August 2019

19Aug

Australia warns retirees over heavily investing in cryptocurrency self-managed pensions

Australia warns retirees over heavily investing in cryptocurrency self-managed pensions The Australian Tax Office (ATO) has issued 18,000 warning letters to investors of self-managed super funds (SMSFs) for concentrating the majority of their retirement savings in cryptocurrencies, according to local news outlet Micky. In its letter, the office said that retirees have a “duty to comply with legal requirements to adopt investment strategies avoiding risky investments.” Non-compliance could see them face a fine of up to AU$2,400 (US$2,852). As...

August 19, 2019
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19Aug

UK. Fury as plan to work to 75 raises risk of death before retirement, pensioners say

A new report by the Centre for Social Justice (CSJ), fronted by former Tory leader Iain Duncan-Smith, has proposed accelerating plans to increase the state pension age in order to boost the UK economy. The influential think-tank has hit out at the financial burden of the ageing population on public funds, and insists thousands of people aged 50 to 64-years-old are deemed “economically inactive”. One pensioners' group claimed the decision would mean more people would die before they reached...

August 19, 2019
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19Aug

Baby boomers win ‘the demographic lottery’ as wealth inequality grows

Young Australians are being locked out of a "generational bargain" as the wealth gap between children and their parents soars, new figures show, as the government prepares the terms of reference for its landmark retirement income review. The review, recommended by the banking royal commission, is likely to dominate the government's agenda next year as Treasurer Josh Frydenberg draft the terms of reference for the all-encompassing inquiry into pensions, superannuation, aged care funding, housing and the equity of taxpayer...

August 19, 2019
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19Aug

Japan. World’s largest pension fund promotes ESG and performance-based fees

The largest pension fund in the world has been clarifying its sustainability goals in the last few years and fund managers ought to take note, as it is an initiator and it is working with other large asset owners. Read also Japan’s Pension Fund Warns of Global Investing Losses On Tuesday, CalPERS's investment committee will hear a keynote presentation from Hiro Mizuno, executive managing director and chief investment officer of the Japanese Government Pension Investment Fund (GPIF). He will present...

August 19, 2019
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16Aug

The Effect of Pension Growth on the Labor Force Participation of Pensioners in Russia

By Victor Lyashok This paper examines the impact of the 34% increase in pensions in Russia at the end of 2009 and the beginning of 2010 on the labor market participation of pensioners. Several particular features of the pension system in Russia allow us to estimate the net effect of income from such a reform. For evaluation, we used a method combining difference-in-difference and regression discontinuity methods. The results showed that real pension growth by a third reduced labor...

August 16, 2019
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16Aug

Income Inequality and Government Transfers in Mexico

 By Frederic Lambert, Hyunmin Park We analyze microdata from Mexico's survey on household income and expenditures (ENIGH) to study the evolution of income inequality in Mexico over 2004-16, identify its sources, and investigate how it was affected by government social policy. We find evidence of only a small decline in inequality over this period. The observed decline may be attributed to government transfers, notably targeted cash transfers (Prospera) and non-contributory pensions. In 2016, those two programs accounted for more...

August 16, 2019
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16Aug

Perú. Bono de reconocimiento: Cálculo impacta en pensiones de jubilados de las AFP

El cálculo del Bono de Reconocimiento (BdR) impacta de forma negativa el monto final que recibe el pensionista que se trasladó de la ONP a una AFP porque existen topes al valor nominal del bono y al tiempo de aporte reconocido, señala la Asociación de AFP (AAFP), a través del documento de Diagnóstico Previsional: “Bonos de Reconocimiento: la rentabilidad sí importa”. El documento precisa que el BdR no se otorga en el momento de cuando el trabajador se traslada al Sistema Privado de...

August 16, 2019
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16Aug

Argentina. Quiénes quedan afuera de las medidas anunciadas por el Gobierno

Luego del revés electoral y del impacto negativo que tuvo el discurso presidencial del lunes, el Gobierno nacional decidió anunciar un paquete de medidas para mitigar el traslado a precios de la suba del 30% que lleva el dólar desde el viernes pasado. Según dijo el presidente Mauricio Macri esta mañana, las medidas alcanzarán a 17 millones de trabajadores y a las pymes del país. Sin embargo, hay sectores que no serán alcanzados directamente por los beneficios anunciados. *Jubilados que no...

August 16, 2019
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16Aug

Gobierno cubano sube salarios y pensiones para tratar de frenar inflación

Cuba estableció el jueves nuevos controles de precios para bienes y servicios, desde productos agrícolas hasta taxis, en un esfuerzo por frenar la inflación tras un aumentó de los salarios y las pensiones estatales. Los nuevos precios para el sector privado de La Habana incluyen algunos alimentos básicos como los frijoles, carne de cerdo, limones, plátanos, cebollas, col y melón. En las últimas semanas, las autoridades de varias provincias aplicaron controles a las tarifas de taxis, bebidas y cortes de cabello,...

August 16, 2019
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16Aug

Ghana. Government pays GHC3.1bn to pension scheme

Government has released some 3.1billion cedis which were kept into the Pensions Trust Fund Account into the custodian accounts of the various public and private Sector pension schemes. Minister for Employment and Labour Relations Ignatius Baffour-Awuah who disclosed this at the Meet the Press series in Accra said the schemes include the Ghana Education Service Occupational Pension Scheme, Health Sector Occupational Pension Scheme, Judicial Service Occupational Pension Scheme, Hedge Master Trust Occupational Pension Scheme and Public Sector Workers Employees’ Pension...

August 16, 2019
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