December 2019

23Dec

President Macron confirms he will not take his pension

French President Emmanuel Macron will not take his future president’s pension, it has been confirmed, as protests against pension reform continue across France. As head of state, Mr Macron would have had an automatic right to take a pension equivalent to the salary of a state advisor at the end of his final term. This would have been €6,220 gross per month for life, under article 19 of a 1955 law. This pension is neither affected by the length...

December 23, 2019
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20Dec

Government-union pension talks fail in France, strikes to continue

The French government and labor unions ended talks on pension reform on Thursday afternoon without reaching a deal to break the deadlock. Philippe Martinez, leader of the hardline CGT union, told the press after the talks that "the prime minister hasn't heard what the street is saying." Five out of the eight unions called for further actions and a cross-sector demonstrations on Jan. 9, he added. Prime Minister Edouard Philippe said new roundtable discussions will be held on the...

December 20, 2019
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20Dec

Tanzania: Universal Pension Scheme Transforms Lives of Elders in Zanzibar

THE Zanzibar's Universal Social Pension scheme (ZUPS) has improved the lives of older people in Zanzibar and made a positive impact on their wider households, according to a new report released on Wednesday. The Impact Evaluation of the Zanzibar Universal Pension Scheme delivers a positive assessment on how east Africa's first ever universal pension scheme, which entitles all Zanzibari residents, aged 70 and over to a monthly social pension, has positively affected the lives of its recipients. Produced by...

December 20, 2019
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20Dec

EU pensions judgement sees calls for further solutions

The European Court yesterday provided its ruling on the level of compensation to be provided to individuals who do not receive all of their occupational pension due to the sponsoring employer of their scheme going insolvent. The European Court ruled that the current EU legal requirement that individuals should be entitled to at least 50% of their benefits can continue - provided the person is not left at risk of an EU poverty measure equivalent to about £11,142 per...

December 20, 2019
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20Dec

Ghana. Government Staff Association Against Extension of Tier 2 Pension Implementation Date

The Civil and Local Government Staff Association, Ghana (CLOGSAG) says it will not compromise on the January 1, 2020 implementation of the TIER 2 Pension Scheme. Executive Secretary of CLOGSAG, Isaac Bampoe-Addo, said, the continuous extension of implementation of the Scheme, empowers the Social Security and National Insurance Trust (SSNIT) to monopolise pension administration in the country, thereby rendering workers worse off. Addressing a press conference in Accra yesterday, he stated that, none of the public sector occupational pension...

December 20, 2019
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19Dec

French unions meet government as pension strikes continue

The French government and unions are to face-off over controversial pension reforms, 14 days into a crippling transport strike that has damaged businesses, frustrated commuters and cast a shadow over holiday plans. After hundreds of thousands of people took to the streets on Tuesday, both sides stood firm prior to a series of meetings. Government officials have previously said they were ready to negotiate. Union leaders have vowed to continue their action into the new year as the government...

December 19, 2019
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19Dec

African Development Bank to Fund Morocco’s Social Protection Program

The African Development Bank (AfDB) approved funding of $204 million to improve social protection in Morocco, on Wednesday, December 18. The main objective of the program is to broaden social protection in Morocco to include people with disabilities, children, and vulnerable women, the AfDB said in a press release. The program also aims to promote a regional approach to developing more integrated and inclusive social policies. Meanwhile, the fund will enable the creation of 144 units specialized in...

December 19, 2019
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19Dec

US. Retirees elected to Legislature in November can draw pension, thanks to IRS phone call

Most people do not welcome a phone call from the Internal Revenue Service, but a recent call means that Mississippi’s retired public employees can serve in the Legislature and draw their pension. The Public Employees Retirement System Board, based on the IRS phone call, voted unanimously Tuesday to change its long-standing regulation that prevented retired public employees from drawing their pension while serving in the Legislature. Early last year the PERS Board had voted to change the regulation by...

December 19, 2019
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19Dec

ISLA forms Council for Sustainable Finance

The International Securities Lending Association (ISLA) has formed a Council for Sustainable Finance (ICSF), amid wide-spread market debate around the compatibility of asset managers’ lending programmes and the growing trend of socially-conscious financing. The council will be chaired by Radek Stech, who is also council chair and founder of the Sustainable Finance, the Law, Stakeholders (SFLS) network at Exeter Law School. It will sit for the first time in Q1 2020 and will operate for a five-year term. ISLA...

December 19, 2019
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18Dec

Pension Schemes in EU Show Big Shortfalls in Stress Test

A stress test of pension schemes across the European Union wiped out 270 billion euros ($298 billion) or almost a quarter of investments at funds that took part, the EU's insurance and pensions watchdog said on Tuesday. Many of the schemes were also not considering the impact of environmental, climate and social risks on their investment decisions, the European Insurance and Occupational Pensions Authority (EIOPA) said in a statement. Investments by the tested schemes in shares also showed a...

December 18, 2019
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