April 2020

22Apr

US. Trump pressed to halt federal pension investments in China’s ZTE, Hikvision: Reuters

Lawmakers and former officials are making a last-ditch push to persuade the Trump administration to halt plans to invest billions of federal employee retirement dollars in Chinese companies that Washington suspects of human rights abuses or threatening U.S. security, according to sources and documents seen by Reuters. Read also Coronavirus will make US cities feel the pressure of pension debt The campaign, which includes letters and calls from Republicans and a sharply worded memo shared with White House Chief of...

April 22, 2020
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22Apr

Ireland. Over 1 MILLION people now claiming social protection payments

The number of people now claiming some form of social protection payment has exceeded 1m after another 50,000 people received the COVID-19 Pandemic Unemployment Payment. The Department of Employment Affairs and Social Protection has issued the €350 weekly payment to 584,000 people who have lost their jobs as a result of the coronavirus, adding to the 212,000 people in the Live Register. A further 46,000 employers have signed up to the newly expanded wage subsidy scheme, with over 281,200...

April 22, 2020
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22Apr

Kenya needs better social protection programmes during Covid-19

While scrolling through Twitter, it is likely that you will come across a post appealing for food aid. As Kenya recorded its 197th confirmed Covid-19 case in early April, many enterprises had reduced their operations, or closed down, causing massive losses in livelihoods. The economic impact has, in turn, increased the prevalence of food-insecure households. Although Kenya has set up a Covid-19 Emergency Fund, it does not currently support provision of food for the most vulnerable households. On Friday,...

April 22, 2020
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22Apr

Australia. 500 firms to stop pension top-ups over coronavirus

Hundreds of companies are expected to abandon attempts to fill shortfalls in their pension schemes during the coronavirus crisis. The finding from pension experts suggests "top-up" contributions will be cut by at least £500m. Debenhams has already missed a payment and the Arcadia group, which owns Topshop, plans to stop them temporarily. Regulators are permitting the suspensions to help businesses survive. The pension schemes affected are the most valuable for staff because they guarantee a retirement income based on...

April 22, 2020
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21Apr

Luis Armando Kuri, nuevo director de Afore Citibanamex

Citibanamex anunció el nombramiento de Luis Armando Kuri Henaine como nuevo director general de su Administradora de Fondos para el Retiro (Afore). De acuerdo con la institución, el Consejo de Administración de la Afore ratificará su nombramiento en los próximos días.PUBLICIDAD Luis Kuri Henaine es mexicano y licenciado en Contaduría y Administración por la Universidad Nacional Autónoma de México (UNAM). Cuenta con una maestría en Administración de Negocios por la Universidad de Texas, en Austin, en la Escuela de Negocios McCombs. De...

April 21, 2020
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21Apr

Colombia. Impacto del coronavirus en el mercado laboral

En Colombia hay 22 millones de trabajadores que se han visto afectados de una o de otra manera con el aislamiento obligatorio que decretó el gobierno el pasado 24 de marzo para combatir el COVID-19. Para analizar el impacto del asilamiento obligatorio del coronavirus es útil tomar en consideración dos aspectos básicos que determinan la estabilidad laboral en esta coyuntura: el sector/ocupación al que pertenece y el tipo de contratación que rige su ocupación. Leer también México. Retiros por...

April 21, 2020
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21Apr

Perú. SBS establece proceso para el nuevo grupo que solicite retiro de S/ 2,000 de las AFP

La Superintendencia de Banca, Seguros y AFP (SBS) publicó hoy el reglamento operativo para la posibilidad del retiro de los fondos de trabajadores sujetos a la suspensión perfecta de labores de acuerdo con el Decreto de Urgencia N° 038-2020, que establece medidas complementarias para mitigar los efectos económicos causados a los trabajadores y empleadores ante el coronavirus. Para los afiliados comprendidos en la medida, no resulta aplicable una doble percepción del beneficio de retiro extraordinario para un mismo afiliado....

April 21, 2020
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21Apr

US Public Pension Funding Levels Plunge to 66% in Q1

The funded level of the 100 largest US public defined benefit pension plans plunged to 66% during the first quarter from 74.9% at the end of last year, according to Milliman. It was the largest quarterly drop in the history of the firm’s public pension funding index (PPFI), and it eliminated the funding level improvements made during 2019. Volatility from the COVID-19 pandemic resulted in net negative cash flow of approximately $24 billion and a $419 billion loss in...

April 21, 2020
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21Apr

Debt headache compounds Kenya’s worries amid fears for economy

The impact of the Covid-19 pandemic is likely to be felt in July when the country will need Sh630 billion to settle debts that will fall due. Kenya’s total debt reached a new high of Sh6.3 trillion on March 20. This position has been made worse by the depreciation of the shilling, which has reached an average of Sh106.7 to the dollar, one of the lowest this month. The debt position will get worse in coming months as...

April 21, 2020
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21Apr

PensionBee: Coronavirus will see greater engagement with pensions

Clare Reilly, head of corporate development at PensionBee, believes the current challenging economic conditions could lead people to engage with their pensions more closely. Having noticed a sharp decline in their pensions’ fortunes in recent weeks, people may begin to look more closely at what their money is invested in and what causes it to go up or down. “We have very low levels of financial literacy in this country and people generally don’t engage with their pensions, which...

April 21, 2020
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