March 2023
03Mar

France’s controversial pension reform bill arrives in Senate

Debate over French President Emmanuel Macron’s contested pension reform legislation starts Thursday in the Senate, where the right – which controls the chamber – is expected to treat the text more favourably than opposition parties did in the National Assembly a fortnight ago. The government is banking on support from Senators belonging to the conservative Les Republicains (LR) party, who favour raising the minimum legal retirement age from 62 to 64, and having citizens work longer to obtain a full...

March 3, 2023
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03Mar

Zimbabwe: NRZ Pensioners Earning U.S.$3 Monthly Pay Outs

Retired National Railways of Zimbabwe (NRZ) workers are receiving a meagre monthly pension pay out equivalent to around US$3 per month despite decades of investing their labour into the growth of the company. Speaking to NewZimbabwe.com Wednesday on condition of anonymity, one pensioner said the National Railways of Zimbabwe Contributory Pension Fund (NRZCPF) is paying out very mean amounts which are wiped out by bank charges. "Early this year the pension pay outs were increased from around ZW$2 000 to ZW$3...

March 3, 2023
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03Mar

Australia’s DIY pension funds lose millions on crypto bets

Thousands of Australians who used do-it-yourself (DIY) pension funds to bet on cryptocurrencies face hundreds of millions of dollars in losses, jeopardising their savings in a scheme originally set up to ensure adequate retirement income. These risky bets are possible as DIY or self-managed superannuation funds (SMSFs) fall outside the remit of the prudential regulator that oversees professionally managed funds, thereby allowing them to invest with fewer restrictions. DIY pension funds account for a fourth of Australia's A$3.4 trillion ($2.29 trillion)...

March 3, 2023
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03Mar

Egypt. President announces raising minimum wage, pensions

Egypt’s President Abdel Fattah Al-Sisi announced raising the minimum wage for government employees to EGP 3,500 and raising pensions by 15% starting 1 April. The Egyptian president announced raising the minimum wage for government employees holding a Master’s degree to EGP 6,000 and to EGP 7,000 for those holding a PhD. President Al-Sisi also said that income tax exemption was raised to EGP 30,000 annually, up from EGP 24,000. He also revealed that Takaful and Karama Cash Transfer Programme benefits were also...

March 3, 2023
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02Mar

US. State pension fund officials are getting flown business class to Japan and taking ‘White Lotus’ style Italy trips on private equity’s dime

Two Michigan pension fund officials attended a 2018 Apax Partners event at the Four Seasons Hotel in Florence, Italy, that featured “custom tailored activities and itineraries,” including tours of the Tuscan countryside on vintage Vespa scooters and a gala dinner at the 17th Century Villa le Corti. The bill for the state: less than $200 for each official, according to public records obtained by Bloomberg. And Michigan is hardly alone in letting private equity firms foot most of the bill...

March 2, 2023
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02Mar

EU publishes standards to fight greenwashing in green bonds

European Union lawmakers agreed a new standard for companies issuing green bonds in an effort to help fixed-income investors avoid greenwashing. The European Parliament and the Swedish presidency, in its role as representative for EU leaders, agreed requirements for companies that issue green and sustainable bonds as part of their transition to a low-carbon economy. The European Green Bonds Standard will help investors and managers to ensure they are investing in sustainable technologies and businesses, the European Parliament said in a...

March 2, 2023
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02Mar

Canada Pension Plan to invest in California oil venture alongside IKAV

Canada Pension Plan Investment Board (CPP) agreed on Tuesday to buy a 49% stake in Aera Energy, a California oil venture being acquired by German asset manager IKAV from Shell (SHEL.L) and Exxon (XOM.N). The venture, California's second-largest oil and gas producer, will invest in renewable energy to eventually power its operations, the institutional investor said. "Over time, renewable power will be deployed across Aera's land holdings, while selected legacy oil and gas infrastructure will be repurposed to create carbon capture...

March 2, 2023
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02Mar

US. How Environmentally Conscious Investing Became a Target of Conservatives

It’s been a widely accepted trend in financial circles for nearly two decades. But suddenly, Republicans have launched an assault on a philosophy that says that companies should be concerned with not just profits but also how their businesses affect the environment and society. More than $18 trillion is held in investment funds that follow the investing principle known as E.S.G. — shorthand for prioritizing environmental, social and governance factors — a strategy that has been adopted by major corporations...

March 2, 2023
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02Mar

Thailand. Political parties grapple with funding constraints for pension plans in run-up to general election

“Thailand will be a full-fledged aging society this year, as citizens 60 years old and above will represent 20 per cent of the total population,” said Worawan Plikhamin, deputy secretary-general at the National Economic and Social Development Council (NESDC), a state-run think-tank. Senior citizens will comprise 30 percent of the country’s population in 2037, making the country a super-aging society. The rising number of senior citizens offer both opportunities and challenges to the country. On the business side, there is scope...

March 2, 2023
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01Mar

U.S. pension plan buyouts reach record volume in 2022

U.S. corporate pension plan buyout sales totaled a new all-time high of $48.3 billion in 2022, a LIMRA survey found. The new all-time high for U.S. pension buyout sales topples the previous record of $36 billion set in 2012 and is up 42% from the 2021 volume total of $34.2 billion. The total number of buyout contracts also hit an all-time high, reaching 562 for all of 2022, which well exceeded the previous record of 500 contracts set in 2019. "Rising interest...

March 1, 2023
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