January 2021
08Jan

Malaysia. Better social protection needed for delivery riders, gig workers, says MP

Those in the informal sector, particularly delivery riders, need better social protection as they are among the hardest hit by the Covid-19 pandemic. DAP’s Charles Santiago laments the plight of these frontliners whom he says have yet to be given the required support from the government. “Food delivery services gained prominence during the Covid-19 crisis. Young men and women on motorcycles deliver food and other household products to the doorsteps of our homes. They are frontliners of sorts. “They work under vulnerable...

January 8, 2021
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08Jan

China Pensions Outlook

By KPMG Welcome to KPMG’s fourth annual report tracking developments in China’s pension industry. China’s ageing demographics and the consequent challenges continued to draw attention during 2019 and triggered a number of fundamental changes. This report updates and builds on our research in China’s pension industry. In the report, we analyse why Pillar One will continue to be the most important and fastest- developing sector of the pension system in China. We also offer our view on what supporting...

January 8, 2021
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08Jan

Pensions Imperilled: The Political Economy of Private Pensions Provision in the UK

By Craig Berry Private pensions provision in the UK is in crisis, yet it is not the crisis often depicted in political and popular discourses. While population ageing has affected traditional pensions practice, the imperilment of UK pensions is due in fact to the peculiar way policy-makers have responded to wider social and economic change. Pensions are a mechanism for managing failed futures, yet this function is being impeded by the individualization of provision. This book offers a political economy...

January 8, 2021
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08Jan

A Retirement Dashboard for the United States

By David John, Grace Enda, William G. Gale, J. Mark Iwry Navigating the retirement system is not easy for many workers, in the U.S. or abroad. Following several other countries, we advocate creating a retirement dashboard for the United States to help savers manage their retirement preparations. A dashboard would include an online registry letting each worker track their retirement accounts and benefits. It could also offer services such as recovering and consolidating lost accounts, projecting future income, or...

January 8, 2021
Articles, Innovation, Pension design,
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08Jan

Technology, Labour Market Institutions and Early Retirement: Evidence from Finland

By Naomitsu Yashiro, Tomi Kyyrä, Hyunjeong Hwang, Juha Tuomala There are two major barriers to increasing employment of older workers. First, older workers engaged in codifiable, routine tasks are particularly prone to the risk of being displaced by computers and robots. Second, several countries have in place various labour market institutions that encourage early retirement, such as exceptional entitlements or looser criteria for unemployment and disability benefits applied to older individuals. We present evidence that these two factors reinforce...

January 8, 2021
Aging, Articles, Labor Market,
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08Jan

The Demand for Simple and Flexible Retirement Products

By Pim Koopmans, Marike Knoef, Max van Lent Many people save too little for retirement. This paper studies – using a stated choice experiment – whether simplicity and flexibility can increase the demand for retirement products. We compare the willingness-to-pay (WTP) for self-employed workers and employees, and find that the self-employed are willing to give up 8% of post-retirement benefit in order to avoid having to provide information about their financial situation. In addition, self-employed workers are willing to...

January 8, 2021
Articles, Pension design, Savings, ,
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07Jan

El Salvador. Gobierno anuncia reforma integral de pensiones

Tanto el ministro de Hacienda, Alejandro Zelaya, como el diputado de GANA Guillermo Gallegos indicaron esta semana que se hará una reforma integral de pensiones a partir de la llegada de los nuevos diputados a la nueva legislatura que iniciará sus funciones el 1 de mayo de 2021. En este momento y desde finales de 2019, se constituyó una comisión ad-hoc para hacer una nueva reforma a pensiones que no ha prosperado mucho, pero que en diciembre aprobó un...

January 7, 2021
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07Jan

Americans’ retirement savings may not be that safe after all, new survey finds

Men more likely to take advantage of COVID relief programs in 2020  The stock market may have recovered from the first shocks of the pandemic, but Americans’ retirement savings might not be as lucky.  A majority of Americans — 60% — withdrew or borrowed money from qualified retirement plans since COVID-19 first arrived in the U.S., two-thirds of whom did so to pay for basic living expenses, according to a new survey from Kiplinger’s Personal Finance Magazine and financial firm Personal Capital.  Nearly a...

January 7, 2021
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07Jan

UK. Regulators and police say Covid lockdowns have driven up online pension scams and demand regulation of Google, Facebook and others

As people spend longer shopping online, scammers pounce through Google and Facebook.Online pension scams run through social media sites are surging as people are stuck at home in lockdown, regulators and police warned MPs today. Scammers have become increasingly skilled at advertising fake pension investments through Google, Facebook and other digital means, and the increased use of the internet by the public to buy shopping and services has created a fertile environment for the scammers, officials from the Financial Conduct...

January 7, 2021
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07Jan

Dutch schemes slow to implement RI agreement

Not a single one of the more than 80 Dutch pension funds that signed an agreement on furthering responsible investment two years ago has yet implemented all of its guidelines, a monitoring commission has found. The commission has found this “worrisome”, it said in a report it published just before Christmas. The so-called IMVB-convenant – an agreement for international responsible investing – has been signed by more than 80 pension funds, accounting for more than 90% of total Dutch pension...

January 7, 2021
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