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Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> in her Budget speech proposed creation of <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword> of about 4.1 crore <keyword id="19916812" type="General" weightage="20" keywordseo="youth" source="keywords">youth</keyword> over the next five years. Towards it, the finance minister has made an allocation of Rs 2 lakh crore. Similarly, for <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword> the citizens so as to generate job opportunities, she proposed Rs 1.48 crore. 20 lakh youth will be skilled over a five-year period. A total of 1,000 industrial training institutes will be upgraded, she announced. She proposed in her speech that a one-time wage would be provided to all first time employees in all sectors. The incentive for first-timers would be provided through Direct Benefit Transfer (DBT) The Finance Minister said that the government will launch internship opportunities in 500 companies to one crore youth in five years. Interns will get exposure to real-life environment and an allowance of Rs 5000 per month, she said. The companies will bear training and 10 per cent of training cost from CSR funds. Sitharaman said employment, skilling, MSME, and middle class are among key focus areas of this Budget. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a>

Budget 2024: ₹2 lakh crore allocated to employ 4.1 crore youth over next 5 years

<ul class="summary-list"><li><keyword id="20138372" type="General" weightage="100" keywordseo="Lithuania" source="keywords">Lithuania</keyword> ranks as the <keyword id="23243125" type="General" weightage="20" keywordseo="happiest-place" source="keywords">happiest place</keyword> for those under 30, but it also has very high suicide rates.</li><li>On the surface, it seems like a paradox. But a closer look reveals a stark generational divide.</li></ul>Domantas Katelė, an official in Lithuania's Ministry of Social Security and Labour, is widely known as his country's <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-sick-leave-pto-mental-health-work-from-home-2024-8">"Gen Z"</a> minister. Rings adorn Katelė's tattooed fingers, which he uses to proudly point to his "Politicians make me sick" door sign. At 25, he's the country's youngest-ever deputy minister (he still wears braces), and rarely lets visitors leave his office without taking a selfie. Katelė's portfolio includes <keyword id="20654323" type="General" weightage="20" keywordseo="youth-affairs" source="keywords">youth affairs</keyword>. "It's a golden age for the youth of Lithuania," he told Business Insider during a visit to Vilnius in August. <a target="_blank" class="" href="https://www.businessinsider.com/why-lithuania-happiest-country-young-people-from-local-2024-6">The World Happiness Report</a> backs up his claim, ranking <a target="_blank" class="" href="https://www.businessinsider.com/why-lithuania-world-happiest-country-for-gen-z-millennials-education-2024-6">Lithuania as the happiest place in the world for those under 30</a> earlier this year. But it would be inaccurate to paint <a target="_blank" class="" href="https://www.businessinsider.com/brazil-lithuania-move-career-safety-progression-make-friends-2024-1">Lithuania</a> as some sort of dreamland, Katelė adds. After all, it's also Europe's <keyword id="23243126" type="General" weightage="20" keywordseo="suicide-capital" source="keywords">suicide capital</keyword>. <h2>A paradox?</h2>Though the suicide rates have declined since its independence from the Soviet Union in the 1990s, Lithuania still often leads the European Union in this grim statistic. Between 2019 and 2021, Lithuania had the highest rate of death by intentional self-harm in the 27-country bloc, and, according to the <a target="_blank" href="https://www.oecd.org/en/data/indicators/suicide-rates.html">OECD's most recent data</a>, it had the second-highest suicide rate globally. It seems paradoxical: How can <a target="_blank" class="" href="https://www.businessinsider.com/vilnius-lithuania-happiest-gen-z-cheap-safe-fun-tech-hub-2024-9">a country be great for young people</a> while also being Europe's suicide capital? Katelė lists some of the reasons Lithuania is ranked so highly for young people — some of the<a target="_blank" href="https://ec.europa.eu/eurostat/cache/digpub/housing/bloc-2b.html"> most affordable housing</a> in Europe, free education for many Lithuanians, and a growing economy providing ample job opportunities. Walking the streets of Vilnius in the summer, you'll find stylish young people wherever you look — sipping Aperol Spritzes at Old Town bars, lounging by the river in the artsy Užupis district, or skateboarding at the Baltasis Tiltas Skate Park. <div type="image" title="Užupis waterway" height="4284" width="5712" msid="113488780" hostid="261"></div>Although the city is steeped in history — some very dark and recent — it feels modern and vibrant. But when you talk to <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-men-women-leisure-spending-habits-differ-report-shows-2024-9">Gen Zers</a> in Lithuania about its preeminence, the reaction is often the same: disbelief. A few said it made them laugh. "I was very surprised, and my friends who are living in Vilnius were also surprised," said Adriana Doroškevičiūtė, 23, sipping on an iced coffee at a café in the capital. "I thought we were depressed," she added. "When we receive the opposite of that, you think, what is happening?" Richard Bogu, 23, was also shocked. It's not that he thinks Lithuania is a bad place for <a target="_blank" class="" href="https://www.businessinsider.com/young-people-are-developing-money-dysmorphia-2024-7">young people</a>; just that, like others, he has come to associate the country with bleakness. "We are known for being very sad people," he said, adding: "But, slowly, we're going toward being a small, happy nation." <div type="image" title="Richard Bogu sits down at a coffee table" height="4284" width="5712" msid="113488790" hostid="261"></div>Bogu said he feels optimistic about the future, especially for people his age — the tech industry, in which he works, is booming, <a target="_blank" href="https://www.lrt.lt/en/news-in-english/19/2210828/average-wage-in-lithuania-up-12-sodra">salaries are rising</a>, and jobs are ample. "This country gave me opportunities," he said. A key benefit is that most Lithuanians can enter the workforce unburdened by <a target="_blank" class="" href="https://www.businessinsider.com/regret-paying-off-student-debt-instead-earning-passive-income-2024-7">student debt</a>, as university education is free for many. Wages are rising rapidly, and the expanding startup sector is <a target="_blank" href="https://unicorns.lt/en/news/lithuanian-startups-are-looking-hundreds-employees-not-just-it-specialists?ref=philomaths.tech">eager to hire</a> young talent. <h2>No country for old men</h2>But while things may be looking up for the younger generation, older Lithuanians don't seem to share the same optimism. According to <a target="_blank" href="https://ec.europa.eu/eurostat/databrowser/view/ilc_pw01__custom_12656014/default/table?lang=en">Eurostat's 2023 overall life satisfaction survey of those aged 65 years or over,</a> older Lithuanians are nowhere near as happy as the country's youth. This generational divide bears out in the <keyword id="21021432" type="General" weightage="20" keywordseo="World-Happiness-Report" source="keywords" meta.keywordsubtype="org" meta.entityname="World Happiness Report" meta.hostid="261" meta.entityid="World Happiness Report">World Happiness Report</keyword>. While Lithuania ranked first for those under 30, it was 19th across all age groups, dragged down by its 44th-place ranking for those over 60. "If you don't have children or grandchildren to care for you, you're basically done," Bogu said. <a target="_blank" class="" href="https://www.businessinsider.com/retirees-moving-social-security-cheaper-living-healthcare-canada-japan-mexico-2024-9#:~:text=Retirees%20are%20increasingly%20moving%20abroad,Canada%2C%20Mexico%2C%20and%20Japan.">Retirees</a> in Lithuania receive some of the <a target="_blank" href="https://www.etk.fi/en/work-and-pensions-abroad/international-comparisons/pensioners-income-level-internationally/average-pensions-in-europe/">lowest pensions</a> in Europe, and have <a target="_blank" href="https://ec.europa.eu/eurostat/databrowser/view/tespn060/default/table?lang=en&amp;category=t_ilc.t_ilc_ip.t_ilc_pn">among the lowest median relative income</a> of older people across the European Union. Data provided to BI by Lithuania's Ministry of Social Security and Labour shows that 62% of those who died by suicide in 2023 were over 50, with 8.7% under 30. It's a far starker divide than in countries like the US or UK, pointing to a chasm between the generations. <a target="_blank" href="mailto:grizas.antanas@gmail.com">Antanas Grižas</a>, a clinical psychologist specializing in suicide prevention in Lithuania, said the <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-kid-baby-boomer-parents-generational-differences-parenting-lessons-2024-4">generational divide</a> is deeply felt in the country, as well as elsewhere in the former Soviet Bloc. He told BI that economic factors, such as <a target="_blank" class="" href="https://www.businessinsider.com/boomer-retirement-savings-social-security-pension-budgeting-2024-7">low retirement incomes</a>, certainly impact mental health, but that the historical context is key, too. <div type="image" title="A Soviet-era building with a sign reading &quot;Vilnius&quot; is seen in Vilnius, Lithuania on 28 July, 2024." height="684" width="1024" msid="113488788" hostid="261"></div>"The changes after the fall of the Soviet Union were very fast and drastic," he says. Those who lived through this period faced a double trauma: enduring Soviet rule and navigating the chaotic transition to an independent capitalist nation. Plus, as Grižas points out, psychiatry was sometimes politicized under <a target="_blank" class="" href="https://www.businessinsider.com/vintage-photos-show-life-behind-the-iron-curtain">Soviet rule,</a> with dissidents being labeled as mentally ill, which has strengthened a generational <a target="_blank" class="" href="https://www.businessinsider.com/stephen-hays-mental-health-vc-what-if-ventures-addiction-2024-7">stigma over mental health.</a> "The <keyword id="19919711" type="General" weightage="20" keywordseo="Gen-Z" source="keywords">Gen Z</keyword>, haven't experienced that directly, " he noted. "So it makes total sense that they have different conditioning and a different mindset." Reports like the happiness rankings are also often based on self-assessments, and Grižas suggests that comparisons may play a key part in the variation between the generations. "The younger generation can easily compare and see the progress that we as a nation made," he said. <div type="image" title="Domantas Katelė in front of his office door" height="4284" width="5712" msid="113488778" hostid="261"></div>Katelė, the "Gen Z" minister, agrees that the positive self-assessments among the youth may have been influenced by their awareness of the hardships faced by their elders. While the previous generation was deprived of luxuries, he said Gen Z can relish the <a target="_blank" class="" href="https://www.businessinsider.com/why-gen-z-feels-good-about-money-inflation-jobs-2024-6">freedom to spend</a> the equivalent of $160 on dinner, to vacation abroad, and to participate in democracy. "If they take a look and think about that," he said, "it's just not possible to not be happy." Correction: September 19, 2024 — An earlier version of this story misstated Domantas Katelė’s job title. He is a deputy minister, not a minister.

