April 2018

24Apr

Top 5 most sustainable pension systems worldwide

Thanks to gradually rising life expectancy and a higher state pension age, pension contributions are set to soar around the world. World Finance explores the top five countries with sustainable pension systems, where retirees can live particularly well with their pension pot. Australia Australia’s three-tier ‘superannuation’ pension system is one of the most touted in the world. It includes a tax-financed age pension, providing basic benefits, a company pension pot and the individual contribution to a retirement savings account. Employers are...

April 24, 2018
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24Apr

UN supports Nigeria’s ageing policy

The United Nations (UN) has pledged to support Nigeria in the implementation of the country’s ageing policy.Mr. Oleg Serezhin of the Technical Cooperation Unit, Division for Social Policy and Development of Economic and Social Affairs UN, said that the global body was committed to bringing its resources to support Nigeria on ageing. He said this during the UN Department of Social Affairs scooping visit to Nigeria on capacity support to ageing at the Federal Ministry of Women Affairs and Social...

April 24, 2018
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23Apr

Greece. Union labour ministry to assess long term viability of Employees Pension Scheme

The Union Labour Ministry looks to appoint an actuary to assess if the Employees' Pension Scheme (EPS) is sustainable over a long term. The EPS, 1995 is one of the three schemes meant for old-age social security of employees run by the Employees' Provident Fund Organisation (EPFO). The other two schemes are Employees' Provident Fund Scheme, 1952 and Employees' Deposit Linked Insurance Scheme, 1976. Read More: Greater Kashmir

April 23, 2018
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23Apr

Europe’s pension problem spurs return of veteran investors

British pensions specialist Clive Cowdery has raised $2 billion in commitments from investors for a new fund to buy up life insurance policies from companies struggling to make enough money to cover long-term payouts, sources told Reuters. The fund is one of a series of new ventures designed to capitalize on the difficulty life insurers and company pension schemes face in generating the returns required in an environment of low interest rates and tougher capital rules. Besides Cowdery’s fund, the newly...

April 23, 2018
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23Apr

‘No+AFP’: Thousands of Chileans march against Pinochet-era pension system

Tens of thousands of Chileans on Sunday took part in rallies and marches across the country to demand an end to the private pension system, imposed on workers in 1981 during the Augusto Pinochet dictatorship. Thousands of people marched in different cities including the capital city of Santiago, despite heavy rains. The new national march – “No+AFP” – calls for the termination of the current pension system which forces workers to deposit a portion of their wages into funds that deliver...

April 23, 2018
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23Apr

Nicaragua leader scraps pension reform after deadly riots

Speaking on national television, Mr Ortega renewed calls for the private sector to engage in talks. But business leaders say they will only negotiate when the government stops "repression against the protests". At least 25 people have reportedly been killed since pensioners and students first took to the streets. Read More: BBC News

April 23, 2018
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20Apr

South Africa. Typical pensioner income up 17% in real terms, review shows

In February private pensions paid to South Africans grew at the fastest rate in five years, a report from BankServAfrica indicated. Average private pensions increased by 11.5% year-on-year in February in nominal terms and private pensioners received R7 029 on average in February 2018. Despite the 4% inflation rate reducing private pensioner payments to 6.8%, BankServAfrica indicated this was the highest year-on-year growth it had recorded. Chief economist at Economists.co.za, Mike Schüssler, says it is a good thing that pensioners are...

April 20, 2018
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20Apr

Taiwan lawmakers brawl over military pension cuts

Taiwan legislators brawled in parliament on Friday over proposed reductions to military veterans’ pensions – part of wider cutbacks that have triggered mass protests. The clashes came as a draft bill proposed by the cabinet earlier this month was deliberated in parliament for the first time, following a protest by military retirees in February. But that demonstration ended in tragedy as a former colonel fell while climbing up a wall, and later died in hospital. Read More: Inquirer

April 20, 2018
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20Apr

Puerto Rico board approves fiscal plan as governor vows defiance

Puerto Rico’s federal oversight board on Thursday approved a fiscal turnaround plan that includes pension cuts and labor reforms that Governor Ricardo Rossello has vowed to defy, portending the latest potential court battle over the bankrupt U.S. territory’s future. At a hearing in San Juan, broadcast via the internet, the seven-member board voted 6-1 to certify a plan that forecasts $6.7 billion in debt payment ability for Puerto Rico through 2023. Board member Ana Matosantos was the lone dissenter. Tasked with...

April 20, 2018
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20Apr

Nicaragua pension protest turns deadly

The deaths came after protests by both opponents and supporters of a new law, which increases employer and employee contributions while reducing the overall amount of pensions by five percent, rocked the capital for a second day. A 33-year-old policeman was shot dead, according to police, as well as a young male protester, whom officials said was pro-reform but members of the opposition said was against. According to opposition demonstrators, a male student was also killed. Read More: France 24

April 20, 2018
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