October 2018

11Oct

Chinese pension system covers 925 million people

More than 925 million people are covered by the pension system in China, according to an article published by the country's top social security organ in the Qiushi Journal, a bi-monthly periodical run by the CPC Central Committee. The number is nearly nine times that of 1992. The pension funds for enterprise retirees have been rising for 14 consecutive years, according to the Ministry of Human Resources and Social Security. In addition, more than 1.35 billion people or nearly all the...

October 11, 2018
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11Oct

IMF on Greece: 3.5 pct Primary Surplus, No Pension Cuts Postponement

The International Monetary Fund (IMF) released its renewed Fiscal Monitor for October. There, the fund revised Greece’s 2019 growth rate upwards and accepted that it made a mistake regarding the last year’s Greek primary surplus. The IMF had predicted that Greece would achieve a 3.7 percent primary surplus, while now it acknowledges that the country’s surplus reached 4.2 percent. In addition to this, the IMF agrees with the official projections of the Greek authorities and says that Greece will be able to...

October 11, 2018
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11Oct

France. Macron’s pensions shake-up to take effect in 2025

A promised pensions overhaul by French President Emmanuel Macron will be introduced in 2025, but workers will retain benefits already accrued under the existing system, said the man liaising between government and unions over the reform. A trade union leader and business lobby group representative said they understood it would take 40 years for the new system to be fully phased in. The government wants to align the retirement systems in the public and private sectors as well as the variety...

October 11, 2018
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11Oct

Trillions in US net worth vulnerable to recession: IMF

A severe recession would slash US public wealth by about $5 trillion, causing vastly more damage to Washington's finances than just an increase in debt and deficits, the IMF warned Tuesday. Yet governments around the world, many of which face similar dangers, do not clearly publicize their overall net worths, the International Monetary Fund said in a new report. This creates a potential blind spot for policymakers who could use this knowledge to head off economic risks, it said. The global crisis...

October 11, 2018
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10Oct

A shocking number of Americans think saving for retirement ‘can wait’—here’s why money experts disagree

Nearly one in three Americans have less than $5,000 saved for retirement. Experts generally recommend trying to accumulate at least $1 million, which gets more and more difficult the longer you put off getting started. And still, an alarming number of adults think saving for retirement can wait. Student-loan provider Navient conducted a national Money Under 35 study of more than 3,000 adults, aged 22 to 35. It reports that only three in 10 respondents are saving for retirement, and...

October 10, 2018
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10Oct

Caisse, Al Gore’s Generation buy two-thirds stake in FNZ in one of year’s largest fintech deals

The deal values the wealth-management services provider at $2.2 billion Al Gore’s Generation Investment Management LLP and Canadian pension fund Caisse de Depot et Placement du Quebec teamed up to acquire control of wealth-management services provider FNZ in one of the year’s largest fintech deals. The acquisition of a two-thirds stake held by the private equity firms General Atlantic and HIG Capital values FNZ at about 1.65 billion pounds (US$2.2 billion), according to a statement from the companies Tuesday that confirmed...

October 10, 2018
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10Oct

Savers want their pension invested ethically

Pension savers auto enrolled into a workplace pension expect their money to be invested responsibility, research has found. Research from the National Employment Savings Trust (Nest) revealed 73 per cent of its savers said it was important their scheme considered the environment, society and corporate behaviour when investing their money. Almost half - 47 per cent - of Nest savers said responsible investment mattered a lot to then, while 12 per cent said that it was not a key concern. The research...

October 10, 2018
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10Oct

Bahrain. Finance Minister stresses pension fund sustainability

Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa has hailed the parliamentary approval of law decree 45 of 2018 on setting pension of ministers and fixing the pension bonuses allocated for members of the Shura Council, the Council of Representatives and the municipal councils. “The move is part of the measures which aim at consolidating the sustainability of the pension funds for the sake of citizens”, he said, stressing the importance of preserving the stability, efficiency, and durability of the...

October 10, 2018
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09Oct

UK. Pensions rules leave women shortchanged

Women born in the 1950s are on the march about cuts to their state pensions, says Pamela Judge, while Judith Abbs is underwhelmed by the increase she’ll get for being 80 Letters On 10 October, 1950s-born women and their supporters will travel from all over the UK to Parliament Square in London to stand shoulder to shoulder and protest about the loss of up to six years’ state pension, for many a sum of over £40,000. We received little or no...

October 9, 2018
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09Oct

Pensioners create web series finding humour in challenges of old age

A group of north Auckland pensioners is creating a web series that mines the rich humour of the stage of life where "shame is left behind". Whether attending funerals, arguing over card games or competing at the gym, The Dusketeers addressed the challenges of ageing with humour. "It develops. We get ideas as we go along," said Carolyn Williamson, who plays Fleur. The series covered the troubles, love and adventures experienced by the three heroines who live in the same retirement village. Read...

October 9, 2018
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