Lithuania is the world's happiest place for under 30s, but it's also Europe's suicide capital

<ul class="summary-list"><li>Despite having an <keyword id="20005305" type="General" weightage="20" keywordseo="MBA" source="keywords">MBA</keyword>, Marcial Quinones has struggled to find stable work after 1,500 applications.</li><li>Quinones said his <keyword id="20221864" type="General" weightage="100" keywordseo="job-search" source="keywords">job search</keyword> may be hindered by AI, lack of recent experience, and <keyword id="23301318" type="General" weightage="20" keywordseo="overqualification" source="keywords">overqualification</keyword>.</li></ul>Marcial Quinones, 48, used to have few problems getting <a target="_blank" class="" href="https://www.businessinsider.com/job-seekers-careers-interviews-assessments-hiring-2024-6">jobs</a> in the 1990s without a high school diploma. Now, after what he estimates is over 1,500 applications since the early 2010s, he can't land any <a target="_blank" class="" href="https://www.businessinsider.com/millennial-cant-get-hired-bachelors-degree-men-cant-find-jobs-2024-5">stable job</a> in his field even with an MBA. Quinones, a father of four who lives in rural eastern Pennsylvania, said he's struggled to land a <a target="_blank" class="" href="https://www.businessinsider.com/cant-get-hired-laid-off-many-job-applications-few-interviews-2024-8">long-term job</a> in tech or counseling. He has held part-time positions and built his own inventory software to sell to companies, though he rarely gets interviews, even after redoing his <a target="_blank" class="" href="https://www.businessinsider.com/resume-tips-google-software-engineer-skills-experience-careers-software-tech-2024-3">résumé</a> two dozen times. "I wish there was an easier way, but traditional ways of looking for <a target="_blank" class="" href="https://www.businessinsider.com/new-grad-gave-up-six-figure-jpmorgan-finance-job-satisfaction-2024-8">employment</a> have been overshadowed by <keyword id="19904566" type="General" weightage="20" keywordseo="artificial-intelligence" source="keywords">artificial intelligence</keyword> and lack of human interaction," Quinones said, noting his applications are likely thrown out due to his recent lack of work experience. Quinones is one of many Americans with traditional work credentials who <a target="_blank" class="" href="https://www.businessinsider.com/white-collar-jobs-remote-office-workers-cant-get-hired-2024-9">can't land a decently paying, stable job</a>. This comes at a time when getting a college degree is much <a target="_blank" href="https://www.businessinsider.com/college-degree-good-job-market-skill-based-hiring-employers-2024-2">more necessary</a> to landing a well-paying job. Quinones shared his difficulties with securing work, as well as some reasons he may be falling through the cracks. <h2>A rocky but successful start</h2>Quinones said he had a difficult upbringing with an "abusive" stepfather. He lived in various youth shelters and dropped out of school in seventh grade, and he had his first child shortly after entering a transitional independent living facility at 18. "At that point in my life, I was trying to change everything and become better because I knew that I would be a father," Quinones said. "I started taking things more seriously and tried to figure out what to do with my life." He became interested in computers and found side jobs helping the Salvation Army and other businesses fix their technology. By 18, he applied for technical jobs, doing contract work in the 1990s when companies were rolling out computers at the office. Without a high school diploma, he <a target="_blank" class="" href="https://www.businessinsider.com/linkedin-open-to-work-banner-badge-job-pros-cons-2024-9">got a job</a> as head technician for a computer company in Arizona, then landed a role for Intel in 1999. He worked there as an IT manager for a year before getting laid off. Feeling behind his peers because he did not have a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/student-loans/is-college-worth-it">college degree</a>, he enrolled at a community college in 2002, where he got his associate degree in computer programming. While there, he also worked part-time for the school's IT department. He moved with his wife and children to <a target="_blank" class="" href="https://www.businessinsider.com/california-move-arizona-conservative-3-months-politics-returned-2024-4">Arizona</a> to be closer to his wife's family. Given that a four-year degree was increasingly becoming a prerequisite for many positions, he received a bachelor's degree in computer programming. Still, he said the job market in Arizona was "extremely difficult." He wanted to progress his career, so he enrolled in an MBA program in technology management. He secured a job in <a target="_blank" class="" href="https://www.businessinsider.com/new-jersey-affordable-housing-lottery-how-single-mom-won-apartment-2024-8">New Jersey</a> as chief technology officer for an import and export company. However, two years into his job in 2010, he faced a difficult situation in his family that cost him his job, which he said was "extremely difficult to recover from." <h2>Can't find a job</h2>Since then, he said he's <a target="_blank" class="" href="https://www.businessinsider.com/millennial-looking-job-cant-get-hired-college-degress-entry-level-2024-7">struggled to find anything</a> relevant to his skill set. He couldn't land anything beyond a first-round interview for IT roles. He recalled making Facebook posts in the early 2010s searching for work, only to be met with negative comments. "I've walked into local businesses to start talking about working, and I'm told that I would not be happy working there because it is not part of my high-skilled profession," Quinones said. "This is even after not including my education not to become overqualified. However, when they reviewed my work history, it was clear I am." Quinones said he struggled with alcoholism, from which he recovered eight years ago. He began bodybuilding as his therapy, and he took part-time positions just to stay afloat. He created an inventory management software program, hoping to expand it to many clients. He secured some contracts for his software with businesses like a restaurant in Puerto Rico and a Christmas company, and he worked on inventory with small startups to help them grow. He was offered full employment at a company, given it would use his software, though the company wouldn't compensate him for his software outside his salary. Additionally, he <a target="_blank" class="" href="https://www.businessinsider.com/framing-prices-cost-expensive-posters-art-photos-business-money-2024-2">printed images</a> on stickers, shirts, and bottles for side income and drove for Uber, though he recalled often working 14 hours and only making $70 a day after expenses. He volunteered at a middle school implementing his software for improving students' math performances, selling some licensing agreements to parents. He said his wife works remotely as a sales supervisor for a company in Arizona, which has kept his family of six afloat. Over the last decade, he's found ways to cut costs for the family, such as doing car repairs or plumbing fixes without calling in experts. In 2015, desperate for job security, he enrolled in a <a target="_blank" class="" href="https://www.businessinsider.com/masters-degree-rely-parents-financial-support-nyc-2024-7">master's program</a> in family and marriage counseling as a backup plan, though he ran out of financial aid with four classes left and dropped out. A few years later, when he considered returning, he was told only half of his classes counted due to a curriculum change. He received advice from career counselors to "finish my master's degree in counseling, which is not easy because of the cost," Quinones said, noting he had to pause any further education while recovering from surgery. He added hiring managers "would not give me a chance even though I had three years of education." He's still in touch with career coaches from his previous universities, and they've offered workshops, résumé and cover letter reviews, and job recommendations to help him stand out. He began catering every application specifically for each role, sending personalized emails to hiring managers, but he only got two emails back from recruiters saying they would keep him in mind for positions. <h2>Why landing a job is so difficult</h2>In total, he said he's applied for about 1,500 jobs <a target="_blank" class="" href="https://www.businessinsider.com/laid-off-6-times-cant-find-job-50s-retirement-worry-2024-7">unsuccessfully</a>, getting five to 10 rejections daily this year, screenshots shared with BI show. He's redone his résumé over 25 times, spending $300 for a professionally created one that yielded zero interviews — which he got partially refunded. He's asked his friends in IT and project management to review his applications. He said he's in a middle ground: He's overqualified for many entry-level positions but underqualified for jobs in related industries. He acknowledged hiring expectations have skyrocketed over the past few years. He even tried removing some educational background on his applications to seem less qualified to no avail. He believes many of his rejections are for positions that companies legally have to post but give to internal candidates or recommendations. "I used to get interviews for jobs where I beat out 600 people," Quinones said. "Now, it's hard to get a job when you don't have a foot in the door to interview." He also suspects his race as a Latino American may have hindered his job search. Once, a company told him it wasn't accepting new applications, though they gave one to his wife, who is white. He also used a shortened version of his middle name, Tony, on an application instead of Marcial, which increased his interview rate. He added that because technology changes rapidly, he may be behind on what many jobs expect applicants to have, particularly with AI. Given his location about 30 miles from any cities, he's focused on finding a remote position, though these have been dwindling and getting more competitive. "If you haven't been employed in a while, I can't magically snap my fingers and make it happen," Quinones said, noting employers may be skeptical of gaps in his work history. Are you struggling to find a job? Reach out to this reporter at <a target="_blank" href="mailto:nsheidlower@businessinsider.com">nsheidlower@businessinsider.com</a>. Correction: September 24, 2024 — An earlier version of this article incorrectly stated that Quinones turned down job offers before and during his MBA.

