April 2020

13Apr

US. Retirement planning during coronavirus pandemic: Here’s what to watch for

Retirement in the age of coronavirus isn't going to be easy. True, seniors and pre-retirees can take advantage of some flexible and lenient new rules on retirement accounts. Some people might see new opportunities for part-time employment, especially those who can work from home. In many other ways, things could get tougher, especially for people who already were behind on their retirement preparations. More reliance on Social Security As happened during prior recessions, many older workers will lose...

April 13, 2020
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13Apr

Greece. Nightmare scenarios for pension system

Social security experts and the government are having to consider nightmare scenarios with unemployment above 20 percent and a recession of close to 12 percent once the coronavirus pandemic has subsided. The fiscal turbulence is also expected to affect forecasts for the social security system, as the revenues of the main pension fund (e-EFKA) are expected to plummet, which means that the state will have to step in and help out. Read also Public pension funds shouldn’t wait for...

April 13, 2020
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13Apr

Egypt. COVID-19 crisis likely to propel social protection reforms: Mashaat

The novel coronavirus (COVID-19) crisis is likely to accelerate the structural reforms as regards the social protection and the irregular workers alongside activating the financial inclusion as per the policies of the Central Bank of Egypt (CBE), said International Cooperation Minister Rania el Mashaat on Monday. The minister was addressing a video conference session about the short and long-term repercussions of the coronavirus pandemic organized by the Middle East Institute (MEI), a leading non-profit think tank and cultural center...

April 13, 2020
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13Apr

Qualified Longevity Annuity Contract Definition

Qualified Longevity Annuity Contracts (QLACs) were first introduced in 2014 by the IRS and the Treasury Department as a way for people to use their Traditional IRAs (and some employer sponsored plans) to plan for future income needs. The goal was to have people add additional income guarantees to add to their Social Security payments. The premium funding rules for QLACs in 2020 is the lesser of 25% of your total IRA (i.e. qualified) assets or $135,000...whichever is...

April 13, 2020
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13Apr

Jamaica. COVID-19 is opportunity in disguise – disaster risk expert

Dr Dennis Edwards, who was part of a panel organised by the Caribbean Sociological Association (CASA) to examine the social fallouts occasioned by the pandemic last week, said COVID-19 should be taken “as a sort of opportunity in disguise”. “I am of the view that we here in the Caribbean – this being maybe the third most multi-hazard region in the world – should be taking this time to simulate, model, drill, not only for a single disaster such...

April 13, 2020
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08Apr

More Than 1 Billion Workers Face ‘Drastic’ Hit From Virus

The coronavirus outbreak is having a “deep, far-reaching and unprecedented” impact on employment, with more than 1 billion workers at high risk of a pay cut or losing their job, according to the International Labor Organization. With factories, schools and shops shuttered around the world, the Geneva-based body says lockdowns are affecting almost 2.7 billion workers. Within that, 1.25 billion are extremely vulnerable, mainly in hotels, food services, manufacturing and retail. Read also US. Some companies are cutting 401(k)...

April 8, 2020
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08Apr

COVID 19: Emerging Investment Risks for Pension Schemes

Daily policy initiatives by governments across the world who are desperate to avoid the worst ravages of an economic recession are fuelling a lot of the volatility in public markets with which investors are now sadly familiar. However, many pension funds have significant private market exposures through alternative investments. Those holdings are not immune to government intervention and pension funds should note the sometimes unexpected effect of policy changes. The Pensions Regulator’s COVID 19 guidance on 27 March advised...

April 8, 2020
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08Apr

Why Switzerland is struggling to guarantee pensions for the next generation

The Swiss pension system is complex, and is based on three so-called pillars: old-age and survivors’ insurance (known as the AVS), occupational pension planning (often referred to as LPP) and private saving for old age encouraged through tax breaks. This set-up enables risk-sharing and, although “unfortunately not perfect”, could be “a model for other States”, says Thomas Gächter, professor of social insurance law at Zurich University. Read also UK. Wakefield man who failed to claim pension gets...

April 8, 2020
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07Apr

Social protection responses to the COVID-19 lockdown in South Africa

Poor and vulnerable South Africans, including domestic, farm, service sector, and self-employed workers as well as children from poor families, face a double shock. COVID-19 is a major health risk that has already claimed tens of thousands of lives worldwide and is starting to claim lives in South Africa. Social distancing and self-isolation are necessary to slow the spread of the virus, and the 21-day lockdown is designed to “flatten the curve”. But the lockdown itself has consequences that...

April 7, 2020
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07Apr

Irish Demand for Social Benefits Soars as Coronavirus Bites

The number of people in Ireland dependent on social welfare income support amidst the coronavirus outbreak has soared to more than 700,000 based on numbers released on Monday by the Department of Employment Affairs and Social Protection. On April 3, 507,000 people were paid the COVID-19 Pandemic Unemployment Support payment, which is a weekly stipend of 350 euros ($377.93) for those who have lost jobs or had hours cut due to coronavirus disruption. That was in addition to 207,000...

April 7, 2020
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