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2024 Salary Increase Budgets Moderate; 2025 Projections Indicate Further Contraction

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WorldatWork Survey finds 70% of organizations are taking action on pay equity. 

SCOTTSDALE, Ariz., Aug. 1, 2024 /PRNewswire/ — A year ago, participants in WorldatWork’s 2023-2024 Salary Budget Survey predicted a decline in salary increase budgets for 2024 across most of the world. Most countries indeed experienced a drop in 2024 salary increase budgets compared to 2023, often exceeding the forecast. Projections for 2025 suggest further contraction of salary increase budgets is expected in 2025 in almost all surveyed countries according to WorldatWork’s 51st annual Salary Budget Survey. WorldatWork, the Total Rewards association, is the leading provider of comprehensive compensation data and insights. The 2024-2025 Salary Budget Survey, covering nearly 17 million employees from 22 countries, reports detailed information about actual base salary increase and merit budgets for 2024 and projections for 2025.

After forecasting that average overall salary increase budgets would drop to 4.1% this year, U.S. respondents reported that average overall salary increase budgets fell from 4.4% in 2023 to 3.9% this year. They foresee a slight additional decline in 2025 to a 3.8% average budget. In addition to contracting salary increase budgets, this year’s study also revealed that in the U.S. the reported range of salary increase budget amounts is consolidating. 2024 data show fewer extreme budgets, low or high, than in recent years. And within the U.S. and Canada, geographic variation is modest. 

WorldatWork’s Salary Budget Survey is the longest-running survey of its kind. It is a key resource for Total Rewards and HR professionals and their C-suite partners. With year-over-year data, decision-makers can devise competitive compensation strategies and comprehensive rewards systems to help attract and retain high-caliber employees. 

An easy-to-use Online Reporting Tool facilitates tailored reporting based on industry, organization size and/or geographic region (within the U.S. and Canada), helping compensation, Total Rewards, and HR professionals prepare informed salary budget recommendations for their organizations. The Online Reporting Tool allows you to better understand the complex interrelationships of geography, organization size, industry, and workforce composition to develop the best recommendations for your organization. 

“Organizations of all kinds, from government entities to global multi-nationals to mid- and large-market enterprises to small businesses, rely on this annual survey to benchmark and plan salary increase budgets that will sustain the workforces they need,” said Sue Holloway, Director, WorldatWork. “This study reveals that compensation professionals have a nuanced grasp of the factors impacting salary budgets. They were able to foresee the decline in salary increase budgets that we’ve observed this year. We look forward to continuing to support Total Rewards pros as they leverage data and think strategically to formulate 2025 compensation budget recommendations and negotiate with CFOs.” 

Report Highlights:    

Additional countries included in 2024: New to this year’s study are data from the Gulf Cooperation Council (GCC) countries, South Africa, South Korea, and Vietnam.

New industry data for Pharma. For the first time this year, data are available for Pharma as a standalone industry.

Organizations are taking action on equity. Across the U.S., Canada, the UK, and India, the majority of organizations anticipate making pay adjustments to remediate pay equity issues in 2025. These adjustments may include both those required to maintain internal equity among employees as well as those needed to resolve unwarranted differences in pay between different groups of workers.

Canadian salary increase budgets came in at predicted levels in 2024. After correctly predicting that 2024 salary increase budgets in Canada would average 3.9%, Canadian HR pros anticipate a slight additional decline in 2025 to 3.7%

India’s substantial increase budgets. India again shows the largest average salary increase budget in the survey, averaging 9.6% for 2024. This figure, matching last year’s prediction for 2024 is a four-tenths decrease from last year’s average of 10%.

UK salary structure adjustments slow in 2024 but exceed predictions. Coming in at 4.3% in 2024, salary increase budgets in the UK came in at the level projected by participants in last year’s Salary Budget Survey, but salary structure adjustments slightly exceeded predictions. Nonetheless, 2024 structure adjustments, averaging 3.1% in 2024, are lower than 2023 adjustments and are projected to decline further in 2025.

Methodology:
WorldatWork collected survey data for the “2024-2025 Salary Budget Survey” from April 8, 2024, to June 15, 2024. The survey was completed by 2,249 organizations, many of which reported data for multiple countries, resulting in 6,536 unique survey responses. Members were asked to respond for the U.S. and 24 other countries: Australia, Belgium, Brazil, Canada, China, France, GCC Countries, Germany, India, Italy, Japan, Mexico, Netherlands, New Zealand, Nigeria, Russia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, the United Kingdom, the United States, and Vietnam. (Insufficient responses were received in 2024 to report data from New Zealand, Nigeria, or Russia.) 