A Gen Xer with an MBA can't get a job despite over 1,500 job applications. He said his degrees have been useless.

For most of his youth, Bryan wanted to be an astrophysicist.He was obsessed with the Hubble telescope, and his bedroom ceiling was dotted with plastic glow-in-the-dark stars. When the Scholastic Book Fair came to his library, he'd beg his parents for cash to buy NASA photo books. To him, space science seemed the pinnacle of innovation, excitement, and existentialism.So when, as a sophomore in college, he told his parents he was going to major in accounting, they gave him what Bryan (which isn't his real name) could describe only as "a look.""An accountant?" he remembers his mother saying. "Why would you want to be an accountant?"Certified public accountants have long been cast as penny-pinching list checkers with vanilla personalities and a zeal for taxes, but that stereotype seems to turn off Gen Z more than any previous generation. That perception plus the industry's actual hurdles and pitfalls have compounded in the past several years to create a <a target="_blank" href="https://www.businessinsider.com/shortage-accountants-we-should-be-worried-recruit-young-talent-2023-2">nationwide accountant shortage</a>.The American Institute of Certified Public Accountants says about 65,000 students in the US completed bachelor's or master's degrees in accounting in the 2021-22 school year, 18% fewer than a decade earlier. Of those who study accounting, only a portion become <a target="_blank" class="" href="https://www.businessinsider.com/how-to-get-hired-top-consulting-firms-bcg-mckinsey-pwc-2024-7">certified public accountants</a>. About 30,000 people took the CPA exam in 2022, compared with nearly 50,000 people in 2010.Meanwhile, longtime accountants' ranks are dwindling fast: Three-quarters of CPAs in the US were thought to be at or near retirement in 2019.It's hard to overstate the consequences of a lack of accountants. It's not just the neighborhood CPA taking longer than usual to finish your tax return — we've already started to see it can mean financial mistakes and discrepancies at the highest levels of corporate America. Last year, for example, Advance Auto Parts said turnover of accounting staff was a cause for "material weakness" in its financial reporting via a filing extension request to the Security and Exchange Commission. Container maker Tupperware recently had similar delays in filing because of "significant attrition" and "skill set gaps" in its accounting department.Accountants have become an <a target="_blank" class="" href="https://www.businessinsider.com/shortage-accountants-we-should-be-worried-recruit-young-talent-2023-2">endangered species</a>, and that's endangering the financial ecosystem. But bolstering their ranks is no easy feat."The pay is crappy, the hours are long, and the work is drudgery," said Richard Rampell, a retired accountant in South Florida. "And the drudgery is especially so in their early years."Can America's most boring profession get sexier, stat?The archetypal accountant, the dull quant wasting away in a cubicle, is far from a fantasy. Though CPAs can do plenty with their skills — forensic accountants working at the FBI, auditors helping a Fortune 500 company analyze the books of a hotshot business it's considering acquiring — the stereotype seems unshakable. Even the American Institute of CPAs has a <a target="_blank" href="https://youtu.be/Gnwz_qotLJQ">video</a> titled "Accounting: It's not what you think.""I always joke that nobody dreams of being an accountant when they're in the sandbox," said Amal Shehata, an accounting professor at New York University's Stern School of Business who worked at PricewaterhouseCoopers for 10 years.But the stereotypes exist for a reason. "It's hard to put lipstick on a pig," Rampell said. He started his career at Ernst &amp; Young (EY) in the late 1970s, then ran his own CPA firm in West Palm Beach for 45 years. "The truth is that there's not a lot of glamour in accounting," he said. "You can go out and have good, interesting clients, but that can take five or 10 years to know enough to get to that point." Accounting was never sexy, per se. But young people have never been more put off by unsexy careers.A job used to be as good as the long-term security it could guarantee. But now, many Gen Zers are hesitant to pursue jobs their peers consider overly safe or predictable. "I think there was a greater appeal to the industry in a previous era, when certainty and maintaining a job at one place for your entire career was seen as the ultimate goal," said Bryan, who's 23. "Now it's not."In a recent survey by Deloitte, 86% of Gen Z respondents said that having a sense of purpose was important to their overall job satisfaction and well-being. Deloitte's report also describes them as "increasingly willing to reject assignments or employers who don't align with their values." (Deloitte is also a Big Four accounting firm, along with EY, KPMG, and PwC. The company declined a request from Business Insider to discuss its efforts to counter the accountant shortage.)Gen Z is also, notably, the first generation to have truly grown up with social media. They spent their childhoods watching a stream of what everyone else does with their lives, and many have become convinced that that's much better than whatever they're doing with their own. In this way, social media has incentivized them to focus on doing things their peers deem interesting or exciting. And, well, accounting isn't readily Instagrammable.Then there's the double-whammy problem of becoming an accountant, which is both harder to achieve and pays less than other finance jobs. A CPA candidate usually needs to get a master's in accounting to satisfy the requirement that they take 150 credit hours. After that comes the CPA exam: four grueling four-hour tests that must be passed within 18 months. And before they can officially get the title, candidates need to spend a year working under a licensed CPA.Bryan finished his graduate program in May and is set to begin his first job as an audit associate at a Big Four accounting firm in October. He's taken one of the CPA tests, which he described as "beastly," and he spends most of his free time studying for the other three. "I think that it's necessary, but at the same time, it is definitely a substantial burden," he said.Students can get higher-paying and arguably more exciting finance jobs right out of college without doing all that. That's what Bryan almost did. After a particularly tormenting high-school calculus class crushed his astrophysicist dreams, he considered pursuing investment banking. Most of his friends and classmates were going into finance, he said. And it's no wonder why.Entry-level investment bankers can make <a target="_blank" href="https://www.businessinsider.com/investment-bank-analyst-associate-starting-salaries-goldman-sachs-jpmorgan-citi-morgan-stanley">more than $100,000</a> in base salary plus <a target="_blank" href="https://www.businessinsider.com/how-bankers-spending-bonuses-yachts-porsches-real-estate-luxury-goods-2022-2">annual bonuses</a> in the tens of thousands their first year out of undergrad. Bryan says he'll make $72,000 in his first year at his firm — one of the largest, most prestigious, and best-paid public accounting firms.Though junior investment bankers tend to work heinous hours and toil over pitch books, the field is widely seen as more posh. Bankers get to work on deal teams that advise the world's top executives on market-moving mergers and IPOs. They also tend to have direct access to other fancy Wall Street jobs at hedge funds and private-equity firms.Everyone I talked to agreed that the first thing to do to get more accountants is to pay them more."Raise the pay a lot, pay as much as the investment-banking firms," Rampell said. "So as long as there's demand for accounting services, tax preparation, auditing, and financial-statement preparation, there will be people that will rise to do that work. The firms will have to pay to meet the demand." Rampell worries that if salaries don't go up, the shortage could become a "vicious cycle": Fewer accountants means those who are around have larger workloads, and those people are more likely to quit because of the long hours and low pay.As someone who ran a CPA firm for decades, Rampell said that paying employees more than his competitors was worth the cost. "I got more productive people, I got smarter people, I got harder-working people — people that were more ambitious and wanted to go places as opposed to people that just wanted work 9 to 5."There are some signs that some firms are responding to calls for salary changes. Margaret Burke, the talent acquisition and development leader at PwC, said in a written statement that the firm has increased entry-level salaries for audit and tax associates "over the last several years," but declined to say by how much. She also pointed out that PwC gives performance-based raises and bonuses "at all levels."Shehata, of NYU, said she also hopes alumni at top firms will help provide scholarships to make the cost of an extra year in grad school less exclusionary. "As academic director, one of my priorities is really trying to find funding for the students who want to do the master's degree," she said. "The expense can be prohibitive."The way accounting is taught could also help stanch the shortage, Shehata said. "It's up to us as academics to make the curriculum exciting and interesting," she said. "To me, that means it's relevant and it's timely." For example, she recently taught a class about the intersection of the blockchain and accounting."What I try to encourage students to consider is the long game," she added. "Yes, there are hoops and obstacles and expenses to getting the credentials, but ultimately it pays off. It's not always the first job; it's later in life that those credentials and those skills can really pay off and benefit."She said that's particularly true for those students who aren't sure what they want to do in the long term, because accounting is a skill you can draw upon in many types of industries. Shehata said some of her former accounting students, for example, were at places like Google and Apple in fraud detection. "Accounting is everywhere," she said.Perhaps the most important class to improve is the first one students take, Principles of Accounting. In May, the National Pipeline Advisory Group published an<a target="_blank" href="https://aboutblaw.com/bd3J"> 88-page report</a> on "talent solutions" for the field, which included reworking the intro course, given its "potential to shape a student's perception and ignite interest in an accounting career." Bryan described this introduction as critical. The 101 classes "don't really do very much to convince you that accounting is more than bookkeeping," he said. "I think that if you were to change the way that those courses are taught to make it more applicable and less 'Here's how to do this transaction,' I think you'd do a pretty good job of dismissing people of that notion."The report's suggestions included "placing highly engaging instructors" in those classes, "incorporating gamification and other technology" to "stoke engagement and demonstrate the vital role technology plays in the accounting profession," and exposing students to "more real-life accounting practitioners in a range of career vocations."The report underscored another way to bolster accountants' ranks: make it easier to become one. It recommended easing the 150-credit-hours requirement by "measuring competency versus just academic experience" through "experiential learning that earns college credit" — that is, less time in the classroom.Some firms have piloted similar models. EY has a Career Path Accelerator program, essentially an alternative to a master's-degree requirement, and Burke, of PwC, pointed to its work-for-credit program at Saint Peter's University.Rampell thinks that while supply and demand will naturally work itself out, in the meantime, "there'll be a lot of pain." The shortage, he added, is "sort of like when you want to find a doctor but you can't make an appointment for three months because they're so busy."Shehata said a shortage costs companies themselves and the investors who put their trust and money into them."If you're running a business, you need to be able to make educated, informed decisions. How do you make informed decisions if you don't have the accounting data?" she said. "We want to make sure that we have trust in our capital-market system. People make decisions based on financial reporting — there are people's livelihoods and investments in that."<a target="_blank" class="" href="https://www.businessinsider.com/author/emmalyse-brownstein">Emmalyse Brownstein</a> is a reporter on Business Insider's finance team. Her coverage is focused on Wall Street culture and careers.

