February 2019

21Feb

South Africa. Grant for pensioners to increase to at least R1,780 monthly

Pensioners can again look forward to an inflation-linked increase in their social grants this year. The government spending on social grants will increase to R567 billion. The number of beneficiaries who receive social assistance from the state is expected to increase from 17.9 million to 18.6 million over the next three years. Old-age pensions will increase by R85 this year to R1,780 monthly. Pensioners over the age of 75 will receive a monthly pension of R1,800. The foster care...

February 21, 2019
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21Feb

Putting workers before investors makes DB schemes affordable

Companies would be able to afford defined benefit schemes if their bosses were forced to pay into them before they pay out to shareholders, new research showed. According to a study from Sun Yat-sen University, Exeter University and Lancaster University Management School – which examined around 1,655 companies from 2003 to 2011 - incentivising executives to fund their pension schemes was more likely to see the schemes survive than threatening bosses with prison sentences. Amber Rudd, secretary for work...

February 21, 2019
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21Feb

Cyprus. Finance Minister warns of danger of destabilization of economy if restoring pension payments

Cyprus's economy faces the danger of destabilization as it still struggles to fully recover from the 2013 crisis, as a result of recent court decisions declaring illegal cuts to salaries and pensions of public servants, Finance Minister Haris Georgiades said on Wednesday. "Fully restoring cuts in the salaries of public employees in compliance with the court decisions involves a potential danger of destabilization of the economy", Georgiades said. Public servants had their salaries, pensions and one-off payments at retirement...

February 21, 2019
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20Feb

Brexit pensions saved after deal between Irish and UK governments

Brexit pensions worries are eased after deal between Irish and UK governmentsFood tariffs threat  to rural heartlandMinisters on alert for UK crash-out The governments of Ireland and Britain have guaranteed the continued payment of state pensions, child benefit and other social welfare payments in the event of the UK crashing out of the EU without a deal. Thousands of people living here get pensions and other payments from Britain, while Ireland also pays people who live in the UK. Now a legally...

February 20, 2019
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20Feb

Australia. Labor tax safety net to fail 50,000 pensioners

Up to 50,000 pensioners over the next decade could fail to meet Labor’s safety net threshold and lose their annual cash refunds for excess franking credits under Bill Shorten’s plans to axe $55 billion in tax breaks for retirees. Treasury analysis of tax data shows that every year between 3000 and 5000 pensioners who were also members of a self-managed super fund would fail to meet the criteria for Labor’s “pensioner guarantee”. Labor argues the policy was ­announced a...

February 20, 2019
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20Feb

Latam FX firms, Brazilian stocks mount recovery

A Latin American equities benchmark rose on Tuesday, bolstered by a rebound in Brazilian shares, while Latin American currencies broadly advanced against a soft dollar. Global currency traders wound back safe-haven dollar holdings on hopes that the fresh round of U.S.-China talks would aid strained trade ties between the world's two biggest economies, setting the stage for Latin American currencies to gain. Brazilian equities climbed back above the 97,000 mark....

February 20, 2019
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20Feb

Kosovo. Government takes decision to increase pensions

The Government of Kosovo took a decision Tuesday to increase state pensions.Minister of Finances, Bedri Hamza, presented the new pensions scheme in front of Kosovo Government. “Based on the new program and state budget I propose increase of basic pensions by 20 percent, contribute pensions 15 percent, early retirement of Trepca miners 20 percent,” Hamza said. Minister of Labour and Social Welfare Skender Recica, welcomed the decision saying the increase of pensions will be implemented accordingly to Government’s decision.  Read...

February 20, 2019
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20Feb

Cryptocurrency Adoption: Institutional investors should consider cryptocurrencies, says pension and endowment adviser Cambridge Associates

The cryptocurrency ecosystem has been a developing field and in a short time, has managed to garner the attention of financial investors. The growing popularity of cryptocurrencies has roped in Cambridge Associates, a consultant for pensions and endowments. As per Bloomberg, Cambridge Associates is of the opinion that institutional investors should consider dipping their toes in cryptocurrencies.One of the analysts from the Boston-based firm quoted in his research note: “Despite the challenges, we believe that it is worthwhile...

February 20, 2019
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19Feb

Latam FX weak, Brazil’s real drops ahead of pension reform plans

Latin American currencies weakened against the U.S. dollar on Monday, with Brazil's real underperforming its peers ahead of anticipated pension reforms to be presented to congress later this week. The real slipped 0.8 percent, underperforming its peers, as President Jair Bolsonaro is expected to face opposition from congress, possibly delaying the passage of reforms seen as essential for shoring up the economy. "Pension reforms are considered crucial by the market with...

February 19, 2019
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19Feb

Germany. Retirement: income for the pension insurance increased significantly

The revenue of The statutory pension insurance increased significantly in January: With 19.4 billion euros, the level was 5.3 percent year-on-year. According to a spokesperson of the German statutory pension insurance scheme, the development is due mainly to the increase in wages and high employment. However, the so-called Sustainability reserve of the pension Fund decreased in January to 38 billion Euro, a decrease of 0.2 percentage points compared to January, 2018. That’s the equivalent of 1,69 month of...

February 19, 2019
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