April 2020

20Apr

Ireland. Concern growing as social welfare budget nears breaking point

Concern is growing across Fianna Fáil and Fine Gael over the capacity of the Department of Social Protection to continue to fund the cost of the coronavirus shutdown without an emergency estimate. The scale of the fiscal challenges are so steep one senior Government source warned: ‘The cost of dealing with coronavirus and its impact, especially on the Social Protection budget, may compel Fine Gael and Fianna Fáil to escalate the process of government formation.’ Fianna Fáil and Fine Gael are...

April 20, 2020
News, Slider, , , , ,
Read more...
20Apr

India. No deduction in pension amid COVID-19 outbreak: Union Government

The Union government in its latest order has said that there will be no deductions in pension. The government clarified that it is not planning anything of this sort. As per the latest reports, India has witnessed more than 15000 cases and 507 deaths due to the deadly coronavirus. Meanwhile, 2231 COVID-19 patients have recovered. The entire nation is under lockdown till May 3 to combat the deadly coronavirus. Read More @News.abplive

April 20, 2020
News, Slider, , ,
Read more...
20Apr

Managing the winds of change: policy responses to fintech

Technological innovations in financial services are affecting every sector of the financial industry and generating a surge of new applications. This column takes stock of the policy responses to fintech developments in approximately 30 jurisdictions worldwide and proposes a novel conceptual framework – the ‘fintech tree’ – that distinguishes three categories: fintech activities, enabling technologies, and policy enablers. Designing a policy framework for fintech will require finding a balance that maximises its benefits while minimising potential risks to the financial...

April 20, 2020
News, Slider,
Read more...
17Apr

IMF warns of global social unrest amid coronavirus pandemic

The International Monetary Fund warned the economic havoc caused by the coronavirus pandemic could spark further social unrest around the globe and urged governments to take steps to prevent the disturbances, according to a report. Read also Milliman analysis: Public pensions hammered by COVID-19 economic volatility, shedding $419 billion in market value in Q1 The organization cautioned that “some countries remain vulnerable to new protests, particularly if policy actions to mitigate the COVID-19 crisis are perceived as insufficient or as...

April 17, 2020
News, Slider, ,
Read more...
17Apr

Australia’s Morrison Wants Pensions to Fund Company Bailouts

Australia’s Prime Minister Scott Morrison wants the nation’s pension funds to take more action to cushion the blow from the coronavirus crisis. In an interview with the Australian Broadcasting Corporation’s 7:30 program Thursday night, Morrison said the nation’s A$2.95 trillion ($1.9 trillion) pension pot should be used to bail out companies as the government “is not the only economic actor in this event.” “I’d like to see the industry and broader superannuation funds playing a more active role in...

April 17, 2020
News, Slider, , ,
Read more...
17Apr

Milliman analysis: Public pensions hammered by COVID-19 economic volatility, shedding $419 billion in market value in Q1

Milliman, Inc., a premier global consulting and actuarial firm, today released the first quarter 2020 results of its Public Pension Funding Index (PPFI), which consists of the nation's 100 largest public defined benefit pension plans. During Q1 2020, the overall funded ratio for these plans suffered the single largest quarterly drop in the history of the PPFI, decreasing from 74.9% to 66.0% between Jan 1 and March 31. Economic volatility from the COVID-19 pandemic resulted in a $419 billion...

April 17, 2020
News, Slider, Uncategorized, , , ,
Read more...
17Apr

Canada’s Pension Funds Prepare for Post-Virus World

Ontario Municipal Employment Retirement System has put a team in place to analyze what the world will look like in the post-pandemic era. The C$109 billion ($77 billion) pension fund is weighing everything from what it’ll look like when people go back to work to how different companies in its portfolio will fare, Blake Hutcheson said in a Canadian Club of Toronto virtual roundtable. “Sadly, some of our companies won’t make it, it’s just a fact,” said Hutcheson, who...

April 17, 2020
News, Slider, Uncategorized, ,
Read more...
17Apr

Public pension funds shouldn’t wait for a return to ‘normal’

By Anthony Randazzo The past few weeks have seen America’s leaders wrestle with the human costs of inaction in the face of the COVID-19 pandemic. And in the next few months, state and local leaders will have to step up again and act decisively to avoid the financial effects of this pandemic from creating long-term damage to their public sector retirement systems. Unlike the demographics most vulnerable to succumbing to the physical effects of the virus, those with the biggest cause...

April 17, 2020
News, OP Ed, Slider, , , ,
Read more...
16Apr

Work after COVID: A new regime for independent workers

A spectre is haunting the world – the spectre of COVID-19. The ability of nations to deal with the impact of this pandemic is the most important public policy challenge in decades. In addition to the ineludible health emergency, in a context in which productive lockdowns are reproduced on a global scale, governments face the double challenge of sustaining workers' incomes and mitigating demand shortages that can deepen an economic depression. Read also Pension pots around the world during...

April 16, 2020
News, Slider, , ,
Read more...
16Apr

Pension pots around the world during COVID-19

Governments around the world are springing into action to leverage and safeguard pension pots during the COVID-19 economic and market turmoil. Australia in March allowed workers to withdraw $10,000 for this financial year and the next from their superannuation savings if their employment has been affected by COVID, in a move that was panned by the opposition and industry funds lobby. Australia is not the only country to allow early access to retirement savings during COVID-19 - the United States...

April 16, 2020
News, Slider, , ,
Read more...