September 2019

24Sep

India. Government Issues Notification Announcing Amendments In Pension Rules

The families of government employees dying after serving less than seven years will get enhanced pension now with the Centre amending rules. The move is likely to benefit the widows of Central Armed Police Forces personnel. Earlier, the government employees should have rendered at least seven years of service in case of death so that the family could get the enhanced family pension at 50 per cent of the last pay drawn. Now, even with less than seven years...

September 24, 2019
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23Sep

Abe vows to improve Japan’s social welfare as population grays

Prime Minister Shinzo Abe pledged Friday to step up efforts to reform social security as Japan faces a multitude of challenges stemming from its rapidly graying population and low birthrate. “Reform toward social security for all generations is the biggest challenge,” Abe said at the first meeting of a government panel tasked with dealing with the issues. “We will consider sustainable reforms for the entire social security system.” Abe instructed his Cabinet members, including Yasutoshi Nishimura, minister in charge...

September 23, 2019
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23Sep

Zimbabwe. NSSA to effect upward review of pension payouts

The National Social Security Authority (NSSA) will soon effect an upward review of pension payouts to improve the welfare of pensioners and cushion them from the economic challenges. This follows a Government decision in July this year, to award a once off discretionary bonus equivalent to a month’s pension to cushion pensioners from the general increase in the cost of living. The actual percentage increases could, however, not be ascertained this week, as NSSA is still in the process...

September 23, 2019
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23Sep

The U.S. Didn’t Make the Top 10 Best Countries for Retirement

The United States could learn quite a bit from other countries around the world when it comes to retirement security, according to a new report. The annual Global Retirement Index, started by Paris-based investment bank Natixis Investment Managers, analyzes four key indexes: finances in retirement, including taxes and the old-age dependency ratio; health, such as life expectancy and expenses; “material well being,” which is income equality and unemployment; and quality of life, including happiness and water quality. Iceland topped...

September 23, 2019
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23Sep

UK. Universities: we fight for security and pensions

Philip Inman gave a misleading account of the University and College Union’s campaigns to defend university pensions and fight for job security and a manageable workload (“Academics are fighting the wrong battle over pensions”, Business). It is not correct to suggest that we are focusing on the fight to save our pension scheme at the expense of seeking better working conditions and more secure contracts for university staff, especially junior staff. In fact, UCU and its predecessor unions have...

September 23, 2019
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23Sep

Australia. Indexation brings age-pension bonus for retirees

All pensioners, whether they receive a full or part pension, will receive one if not two pension bonuses this month. They will receive more on a fortnightly basis as a result of Friday’s indexation of the pension rates and thresholds. The maximum single age pension has increased by $7.20 a fortnight to $933.40 and, for couples, to $703.50 a fortnight each. Department of Human Services general manager Hank Jongen said that the first payments to include the indexation increase...

September 23, 2019
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20Sep

Croatian government backs down over pension reform

Croatia’s government has backed down over plans to increase the pensionable age from 65 to 67. The announcement came right after several trade unions asked people to take the streets to force the government to hold a referendum and to consider the 700,000 signature collected under the initiative 67 is too much. Prime Minister Andrej Plenković said the government will present a bill on amendments to the Pension Insurance Act which will “respect the will of citizens.” However, it...

September 20, 2019
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20Sep

UK. Pensions and healthcare at risk from no-deal Brexit

The financial advisory firm’s CEO, Nigel Green, warned that pension providers could lose the automatic right to make payments into European-based banks under no deal. These seamless transactions are currently possible thanks to a system known as ‘passporting’, a reciprocal arrangement of EU laws that allow payments across borders. Hundreds of thousands of pensioners could see this disrupted or completely stopped overnight, according to Green, who accused Boris Johnson of not even trying to get a deal. “The end...

September 20, 2019
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20Sep

China’s workforce saving more for retirement amid concerns about state pension, survey finds

China should not be alarmed by a much slower economic growth rate in the coming years, perhaps as low as 5 or even 4 per cent, with the economy now large enough to still create sufficient jobs at these growth rates, according to three prominent Chinese economists who advise the government. The headline gross domestic product (GDP) growth rate slowed to 6.2 per cent in the second quarter this year, the lowest figure since quarterly records began in March...

September 20, 2019
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19Sep

German women pensioners receive 26% less than men

A study published on Tuesday showed that female pensioners in Germany receive on average 26% less in pension payments than men. The gender pension gap means that retired women receive an average of €140 less per month than men. The study estimates that this means that when entering retirement, the average German woman would need around an extra €25,000 ($27,500) in savings in order to close the gap for their retirement. The research was carried out at the University...

September 19, 2019
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