December 2024
10Dec

Belgium. Staggering Pension Gap Revealed: Shocking Differences Between Civil Servants and Workers

The ongoing formation of a new federal government in Belgium, led by Bart De Wever, is facing significant challenges. A key issue at the forefront is the pension reform aimed at achieving substantial savings. As Stijn Baert highlighted on ‘De tafel van Gert’, the disparity between public and private sector pensions raises questions. How can this gap be addressed effectively? Fast Answer: Belgium’s pension reform discussions reveal a stark contrast between public and private sector pensions, with civil servants earning significantly more. This...

December 10, 2024
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09Dec

How Far $750K Plus Social Security Goes in Retirement in Every US Region

A recent study by GOBankingRates broke down just how far $750,000 in combined savings and Social Security would last for someone’s retirement in each state of the union, considering such factors as housing markets, healthcare costs and varied cost of living expenses across America. Such a list, though, can be a bit overwhelming at first, especially for someone just in the beginning stages of planning their retirement, and where to experience it. With that in mind, GOBankingRates has condensed that deep-dive...

December 9, 2024
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09Dec

How widening inequalities signal a warning for the UK pension system

The government has made a commitment to “tackle all the inequalities that pervade our society” in “a fairer Britain, where everyone lives well for longer”. But what does inequality mean for pensions and, ultimately, for living standards in later life? That’s the question that underpins a report we published last month. For many people, income inequality is the first thing that comes to mind when we talk about inequality in the UK, and for good reason. The UK has had higher income inequality...

December 9, 2024
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09Dec

Pakistan. Can lower retirement age cut pension bill?

THE country’s federal pension bill currently exceeds Rs1tr, with Rs260bn allocated for civil servants and Rs750bn for armed forces. Its magnitude is as staggering as its growth rate, which is outpacing the increase in revenue, making it unsustainable without holistic reforms. As it stands, the government is spending more on pensions than the cost of running the bureaucracy. Successive governments have tried to implement reforms to cut the pension bill with the most recent proposal being lowering the retirement age by five years from 60...

December 9, 2024
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09Dec

US. Florida to invest $1.85B from pension fund in Bitcoin

Florida plans to invest $1.85 billion from its pension fund into Bitcoin to take the lead in using cryptocurrency, with support from state leaders and the Florida Blockchain Business Association. Florida is planning to invest $1.85 billion from its state pension fund into Bitcoin, aiming to lead in cryptocurrency adoption. Backed by the Florida Blockchain Business Association (FBBA) and pro-crypto leaders, this move could change how states use digital assets in their financial plans. Florida to invest $1.85 billion in Bitcoin Florida’s $185.7...

December 9, 2024
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09Dec

Kenya. Jua kali workers to receive formal certification under proposed law

Kenyan artisans working in the informal sector, popularly known as jua kali, could soon receive formal recognition for their skills, following a proposed law which seeks to establish a structured system for assessing and certifying their expertise. If passed, the Bill would make it mandatory for the National Industrial Training Authority (NITA) to create a system for assessing individuals who have acquired skills through non-formal, informal, or experiential learning methods. Kisumu Central MP Joshua Oron introduced the Bill known as the...

December 9, 2024
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06Dec

Latin America Lags in Establishing Sovereign Funds, Report Finds

A recent report from the International Forum of Sovereign Wealth Funds investigated why Latin America lags behind other emerging markets in developing sovereign wealth funds beyond stabilization funds. “It is striking that, in Latin America today, there are 12 sovereign wealth funds, nearly all of which are traditional stabilization funds,” the report stated. Unlike most sovereign wealth funds, stabilization funds can be drawn on by governments to reduce the impact of volatile revenue on the economy. Because the assets in the funds might...

December 6, 2024
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06Dec

UK. Pension issues for 2025

Commenting on what is top of his Christmas pension wish list and the year ahead, Paul Waters, Head of DC Markets, Hymans Robertson, says: “Top of my wish list for 2025 is that stage two of the Government’s Pensions Review will deliver a coherent long-term plan for addressing UK retirement savings adequacy. Ideally, this will include future state pension provision and will work for all members of society. Collective DC will feature prominently in 2025 and we are optimistic about...

December 6, 2024
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06Dec

Argentina. Pensioners the big losers in Milei’s world

 Alicia Ceresoli yearns for the smell of new leather shoes and her mouth waters when she imagines sinking her teeth into a succulent steak, two indulgences the 80-year-old Argentine can no longer afford. Pensioners have taken the most pain in a year of budget-slashing by maverick "anarcho-capitalist" President Javier Milei, whose austerity measures have tipped an additional five million people into poverty since he took power last year. In September he vetoed a law that increased pensions by eight percent --...

December 6, 2024
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06Dec

Czech Republic. Senate Approves Pension Reform Raising Retirement Age To 67

The Senate yesterday evening approved without changes a government pension reform that, among other things, raises the retirement age by two years to 67. The law was passed as expected, despite objections from the opposition and trade unions. Among the most controversial passages of the pension amendment is the coalition’s restriction on the number of workers in risky professions who should be entitled to an early pension without reduction. The reform will now be submitted for consideration by President Petr...

December 6, 2024
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