America's most boring job is on the brink of extinction

Millennials in tech, your suspicions were right: Gen Z is starting to eat your lunch. Newly released federal data shows the US tech workforce is younger than the workforce at large and getting younger still. Tech workers under 25 are becoming more common, while the proportion of workers older than 40 shrinks.There's an age-old perception that tech workers should be young so they can move fast and break things. Job applicants are assessed on whether they're a "culture fit," and that culture often toasts youth. "I want to stress the importance of being young and technical. Young people are just smarter," said a then-22-year-old Mark Zuckerberg (he <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-birthday-party-tshirt-chain-priscilla-chan-2024-5">turned 40</a> this year). But when it comes to actually showing ageism, the problem has been there's more bad vibes than proof.A new report from the Equal Employment Opportunity Commission released this month puts some numbers to those vibes. The commission looked at more than 10 million workers employed in the tech workforce (which included workers across industries employed in 56 STEM-related roles) as of 2022 and found that nearly 41% were ages 25 to 39, an age group that made up just 33% of the overall US workforce. Even younger workers were faring better in tech: The number of people under the age of 25 grew by about 9% each year from 2014 to 2022 and made up 7% of the tech workforce by 2022, more than 20 times the rate of growth for young workers across all industries. One of the top qualifications to land a tech job, it seems, is to possess a birth certificate dated after 1990.The ranks of <a target="_blank" class="" href="https://www.businessinsider.com/joe-biden-corporate-gerontocracy-aging-ceos-retirement-succession-replacement-2024-8">workers over 65</a> did also grow, but only to 4% — they're still by far the smallest age group working in tech, and far less represented compared with their ranks in other industries. The EEOC's report, which for the first time looked at age discrimination, included an even more troubling finding: Charges of age discrimination are more prevalent among companies where STEM jobs are prominent. <a target="_blank" class="" href="https://www.businessinsider.com/shocked-when-recruiter-said-too-old-tech-job-ageism-2024-3">Age complaints</a> are found in nearly 20% of the charges filed to the EEOC at these companies, compared with 15% across other industries.While none of it is good news, for many, it is validation. The report "finally brought to life that this is real," says Maureen Clough, who hosts the podcast "It Gets Late Early" about aging in the tech world. "We don't have to be gaslit anymore."Of course, age isn't the tech world's only workforce problem. The EEOC also found that women and Black workers continue to be disproportionately underrepresented, and that discrimination in the industry is likely a contributor to age, gender, and racial disparities in the tech sector. <a target="_blank" class="" href="https://www.businessinsider.com/dating-men-as-a-female-software-engineer-is-difficult-2024-8">Women</a> make up just 22% of tech workers — the same proportion of jobs they held in 2005. Age is often bumped to a secondary consideration behind other demographics in the push for diversity. That may be because many people don't really think ageism is wrong — even though US law has prohibited discrimination against workers over the age of 40 since 1967. Stereotypes and complaints about both the young and old remain embedded in society, and are questioned less than preconceived notions about race, sexuality, and gender. Certain behaviors, whether attempting to delay aging with antiaging serums or outright mocking older people with "OK, boomer" memes, have been seen largely as privileges of the young rather than antagonistic. Ageism is associated with worsened physical and mental health, social isolation, loneliness, financial insecurity, and even early death. Forty is the age typically pinpointed as older in Silicon Valley, but in China, the threat looms, too, and workers speak of a "curse of 35," fearful that even reaching that age could lead to diminished career opportunities in tech.Even with the new data, there's a lot we don't know. Joanna Lahey, a professor of public policy at Texas A&amp;M University who studies age discrimination, says the report shows a correlation between youth and tech employment, but the exact cause is unclear. A lagging representation of older workers could come from discrimination in hiring, training, or retention. But it could also show that older workers are retiring while more young people are entering the workforce. "We don't know the true extent of the problem, and importantly, if there is a problem we do not know how to fix it," Lahey wrote in an email.But recent <a target="_blank" class="" href="https://www.businessinsider.com/laid-off-tech-job-hunt-given-up-2024-8">layoffs</a> have only heightened suspicions of ageism. More than 130,000 tech workers have been laid off worldwide this year, continuing a trend that began in 2022, according to Layoffs.fyi, a site that tracks job cuts in the tech industry. John Zeman, a former employee of X, then Twitter, is suing the company after he was laid off when <a target="_blank" class="" href="https://www.businessinsider.com/why-elon-musk-supports-donald-trump-election-save-tesla-disaster-2024-7">Elon Musk</a>, then 51, took over in November 2022 and gutted the staff. Zeman was 63 at the time, and his suit claims that 60% of workers at Twitter older than 50 were cut in the layoffs, compared with 54% of workers under the age of 50. In early September, a federal judge ruled the class-action lawsuit could move forward, finding that the allegations rose beyond "mere speculation."Attorneys for the plaintiffs and X did not respond to a request for comment. But these cases can be tricky; if the older workers were higher paid, for instance, the cuts might be defended with cost-saving reasons. Former workers at IBM had also sued the company, alleging people over 40 were laid off at higher rates than younger workers, but IBM has been able to block some of those claims (the company has denied engaging in "systemic age discrimination"). Cases like these are massive gambles: They could be major wins for holding tech companies accountable for ageist practices, or create a chilling effect that stops others from fighting in the courts.Sometimes ageism is overt, and other times it just leaves workers with an inkling. John Rizzo, a 60-year-old, says he has spent the past two years applying for jobs in product