June 2020
03Jun

India. Modifications in National Pension Scheme financially untenable: Finance Ministry

The Finance Ministry has ruled out proposals by a federation of central and state governments employees seeking modification in the National Pension Scheme, saying its corpus is invested in a prudential manner to ensure optimal returns and suggested that changes will be financially untenable. The response comes following a petition to the Prime Minister''s Office (PMO) by Manjeet Singh Patel, president of Delhi unit of the National Movement for Old Pension Scheme (NMOPS), seeking revival of the old pension...

June 3, 2020
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03Jun

South Africa’s Central Bank Rules Out Financing Government

South Africa’s central bank ruled out helping the government fund its runaway budget deficit by paying for its spending through loans, as the ruling party debates using the institution to fund infrastructure and development. “We do not think it is prudent to finance government directly,” Kuben Naidoo, a Reserve Bank deputy governor, said on a conference call hosted by money manager Ninety One. “It would increase inflation risks. It would blur the lines between an independent central bank...

June 3, 2020
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03Jun

COVID-19 shows super is failing older Australians

An inter-generational war began last week when retiree groups floated the idea of a universal pension. By scrapping the means test, anyone aged over 66 could then receive $472 per week, regardless of their assets. Millennials were appalled that boomers could want more. Sell your property or cash in your stocks, they said in droves. The economic fallout from COVID-19 has hit everyone, retirees included. Dividend cuts, equity losses, fruitless term deposits and slowing rental yields have meant income...

June 3, 2020
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02Jun

Pandemic Shines a New Light on Climate Change and ESG Investing

Scientists and environmentalists have reported a drop in daily carbon dioxide emissions as a result of the pandemic, and the connection between the pandemic and its effect on climate change has spurred plan sponsors and companies to support environmental, social and governance (ESG) investing, says Matt Seymour, chief executive officer at RiskFirst. “The pandemic is really going to emphasize the rationale and need for people to look at ESG investments in an integrated and fundamental way,” he notes. Read...

June 2, 2020
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02Jun

Japan. Relieve non-regular workers’ anxiety through reform of pension system

By The Japan News Editorial There is great significance in improving the foundation of the quality of life in old age for part-timers and other non-regular workers. Laws related to pension system reform have been passed. The range of people eligible for employee pensions will be expanded to include short-term workers from companies with fewer employees. Read also India. Modifications in National Pension Scheme financially untenable: Finance Ministry Currently, companies are required to join the employee pension program if they meet the...

June 2, 2020
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02Jun

Greece. Significant raise for 236,000 auxiliary pensions

As of Tuesday, more than 236,000 pensioners will see their auxiliary pensions increased by an average of 75.47 euros, according to estimates by the Single Social Security Entity (EFKA). The hikes only concern retirees who saw their auxiliary benefits reduced in the summer of 2016 per the so-called Katrougalos law because the sum of their main and auxiliary pensions exceeded €1,300. The biggest category of raise recipients is the 206,000 former salary workers insured with the Social Security Foundation...

June 2, 2020
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01Jun

US pension plans warned they will run out of money by 2028

The weak financial condition of seven US public pension plans threatens to deplete their assets by 2028, leading to severe risks for the living standards of thousands of American employees and retired workers. Many US public pension plans had not fully recovered from the 2007/08 financial crisis before coronavirus struck, triggering turmoil across financial markets. The correction in the US stock market has increased the long-term structural problems across the entire US public pension system, particularly for the weakest...

June 1, 2020
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01Jun

UK university pension fund to axe controversial investments

The UK university pension scheme is to end investments in tobacco, coal and controversial weapons manufacturers after bowing to pressure for policy changes from its membership of academics and higher education staff. The £75bn Universities Superannuation Scheme, the UK’s largest private pension fund by assets, will divest its holdings in tobacco companies and exclude future investments in thermal coal producers along with businesses with ties to cluster munitions, white phosphorus and landmines. Simon Pilcher, chief executive of USS Investment...

June 1, 2020
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01Jun

Nigeria ranks 64th in pension adequacy index –Report

The Allianz Group has put Nigeria in the 64th position in the global ranking of pension development, highlighting the need for further pension reforms in the country. The first edition of the group’s pension report, titled ‘Allianz Global Pension Report 2020: Ready or not’, analysed different country’s pension systems with its proprietary pension indicator, called Allianz Pension Indicator. The API examined the pension systems in terms of sustainability and adequacy of 70 countries to provide a comprehensive view of the...

June 1, 2020
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May 2020
29May

China to raise pensions, among other social protection measures to reduce impact of COVID-19 crisis

China has over 600 million people whose monthly income is barely 1,000 yuan (USD 140) and their lives have further been affected by the coronavirus pandemic, Premier Li Keqiang said on Thursday. Read also US. The Federal Employee Retirement Plan Should Add, Not Delete Chinese Stocks "The average per-capita annual income in China is 30,000 yuan (USD 4,193), but there are over 600 million people whose monthly income is barely 1,000 yuan (USD 140), not enough to rent a room in...

May 29, 2020
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