August 2019

23Aug

The Effects of Increasing the Eligibility Age for Public Pension on Individual Labor Supply: Evidence from Japan

By Nobuhiko Nakazawa This paper investigates the effects of increasing the eligibility age for public pension on workers' retirement decisions, focusing on recent Japanese public pension reforms. In Japan, the pensionable age for Employees' Pension Insurance benefits gradually increased from 60 to 65 for males over the course of a decade. Using individual-level administrative data and a regression discontinuity design, I find that raising the pensionable age for flat-rate benefits by one year increases male employment at the critical...

August 23, 2019
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23Aug

México. Afores deberán cobrar comisiones como en OCDE

A partir de 2020, las Administradoras de Fondos de Ahorro de Retiro (Afore) deberán considerar para el cálculo de la comisión que cobran los niveles que se aplican en países de la Organización para la Cooperación y el Desarrollo Económicos (OCDE) y de América Latina con sistemas de pensiones parcial o completamente similares. Además, sus comisiones no deberán ser superiores a las observadas en otros países en la misma etapa de desarrollo o antigüedad, según el decreto publicado en...

August 23, 2019
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23Aug

Perú.SBS: “No pusimos restricción para desafiliarse de las AFP”

La Superintendencia de Banca, Seguros y AFP (SBS) no ha dificultado el acceso de los afiliados del Sistema Privado de Pensiones (SPP) a la libre desafiliación informada, para que luego retornen al Sistema Nacional de Pensiones (SNP). Así lo informó Elio Sánchez, superintendente adjunto de AFP. “La SBS no afecta a ningún afiliado que desee regresar al SNP. Lo que hicimos es permitir que aquella persona que retiró hasta el 95,5% de su cuenta individual o el 25% para...

August 23, 2019
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23Aug

México. BlackRock trabaja en índice sostenible

BlackRock, el gestor de activos más grande del mundo, trabaja en la creación de un índice mexicano enfocado en criterios ambientales, sociales y de gobierno corporativo (ASG). El director del Negocio Institucional en BlackRock México, Giovanni Onate, aclaró que la construcción del índice está en etapas tempranas, aunque ya han tenido acercamiento con inversionistas, como afores y autoridades del país. “Es muy temprano todavía, pero estamos trabajando para que de la mano de las afores y del gobierno saquemos...

August 23, 2019
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23Aug

South Africa’s Ramaphosa calls for discussion on utilising pension funds for projects

South Africa should discuss using worker pension funds to finance development and infrastructure projects, a proposal that has the backing of the country’s largest labour federation, President Cyril Ramaphosa said on Thursday. Read also South Africa should look to pensions instead of an IMF bailout: ANC In its 2019 poll manifesto ahead of the May general election, the ruling African National Congress (ANC) mentioned investigating prescribed assets - where the government authorises the investment of retirement savings in certain developmental...

August 23, 2019
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23Aug

Raising the retirement age to 75 won’t fix the UK’s pension problem

Like most developed countries across the world, the UK’s population is tipping rapidly into old age. By 2042, 24 per cent of people living in the UK will be aged 65 or older, up from 18 per cent in 2016. The all important ratio between working people and pensioners is shifting, and as a result, the weight of the financial burden is growing. Earlier this week, centre-right think tank The Centre for Social Justice (CSJ), chaired by former secretary...

August 23, 2019
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23Aug

3 challenges to getting Nigeria ready for retirement

Nigeria, like the rest of the world, is getting ready for retirement at a pace that might not meet the need of the future. In monetary term, the World Economic Forum (WEF) puts the likely gap between the outcome of global efforts at funding retirement and reality of retirement needs at $400 trillion by 2020. This shows that retirement realities may outweigh retirement preparations and expose elderly persons to financial insecurity in future. Chief Executive Officer of Principal Financial...

August 23, 2019
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23Aug

US. Pension fund joins action against Facebook

The California State Teachers' Retirement System has joined a derivatives case against Facebook in regards to Cambridge Analytica. The litigation at hand is a pending derivative lawsuit against Facebook's leadership, including the social media company's chief executive, Mark Zuckerberg. CalSTRS said intervening in the existing derivative suit will give it the opportunity to pursue corporate governance reform. Its aim is to "protect Facebook's profitability, strengthen the resiliency of its business model and enhance the long-term value of Facebook as...

August 23, 2019
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23Aug

Pan-Africa pensions and actuarial firm, Zamara enters Uganda as Alexander Forbes quits market

Alexander Forbes Financial Services Uganda Limited has rebranded to Zamara Actuaries, Administrators and Consultants (U) Limited, following the exit of the South African financial services group from Uganda. In a statement released on August 21, 2019, Alexander Forbes confirmed that they had sold their 51% stake in the Ugandan operation to Kent Holdings Limited- who previously owned 49% of the Ugandan operations. “Alexander Forbes Emerging Markets (AFEM) and Kent Holdings are pleased to announce that an agreement has been...

August 23, 2019
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22Aug

México. Baja de tasa del BdeM beneficiará a Afores, no a ahorradores: Moodys’

La reducción de la tasa de interés en el Banco de México, por primera ocasión en más de tres años, generará una mejor perspectiva de negocio para las administradoras de fondos de ahorro para el retiro (Afore), pero ello no se traducirá de igual manera en los rendimientos del dinero de los trabajadores, expone un reporte de Moody’s. “Dado que las tarifas cobradas por los administradores de activos de pensiones (las Afore) se basan en el monto del ahorro...

August 22, 2019
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