June 2018

08Jun

Millennials and retirement: How bad is it?

Concern about the financial health of America’s younger generations is growing—especially millennials, a demographic boom that came of age in an environment of unstable work and record levels of student debt. Experts worry that millennials are falling so far behind previous generations that their retirement may be at risk. My research suggests that those concerns are real, and millennials really are building wealth more slowly than the other working generations. But they are not insurmountable—as long as millennials are willing...

June 8, 2018
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08Jun

UK sees use of blockchain as nonviable for welfare and benefits system

The UK parliament faces an increasing number of questions concerning cryptocurrencies and the technology behind them. The stance of the UK officials, however, remains cautious. On Thursday, June 7, 2018, Kit Malthouse, Conservative MP of the House of Commons, had to respond to a question asked earlier by Martin Docherty-Hughes ( of West Dunbartonshire) about the potential applications of blockchain. He asked the Secretary of State for Work and Pensions, what recommendations were made to her Department as a result...

June 8, 2018
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08Jun

Shanghai issues first tax-deferred pension policy

A Chinese insurance company on Thursday issued the country's first tax-deferred pension insurance policy in Shanghai, marking the beginning of the long-awaited tax-deferred pension plan. China Pacific Life Insurance Co., Ltd. issued the insurance policy to Cai Jun, captain of the maiden flight for C919, China's first home-made large passenger plane. In May, a pilot tax-deferred pension insurance project has been launched in Shanghai, Fujian Province and Suzhou Industrial Park in Jiangsu Province, respectively. Read More: XinhuaNet

June 8, 2018
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07Jun

Retirement no longer compulsory for Emiratis after 25 years of service

Abu Dhabi’s Retirement Pensions and Benefits Fund has announced that retirement is no longer compulsory for citizens in the government, semi-government and private sectors who have completed 25 years of work. The announcement comes following the unveiling of a major stimulus package by the emirate’s crown prince on Tuesday, including Dhs50bn ($13.61bn) worth of measures to spur growth in the emirate and make it easier to do business, create jobs and boost tourism. The fund said Emiratis can continue to work...

June 7, 2018
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07Jun

Ireland. Unions and a rising retirement age

Sir, – Cantillon calls on unions, through the Irish Congress of Trade Unions, “to look constructively” at what working beyond traditional retirement age might look like (Business, June 5th). Congress actively contributed to the Workplace Relations Commission’s code of practice on longer working and welcomed the Irish Human Rights and Equality Commission’s retirement and fixed-term contract guidelines, seeing both as positive developments for those workers willing and able to work into their late 60s. However, Congress has strong concerns for workers...

June 7, 2018
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07Jun

Pension funds join Ottawa in bid to further G7’s diversity, climate risk efforts

Some of Canada’s largest pension funds have joined forces with the federal government and other investors in a bid to advance the G7’s objectives of developing global infrastructure expertise, promoting women in finance in emerging economies, and increasing the disclosure of climate risks by corporations. “As long-term investors, we know that our returns are affected by the health and strength of countries where we invest,” said Michael Sabia, chief executive of the Caisse de dépôt et placement du Quebec, one...

June 7, 2018
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06Jun

Australia. How to manage the challenges of an ageing workforce

The effects of Australia's ageing workforce are expected to be so pronounced that the government has budgeted for retraining, but what can human resources do? Between the tax cuts and promises to return to surplus, one of the centrepieces of the 2018 Budget was increased funding to assist Australia's so-called 'greying' population. The measures include budgeting: A$17.4 million over four years to establish the Skills Checkpoint for Older Workers Programme; and A$189.7 million over five years to support mature-age workers adapting...

June 6, 2018
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06Jun

New Zealand. KiwiSavers miss out on $270 million – employers may be to blame

More than half a million KiwiSaver members left $270 million of government contributions unclaimed last year, and employers may be partly to blame. David Boyle, Education Manager at the Commission for Financial Capability, says some employers may not be fulfilling their legal obligation to pay the required 3% employer contribution to KiwiSaver on top of their employees’ wages. A CFFC survey in May of 500 companies showed only 55% of employers paid the 3% on top of wages, 10% paid it...

June 6, 2018
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06Jun

US. Why We Need To Keep Politics Out Of Public Pensions

Public pensions are a vital part of American workers’ long-term financial health. Whether they are police officers, firefighters, teachers, or the public servants of our states, counties, and cities, they depend on the 6,276 public pensions across the U.S. to safeguard their hard-earned money. Together, these funds are tasked with managing trillions of public workers’ retirement savings. Public pension funds are incredibly underfunded. Today, less than one third of public pensions are adequately funded using optimistic actuarial assumptions; no state...

June 6, 2018
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05Jun

India. Delhi bankers to be trained to resolve pension issues

Addressing the 91st State Level Bankers Committee meeting of Delhi here on Monday, Gautam also raised other issues including the hurdles cropping up on account of Aadhar linking and seeding. "This is a very peculiar yet profound problem which is affecting senior citizens and disabled persons badly because of techinicalities of Aadhar seeding on NPCI portal. "Pension beneficiaries are forced to visit either banks or social welfare offices just to claim their increased amount of pensions, leading them to blame the...

June 5, 2018
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