February 2021
24Feb

S.Korea’s state-run pension fund posts 9.7% return in 2020 – health ministry

South Korea's state-run pension fund posted a provisional annual return rate of 9.7% in 2020, Health Minister Kwon Deok-cheol said on Wednesday, as the COVID-19 pandemic drove volatility in global financial markets. The National Pension Service (NPS) is the world's third-largest pension fund, with 833.7 trillion won ($750.39 billion) in assets as of the end of 2020. Last year's annual rate of return was lower than 2019's 11.3%, which was the highest on record since the National Pension Service Investment Management,...

February 24, 2021
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24Feb

Puerto Rico governor rejects key deal with creditors to reduce debt due to pension cuts

Puerto Rico’s governor announced Tuesday that a federal control board reached a key deal that would reduce the U.S. territory’s overall debt by nearly 80 percent, but that his administration is rejecting it because it would require cuts to the island’s crumbling public pension system. The impasse between the governor and a board that oversees Puerto Rico’s finances threatens to throw into limbo attempts to end a bankruptcy-like process for a government that six years ago declared unpayable its more...

February 24, 2021
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24Feb

US. Women’s Retirement Savings Especially Affected by the Pandemic

By Amanda Umpierrez The pandemic has aggravated financial insecurity for millions of American workers, but data shows it’s affected women more severely than men. A study by Nationwide found that among 297 women with investable assets of $100,000 or more, 72% believe the pandemic had a negative impact on their retirement savings. Additionally, women listed losses from the pandemic as their top financial concern last year. Other worries involved protecting assets, health care costs and longevity risk during retirement. “With women, when...

February 24, 2021
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23Feb

Swiss scheme assets expected to drop by 2035 if fossil investments kept

Swiss pension funds will experience on average a 10% loss in assets in the next 15 years if they continue to invest in fossil fuels and industries with high CO2 emissions, according to a report by Climate Alliance, a group of civil society organizations. Pension funds with an above-average share of foreign equities and bonds in their portfolios carrying high climate risks could see assets declining by 18%. The study predicted funding ratios to sink to 90% with assets falling...

February 23, 2021
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23Feb

British Airways defers £450m of pension payments as Covid cuts flights

British Airways has struck a deal to delay £450m of pension deficit contributions as the company struggles through Covid travel restrictions that have left most of its planes grounded during the pandemic. The carrier’s owner, International Airlines Group (IAG), has also reached a final agreement over a £2bn loan that will give the company a larger financial cushion until Covid restrictions are eased. BA, which usually pays £37.5m a month into the New Airways Pension Scheme (NAPS), has struck a deal...

February 23, 2021
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23Feb

Jamaica. $81 Million To Support Social Protection Strategy Project

A sum of $81 million has been allocated in the 2021/22 Estimates of Expenditure, currently before the House of Representatives, towards the continuation of the Integrated Support to the Jamaica Social Protection Strategy project. The initiative is being implemented by the Ministry of Labour and Social Security, through funding from the Inter-American Development Bank (IDB). It aims to support, protect and promote the human capital accumulation of the Programme of Advancement through Health and Education (PATH) beneficiaries. It also seeks to strengthen...

February 23, 2021
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23Feb

US. 3 Retirement Myths, Debunked: Social Security, The Stock Market And Savings

Retirement should inspire thoughts of mixed drinks on the beach and long afternoons with the grandkids. But for many people, just mentioning the word spurs anxiety. Younger Americans are waiting too long to put money away, middle-aged workers rarely make up for lost time and people approaching retirement hope to hold onto their jobs long enough to save just a few dollars more. Most people know they should be doing more to save for retirement, yet too few of us are...

February 23, 2021
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23Feb

Forget bitcoin — fintech is the ‘real Covid-19 story,’ JPMorgan says

Bitcoin is an “economic side show” and fintech innovation is the story that will dominate financial services, according to JPMorgan. Analysts at the bank said that despite bitcoin’s monster rally, the cryptocurrency is still beset by a number of issues that may prevent it from becoming a mainstream asset. “Bitcoin prices have continued their meteoric rise with Tesla, BNY Mellon and Mastercard’s announcements of greater acceptance of cryptocurrencies,” JPMorgan said in a research note last week. “But fintech innovation and increased demand...

February 23, 2021
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22Feb

U.S. Retirement Crisis Hits Black Americans Hard

Kimberly Owens doesn’t know if retirement will ever be a reality for her. A well-educated project coordinator in her late 40s, she has pulled from her retirement funds for emergencies twice in 20 years. Her 401(k) balance is in the low-five figures. “I’m going to be working until I am 75 at this rate,” said Ms. Owens, who works for the New Haven, Conn., campus of a medical-device company. “I’m not anywhere close to where I thought I was going...

February 22, 2021
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22Feb

Albania. Deficit in State Pension Scheme Deepening

The decit in the state pension scheme reached Dollar 506 million at the end of 2020, reaching the highest level since the start of the implementation of the new reform in this area. Government spending on pensions amounted to Dollar 1.34 billion, 2.2% more than in 2019, while contributions for social security payments fell for the rst time since 2016. Economic experts link this phenomenon to the eects of the Covid-19 pandemic, where many people lost their jobs, and in many...

February 22, 2021
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