management, but he feels his age is the reason he's still unemployed. Rizzo says he has 450 versions of his résumé and has applied to more than 4,000 jobs. He does well on phone screens but says a recruiter's tone then seems to change once they get on a Zoom call and see his age. It's a hurdle to finding a tech job that he didn't have in the past. "It's heartbreaking," Rizzo says. "And for a long time, I thought it was me. I thought I was doing something wrong." He's done some work for a startup he cofounded and as a contractor for other companies, but he says he is also making ends meet by working as a security guard. Rizzo says the absence of experienced workers like him is a loss for tech companies. "Gen X built the tech industry," he says. "There's a ton of value there. There's a ton of experience there."The case for an intergenerational workforce isn't just moral — it's practical. A <a target="_blank" href="https://www.lse.ac.uk/tii/assets/documents/lse-generations-survey-report-global.pdf">recent study</a> by The Inclusion Initiative at The London School of Economics examining roughly 1,500 UK and US workers in tech, finance, and professional services found that employees at companies with age-inclusive work practices were twice as likely to be satisfied with their job and less than half as likely to look for new roles. These workers also reported feeling low levels of productivity less frequently. Combining workers from generations brings together people with different knowledge, perspective, and social networks, said Daniel Jolles, a behavioral-science researcher who worked on the research."When we have good diversity, we can get more productive outcomes under the right conditions," Jolles said. And that is the kind of argument that might catch the eye of business leaders. After all, they're not getting any younger, either.<a target="_blank" class="" href="https://www.businessinsider.com/author/amanda-hoover">Amanda Hoover</a> is a senior correspondent at Business Insider covering the tech industry. She writes about the biggest tech companies and trends.

Even millennials are getting too old to land a tech job

<ul><li>Despite a 52% decrease in demand compared to the previous year, e-commerce retained its position as the second-largest employer. </li><li>Women's average monthly salaries were 20.5% lower than the industry average, except in manufacturing, logistics and mobility</li><li>Youth participation in employment declined by 8%, indicating a decrease in the number of young individuals entering the <keyword id="52626" type="General" weightage="20" keywordseo="workforce" source="Orion">workforce</keyword>. </li></ul>In the financial year 2022, i.e. the period between April 01, 2021, to March 31, 2022, there was a significant surge in demand for frontline workers as the economy reopened. However, the growth momentum slowed down in the financial year gone by (FY2023) due to macroeconomic challenges. According to the Frontline Index Report by BetterPlace, the total demand for <keyword id="15003035" type="General" weightage="20" keywordseo="frontline-jobs" source="Orion">frontline jobs</keyword> decreased by 17.5%. In FY 2023, India saw the creation of 6.6 million frontline jobs, down from the 8 million jobs created in fiscal before that. This report is based on data collected by the BetterPlace platform and analysed a sample of over 3 million data points, providing insights into various aspects of the frontline workforce in India, including <keyword id="6357342" type="General" weightage="20" keywordseo="hiring" source="Orion">hiring</keyword>, demand, attrition, migration, salary trends, and upskilling patterns. <cmsannotation type="cmsannotation" annotationid="E-commerce remains second largest employer" comment="Subhead" text="E-commerce remains second largest employer">E-commerce remains second largest employer</cmsannotation> In FY 2023, logistics and mobility took the lead as the primary employment sector for frontline workers, surpassing e-commerce in demand. This marked a significant shift, with logistics and mobility experiencing a 111% surge in total demand from FY 2022 to FY 2023. Meanwhile, IFM&amp;IT (information, financial services, marketing, and information technology) emerged as the fastest-growing industry, with a 139% increase in demand for frontline roles during the same period. Despite a 52% decrease in demand compared to the previous year, e-commerce retained its position as the second-largest employer, accounting for 33% of all jobs in the sector. <cmsannotation type="cmsannotation" annotationid="Participation of women doubles" comment="Subhead" text="Participation of women doubles">Participation of women doubles</cmsannotation> The participation of women in the workforce increased from 3% to 6% between FY22 and FY23, driven largely by changing family perceptions, with 88% of women feeling supported to work. However, women's average monthly salaries were 20.5% lower than the industry average, except in manufacturing and logistics and mobility, where they earned 36% and 20% more, respectively. Despite declining industry demand, e-commerce saw a 36% increase in demand for women frontline workers. Additionally, women frontline workers spanned various age groups, with 44% aged 20-30 and 37% aged 30-40. <cmsannotation type="cmsannotation" annotationid="Youth participation in employment decreases" comment="Subhead" text="Youth participation in employment decreases">Youth participation in employment decreases</cmsannotation> Over the transition from FY22 to FY23, there was a shift in the composition of the workforce. Youth participation in employment declined by 8%, indicating a decrease in the number of young individuals entering the workforce during this period. Conversely, there was a 25% increase in the participation of workers aged 30-40. Furthermore, it's worth noting that a majority, specifically more than 80%, of frontline workers exhibit a satisfactory level of education. Many of them have completed either their high school diploma or even pursued higher education, such as graduating from college or university. <cmsannotation type="cmsannotation" annotationid="Employees focus on upskilling" comment="Subhead" text="Employees focus on upskilling">Employees focus on upskilling</cmsannotation> In FY 2022, sign-ups for upskilling courses saw a 194% growth, which continued into FY 2023. The lower intent to hire in enterprises led to a an increase in the time employees spent on learning, up by more than 165% between April 2022 and March 2023. Furthermore, the Government's commitment to skill development during the budget season resulted in numerous enterprises investing in employee upskilling.

