February 2020

05Feb

Controversial plan to use pensions for government funding in South Africa

Labour federation Cosatu met with government, business, community and labour leaders on Monday (3 February) to present its plan to rescue debt-stricken Eskom. Key to this plan is the use of civil servant pensions and a state-run unemployment fund to cut Eskom’s debt by about R254 billion, which would then leave the power utility with a sum of around R200 billion to service, which Eskom has previously said it can manage as it currently struggles to cover its daily...

February 5, 2020
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03Feb

Nigeria. SERAP wins round one in battle to get details of payment of jumbo pensions to former governors

There is prospect Nigerians keen on knowing details of payment of life pensions to former governors across the 36 states in the country, and the names and number of ex-governors and other officials collecting pensions, may soon have some answers, as Socio-Economic Rights and Accountability Project (SERAP) has won the latest round in the legal battle to compel 36 state governors to disclose these details. Justice Folashade Giwa-Ogunbanjo of the Federal High Court, Abuja last week granted leave clearing the...

February 3, 2020
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01Feb

Reforming Pensions in Developing and Transition Countries (Social Policy in a Development Context)

By K. Hujo This book moves beyond technical studies of pension systems by addressing the political economy of pension reform in different contexts. It provides insights into key issues related to pension policy and its developmental implications, drawing on selected country studies in Africa, Asia, Eastern Europe, the Middle East, and Latin America. Get the book here

February 1, 2020
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January 2020

30Jan

South Africa Unions Want Infrastructure Funded by Pensions

The Congress of South African Trade Unions, a key ruling party ally, is pushing senior members of government to consider its proposals to rescue the state’s indebted power utility before next month’s budget. In addition to suggestions it made in a November document that civil servants’ pensions and a state-run unemployment fund be used to cut Eskom Holdings SOC Ltd.’s debt by more than half to 200 billion rand ($14 billion), Cosatu wants the government to consider making it...

January 30, 2020
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29Jan

Nigeria to borrow N2tn to fund infrastructure development

Nigeria’s National Economic Council (NEC) says the federal government has resolved to borrow two trillion from the current 10 trillion naira pension funds to finance the development of infrastructure. Niyi Falade, CEO of Crusader Sterling Pensions joins CNBC Africa to discuss this story. Watch de video in @CNBC Africa

January 29, 2020
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22Jan

IMF warns of Kenya’s pensions time bomb

The International Monetary Fund (IMF) has warned of a ticking time bomb in Kenya’s pension sector as the gap between retirement dues and actual savings continues to grow wider. Kenya, which in 2009 opted to delay the implosion by raising the retirement age for civil servants from 55 to 60, is now facing pension obligations that have ballooned to Sh2.6 trillion — about 30 percent of GDP. This is much higher than what Kenyans pay as taxes. The country’s...

January 22, 2020
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22Jan

African Public Servants unhappy

(APACSUN) has expressed indignation that large proportion of workers on the continent are not covered under the social security systems, especially for the informal sector. APACSUN has, therefore, resolved to support member unions to study and adopt best practices that enable the improvement of pension administration and benefits for members. This was in a communique the Network issued at the end of its Second Strategic Meeting in Ghana from January 15 to 17, signed by Mr Isaac Bampoe Addo,...

January 22, 2020
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20Jan

Ghana. Three-tier pension to increase retirement income security for workers – NPRA

The three-tier pension system will enhance pension benefits and increase retirement income security for workers both in the formal and informal sectors of the economy and improve on the nation's economic future. Mr Hayford Attah Krufi, Chief Executive Officer, National Pensions Regulatory Authority (NPRA), said the three-tier pension system, which was introduced in January 2010 as part of national pensions reform process, sought to ensure that every worker received retirement and related benefits. He said the objectives of the...

January 20, 2020
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20Jan

Biometrics and digital ID in Africa: GenKey in Niger, Securiport in CAR, new reseller partner for Daon in SA

Heading into a new decade there’s a clear theme in Africa’s digital ID sphere: looming deadlines. First up is Tanzania’s already extended biometric SIM card registration deadline of January 20 then its analogue passport deadline of January 31, the same day Ghana’s pensioners have to have their biometrics registered by in order to keep receiving their pensions. There is also plenty of supplier news: GenKey is embarking on a World Bank project in Niger, Securiport is setting up in...

January 20, 2020
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16Jan

Ghana. Approval for SSNIT pension reforms expected shortly

Discussions and consultations concerning a proposal put forward by the external Actuaries on the Social Security and National Insurance Trust (SSNIT) scheme who recommended a 19.2 percent contribution rate to replace the existing 11 percent rate being implemented are expected to be concluded early this year. The move is part of a number of amendments and reforms that are being considered for implementation in the National Pension Act, 2008 (Act 766) by sector Administrators – National Pension Regulatory Authority...

January 16, 2020
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