May 2018

24May

Malta declines EU’s recommendation to raise retirement age

Malta's government committed on Wednesday not to raising the retirement age, which was recommended by the European Commission (EC). The European Commission has recommended that Malta safeguards the sustainability of its health care and pension systems by raising retirement age and restricting early retirement. In a press statement, Malta's government said "it is committed to retain free health care for its citizens and to continue to work towards a more sustainable pension system without changing the pensionable age". Read More: XinhuaNet

May 24, 2018
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24May

Kenya. MCAs step up push for independent pension scheme

Members of the County Assemblies (MCAs) from all the 47 counties are pushing for the establishment of an independent pension scheme. The County Pension Bill, which  has been stuck in Parliament for some time, recently underwent a second reading. The MCAs want the Bill fasttracked to enable counties move their staff from the current non-contributory arrangement to a contributory pensions administrator. “We want a pension scheme which is not managed by national government but with an independent administrator so that counties...

May 24, 2018
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24May

Romania to maintain fiscal stimulus policy until 2020: ruling party chief

Romania’s government will maintain its policy of cutting taxes and raising the minimum wage and state pensions until 2020 in a bid to improve living standards, the leader of the ruling Social Democrats said on Wednesday. The government could also make it optional to join a private pension scheme, said Liviu Dragnea, who holds a tight grip on his party and is also speaker of parliament’s lower house. Membership of private pensions is mandatory for employees under 35 and any changes...

May 24, 2018
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23May

Can Blockchain Solve the Global Retirement Crisis?

Retirement represents a milestone for most adults, but despite the feelings of adventure and excitement that come with leaving the working world, retirement must first be viewed through a financial lens. The ability to generate income in one’s elderly years is limited, and no one wants to be a burden on their family or the state. That said, there are social security programs and savings vehicles that are designed to help individuals prepare for their big vacation. Pensions are a...

May 23, 2018
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23May

France. Furious protests break out in a ‘Day of Rage’ against President Macron’s government – and even police officers get involved

  Public sector unions protested across France against planned reforms by President Emmanuel Macron. Demonstrations in Paris were crashed by at least 100 youths dressed in black with ski masks and balaclavas. They threw bottles at police who charged at them batons drawn, supported by tear gas and water cannons. Protesters suspended protest against planned labour reforms until the mayhem was over later on Tuesday. Public sector workers, including police, are angry at planned job cuts and changes to pensions Read more @Daily Mail  

May 23, 2018
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23May

Investors may be deterred by shortcomings fighting corruption – EU

Governance shortcomings in the anticorruption framework may adversely affect the business climate and weigh negatively on investment, the European Commission said on Wednesday. “The effectiveness of Malta’s efforts to fight corruption needs to be further improved, especially with regards to the investigation and prosecution of corruption,” it warned in the country specific recommendations for the 2018 European Semester. Apart from updating from various previous reports, two specific recommendations were made: - Strengthen the overall governance framework by enhancing the national supervision of...

May 23, 2018
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23May

Nigeria. A pension scheme for informal sector operators

ARE you an architect, lawyer, actor, musician, business-man, trader, caterer, electrician, carpenter, cab driver, or a commercial motor cyclist? If yes, you will soon have an opportunity to save for your future under the Contributory Pension Scheme (CPS), courtesy of the Federal Government. How? The government through the National Pension Commission is planning to release a micro pension scheme that will enable self-employed persons and the informal sector to join the CPS. At present, the guidelines for the new scheme are being...

May 23, 2018
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22May

How Freelancers Can Save for Retirement — in 4 Easy Steps

For the millions of Americans who are now part of the growing gig economy, there are myriad benefits to eschewing traditional employment: flexible hours, geographic flexibility, and career autonomy, to name a few. Yet there are trade-offs too — especially when it comes to saving for retirement. Among full-time gig economy workers, seven in 10 say they are unprepared to maintain their current lifestyle in retirement, while fewer than one third are regularly setting aside money for retirement, according to a...

May 22, 2018
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22May

US. ‘Father of 401(k)s’ Says Big Changes Are Needed

When the “father of 401(k)s” talks about changes that are needed to these retirement programs that 54 million people in United States use, the industry should listen. “[I want] to challenge you to think more deeply about the future of this business and your role in it than you ever have thought of before,” Ted Benna, who received the first approval for a 401(k) defined contribution plan, told the audience as he gave a closing talk at the Envestnet Advisor...

May 22, 2018
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22May

Employees Have Other Financial Issues That Get in the Way of Retirement Readiness

Not having enough emergency savings for unexpected expenses is the most frequently cited financial concern for Millennial (48%) and Generation X (51%) employees, while not being able to retire when they want to is the most frequently cited concern among Baby Boomers (46%), according to the 2018 edition of PwC’s Employee Financial Wellness Survey. Among all respondents, more affordable health care is the top cited factor that would most help them achieve their future financial goals. However, one-quarter of respondents...

May 22, 2018
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