Job creation falls, so does youth participation

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Are you ready for some football?! The NFL season kicks off tonight with the reigning Super Bowl Champions/Taylor Swift's favorite team, the Kansas City Chiefs, playing the Baltimore Ravens. If you're like many Americans, you might be placing a bet on the action. I wrote about why sports gambling's rise <a target="_blank" href="https://www.businessinsider.com/sports-gambling-weird-quirks-bets-nfl-nba-draftkings-fanduel-2024-9">has also made it a bit weird</a>.In today's big story, where the US economy is headed <a target="_blank" href="https://www.businessinsider.com/jobs-interest-rate-cuts-recession-outlook-federal-reserve-soft-landing-2024-9">could finally be answered with Friday's jobs report</a>.What's on deck:<ul><li>Markets: Nvidia investors should be <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-outlook-technical-analysts-eye-danger-zone-levels-2024-9">focused on these two numbers</a>.</li><li>Tech: This healthcare startup's got a VC CEO doing <a target="_blank" href="https://www.businessinsider.com/healthcare-weirdest-startup-commure-blank-check-general-catalyst-hemant-taneja-2024-9">whatever it takes for it to succeed</a>.</li><li>Business: Inside America's wildest — and most lucrative — <a target="_blank" href="https://www.businessinsider.com/mass-torts-lawsuits-lawyers-settlements-strippers-hard-partying-money-2024-9">lawsuits</a>.</li></ul>But first, one data point to rule them all.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">All eyes on jobs</h2><div type="image" title="George Washington stands warily behind a fork in the road sign." height="877" width="1754" msid="113099191" hostid="261" sizebytes="144538"></div>It's so close you can almost taste it.The Federal Reserve is finally on the precipice of cutting interest rates. We're less than two weeks out from the Fed's September 18 meeting where the central bank is set to provide Americans with some much-needed relief.But one hurdle remains between now and then: Friday's job report.While the data won't jeopardize the central bank's decision to cut rates, it will help it decide how deep it will go. More broadly, a weak or strong report will also provide color on whether <a target="_blank" href="https://www.businessinsider.com/jobs-interest-rate-cuts-recession-outlook-federal-reserve-soft-landing-2024-9">the economy is headed toward a soft or crash landing</a>, write Business Insider's Juliana Kaplan, Madison Hoff, and Ayelet Sheffey.The last jobs report before the Fed's decision was always bound to be a big one. But August's report became even more important after how things went last go around.<a target="_blank" href="https://www.businessinsider.com/unemployment-rate-job-growth-july-labor-market-economic-data-2024-7">Unemployment unexpectedly jumped to 4.3%</a> and fewer jobs were added than economists expected in July's report. Coupled with some weak manufacturing data and shaky earnings, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-selloff-today-jobs-report-recession-unemployment-tech-earnings-2024-8">the stock market started melting down</a>.Ultimately, the market was able to rally back. But the fear of the US slipping into a recession still remains. Friday's job report could go a long way in dispelling those fears or emboldening them.<div type="image" title="Photo illustration of Jerome Powell" height="750" width="1000" msid="113099194" hostid="261" sizebytes="41878"></div>Regardless of Friday's report, it's important to remember cutting interest rates won't create economic miracles.If unemployment spikes for a second month in a row, the Fed could offer a deeper rate cut than the typical 25 basis points. But it takes time for the effects of the policy to work its way through the economy.Bigger also isn't necessarily better when it comes to rate cuts. If the Fed believes it needs to take drastic measures, that's a bad sign for the state of the economy. And don't expect rate cuts <a target="_blank" href="https://markets.businessinsider.com/news/stocks/fed-interestrate-cuts-stock-market-bull-run-upside-outlook-jpmorgan-2024-9">to send stocks soaring</a>.I don't blame you if you're sick of this back-and-forth economy. Experts have waffled to and fro about where things are headed for more than a year.But at least Friday represents the end of the tunnel. The question is if it'll be bright or dark.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Elon Musk tweeted something <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-hitler-tucker-carlson-advertisers-2024-9">even he can't defend</a>.</li><li>Longtime Unilever media exec Luis Di Como is leaving <a target="_blank" href="https://www.businessinsider.com/unilever-top-media-exec-luis-di-como-leave-amid-restructuring-2024-9">amid a broader shake-up of the business</a>.</li><li>Russia built a secret trade channel with India, <a target="_blank" href="https://www.businessinsider.com/russia-india-payment-issues-us-west-sanctions-rupees-ukraine-war-2024-9">leaked documents</a> show.</li><li><a target="_blank" href="https://www.businessinsider.com/millennium-technology-prize-baliga-semiconductor-invention-igbt-changed-world-2024-9">Meet the professor</a> who just won the Millennium Technology Prize — and $1.1 million.</li><li>A top New York official was <a target="_blank" href="https://www.businessinsider.com/linda-sun-new-york-governor-top-aide-salted-ducks-china-2024-9">paid off by China</a> with salted ducks, a job for her cousin, and millions to her husband's business: DOJ.</li><li>Barron Trump is <a target="_blank" href="https://www.businessinsider.com/barron-trump-attending-new-york-university-college-2024-9">going to NYU</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo illustration of Jensen Huang" height="1000" width="1333" msid="113099203" hostid="261" sizebytes="150634"></div><ol><li>Nvidia's two all-important numbers. After a volatile few days of trading, technical analysts are looking at the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-outlook-technical-analysts-eye-danger-zone-levels-2024-9">psychological $100 level and then the 200-day moving average</a>, which is just below $90. If Nvidia's share price drops below the latter, "NVDA's market leadership status may be lost," LPL technical strategist Adam Turnquist told BI.</li><li>The latest casualty of AI: Oil prices. Goldman Sachs analysts believe the tech will improve logistics and boost oil recovery. Even with the higher demand to power AI, the increased supply <a target="_blank" href="https://markets.businessinsider.com/news/commodities/ai-oil-prices-productivity-logistics-supply-demand-energy-goldman-sachs-2024-9">will drive prices down over the next decade</a>. But the "Dr. Doom" economist sees oil prices going the other way amid <a target="_blank" href="https://markets.businessinsider.com/news/commodities/economy-oil-prices-outlook-stagflation-israel-iran-war-nouriel-roubini-2024-9">deepening conflicts in the Middle East</a>.</li><li>The road to November will be rocky for stocks. Market vet Ed Yardeni sees market "choppiness" in the lead up to the US presidential election. But don't worry. Record highs could be back on the menu, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-volatility-presidential-election-ed-yardeni-gridlock-selloff-2024-9">depending on how things go</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Photo illustration of Hemant Taneja." height="1500" width="2000" msid="113099197" hostid="261" sizebytes="249928"></div><ol><li>The weirdest startup in healthcare has a blank check from a top VC firm. Usually, startups must fight tooth and nail to prove they're worthy of investors' attention. The healthcare startup Commure has an unusual advantage: its cofounder is the CEO of General Catalyst. He'll do <a target="_blank" href="https://www.businessinsider.com/healthcare-weirdest-startup-commure-blank-check-general-catalyst-hemant-taneja-2024-9">whatever it takes</a> to see the startup win.</li><li>How to survive online in the age of AI. AI models and chatbots are changing how online information is consumed, affecting website traffic. In order to stay relevant in this new digital ecosystem, website owners need speed and <a target="_blank" href="https://www.businessinsider.com/frontier-content-survive-online-ai-2024-9">exclusive "frontier content"</a> their viewers can't get anywhere else.</li><li>Apple and Meta can't stop fighting over who's in charge of protecting the kids. Everyone and their mother is mad at Mark Zuckerberg's company for contributing to the youth mental health crisis. Meta says it should be up to the App Store to verify users' ages, but <a target="_blank" href="https://www.businessinsider.com/meta-apple-feud-app-store-child-teen-mental-health-2024-9">Apple won't budge</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A skull in the middle of objects that have been subject to mass torts." height="1800" width="2400" msid="113099201" hostid="261" sizebytes="797548"></div><ol><li>You may be entitled to financial compensation. Mass torts allow hundreds of thousands of people to seek damages for harm caused by things like asbestos, contaminated water, or carcinogenic baby powder. <a target="_blank" href="https://www.businessinsider.com/mass-torts-lawsuits-lawyers-settlements-strippers-hard-partying-money-2024-9">Here's how they took over America's courts</a>.</li><li>ESPN's Big Apple betting dreams. The sports network is <a target="_blank" href="https://www.businessinsider.com/espn-bet-new-york-launch-online-sports-betting-fanduel-draftkings-2024-9">launching ESPN Bet in New York</a> as football season begins. Though the betting app may be regaining some momentum, it's going to be tough to beat FanDuel and DraftKings.</li><li>Andreessen Horowitz says adios to Miami. The VC firm has reportedly <a target="_blank" href="https://www.businessinsider.com/andreessen-horowitz-leaves-miami-florida-office-report-2024-9">abandoned its South Florida office</a> just two years into a five-year lease, a sign that the recent tech and crypto migration to Miami may be short-lived.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>You don't have to be a millionaire to retire before 50, an accountant says. <a target="_blank" href="https://www.businessinsider.com/accountant-retired-before-50-without-1-million-savings-2024-9">Here's how she did it</a>.</li><li>Why 'fake heiress' Anna Sorokin, quietly released from house arrest, can <a target="_blank" href="https://www.businessinsider.com/anna-sorokin-house-arrest-dancing-with-the-stars-ankle-monitor-2024-9">compete in 'Dancing With the Stars'</a> with an ankle monitor.</li><li>Raising Cane's just offered a rare glimpse into its finances — <a target="_blank" href="https://www.businessinsider.com/raising-canes-revenue-private-debt-offering-todd-graves-net-worth-2024-9">and the chicken-finger giant is growing like crazy</a>.</li><li>This leaked 2007 DoubleClick pitch deck is set to play a central role in <a target="_blank" href="https://www.businessinsider.com/leaked-deck-doubleclick-acquisition-pitch-google-adtech-antitrust-trial-2024-9">Google's blockbuster adtech antitrust trial</a>.</li><li>George R. R. Martin criticized the changes made by 'House of the Dragon' <a target="_blank" href="https://www.businessinsider.com/george-rr-martin-house-of-the-dragon-changes-criticism-maelor-2024-9">in a quickly deleted blog post</a>.</li><li>Airbnb CEO Brian Chesky says women founders say they can't go 'founder mode' like men and <a target="_blank" href="https://www.businessinsider.com/airbnb-ceo-brian-chesky-women-say-cant-go-founder-mode-2024-9">that it needs to change</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Court hearing in Donald Trump's Jan. 6 case after Supreme Court ruled acts covered by presidential immunity.</li><li>Toronto International Film Festival (TIFF) begins.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

