June 2023
16Jun

Shareholder ire takes shine off stock rally for Toyota chairman

The biggest rally in three years for Toyota has shown how a well-timed campaign to promote the carmaker’s EV strategy can pay off, but a dip in support for Chairman Akio Toyoda at a shareholders meeting serves as a reminder of the perils of drawing investor ire. A 13% rise in Toyota’s stock added ¥4.4 trillion ($31.4 billion) in market value this week, after the company shared details of how it plans to catch up in the global shift to...

June 16, 2023
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15Jun

US. “Forgotten” 401(k) Accounts Grow to $1.65 Trillion of Assets, According to New Analysis by Capitalize

Capitalize, the award-winning platform to transfer retirement accounts, today released an update to its widely-cited 2021 white paper, The True Cost of Forgotten 401(k) Accounts. The analysis highlights continued growth in the number of “forgotten” accounts which represent 401(k) savings that have been left behind by people who have changed jobs or terminated employment. According to the company’s research, as of May 2023, there are an estimated 29.2 million forgotten or left-behind 401(k) accounts in the U.S. representing $1.65...

June 15, 2023
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15Jun

U.K. effort looks to bring parity to retirement savings

U.K. retirement funds, consultants and money managers are gearing up to jointly tackle retirement inequality. Starting with the gender pension gap — in which males hold vastly more savings than women — a newly formed coalition is looking to develop new planning tools and guidance for plan participants. The Pensions Equity Group, a collaboration of retirement industry professionals, is working to help achieve better equality of retirement savings by developing ways to consistently measure retirement inequalities and potentially press for needed...

June 15, 2023
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15Jun

The GPSSA announces the launch of its new pension platform “MA’ASHI” to UAE-based entities

As part of its digital transformation implementation plan, the General Pension and Social Security Authority (GPSSA) will soon launch a new pension platform known as “MA’ASHI” for thousands of UAE-based federal, government and private sector entities to access. Ahead of the platforms launch, the UAE Pension Authority has dedicated both English and Arabic virtual training workshops, from the 20th to 22nd June 2023, for employers/entities across the UAE in order to learn more about GPSSA’s new platform “MA’ASHI” – which...

June 15, 2023
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15Jun

Jamaica. Opposition concerned about pensions fraud probe launched at labour ministry

Opposition Spokesperson on Labour and Social Security, Dr Angela Brown Burke, has expressed deep concern over recent allegations regarding a pension fraud probe at the Ministry of Labour and Social Security in which hundreds of millions of taxpayers' money have gone missing. Reports are that internal audits at the ministry revealed that money paid out under the National Insurance Scheme (NIS) is more than twice the amount which should have been paid based on the pension order books issued by...

June 15, 2023
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15Jun

The taboo of aging, an obstacle to thriving businesses in Latin America

In Latin America, despite being the “fastest aging region in the world,” according to an IDB report, the needs of those who are part of the silver economy “are not being met” due to the taboo that aging represents for their societies, experts gathered in Bogota discussed Wednesday. “We have, as a society, to start matching who those real consumers are and who we think they are because that dichotomy makes it impossible for businesses to thrive,” lamented the founder...

June 15, 2023
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14Jun

US. GOP bill aims to block ERISA plans from funding firms linked to U.S. adversaries

Rep. Jim Banks, R-Ind., introduced a bill to block ERISA-governed retirement plans from making new investments in companies controlled by or based in Iran, North Korea, Russia and China. "Several states, including my home state of Indiana, divested their pension funds from China, but federally regulated ERISA plans continue to fund firms that are building up the People's Liberation Army, stealing U.S. intellectual property and participating in the Uyghur genocide," said Mr. Banks, who serves on the Select Committee on...

June 14, 2023
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14Jun

Ghana. NPRA to increase pension penetration by 25% amongst informal sector workers by 2026

Increased pension penetration among employees in the informal sector is the goal of the National Pensions Regulatory Authority (NPRA). This move, if finalized, will see penetration increase from 6 percent to 25 percent by 2026. The Authority explains that although a section of the informal sector holds misconceptions about pensions, it is committed to its sensitization drive to ensure that its targets are achieved. At a brief ceremony to highlight the end of the SECO project, Chief Executive Officer of the...

June 14, 2023
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14Jun

UK. Govt extends National Insurance contribution deadline

The government has extended the deadline for paying voluntary National Insurance contributions by nearly two years, with taxpayers to be given until 5 April 2025 to boost their state pension entitlement. According to the government announcement, the extension aims to ensure that people have more time to properly consider whether paying voluntary contributions is right for them and ensure that no-one misses out on the possibility of boosting their state pension entitlements. The original deadline was extended to 31 July 2023...

June 14, 2023
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14Jun

South Korea. Rapid population aging to accelerate income inequity

Income inequality in Korea is likely to accelerate due to a rapidly aging population, according to a report released by the Bank of Korea (BOK) on Wednesday. The report revealed that income inequality among households has worsened by 30 percent over the past 25 years, largely as a result of the aging population. "The aging population is expected to have a significant negative impact on the Korean economy, not only by lowering labor productivity and increasing the burden of care, but...

June 14, 2023
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