The Croatian Pensioners' Union (SUH) on Tuesday criticised the announced pension scheme reform, branding it as the continuation of privatisation of the pension system to the detriment of pension recipients. The union calls on the government to revoke the mandatory second pillar of pension contributions and halt the impoverishment of senior citizens. Read More: Total Croatia News
The United Nations is facing calls for a full review of its staff pension fund after the Guardian uncovered that it has around a billion dollars invested in companies whose activities are or have been incompatible with core UN principles and programmes. Established in 1948 by the UN general assembly, the fund provides retirement, death and disability benefits to employees. At present it has 203,050 beneficiaries and a market value of $64bn (£45bn), of which nearly $1.5bn is invested in...
Malaysia's Kumpulan Wang Persaraan, which manages over $36 billion in assets of civil servants' retirement benefits, may invest more in listed equities and alternative assets as it reviews current investment policy, its chief executive said Monday. The state-run pension fund, also known as KWAP, favors dividend-yielding sectors such as banking and telecommunication, Wan Kamaruzaman Ahmad told reporters. KWAP is also looking to invest more in global technology sector and remains in talks with two insurers to acquire a stake, he...
Thanks to gradually rising life expectancy and a higher state pension age, pension contributions are set to soar around the world. World Finance explores the top five countries with sustainable pension systems, where retirees can live particularly well with their pension pot. Australia Australia’s three-tier ‘superannuation’ pension system is one of the most touted in the world. It includes a tax-financed age pension, providing basic benefits, a company pension pot and the individual contribution to a retirement savings account. Employers are...
The United Nations (UN) has pledged to support Nigeria in the implementation of the country’s ageing policy.Mr. Oleg Serezhin of the Technical Cooperation Unit, Division for Social Policy and Development of Economic and Social Affairs UN, said that the global body was committed to bringing its resources to support Nigeria on ageing. He said this during the UN Department of Social Affairs scooping visit to Nigeria on capacity support to ageing at the Federal Ministry of Women Affairs and Social...
British pensions specialist Clive Cowdery has raised $2 billion in commitments from investors for a new fund to buy up life insurance policies from companies struggling to make enough money to cover long-term payouts, sources told Reuters. The fund is one of a series of new ventures designed to capitalize on the difficulty life insurers and company pension schemes face in generating the returns required in an environment of low interest rates and tougher capital rules. Besides Cowdery’s fund, the newly...
Tens of thousands of Chileans on Sunday took part in rallies and marches across the country to demand an end to the private pension system, imposed on workers in 1981 during the Augusto Pinochet dictatorship. Thousands of people marched in different cities including the capital city of Santiago, despite heavy rains. The new national march – “No+AFP” – calls for the termination of the current pension system which forces workers to deposit a portion of their wages into funds that deliver...
Speaking on national television, Mr Ortega renewed calls for the private sector to engage in talks. But business leaders say they will only negotiate when the government stops "repression against the protests". At least 25 people have reportedly been killed since pensioners and students first took to the streets. Read More: BBC News
Taiwan legislators brawled in parliament on Friday over proposed reductions to military veterans’ pensions – part of wider cutbacks that have triggered mass protests. The clashes came as a draft bill proposed by the cabinet earlier this month was deliberated in parliament for the first time, following a protest by military retirees in February. But that demonstration ended in tragedy as a former colonel fell while climbing up a wall, and later died in hospital. Read More: Inquirer
Puerto Rico’s federal oversight board on Thursday approved a fiscal turnaround plan that includes pension cuts and labor reforms that Governor Ricardo Rossello has vowed to defy, portending the latest potential court battle over the bankrupt U.S. territory’s future. At a hearing in San Juan, broadcast via the internet, the seven-member board voted 6-1 to certify a plan that forecasts $6.7 billion in debt payment ability for Puerto Rico through 2023. Board member Ana Matosantos was the lone dissenter. Tasked with...
