRNewswire/ — Transamerica today announces a new retirement plan initiative for small business employees, employers, and third party administrators, to help them better navigate the challenges that today’s economy poses for retirement savers.

Small businesses have been tested by the economic effects of the pandemic. According to a recent survey by the NFIB Research Center, more than half of small businesses believe it will be sometime in 2021 before the U.S. small business climate returns to normal.

“We understand that many small businesses have been especially hard hit by the pandemic and resulting economic conditions,” said Kent Callahan, Chief Executive Officer for Transamerica’s Workplace Solutions division. “Transamerica has the tools to help small businesses and their employees manage their retirement goals, and we are taking action today to help these employers and their employees better navigate investing in uncertain times.”

“We have been hearing

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