US economy's fate hangs on jobs report as Fed decides how deep cuts will go

Each year, the Indian Union Budget holds the nation's economic pulse. In 2024, the focus was razor-sharp: catalysing the <keyword id="19916569" type="General" weightage="20" keywordseo="job-market" source="keywords">job market</keyword> and bridging the ever-widening skill gap, as the <keyword id="19916979" type="General" weightage="20" keywordseo="unemployment" source="keywords">unemployment</keyword> figures kept upward trajectory and dissatisfaction over government’s measures grew among the younger demographic. As a response, <keyword id="19955368" type="General" weightage="20" keywordseo="budget-2024" source="keywords">budget 2024</keyword> unveiled a meticulously crafted strategy, a multi-pronged attack to empower India's youth. The Union Budget 2024-2025 intends on focussing on youth and <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, prompting Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> to allocate Rs. 1.48 lakh crore for <keyword id="19907717" type="General" weightage="20" keywordseo="education" source="keywords">education</keyword>, employment and <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>. Further, Modi 3.0’S budget includes 5 schemes to provide opportunities to 4.1 crore youth with a central outlay of Rs. 2 lakh crore over a period of the 5 years. <div type="Article" hostid="261" msid="111944393" title="Here&amp;#39;s a quick overview of PM Modi 3.0 government&amp;#39;s first budget, to be presented by FM Nirmala Sitharaman today" mstype="2" mssubtype="0"></div><h2>Nirmala Sitharaman announces 3 schemes for employment linked incentives:</h2><ul><li>Scheme A (First-timers): This will benefit first-time employees, providing one month’s wages to new entrants in all formal sectors. As per Sitharaman, Direct Benefit Transfer of one month salary in 3 instalments to first-time employees as registered in the EPFO will be up to ₹15,000. The eligibility limit will be a salary of ₹1 lakh per month. The scheme will benefit 210 lakh youth.</li><li>Scheme B (Job creation in manufacturing): This will provide incentives to both employees and employers for the first 4 years of employment under EPFO guidelines. It is expected to benefit 30 lakh youth and will cover additional employment across all sectors.</li><li>Scheme C (Support to employers): This will support employees with additional employment in all sectors by reimbursing employers up to ₹3,000 per month for two years for each additional employee's EPFO contributions. The scheme aims to incentivise the employment of 50 lakh additional people.</li></ul><h2>Improving participation of women in workforce</h2>As a part of Budget 2024-2025, Nirmala Sithraman announced that Modi 3.0 will focus on improving women participation in the workforce. The Government will focus on increasing women participation in the workforce. Some measures that will be taken include setting up hostels and creating partnerships to organise women-specific skilling programs and women self-help groups. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Standard deduction to increase to Rs 75,000 from Rs 50,000 under new tax regime" mstype="2" mssubtype="0"></div> <h2>Additional incentives for employment </h2>Sitharaman announced the launch of a scheme where 500 top companies will provide internship opportunities to one crore youth in five years. Internship allowance of Rs. 5000 per month along with one-time assistance of Rs. 6000 to be provided, the Finance Minister also said that the companies will be expected to earn the training cost and 10% of the internship cost from their CSR funds. According to Mr. Ramesh Alluri Reddy, CEO at TeamLease Degree Apprenticeship, this “significant investment in skill development programs and the incentivization of industries to adopt comprehensive apprenticeships lays a solid foundation for a future-ready workforce. Integrating on-the-job training (OJT) as a mandated component of degrees, in collaboration with industry partners, allows students to gain invaluable practical experience, even if the training is not necessarily on-site.” “This initiative is a welcome move towards formal job creation, bridging the gap between theoretical education and real-world application, making graduates more job-ready.” <h2>Focus on skilling</h2>The Finance Minister said that the model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh. Further, a new scheme focussing on skilling will benefit 20 lakh individuals and ensure the set up of 1,000 training institutes and newly designed courses. <h2>Education loans</h2>The Union Budget 2024-25 proposes a revision of the Model Skill Loan Scheme to help 25,000 students every year. E-vouchers for loans up to Rs. 10 lakh for higher education in domestic institutions will be given directly to 1 lakh students every year with interest subvention of 3% of loan amount, said FM Sitharaman. Meanwhile, in the Interim Budget detailed in February 2024, Finance Minister Nirmala Sitharaman highlighted a notable increase in higher educational institutes and women enrolling in STEM courses over the past decade, attributing these improvements to the National Education Policy (NEP) 2020. Further, contrary to expectations, funding for the University Grants Commission (UGC) was reduced by 60.99%, dropping to Rs. 2,500 crore from the previous year's revised estimate of Rs. 6,409 crore. Meanwhile, grants for central universities were increased by over Rs 4,000 crore, with a total allocation of Rs 15,928 crore for the financial year 2024-25. <div type="Article" hostid="261" msid="111951205" title="Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation" mstype="2" mssubtype="0"></div> SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Budget 2024 Live Updates: FM Sitharaman announces comprehensive review of the Income Tax Act 1961</a> <a href="https://www.businessinsider.in/budget/news/govt-to-provide-11-11-lakh-crore-towards-capex-for-2024-25/articleshow/111950700.cms" data-type="tilCustomLink" target="_blank">Govt to provide ₹11.11 lakh crore towards capex for 2024-25</a>

Budget 2024: Record allocation of Rs 1.48 lakh crore for education, employment and skilling!

