October 2017

09Oct

Nobel in Economics Is Awarded to Richard Thaler

Richard H. Thaler was awarded the Nobel Memorial Prize in Economic Science on Monday for incorporating a more realistic understanding of human behavior into economic theory, and for using the resulting insights to improve public policy. Professor Thaler, an economist at the University of Chicago’s Booth School of Business, is a pioneer of the discipline known as behavioral economics, which marries the work of psychologists with that of economists to produce better models of human decision-making. The Nobel committee, announcing the...

October 9, 2017
News, Slider
Read more...
09Oct

Saving the Next Billion from Old Age Poverty. Global Lessons for Local Action

This Book Project is the first of a series of initiatives by pinBox to jumpstart a global dialogue and collaborative action on pension inclusion across Asia, Africa and Latin America. The Book presents the policy outlook, past efforts and planned interventions by several developing countries as well as thematic chapters on the key principles and issues in design and implementation of inclusive pension arrangements. This book was realeased on October 12 on the pinBox Digital Micro-Pension Inclusion Roundtable 2017 For more information...

October 9, 2017
Adequacy, Aging, Articles, Books, Corporate Governance, Funding, Investing, Labor Market, Management, News, Pension design, Regulation, Savings, Slider, Supervision, System Sustainability
Read more...
09Oct

UK. Thousands of families and pensioners at risk of repossession as government scraps crucial mortgage benefit

Thousands of pensioners face potentially losing government help with mortgage payments when the system changes in six months time, an insurance firm has warned. People are being left in the dark over key changes to Support for Mortgage Interest (SMI) due to come into effect in 2018, Royal London claimed. The SMI is currently paid as a benefit direct to a lender to cover interest payments on mortgages, but from April this is replaced by a loan that the firm...

October 9, 2017
News, Slider
Read more...
09Oct

US. Ballot measure would strip pensions from corrupt lawmakers

For years, New York lawmakers convicted of abusing their power and sent off to prison had at least one thing to look forward to: a generous state pension. That practice could come to an end in November when voters will be asked whether to change the state constitution to authorize judges to strip pensions from corrupt politicians. Top lawmakers and Democratic Gov. Andrew Cuomo have argued the change will act as a powerful deterrent in a state where 30 state...

October 9, 2017
News, Slider
Read more...
09Oct

South Africa’s Fedusa wants to review PIC investments

South African labour federation Fedusa said on Saturday it would consult rival federations over withdrawing an investment mandate the workers’ pension fund has with one of the continent’s largest asset managers, the Public Investment Corporation (PIC). The PIC manages South African government employee retirement funds and has been in the spotlight recently after reports the finance ministry requested money from the pension fund to bail out struggling state firms. Finance Minister Malusi Gigaba has denied making such a request. Gigaba on...

October 9, 2017
News, Slider
Read more...
09Oct

Spain. Blocked reforms

he Spanish economy has two very serious problems: signing of a wage agreement, which allows recovery of some of purchasing power in medium term, and a solution to reform pension system. Social agents (businessmen and trade unions) have shown a frustrating inability to reach a wage pact in 2017; It would be very dangerous for economic and social stability that agreement would also fail for 2018, because wage-earning policy cannot remain dissociated from reactivation. The recent agreement in Balearic...

October 9, 2017
News, OP Ed, Slider
Read more...
06Oct

South Africa’s Gigaba wants concerns over irregularities at state pension fund probed

South Africa Finance Minister Malusi Gigaba on Friday asked government pension fund Public Investment Corporation (PIC) to investigate concerns of irregularities at the asset manager to ensure transparency at the institutions. The PIC has been in the spotlight in recent weeks after reports that the finance ministry had requested money from the pension fund to bail out struggling state firms. Gigaba has denied making such a request. “We need to assure pension holders that those with political or economic power will...

October 6, 2017
News, Slider
Read more...
06Oct

UK. Post workers announce 48-hour strike in first national walkout since privatisation

Postal workers will walkout on a 48-hour strike later this month in the first national stoppage since the Royal Mail was privatised four years ago. The strike, involving 111,000 postal workers, will start at 11am on Thursday October 19 in a bitter dispute over pensions, pay and jobs. The strike announcement follows a strike ballot backed by a massive 89% on a turnout of 73% - well above the turnout threshold of 50% set last year by the Tory’s controversial Trade...

October 6, 2017
News, Slider
Read more...
06Oct

Exiled Jammeh’s private company owes pension fund over $35m: Gambia inquiry

Abdoulie Cham told the commission of inquiry chaired by Sourahata Janneh that the Kanilai Group International (KGI), registered in the name of the former president, owes the Social Security and Housing Finance Corporation (SSHFC) D 1.7 billion (US$ 35.9 million). He said the money was given out as loans and withdrawn from several accounts including the national provident fund after an instruction by Jammeh who was then the president, local media report. Besides KGI, some parastatals and companies including The Gambia Radio...

October 6, 2017
News, Slider
Read more...
05Oct

Brazil intervenes in fraud-hit Postalis pension fund

Brazil’s pension oversight body Previc ordered a 180-day intervention in Postalis Instituto de Previdência Complementar, the pension fund for post office workers, for breaking rules on reserve requirements and investments, the regulator said on Wednesday. Postalis, Brazil’s largest fund by number of participants, has amassed billions of reais in losses over the past decade due to risky bets and has run a deficit every year since 2011. Prosecutors in May charged eight people, including the fund’s former president, with tax...

October 5, 2017
News, Slider
Read more...