News Archives - Page 386 of 983 - Pension Policy International

26DecDecember 26, 2022

New World Bank Financing Will Expand and Strengthen Egypt’s Flagship Social Protection Program

The World Bank announced yesterday US$500 million in financing to expand and strengthen Egypt’s flagship Social Safety Net Program, also known as Takaful and Karama. The new financing marks a third phase of collaboration between the World Bank and the Government of Egypt to support the establishment of an efficient and effective cash transfer program and to introduce beneficiaries to interventions that generate sustainable incomes and help people to graduate out of poverty. Investing in human capital is integral to...

December 26, 2022

NewsEgypt, Social Protection

23DecDecember 23, 2022

Government Exempt Worker’s Pensions From Domestic Debt Exchange Program After Given A 7- Day Ultimatum

Government has succumbed to pressure from Organised Labour by exempting workers’ pensions from the recently launched Domestic Debt Exchange Programme. After a crunch meeting with Organised Labour on Thursday, December 22, the Minister of Finance, Ken Ofori-Atta, gave utmost assurances that pensions of all workers will be exempt from the Programme. The Programme, launched on Monday, December 5 and expected to take off next month, was announced as part of austerity measures to save the economy from collapse. By the Programme, government...

December 23, 2022

NewsGhana, Pension Management

23DecDecember 23, 2022

ILO warns: 34.5% of over 65s have no income in Latin America and the Caribbean

The International Labor Organization (ILO) on Thursday warned about elderly people's issues in Latin America regarding labor income and pensions. The report indicates that 34.5 percent of people over 65 years of age in that region do not receive wages or pensions, a higher percentage than before the Covid-19 pandemic, when this indicator was at 31.9 percent. This is one of the main conclusions of the report on social protection in Latin America and the Caribbean, drafted by ILO. According to the...

December 23, 2022

NewsAging, Coverage, Income, Latin America

23DecDecember 23, 2022

Slovakia: Pension reforms — auto-enrolment and parental pensions

Employer Action Code: Act The government has approved amendments to the Social Insurance Law, with the primary aims of 1) increasing retirement savings in employees’ social security defined contribution (DC) privately managed accounts (i.e., the “second pillar”) through automatic enrolment and the use of default life cycle index (rather than bond-based guaranteed) investment funds, and 2) improving the sustainability of the social security defined benefit (DB) retirement program (i.e., the “first pillar”). The changes are effective January 1, 2023. Key details Changes...

December 23, 2022

NewsPension Reform, Slovakia

23DecDecember 23, 2022

Finnish pension fund manager Varma to monitor human rights impact

Varma Mutual Pension Insurance Co., Helsinki, said Thursday that it will incorporate human rights as sustainability risks in its investments, operations and supply chain. Varma, which managed €56.4 billion ($54.9 billion) at the end of September, said in a news release that after assessing the human rights risks and impacts of its operations, it established principles for human rights and a commitment to address violations that could impact investments. "Human rights have become increasingly important in the past few years. Russia's...

December 23, 2022

NewsESG, Finland

23DecDecember 23, 2022

Gen Zers Look Forward to Early Retirement

What You Need to Know Results from a study show that members of Generation Z expect to retire early. The study also found that most Gen Zers have had or expect to have a successful career. Despite this, 44% of Gen Z respondents described their mental health as weak or very weak. Members of Generation Z, which includes the youngest adults in the U.S., have significantly improved their financial well-being and expect to retire before they reach 60, way ahead of their older...

December 23, 2022

NewsGen Z, Retirement Age

22DecDecember 22, 2022

How schemes can enjoy the blooming of biodiversity bonds

Analysis: With the world’s nations reaching a historic agreement to preserve global biodiversity at COP15 in Montreal, attention is inevitably turning to how businesses can uphold the commitment to protect 30 per cent of the planet’s land and sea. Financing biodiversity projects has long been a sticking point for institutions. The International Finance Corporation describes a “lack of guidance in the market on criteria for projects eligible for this kind of financing”, resulting in a “gap” between investors’ ambitions and...

December 22, 2022

NewsESG, Investment

22DecDecember 22, 2022

New FCA nudges for better long-term outcomes in non-workplace pensions

The UK’s Financial Conduct Authority (FCA) has published new rules for providers of non-workplace pensions. The intervention was prompted by FCA findings that suggested that, like in defined contribution workplace pensions, the non-workplace pension sector suffered from low consumer engagement combined with complex and confusing products and charges. The regulator said the issue had caused a lack of competitive pressure to drive better value for consumers. It also found that non‑advised customers often may end up investing in products that...

December 22, 2022

NewsBehavioral Science, UK

22DecDecember 22, 2022

South Korea’s Corporate Retirement Pension Funds Jump 15.5% in 2021: Statistics Korea

South Korea's corporate retirement pension funds under management expanded 15.5% to 295 trillion won as of end-December 2021 from a year earlier, Yonhap News reported Monday, citing data compiled by Statistics Korea. A total of 425,000 firms in the country adopted the retirement pension funds scheme for their employees as of last year, marking a growth of 4% from 2020, according to the report. The corporate retirement pension program covered nearly 6.8 million workers in 2021, which accounted for 53.3%...

December 22, 2022

NewsPension Management, savings, South Korea

22DecDecember 22, 2022

Ghana. Conduct stress test on pension funds -Think tank to government

The government has been urged to conduct a comprehensive stress test on the decision to include pension funds in the proposed domestic debt exchange programme (DEP). The test should be conducted by the Ministry of Finance (MoF), in collaboration with all stakeholders and debtors, as part of best practices required to reveal the possible implications of including pension funds in the programme. Contributing to the debate on the proposed involvement of pension funds in the DEP, the Executive Director, Africa Centre...

December 22, 2022

NewsGhana, Pension Management

December 2022