<ul class="summary-list"><li>China's young people are abandoning retirement savings, The New York Times reported.</li><li>The aging population and declining birthrate have intensified the pension crisis.</li></ul>China's pension system is facing a reckoning. A rapidly aging population, difficulties finding a job, and concerns about low pay are weighing on the minds of the country's young people. For some, that has led them to refuse to save for retirement entirely, according to an in-depth report in <a target="_blank" href="https://www.nytimes.com/2024/04/05/business/china-pensions-youth-retirement.html">The New York Times</a>. Tao Swift, an unemployed 30-year-old based in Chengdu, told The Times that he's uncertain there will be a pension fund by the time he retires. "Retire with a pension?" he said. "I don't hold much hope that I can definitely get my hands on it." Around 300 million Chinese citizens aged between 50 and 60 are set to retire within the next decade, <a target="_blank" href="https://www.bbc.co.uk/news/world-asia-china-68595450">BBC News</a> reported. That demographic — the country's largest age group — is nearly equivalent to the entire US population, the outlet added. Within the next 25 years, most of the population will be older than the nation's average retirement age, 54, which is the lowest in the world, The Times reported. In comparison, the <a target="_blank" href="https://www.oecd-ilibrary.org/sites/304a7302-en/index.html?itemId=/content/component/304a7302-en#">Organisation for Economic Co-operation and Development</a>, an intergovernmental organization consisting of 38 member countries (including the US), recorded an average retirement age of 63.4 years for women and 64.2 years for men in 2020. The Chinese Academy of Social Sciences, a government research institution, predicted that the public pension will run out of funds over the next decade, as cited by The Times. Additionally, the continued <a target="_blank" href="https://www.theguardian.com/world/2024/jan/17/china-population-decline-accelerates-as-birthrate-hits-record-low">declining birthrate</a> means there will be fewer people entering the workforce than before. Last year, former central bank Gov. Zhou Xiaochuan said many Chinese people may need to rely on private pension savings due to the pension shortfall. The government has encouraged Gen Z and millennials to keep saving — but not everyone is convinced they will ever see the money. "Their appeal has a reverse effect," Lumiere Chen, a 27-year-old private insurance agent based in Beijing, told the Times. "Because of the aging population, people are skeptical about their future pensions," Tao Wang, chief China economist at UBS, told The Times. "They worry that in the future the payout would be less." Wang said that one solution could be to lower the "alarmingly low" retirement age. But no such action has been taken. There's also the matter of unemployment and low-paying jobs, which is causing young people on social media forums to question whether they are capable of saving for old age, The Times reported. In December 2023, the unemployment rate of people aged 16 to 24 was 14.9%, according to the <a target="_blank" href="https://www.stats.gov.cn/english/PressRelease/202401/t20240117_1946605.html">National Bureau of Statistics China</a>. The rate for those aged from 25 to 29 and from 30 to 59 was 6.1% and 3.9%, respectively.

China faces a reckoning as disillusioned Gen Z and millennial workers refuse to save for retirement: report

Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced <keyword id="20404375" type="General" weightage="20" keywordseo="income-tax-relief" source="keywords">income tax relief</keyword> for the <keyword id="20071167" type="General" weightage="100" keywordseo="middle-class" source="keywords">middle class</keyword>, a Rs 2 lakh crore outlay for <keyword id="22517841" type="General" weightage="20" keywordseo="job-creation-schemes" source="keywords">job creation schemes</keyword> over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled <keyword id="20509939" type="General" weightage="20" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> government's first budget after the general elections. With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for <keyword id="20027688" type="General" weightage="20" keywordseo="rural-development" source="keywords">rural development</keyword> and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. She abolished 'angel tax' for all classes of investors in startups, cut customs duty on mobile phones and gold and simplified capital gains tax. She, however, raised the securities transaction tax (STT) on futures and options of securities, which led to tanking of stock markets. "India's economic growth continues to be the shining exception (in a world that is gripped by policy uncertainties) and will remain so in the years ahead," she said. "In this budget, we particularly focus on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>, MSMEs, and the middle class." Besides Rs 2 lakh crore provided over a five year period for schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth, "I have made a provision of Rs 1.48 lakh crore for education, employment and skilling," she said. For Bihar, where assembly elections are due next year, the finance minister announced spending of Rs 60,000 crore on infrastructure projects like expressways, power plant, heritage corridors and new airports. The support to Bihar, whose ruling party and BJP's partner JD-U has been demanding an economic package and special category status for the state, is in the form of capital projects but not subsidy or cash dole. Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said. For the middle class, she raised standard deduction -- a flat deduction from total salary earned by an employee in a year before calculating applicable income tax rate -- by 50 per cent to Rs 75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime. This will lead to taxpayers under the new tax regime -- which offers lower rates of taxes but permits limited deductions and exemptions -- saving up to Rs 17,500 in tax annually, she said. To spur employment, the Budget provided for incentives for companies, including paying for one-month salary for first-time employees, incentive at specified sale to both employee and empower with respect to their retirement fund contribution in the first four years of employment and reimbursing employers up to Rs 3,000 per month for 2 years towards EPFO contribution of each additional employee. Also, a programme to improve skills as well internship for students and subsidised loans for higher education will be provided, she said. India's official unemployment rate in urban areas is pegged at 6.7 per cent but private agencies put it at much higher levels. Buoyed by robust tax collections and a higher-than-expected dividend receipt from the Reserve Bank, Sitharaman said the government's fiscal deficit -- the difference between the total revenue earned and total expenditure -- will be trimmed to 4.9 per cent of the GDP in 2024-25, below the 5.1 per cent figure estimated in the interim budget she presented in February. She reduced gross market borrowing marginally to Rs 14.01 lakh crore. The Budget for 2024-25 fiscal (April 2024 to March 2025) allocated Rs 1.52 lakh crore for agriculture and allied sectors, aid for building 3 crore affordable housing units in urban and rural areas, provided credit support to small and medium businesses, raised small loans to Rs 20 lakh for small business, proposed setting up 12 industrial parks, and provided for setting up a Rs 1,000 crore venture capital fund for space sector.

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

The <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword> on Tuesday said it will launch three <keyword id="22514006" type="General" weightage="20" keywordseo="employment-linked-schemes" source="keywords">employment-linked schemes</keyword>. While presenting the Union Budget for 2024-25, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> said the government will provide incentives to 30 lakh youth entering the <keyword id="19916569" type="General" weightage="20" keywordseo="job-market" source="keywords">job market</keyword> by providing one month's PF (provident fund) contribution. She announced that working women hostels will be set up in the country to promote women's participation in the workforce. She added that the government will provide funds to the private sector, domain experts and others for developing climate-resilient seeds. An already existing scheme -- MGNREGA (Mahatma Gandhi National Rural Employment Guarantee) -- aims to provide 100 days of wage employment in a particular fiscal year to at least one member of every household whose adult members seek manual work. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a>

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