News Archives - Page 367 of 982 - Pension Policy International

28FebFebruary 28, 2023

Social partner model spreads to small, medium-sized firms in Germany

Social partner model spreads to small, medium-sized firms in Germany The social partner model offering pure defined contribution (DC) plans is spreading mostly among small and medium-sized firms in the chemical sector in Germany, attracting employees who did not show interest in occupational pensions in the past. The German Federation of Chemical Employers’ Associations (BAVC), the social partner that started one of the first pure DC schemes in Germany, is currently seeing demand for social partner models for pensions in the...

February 28, 2023

NewsGermany, Pension design

27FebFebruary 27, 2023

Puerto Rico government says it won’t cut pensions due to severe déficit

The executive director of the Financial Advisory Authority and the Puerto Rico Tax Agency, Omar Marrero, assured this Saturday that the government of Pedro Pierluisi “will not allow the pensions of our employees to be reduced” in the face of a deficit of several million dollars for retirees. “This government will not allow the pensions of our employees to be reduced. This will always continue to be our objective,” Marrero said in a press release in response to a letter...

February 27, 2023

NewsPolitical economy, Puerto Rico

27FebFebruary 27, 2023

Kenya. Private firms to battle NSSF for new billions in pension

Private financial services firms are angling for a share of billions from enhanced pension contributions following the enactment of the National Social Security Fund (NSSF) Act 2013. The implementation of the Act has unlocked billions of shillings under tier II contributions which have been opened to other pension funds apart from NSSF. An employer can choose to send second-tier NSSF contributions to a private scheme after remitting tier-one deductions to the state-owned fund. According to estimates seen by the Business Daily from...

February 27, 2023

NewsInvestment, Kenya, Regulation

27FebFebruary 27, 2023

Pakistan stops salaries, pensions as economic crisis worsens

The cash-strapped Pakistan government has reportedly instructed the Accountant General of Pakistan Revenues (AGPR) to halt the clearing of all bills, including salaries and pensions, of federal ministries and attached departments until further notice. According to The News, the move comes as the country is reeling under economic crisis, which is causing difficulties in operational cost-related releases. However, the exact the reason for the same is not known. The report cited, the salaries and pensions of defence-related institutions have been cleared...

February 27, 2023

NewsAdequacy, Coverage, Pakistan

24FebFebruary 24, 2023

U.S. Here’s how much 401(k) plans fell last year

Saving for retirement requires looking at the big picture, but it can be dispiriting when your 401(k) or other retirement plan takes a beating — a common plight for American workers last year, according to new data from Fidelity. The average balance in a 401(k) plan tumbled 20.5% in 2022, reducing employee nest eggs to $103,900 at the end of 2022, Fidelity said on Thursday. That compares with an average balance of $130,700 a year earlier, the financial services firm...

February 24, 2023

NewsInvestment, savings, US

24FebFebruary 24, 2023

Canada’s CDPQ is slammed by bond rout in worst year since 2008

The historic bond market rout did not spare the Caisse de Depot et Placement du Quebec, causing the pension manager to post its worst results since the global financial crisis. Canada’s second-largest public fund lost 5.6 per cent and saw net assets fall to $402 billion (US$297 billion), down $18 billion from the prior year. Its fixed-income portfolio was shredded by the rapid rise in interest rates, falling almost 15 per cent. The result would have been much worse if not...

February 24, 2023

NewsCanada, Pension Management, Returns

24FebFebruary 24, 2023

The rise of elderly workers: The Europeans defying retirement norms and working past the age of 70

While trade unions are mobilising in France to defend retirement at 62, throughout the European Union, men and women are working beyond the age of 65 or even 75. Who are they? The official statistics draw the average picture of a self-employed man aged between 65 and 69, working rather part-time in the health or social sector. But this average situation obviously overlooks the nuances from country to country. In which EU countries do people work beyond the age of 65? Firstly, it’s...

February 24, 2023

NewsAging, EU, Labor Market, Retirement Age

24FebFebruary 24, 2023

Gustavo Petro, Colombia’s president, wants to smother the gig economy

On february 22nd fleets of taxi drivers went on strike and tried to block roads in over two dozen cities in Colombia. Their beef was with Gustavo Petro, the country’s recently elected left-wing president. They cheered when Mr Petro’s administration said that it was going to regulate transport apps, such as Didi and Uber, which are illegal in the country. But his government’s proposals, which were leaked in January, created uproar among ordinary Colombians: one draft suggested they would...

February 24, 2023

NewsColombia, Informal Sector, Labor Market

24FebFebruary 24, 2023

Ireland. Majority expect to have to rely on the State pension when they retire

MOST workers expect to have to rely on the State pension when they retire. Some 57pc of workers say the State pension will be their main source of income. The State pension was cited as the expected main source of income on retirement for nearly six in ten workers with no pension coverage, Central Statistics Office research has found. The Government is planning to bring in an auto-enrolment pension scheme to supplement the State pension for thousands of workers who have no...

February 24, 2023

NewsAging, Ireland, State Pensions

23FebFebruary 23, 2023

Nigeria: SEC to collaborate with PenCom in deepening commodities sector

The Securities and Exchange Commission (SEC) has announced plans to collaborate with the National Pension Commission (PenCom) on areas that would assist in further deepening the commodities ecosystem. Its Director-General, Mr Lamido Yuguda in a statement said this during a meeting between the commission’s management, the Lagos Futures and Commodities Exchange (LFCE) and PenCom held in Abuja. Yuguda was represented by Mr Ibrahim Boyi, Executive Commissioner Corporate Services of SEC at the meeting. The director-general noted that SEC was passionate about the...

February 23, 2023

NewsInvestment, Nigeria, Pension Management, Regulation

February 2023