January 2019

07Jan

Reversing Pension Privatization: Rebuilding Public Pension Systems in Eastern European and Latin American Countries (2000-18)

By Isabel Ortiz (United Nations - International Labour Organization (ILO); Initiative for Policy Dialogue), Fabio Duran (International Labour Organization (ILO)), Stefan Urban (United Nations - International Labour Organization (ILO)), Veronika Wodsak (United Nations - International Labour Organization (ILO)), Zhiming Yu (International Labour Organization) From 1981 to 2014, thirty countries privatized fully or partially their public mandatory pensions; as of 2018, eighteen countries have reversed the privatization. This report: (i) analyses the failure of mandatory private pensions to improve old-age income...

January 7, 2019
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07Jan

Government Transfers, Work and Wellbeing: Evidence from the Russian Old-Age Pension

By Louise Grogan (University of Guelph - Department of Economics) & Fraser Summerfield (University of Aberdeen - Economics; CELMR; Rimini Center for Economic Analysis (RCEA)) This paper examines the impacts of a large and anticipated government transfer, the Russian old-age pension, on labor supply, home production and subjective wellbeing. The discontinuity in eligibility at pension age is exploited for inference. The 2006-2011 Russian Longitudinal Monitoring Survey is employed. Causal impacts differ across the sexes. Women reduce market work and appear...

January 7, 2019
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07Jan

The Populist Backlash Against Europe: Why Only Alternative Economic and Social Policies Can Stop the Rise of Populism in Europe

By Bojan Bugaric (University of Sheffield, Department of Law) The European Union is facing an unprecedented political crisis. This club of liberal and democratic countries has been confronted by a nationalist and populist backlash that threatens the core principles at the very heart of the EU. Capitalizing on the European sovereign debt crisis, the backlash against refugees streaming in from the Middle East, public angst over the growing terror threat, and Brexit, previously fringe populist political parties are growing with...

January 7, 2019
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December 2018

21Dec

Korea Proposes Pension Reform

The world’s third-largest pension fund is in jeopardy of being depleted by 2057. The South Korean government has unveiled proposals to help reform the country’s pension system, as an aging population combined with record-low birth rates threatens to deplete South Korea’s $578.7 billion National Pension Fund by 2057. The country’s Ministry of Health and Welfare announced four proposals to maintain a balance between reinforcing recipients’ benefits and securing the fund’s stability, according to the Korea Herald. “The national pension...

December 21, 2018
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21Dec

UK. Pensions cold-calling to be banned from January

The long-delayed cold call ban has finally been approved into law, and will be effective from 9 January next year. Its introduction marks the end of an arduous journey that saw the government put off implementing the cold call ban on multiple occasions. Initially the ban was scheduled to come into force at the end of June this year but the Treasury delayed it due to “technicalities”. The government then announced progress on a pensions cold calling ban among...

December 21, 2018
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21Dec

Tax relief and fintech could help self-employed to save more into pension

Government will look to nudge self-employed workers to save towards a pension with the help of tech but tax reliefs may provide more effective in the long-run. The amount of self-employed workers who save towards their pension has more than halved in ten years, from 30 per cent in 2006/07 to 14 per cent in 2016/17 while self-employed workers grew from 3.3 million in 2001 to around 4.8 million this year. This has helped to create a self-employed pensions...

December 21, 2018
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21Dec

US. Bill Would Allow Use of Retirement Plans to Provide Student Loan Repayment Benefits

The Retirement Parity for Student Loans Act would permit 401(k), 403(b), and SIMPLE retirement plans to make matching contributions to workers as if their student loan payments were salary reduction contributions. Senators Ron Wyden, D-Oregon, and Ben Cardin, D-Maryland, have introduced legislation that would allow 401(k), 403(b) and SIMPLE retirement plan sponsors to use their plans to provide student loan repayment benefits to employees. According to a summary of the bill, The Retirement Parity for Student Loans Act would...

December 21, 2018
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20Dec

US. MetLife settles Massachusetts case over unpaid pensions

MetLife Inc will pay a US$1 million fine to resolve claims that it made misleading statements to investors in failing to pay pension benefits to thousands of retirees it improperly treated as "presumed dead." Massachusetts Secretary of the Commonwealth William Galvin announced the settlement on Wednesday. The deal resolves an administrative case that Galvin's office filed against MetLife in June. As part of the settlement, Galvin's office said that MetLife will provide payments, with interest, to hundreds of Massachusetts...

December 20, 2018
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19Dec

Perú. Cooperativas podrán utilizar fondos de las AFP para financiar créditos hipotecarios

Óscar Basso, superintendente adjunto de Cooperativas de la SBS, dijo a gestion.pe que están trabajando en la normativa, que estimó, dinamizará la colocación de créditos hipotecarios. Las cooperativas que operan en el mercado tienen hasta el 1 de abril del 2019 para inscribirse en el Registro Nacional de COOPAC, de la Superintendencia de Banca, Seguros y AFP (SBS ). Una vez que se hayan registrado las cooperativas podrán ampliar y diversificar los productos que ofrecen; "estamos normando temas que tienen que...

December 19, 2018
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19Dec

Pensiones: poco más de una cuarta parte de los españoles ahorra habitualmente para su retiro

España, a la cola en planificación financiera para afrontar el final de la vida laboral, según el Estudio anual para la preparación de la jubilación de Aegon. El trabajador español afronta el final de su vida laboral con optimismo. Según datos de Aegon, el 72% asocia la jubilación con un periodo en el que puede dedicar más tiempo a sí mismo y a la familia, frente a un 48% que liga este periodo de la vida a palabras negativas...

December 19, 2018
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