October 2020

29Oct

Highlights of China’s elderly care over past five years

China has been running at full tilt to foster a social environment in which senior citizens are respected, cared for and live happily in the span of the 13th Five-Year Plan (2016-2020), given the country's fast-growing aging population. By the end of 2019, China had a population of 254 million aged 60 or above, accounting for 18.1 percent of the national population. The number is expected to exceed 300 million in the next five years, according to the Ministry of...

October 29, 2020
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28Oct

Asia’s pension systems forced to cut back under COVID pressures

The coronavirus pandemic is weighing on Asia's pension systems, raising concerns about whether some will be up to the task of allowing future retirees to live comfortably. Read also How are Japanese corporate funds adapting to global economic challenges Across the region, employers hit by lockdowns and slower economic activity are struggling to keep pension funds topped up. Governments have responded by scaling back contribution requirements. Read also Highlights of China’s elderly care over past five years "The economic recession caused...

October 28, 2020
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28Oct

UK. DWP launches ‘Stronger Nudge’ plans to boost Pension Wise usage

Pension Wise is a public website/service set up by government to help people understand their pensions and seek additional guidance if needed. Today, the Department for Work and Pensions (DWP) has launched plans to boost pension guidance take up by "nudging" people towards the help available. Pension assets can be notoriously confusing and tricky to manage given their complexity and rules which change from scheme to scheme. To address these issues, the government set up Pension Wise in 2015...

October 28, 2020
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28Oct

Saudi Arabia pension system shows positive signs in 2020

We show you our most important and recent visitors news details Saudi Arabia pension system shows positive signs in 2020 Global Pension Index in the following article Hind Al Soulia - Riyadh - RIYADH — Mercer released the results of its 2020 Mercer CFA Institute Global Pension Index survey (MCGPI) that benchmarks retirement income systems around the World. According to the survey, Saudi Arabia had an overall index value of 57.5 among the countries analyzed, scoring slightly higher than...

October 28, 2020
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28Oct

US. How to start defusing NYC’s pension bomb

Gotham’s public-health crisis risks becoming a financial crisis — including by ravaging the underfunded retirement systems promised to public workers. Four essential steps could avert catastrophe. Even before the crisis, the city had set aside just 2 percent of the savings needed to cover retiree health benefits for city workers, while its pension funds contained only 79 cents for every dollar needed to cover projected benefits. These fringe benefits consumed one-third of the city’s municipal payroll and one-tenth of...

October 28, 2020
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27Oct

US. Apollo Clients Await Inquiry’s Findings on Chief and Jeffrey Epstein

Leon Black helped start Apollo Global Management three decades ago out of the ashes of a junk-bond scandal and built a $400 billion private-equity powerhouse, handling the investments of institutions around the globe, from public pension systems in California to sovereign wealth funds controlled by foreign governments. But now some of his clients are asking pointed questions about his judgment, as his association with a notorious sex offender threatens to cloud his future. In the past two weeks —...

October 27, 2020
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27Oct

South Africa. Lockdown forced many to dip into retirement savings to make ends meet – report

Nompu Sizela: Investment manager 10X released its third iteration of the Retirement Reality Report. Previous reports have highlighted the fact that the vast majority of working South Africans are not putting themselves in a position where they’ll be able to retire comfortably. And this year, with the economic impact of the Covid-19 pandemic, the outlook has further worsened. Read also Pension fund of S.Africa’s Eskom to invest $170 mln in U.S. projects Well, to tell us more I’m joined on the...

October 27, 2020
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27Oct

US. State Liability Burdens Fall to 5%; Five States Top 20% Driven by Pensions

Fitch Ratings-New York-26 October 2020: Long-term liabilities burdens fell for a fourth straight year for U.S. states and hit a notable threshold last fiscal year, according to Fitch Ratings in its latest annual survey of state direct debt and pension liabilities. Read also US. Most Workers Believe COVID-19 Will Affect Their Retirement Planning Long-term liabilities relative to personal income declined to 5% in fiscal 2019, from 6% in fiscal 2016. "The downward trend does not necessarily reflect an enduring...

October 27, 2020
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27Oct

South Korea pension fund to oppose LG Chem’s battery split-off plan

It cited concerns about damage to shareholder value, including the possibility of diluting the equity value. LG Chem said in a statement that it very much regrets that NPS opposes the plan when most domestic and foreign proxy advisers including Institutional Shareholder Services back it, adding it will actively communicate with shareholders. "Although NPS is the second-largest shareholder of LG Chem...it is likely that dissenting votes would have little impact as most proxy advisers have recommended endorsement of...

October 27, 2020
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27Oct

US. IRS Announces 2021 Retirement Plan Contribution Limits For 401(k)s And More

How much can you save for retirement in 2021 in tax-advantaged accounts? How does $58,000 sound? The Treasury Department has announced inflation-adjusted figures for retirement account savings for 2021. The basic salary deferral amount for 401(k) and similar workplace plans remains flat at $19,500; the $6,500 catch-up amount if you’re 50 or older also remains the same; but the overall limit for these plans goes up from $57,000 to $58,000 in 2021. That helps workers whose employers allow...

October 27, 2020
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