February 2023
27Feb

Pakistan stops salaries, pensions as economic crisis worsens

The cash-strapped Pakistan government has reportedly instructed the Accountant General of Pakistan Revenues (AGPR) to halt the clearing of all bills, including salaries and pensions, of federal ministries and attached departments until further notice. According to The News, the move comes as the country is reeling under economic crisis, which is causing difficulties in operational cost-related releases. However, the exact the reason for the same is not known. The report cited, the salaries and pensions of defence-related institutions have been cleared...

February 27, 2023
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January 2023
23Jan

Japan. Pension Benefits to Rise for 1st Time in 3 years

Public pension benefits will rise for the first time in three years in fiscal 2023, although at a slower pace than a major inflation rate, the Health, Labor and Welfare ministry said Friday. Benefit increases, set at 1.9% for pensioners aged 68 or over, will be limited because the ministry will activate what it calls the macroeconomic slide mechanism to curb benefit payments for the first time in three years. Japan revises the amounts of pension benefits every year to take...

January 23, 2023
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November 2022
25Nov

Average Retirement Savings: How Do You Compare?

By Amelia Josephson If you’re wondering what’s a normal amount of retirement savings, you’re probably one of the 60% of Americans who either don’t think their savings are on track or aren’t sure, according to the Federal Reserve’s “Report on the Economic Well-Being of U.S. Households in 2019.” Among all adults, median retirement savings are $65,000, according to the Federal Reserve’s most recent data. The Federal Reserve also estimated that by retirement, that number would grow to an average...

November 25, 2022
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14Nov

Jamaica. Automatic pension enrolment will save retirees

85 per cent of UK workers now pensionable vs 18 per cent in Jamaica With about 18 per cent of Jamaica's working population having a pension plan, the retirement crisis persists and this situation should be of grave concern to the Government and all taxpayers. Jamaica has an ageing population which is increasingly at risk of pension poverty, ie inadequate retirement income. As such, I am recommending the automatic or mandatory enrolment of eligible employees in a workplace pension plan. This would...

November 14, 2022
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09Nov

Inflation taking ever bigger bite out of Greek retirees’ pension income

Pensioners in Greece are struggling to make ends meet as galloping inflation and high energy prices take a toll on household budgets. After they lost an average of 25 percent of their income during the Greek debt crisis-related bailouts (2010-2018), the recent jumps in food and heating costs take their anxiety up a notch. During a recent interview granted to Xinhua in a cafe in central Athens, Christos Vassilopoulos, 82, was adding up his monthly bills while sipping his coffee. The...

November 9, 2022
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09Nov

Italy to Boost Pension Spending in Bid to Keep Up With Inflation

Italy’s pensions will increase by 7.3% from next year to keep up with rising inflation, Finance Minister Giancarlo Giorgetti said on Wednesday. The boost to retirement payments, which is automatic in contrast to wage hikes, will bring relief to households hit by soaring energy costs in the European Union’s third-biggest economy but may further complicate the European Central Bank’s efforts to rein in consumer prices. Overall, spending on pensions will increase by more than €50 billion ($50.4 billion) through 2025, the...

November 9, 2022
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08Nov

German pensions to rise in 2023 with contribution hikes on the horizon

As usual, pensions in Germany are set to go up next summer, according to a new report seen by Bild am Sonntag. As Germany struggles to retain the sustainability of its pension system, contribution rates are set to remain stable for next four years, but hikes are on the horizon. Pensions in Germany are adjusted every year in line with wage development. Although the increase in 2023 isn’t enough to offset the rising cost of living in Germany - and...

November 8, 2022
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07Nov

These are the World’s Top 10 Retirement Destinations for 2023

World-renowned author and overseas retirement expert Kathleen Peddicord selects top retirement destinations plus a bonus list of the top 5 ‘Jet Set Destinations’ the leading resource for people who want to live, retire, and invest overseas, announced today its annual index of the 10 best places in the world to retire in 2023. This year, a bonus list of five jet set, luxury destinations will also be featured. The full index will be available to purchase in January 2023 at...

November 7, 2022
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03Nov

Chile’s Boric announces plan to end private pension system

Chile’s President Gabriel Boric on Wednesday announced his long-awaited plan to reform the country’s controversial private pension system. In a televised address, Boric said he was planning to end Chile’s Pension Fund Administrators (AFP) system in lieu of a new private-public social security system that would see new contributions from employers and the state. “The AFPs, in this reform, are finished,” Boric said, adding that new private entities would still be allowed to invest pension funds, but there will also be...

November 3, 2022
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October 2022
28Oct

Egypt: Increase of minimum wage in public service to address rising cost of living

Egypt has increased the minimum wage in the public sector from 2,000 Egyptian pound ($101.3) to 3,000 in a move to help workers surf the increase in the cost of living, reports say. Prime Minister Mostafa Madbouly who announced the decision said the government will pay an exceptional bonus of EGP 300 for employees in the public sector and its affiliate companies, as well as pensions. Read also Nigeria. How data analytics, artificial intelligence will help PFAs enhance customer service The hike...

October 28, 2022
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