August 2023
09Aug

Hong Kong retirees facing income shortfall of US$641 a month on average, survey shows

Retirees in Hong Kong face a shortfall of HK$5,000 (US$641) on average in their monthly incomes, according to a survey released on Tuesday. The post-retirement incomes of Hongkongers, who usually retire at the age of 62, stand at about HK$12,000 per month on average, according to the survey conducted by BOC Group Life Assurance and Golden Age Foundation. This income was derived mainly from investments and was 60 per cent below their average income before retirement of about HK$30,000, the...

August 9, 2023
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09Aug

Por “High court: member ‘interests’ include future service benefits”

The High Court has ruled that a scheme rule restricting amendments that will affect members’ ‘interests’ applies to future service benefits, as well as benefits already accrued: BBC v BBC Pension Trust Limited. The amendment power in the BBC Pension Scheme is subject to a restriction that no alteration may ‘take effect as regards the Active Members whose interests are certified by the Actuary to be affected thereby’ unless certain conditions are complied with (designed to ensure that the relevant...

August 9, 2023
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09Aug

Care Economy and Gender-Transformative Social Protection in India and the G20 Countries

By taking a gender-transformative and a rights-based entitlement approach, this Policy Brief stresses the importance of investing in the care economy within the context of COVID-19 recovery plans, the G20 agenda of striving for just and equitable growth, and India’s Vision 2047. Ensuring greater gender equality in the distribution of paid and unpaid work can be socially transformative and enhance gross domestic product. This Brief explores inequality within the care economy in India, specifically focusing on the unpaid care...

August 9, 2023
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09Aug

Contributions to 401(k) Savings on the Rise; So Are Withdrawals

A study of more than 4 million 401(k) plans shows that workers are doing better at saving for retirement. However, in a signal of potential economic headwinds, more are also taking emergency withdrawals and borrowing from their accounts. The quarterly Bank of America Participant Pulse report shows that 401(k) balances are up an average of 9.6%, or $7,250, so far this year. However, the report also showed higher hardship withdrawals and account loans.1 “The data from our report tells two stories—one...

August 9, 2023
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08Aug

Reforms Must Ensure Fair User Payment in Aged-Care Funding

Aged-care services will cost taxpayers more than A$35 billion this year. Treasurer Jim Chalmers argues it's one of the government's biggest ongoing funding challenges. The last intergenerational report, which looked out over the next 40 years, came to the same conclusion. In a search for answers, the government has set up an aged-care taskforce to report on how aged care should be funded, and by whom. Its report is due by the end of the year. The aged-care funding system is...

August 8, 2023
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08Aug

Democratic bill would require spousal consent for 401(k) distributions

Spousal consent would be required to start most distributions from 401(k) plans, under two companion bills sponsored by Democrats in Congress. The legislation aims to make defined-contribution plans more similar to traditional pensions in that regard. Unlike defined-benefit plans, DC plans aren’t legally required to make account holders get sign-off from a spouse when initiating payouts other than required minimum distributions or those made in the form of one of a few types of annuities, such as qualified joint and...

August 8, 2023
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08Aug

‘Smart financial move’ could see you boost your UK state pension

The state pension is linked to a person’s National Insurance record, meaning someone who has gaps could get less than the full amount. Checking for gaps, and filling them where possible, may be worthwhile in order to boost one’s income in retirement, an expert has warned. Mark Routen, head of tax at Hoxton Capital Management, told GB News: “Boosting your UK state pension by plugging gaps in your National Insurance record is a smart financial move that can provide you with...

August 8, 2023
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08Aug

DWP stops payments to thousands of people claiming State Pension while overseas

State Pension recipients have been warned over the risk of losing their payments if they move abroad. It comes after thousands of claimants saw their payments suddenly end. The Department for Work and Pensions (DWP) explained that this move was not down to any administrative errors by officials. Instead, it was due to those involved choosing to go and live overseas. People can choose to receive their State Pension abroad as long as they have paid enough UK National Insurance contributions...

August 8, 2023
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08Aug

Here’s the real story of next year’s Social Security COLA

The Social Security COLA for 2024 is likely to be just as high as it was in prior years. It’s important to point this out in order to counter the alarmist narrative that’s taking hold in some quarters that next year’s cost-of-living adjustment, widely known as COLA, will be much lower than in prior years. Retirees and others living on a fixed income are naturally upset. To be sure, we won’t know the exact COLA until Oct. 12, which is when...

August 8, 2023
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07Aug

Engage teachers’ unions before making further NSSF deductions

The payment of pensions and other benefits to teachers and civil servants in Kenya was started by the colonial government, first for Europeans in 1927 and for non-Europeans from 1932. The Pensions Act (Cap.189), of the laws of Kenya, came into operation in its present form on January 1, 1946. Since then, it has been amended from time to time in order to accommodate the changing phases of work and the work environment of workers. The Pensions Act (Cap.189) makes provisions...

August 7, 2023
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