About WorldatWork:   
WorldatWork is the leading global nonprofit association for professionals engaged in the critically important practice of Total Rewards. We serve those who are responsible for cultivating inspired, engaged, productive, and committed workers in effective and rewarding workplaces. We guide them in the design and delivery of Total Rewards programs with our membership, education, certification, idea exchange, thought leadership, knowledge creation, information sharing, research, and networking. For more than 65 years, WorldatWork has served Total Rewards professionals throughout the world working in organizations of all sizes and structures. Professionals from more than 93% of Fortune 500® organizations rely on WorldatWork for Total Rewards solutions. 

Media Contact:
Diana Adkins
480-304-6860
381215@email4pr.com

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Macrogen Consortium win tender for National Bio Big Data Project

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Illumina is proud to be selected as sequencing technology partner to the Macrogen Consortium.

SEOUL, South Korea, Dec. 23, 2024 /PRNewswire/ — Macrogen a global healthcare company that specializes in precision medicine and Illumina Inc. (NASDAQ: ILMN), a global leader in DNA sequencing and array-based technologies, announced today that they are honoured to support the National Bio Big Data project by sequencing and analysing 145,952 Korean genomes.

The National Bio Big Data Project project has been running in Korea as a pilot project since 2020. During this period about 20,000 genomes were analysed, 10,000 of these including people with a rare disease. The ultimate goal is to enable precision medicine by building a reference genome for about 770,000 Koreans by 2028 and a total of 1 million by 2032.  

“Being a part of this step change to improving public health in Korea through the voluntary collection and analysis of genomic, clinical and life record information from the general public, is paramount to ensure precision medicine becomes a standard of care for all Koreans,” said Changhoon Kim, CEO Macrogen.

“Illumina is pleased to be a part of the Korean bio industry ecosystem and to participate in such an important national project. We look forward to contributing to Korea by bringing our expertise and lessons learned from our direct involvement in leading pop gen projects around the world,” said Robert McBride, General Manager of Illumina Korea.

People across the globe have very similar genes but a small number of variants between populations can impact health. For example, some variants are associated closely with particular diseases such as cystic fibrous.[1]These variants can present differently in populations and have a significant impact on how individuals respond to medicines and treatments. Therefore, it is beneficial for Koreans to have information available that is unique to them.

Worldwide, the number of pop gen projects is expanding rapidly, including the UK, Japan, Singapore, Qatar, the United Arab Emirates, and Nigeria.

“Population genome projects are growing worldwide with many programs reaching significant milestones. But despite this inequity remains with the majority of genome datasets being of European descent. This means we have a lot of information how to develop drugs for European populations but this doesn’t translate in any meaningful way to other nationalities, said Robert McBride.

Population genomics provides a platform for industry engagement and investment, specifically in the pharmaceutical, biotechnology, and data sectors. By integrating large, diverse data sets and using advanced computing technology (such as artificial intelligence or machine learning), health systems and partners are optimally positioned to unlock the power of the genome even further, while improving quality of life and care and fostering economic growth.

“Precision medicine is changing how diseases are treated and this benefits everyone. For patients, treatments often work better when decisions are based around an individual’s genome, for drug companies it can reduce cost of development and for governments there are long term savings related to less waste and healthier patients,” said Changhoon Kim.

References

[1] https://www.genome.gov/about-genomics/educational-resources/fact-sheets/human-genomic-variation#:~:text=How%20do%20peoples’%20genomes%20vary,person%20responds%20to%20certain%20medications.

About Macrogen

Macrogen is a global genetic service provider, partnered with over 18,000 scientists in 150+ countries, and with more than 20 years of experience in the industry.

Established in 1997, from the Genome Medical Research Institute of Seoul National University, Macrogen has become a major service provider and consulting agent for government agencies, universities and research institutes around the world.

About Illumina

Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as a global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical, and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture, and other emerging segments. To learn more, visit www.illumina.com and connect with us on X (Twitter), Facebook, LinkedIn, Instagram, TikTok, and YouTube

About the Consortium

Macrogen Consortium members include the following companies: DNA Link, Theragen Bio, and CG Invites

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/macrogen-consortium-win-tender-for-national-bio-big-data-project-302335981.html

SOURCE Illumina

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As 2025 IRS Mileage Rate Hits 70 Cents, Expert Warns: Ditch Risky Apps for Secure Paper Tracking

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Gig economy expert Ed Ryder warns against the risks of mileage tracking apps, and advocates using paper-based tracking methods instead. He introduces The Big Mileage Form, a secure alternative developed over two years to meet the specific needs of food delivery gig workers. Ryder highlights recent tech failures, like the July 2024 global IT outage, to underscore the vulnerabilities of digital solutions. The press release also mentions Ryder’s significant mileage deduction using his form and directs readers to GigCoach.net for additional resources, including a consumer tutorial to drive better food delivery outcomes and a gig coach training program.

