June 2023
20Jun

Ghana’s pensions authority seeks support from development partners — As SECO project comes to an end

The National Pensions and Regulatory Authority (NPRA) is asking for support from the World Bank and other development partners for continuous technical training for the effective operationalisation of its Risk Based Supervision (RBS) System. The RBS systems which was developed in 2019 through the help of the Swiss State Secretariat of Economic Affairs (SECO) is aimed at streamlining the supervisory and regulatory mandate of the authority. It was also designed to help the authority to stay abreast with the emerging pensions...

June 20, 2023
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20Jun

Germany set to introduce ‘one of the most modern immigration laws in the world’

What’s going on? Germany's long-debated Skilled Worker Immigration Act aims to make it easier and faster for skilled foreign workers from non-EU countries to come to the country, to help plug the growing labour shortage. The reforms announced in March include loosening Blue Card rules and introducing a points-based immigration system. The urgency for the reforms was made clear in the latest report by the Institute of German Economy (IW) released in April, according to which the skills gap in Germany...

June 20, 2023
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20Jun

5 Better Ways for States to Promote Retirement Savings

Nobody plans to be broke when they retire, but American culture promotes consumption over thrift, and saving for retirement is particularly difficult for low-income workers. With Social Security so deeply underfunded that skinnier benefits and heftier taxes seem likely in the coming decade, the reluctance of many workers to save for their retirement is a mounting challenge that many states are taking upon themselves by prodding private-sector employers to provide retirement savings plans. But as it’s said about leading a...

June 20, 2023
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20Jun

Robot Caregivers: China’s Solution for Aging Population

China, home to the world’s largest aging population, is facing a significant challenge in providing adequate care and support for its elderly citizens. However, in a remarkable display of innovation and foresight, China embraces the potential of robotics and artificial intelligence (AI) to address this pressing issue. Focusing on developing cutting-edge technology, China aims to utilize robots as caregivers for older adults, revolutionizing how aging populations are cared for. This article delves into China’s ambitious endeavors, highlighting the advancements...

June 20, 2023
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19Jun

US. Teacher pensions systems are increasingly underfunded, making teachers vulnerable and salaries less attractive

By Andrew G. Biggs Pensions are an important component of total compensation for most employees but particularly for public school teachers. Teachers tend to have relatively low salaries but retirement benefits that are considerably more generous than in a typical private-sector 401(k) plan. Yet the risk facing teachers is that many teacher pension plans are significantly underfunded, placing their employers under considerable financial strain, and reducing resources available for schools and for teacher pay and benefits. The funding shortfalls facing...

June 19, 2023
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19Jun

UK. Fifth of savers want oil excluded from their pensions

A growing number of pension savers would like to see the oil sector completely excluded from their pension fund's investments. Some 21 per cent of pension savers say they want oil to be axed from their pension, according to a survey from online pension provider PensionBee. This has jumped from 15 per cent of pension savers last year. Alongside oil, the main investments people want excluded from their pensions are companies contributing to deforestation, habitat destruction and predatory lending. Pension savers also believe...

June 19, 2023
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19Jun

Korea launches new team on population policy amid low birthrate

Korea's presidential committee dedicated to addressing the aging society launched a policy planning team Monday, with the goal of strengthening inter-ministry ties on population policies amid the alarmingly low birthrate.The move came as Korea's total fertility rate, the average number of children a woman bears in her lifetime, hit a record low of 0.78 in 2022, much lower than the replacement level of 2.1 that would keep Korea's population stable at 51 million.The Presidential Committee on Aging Society and...

June 19, 2023
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19Jun

Mexico says 200 retired Mexican boxers who fought in California may be eligible for pensions

Mexico said Friday that more than 200 retired Mexican boxers who fought in California may be eligible for pensions. The little-known pension fund holds around $2.5 million. Boxers of any nationality over age 50 were eligible, as long as they had fought one fight per year for four years, or 75 professional rounds total, in California. Mexico’s Foreign Relations Department said it had a list of 206 Mexican boxers who might be eligible. The department said it had already located 23...

June 19, 2023
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16Jun

US. DOL working on updated fiduciary rule, SECURE 2.0 provisions

The Department of Labor's Employee Benefits Security Administration is aiming to release a rule proposal on fiduciary investment advice in the coming months and is working on a host of rules related to SECURE 2.0, according to its latest semiannual regulatory agenda. The agenda outlines EBSA's short-term and long-term priorities and notes it's working on seven items in the pre-rule stage, 10 in the proposed rule stage and three in the final rule stage. EBSA agendas in recent years have indicated...

June 16, 2023
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16Jun

UK. BOE Issues Fresh Warning Over Risks in Pension Transfers

The Bank of England has warned firms offloading pensions in a multibillion-pound market that they need to improve the way they manage reinsurance risks. The Prudential Regulation Authority, part of the BOE, wrote to life insurers on Thursday to highlight its concerns about the use of “funded reinsurance,” where insurers pay upfront to transfer the risk of pensioners living longer to another firm. If one of the major reinsurers were to fail, the original insurer could be exposed to “sub-optimal portfolios”...

June 16, 2023
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