Trade unions in Croatia are urging the government to hold a referendum on planned pension reforms, which would increase the retirement age from 65 to 67. The new law will also include a 3.6 per cent pension reduction for every year of early retirement and the trade union campaign has called for this to be reduced to 2.4 per cent. “There must be a referendum because the will of the citizens must be respected,” said the leader of the...
Thus, Ukrainians have the opportunity of access to the electronic services Fund in a convenient format using smartphones and tablets, reports the Chronicle.info with reference to itc.ua. The project “Pension Fund of Ukraine in the smartphone” designed with the purpose of realization of development of the system of electronic services “E-pension”. In the first phase the application is available for owners of Android smartphones (version 4.4 and above, download from the link), and later will be released version for...
Although the committee of experts set up to study the details of the new system still has a number of issues to work through, the Labor Ministry appears to have decided on the main principles of the new mechanism. These principles will include delinking the need to get the main pension first, before collecting the auxiliary one. Deputy Minister for Social Security Notis Mitarakis says that workers will be able to collect their auxiliary pensions at any point between...
One of the largest state-run pension funds in Brazil could gradually resume investing in private equity next year, following a period of cutting back its exposure to the asset class and changes in the rules governing the investment vehicles themselves. “It’s a move that will happen in slow motion,” Alexandre Mathias, chief investment officer of the employee pension fund at state-run oil giant Petróleo Brasileiro SA, or Petrobras, said of the plan to resume making fresh investments in the...
Climate change. Wars. Overworking. Unnecessary meetings. And just flat out being broke. These are some of the reasons why millennials aren’t planning for much of a retirement. Twitter TWTR, -0.83% erupted with suggestions as to how this young generation could spend their old age, using the hashtag #millennialretirementplans, on Tuesday morning. More of the tweets were pessimistic, but some made light of their situations. A few said they’d continue to live in their parents’ basements, while another person...
The Government’s plan to introduce mandatory private pensions for all workers above a certain income limit by 2022 is now in danger of being stalled, putting at risk the adequacy of worker’s future pension pots. With private pensions still inadequate – research from the Economic and Social Research Institute last week found that women are retiring with significantly smaller pension pots then men – Irish Life, in its pre-budget statement, says the introduction of auto-enrolment needs to be “expedited”....
South Africa’s 2.4 trillion rand ($163 billion) savings industry has a request for the ruling party: stop threatening to dictate where funds must invest and get going on projects that pensions can help finance. “You can prescribe, but nothing will happen unless you have proper projects,” Leon Campher, the chief executive officer of the Association for Savings and Investment South Africa, an industry body of fund managers and insurers, said in an interview in Johannesburg. “The savings industry would...
Liability-driven investing has made great strides toward its goal of lowering the risk for corporate defined benefit plans. With the advent of under-funded pension programs, LDI has emerged as the most widely used antidote. The idea is that, by de-risking portfolios, plan managers can prevent any further erosion of their assets’ value and at the same time inch back to the fully funded level (their ability to match obligations to participants). And it looks as if many are pulling...
Last Friday, the Paris transport system came to a standstill. Employees at RATP, the company that runs the metro and bus lines as well as suburban RER trains, launched the biggest French strike for more than a decade: between 60 and 98 per cent of the workforce took action, according to trade unions. With ten metro lines completely closed and buses, trams and RER trains scarcely running, the strike wreaked havoc on Paris streets. People resorted to cars to...
Thousands of French professionals, including lawyers and doctors, took to the streets of Paris Monday in the latest protest against the government's planned pension changes. The protest saw lawyers, doctors, nurses and others in regulated professions vent their displeasure at the proposed changes that President Emmanuel Macron's government says will simplify France's convoluted pensions system. The government has promised the legal retirement age of 62 won't change, but new conditions may encourage people to work longer. A large majority...