PHILADELPHIA, Dec. 22, 2024 /PRNewswire-PRWeb/ — As the IRS announces a standard mileage rate of 70 cents per mile for 2025, gig economy expert Ed Ryder, who has completed over 10,000 deliveries with his own car using major food delivery platforms, urges fellow gig workers to reconsider their mileage tracking methods. While acknowledging the convenience of digital solutions, Ryder advocates for a return to secure, paper-based tracking to protect valuable mileage deductions.

With the mileage rate at 70 cents, accurate tracking is crucial for gig workers and small business owners. Mileage apps seem convenient, but they risk data loss from outages, glitches, and cyber attacks. Many overlook these significant dangers.

“With the mileage rate increasing to 70 cents, accurate tracking is more crucial than ever for gig workers and small business owners,” says Ryder, creator of The Big Mileage Form. “While mileage tracking apps seem convenient, they come with significant risks that many overlook. Network outages, app glitches, and cyber attacks can jeopardize months of data.”

Ryder points to the July 2024 global IT outage as a prime example of technology’s vulnerabilities. “A faulty software update caused mass airline disruptions and impacted other industries, catching major corporations off guard. This incident highlights that even in our digital age, software isn’t infallible. For me, I simply won’t trust mileage tracking apps with my most important tax deduction.”

To address these concerns, Ryder developed a comprehensive, paper-based solution. “I spent two years perfecting The Big Mileage Form, tailoring it to the specific needs of food delivery gig workers,” he explains. “At 11×17 inches, it provides ample space for detailed record-keeping and, crucially, it’s immune to software glitches, data breaches, and ransomware attacks.”

Ryder’s meticulous paper-based record-keeping resulted in a mileage deduction exceeding $19,000 on his 2023 federal taxes. “All my business-related miles are thoroughly documented on paper. I’m fully prepared to defend this deduction in case of an audit. This level of confidence is what I aim to provide other gig workers.”

“In today’s digital age, sometimes the most secure solution is the simplest one,” Ryder concludes. “My form not only ensures data security but also prepares users for potential IRS audits. It’s time to reconsider the old-fashioned, but reliable pen-and-paper method.”

For those interested in learning more about effective mileage tracking and other aspects of gig work, Ryder offers valuable resources on GigCoach.net. These include a tutorial for consumers titled ‘Fair Deal Delivery,’ which provides insights on how to improve food delivery outcomes. Additionally, experienced food delivery couriers can explore Ryder’s gig coach training program. Visit GigCoach.net to access these resources and learn more about The Big Mileage Form.

Media Contact

Ed Ryder, Match Experiment LLC, 1 484-493-8740, hello@ideamaned.com, gigcoach.net

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SOURCE Gig economy expert Ed Ryder

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DATA BREACH ALERT: Edelson Lechtzin LLP Is Investigating Claims On Behalf Of Ascension Health Customers Whose Data May Have Been Compromised

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NEWTOWN, Pa., Dec. 22, 2024 /PRNewswire/ — The law firm of Edelson Lechtzin LLP is investigating claims regarding data privacy violations by Ascension Health (“Ascension”). Ascension learned of suspicious activity on or about May 8, 2024. To join this case, go HERE.

About Ascension Health

Ascension is a prominent non-profit health system in the nation and operates under Catholic principles.

What happened?

On or about May 8, 2024, Ascension detected unauthorized activity in its computer systems. Ascension initiated an investigation, which included retaining consulting cybersecurity experts and notifying the FBI. The investigation determined that between May 7 and 8, 2024, a cybercriminal accessed files containing personal information about Ascension’s patients and employees. This information included names, medical records, payment details, insurance information, government identification numbers, and other personal data such as dates of birth and addresses. Approximately 6 million individuals have been affected by this data breach.

How can I protect my personal data?

If you receive a data breach notification, you must guard against possible misuse of your personal information, including identity theft and fraud, by regularly reviewing your account statements and monitoring your credit reports for suspicious or unauthorized activity. Additionally, you should consider legal options for mitigating such risks.

Edelson Lechtzin LLP is investigating a class action lawsuit to seek legal remedies for customers whose sensitive personal and patient data may have been compromised by the Ascension data breach.

For more information, please contact:

Marc H. Edelson, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492
Email: medelson@edelson-law.com
Web:  www.edelson-law.com 

About Edelson Lechtzin LLP
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving data breaches, our lawyers focus on class and collective litigation in cases alleging securities and investment fraud, violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and catastrophic injuries.

This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so counsel does not represent you unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing now. Your ability to share in any potential future recovery does not depend on serving as lead plaintiff.

View original content to download multimedia:https://www.prnewswire.com/news-releases/data-breach-alert-edelson-lechtzin-llp-is-investigating-claims-on-behalf-of-ascension-health-customers-whose-data-may-have-been-compromised-302337976.html

SOURCE Edelson Lechtzin LLP

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