December 2024
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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05Dec

U.S. corporate pension funding surpluses rise in November — 3 reports

U.S. corporate pension funding ratios jumped in November thanks to positive market returns, according to three new reports. First, Wilshire Advisors estimated the aggregate funding ratio of U.S. corporate plans reached 103.5% as of Nov. 30, an increase of 1.4 percentage points above the 102.1% funding ratio estimated by the firm as of Oct. 31. “November’s increase in funded status was primarily driven by positive asset returns across most asset classes, with the FT Wilshire 5000 Index reaching an all-time high...

December 5, 2024
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05Dec

Pensions reform could unlock the UK economy

Make no mistake. Rachel Reeves’ maiden Budget was an assault on working people. The chancellor may not have directly hit people’s pay packets with an increase in income tax, national insurance or VAT, but families will see their living standards rise more slowly as a result. Businesses – the lifeblood of our economy – will invest less and charge consumers more. I’ll leave it there – for now. Enough has already been written about the Budget’s flaws and even though...

December 5, 2024
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05Dec

South Africa. Survey shows that withdrawals will be used to repay debt

A new survey sheds light on what pension fund members want to use the money for when they withdraw some of their retirement savings under the two-pot retirement system, while it also shows how much (or little) people know about this big change to pension funds. The survey was conducted by JustMoney.co.za, a platform that helps South Africans make good money choices. Sarah Nicholson, operations manager at JustMoney, says among respondents considering withdrawing funds, 79% said they would use the money...

December 5, 2024
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04Dec

China raises veterans’ pensions for 20th consecutive year

In a move that underscores its commitment to supporting military veterans, China has announced increases to the pensions and living allowances enjoyed by certain retired service members and other eligible recipients. The adjustment marks the 20th consecutive year that China has raised allowances for veterans, reflecting a sustained emphasis on honoring their service, according to the Ministry of Veterans Affairs. China has been working to better protect the rights and interests of the country's ex-servicemen and improve their well-being. In August, China...

December 4, 2024
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04Dec

US. Gen X investors ‘sandwiched’ between caregiving responsibilities and preparing for retirement

Retirement is right around the corner for some Gen X investors, but are members of the “sandwich generation” – tasked with caring for both children and aging family members – prepared? According to a new survey from Nationwide, one in five are unable to save for retirement, and 23% have reduced or stopped making retirement contributions entirely. What’s more, one in six are withdrawing from retirement accounts or investments to manage the financial pressures of caring for both their parents...

December 4, 2024
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04Dec

Rise and Challenges of India’s Gig Economy

According to a white paper by the Forum for Progressive Gig Workers, the gig economy in India is projected to grow at a compounded annual growth rate (CAGR) of 17%, reaching USD 455 billion by 2024, driving significant economic growth and employment opportunities. What is the Gig Economy? About: The gig economy refers to a labor market characterized by short-term, and flexible jobs often facilitated through digital platforms. It involves individuals or companies offering services on a temporary or task-by-task basis, rather...

December 4, 2024
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04Dec

UK. The case for pension scheme investment in Bitcoin

In this article, Sam Roberts, the director of investment consulting at the scheme's adviser, Cartwright, explains why he believes Bitcoin has now evolved from a niche digital asset into a mainstream investment opportunity… Remember what they said about the following … Facebook...? It will never take off... a passing trend… no long-term growth. The reality was it became one of the largest social media platforms worldwide, a multibillion-dollar company, and paved the way for social media as we know it. ...

December 4, 2024
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03Dec

Strong action is needed to make retirement systems more inclusive, resilient and innovative

The design and governance of asset-backed pensions should be enhanced to foster more inclusive and resilient systems, secure better outcomes for individuals and contribute to sustainable economic growth and innovation, according to new analysis from the OECD. Pension assets in OECD countries grew by 10% in 2023, reaching over USD 56 trillion, more than triple the level seen two decades ago. Total assets hit USD 63 trillion after adding pension reserve funds held by governments. The 2023 total is 5%...

December 3, 2024
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