Work and pensions minister Baroness Stedman-Scott has stepped down for “personal reasons”, Downing Street has said. Lady Stedman-Scott, 67, has been a minister in the department since 2019, having previously been a Government whip in the House of Lords. She is replaced by Viscount Younger of Leckie, who moves from the whips’ office where he is in turn replaced by Lord Evans of Rainow. Read more @cityam 385 views
One might easily think that robots are causing significant disruption in the labor market by replacing human workers, especially when considering examples like chatbots serving as more efficient customer service representatives or computer programs handling package tracking and transportation without human intervention. According to a study by Eric Dahlin, a sociology professor at Brigham Young University, there is no need to fear an imminent robot takeover of jobs. Dahlin’s research suggests that the rate at which robots are replacing humans...
A news portal recently reported that a developer plans to turn Butterworth into a retirees’ haven. The report’s subtitle read: “Jayamas Property Group to create niche location, as Malaysia heads towards an ageing population by 2030.” The report said Butterworth is already being targeted as a private housing development hub for the elderly, with medical and healthcare services. Unfortunately, only wealthy senior citizens will be able to afford such services. The Department of Statistics has predicted that the country may soon become...
A term that went from euphoria to criticism. That has been the parabolic path of sustainable investing in recent years. Now, investors wonder what’s in store for environmental, social and governance (ESG) investing in 2023, and more importantly, what the threats to ESG might be. “Sustainable investing and the consideration of ESG factors have become part of the investment mainstream over the past few years. The rapid growth has been spurred by the need for investors to consider nonfinancial risks...
Providers have failed to engage or enthuse millions of auto-enrolment customers with positive pension messages, undermining the policy by not explaining the advantages of pensions, Baroness Ros Altmann says. The campaigner and former pensions minister said that, rather than "constant negative messaging", people needed to know about the positives of pensions so they understand the free money they will have and higher benefit payments they could have if they keep paying in. Altmann's comments come as research by The Pensions Management Institute...
Turkey’s President Recep Tayyip Erdogan has announced the end of the retirement age requirement, which gives over 2 million Turks the possibility of immediately choosing to exercise the right to a pension, according to what was communicated in a press conference yesterday evening. Currently, the retirement age is 58 for women and 60 for men. «With the regulation that we agree with today, about 2.25 million more people will be entitled to retire. No age limit to be entitled to...
The FCA’s new sustainability disclosure requirements may prove to be a defining moment for financial services, the chief project officer at the Global Returns Project has said. Jack Chellman told FTAdviser the FCA’s rules, which are currently being consulted on, cannot come soon enough. “Investors are increasingly concerned about greenwashing,” he said. “Looking ahead to 2023, asset managers must embrace innovative approaches to demonstrate their sustainability credentials if they are to satisfy their clients and rise to the challenge of constructing attractive, competitive...
India's pension fund regulator has recommended the federal government introduce a UK-like pension scheme for the country's gig workers, a move aimed at bringing about 90% of the overall workforce into the pension fold, its chairman told Reuters. The Pension Fund Regulatory and Development Authority (PFRDA), which manages over $102 billion in assets, has proposed that workers at food and cab aggregators be automatically enrolled into the National Pension Scheme (NPS), Chairman Supratim Bandyopadhyay said in an interview on Tuesday. The...
New York Governor Kathy Hochul signed a bill on Friday that allows the state’s and New York City’s pensions to increase allocations to more expensive and opaque asset classes like private equity that could potentially deliver higher returns. The bill raises the cap on alternative assets — which also include hedge funds, private real estate and direct loans to companies — as well as foreign stocks, to 35% from 25%. Boosting the limit will allow pensions, including the $233 billion...
The country's population declined for three consecutive years due to a combination of plunging birth rate, society’s accelerated aging and the COVID-19 pandemic. According to data from Statistics Korea on Wednesday, there were 20-thousand-658 newborns in October, down zero-point-four percent from a year earlier. The on-year gain was the lowest for October since the agency began compiling related data in 1981. The tally for newborns has seen an on-year decline for 83 straight months since December 2015. The number of deaths in...
