April 2020

15Apr

India: Pension schemes draw more members

Total assets under management of National Pension Scheme (NPS) and the government-backed Atal Pension Yojana (APY) amounted to INR4,170bn ($55bn) with a subscriber base of over 30m at 31 March 2020, according to data released by Pension Fund Regulatory and Development Authority (PFRDA). Nearly 2.12m central government employees and around 4.75m state government employees were subscribers of the NPS at 31 March, reported Press Trust of India citing the official data. In addition, 2.23m citizens from the private sector...

April 15, 2020
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02Apr

How the coronavirus threatens Asia-Pacific’s $7tn pensions market

The coronavirus outbreak has piled pressure on Asia-Pacific’s multitrillion-dollar pensions industry, with the pandemic raising fears that retirees could make a panicked dash to withdraw their investments. Read also Dutch pension funds invest in coronavirus bond The sector manages about $7tn in assets, according to research group the Thinking Ahead Institute. But investment funds and policymakers across the region have been forced to reassess how they provide for ageing populations. Read also Kenya’s retirement benefits eroded by coronavirus The challenges come...

April 2, 2020
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01Apr

United Arab Emirates. Coronavirus: Private companies can postpone pension payments over next three months

The Abu Dhabi Pension Fund on Tuesday announced that private sector companies in the emirate can apply to postpone paying pensions over the next three months. The decision, which was passed by the group’s board of directors, is open to 1,154 private entities that are registered to the fund, with those companies able to submit their application for postponed payments electronically through the fund’s online portal. According to the fund, 8,765 citizens are also registered with the fund. “The...

April 1, 2020
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01Apr

India. Migrant Workers Need Social Protection To Overcome COVID-19 Lockdown Trauma: Health Ministry

The Health Ministry today called for providing a social protection to migrant workers, saying they are prone to social, psychological and emotional trauma in lockdown situations. Immediate concerns faced by such migrant workers relate to food, shelter, healthcare, fear of getting infected or spreading the infection, loss of wages, concerns about the family, anxiety and fear. "Sometimes, they also face harassment and negative reactions of the local community. All this calls for strong social protection," the ministry said in...

April 1, 2020
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March 2020

30Mar

Japan. World’s largest pension fund growing greener

Japan’s massive Government Pension Investment Fund (GPIF) has been a keen proponent of investing in sustainable assets. In 2019, it committed to investing a sizeable tranche of its US$1.6 trillion assets under management into green and socially responsible investments. And by making asset managers accountable with this strategy, the GPIF is strongly pushing the boundaries of sustainability investing, not only in Japan, but in the global asset management industry as well. In its latest move towards...

March 30, 2020
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27Mar

Japan to give one-year tax grace period for virus-hit companies

Unprecedented payment delay to include corporate taxes, social insurance premiums. The Japanese government will create a special system to provide a one-year grace period for companies to pay tax and social insurance premiums due to the spread of the coronavirus, the Nikkei has learned. The period will cover the payment of corporate tax, sales tax and social insurance premiums. The government will exempt delinquent tax and will not ask companies to provide collateral. The unprecedented measure comes amid slowing economic activity after the central and...

March 27, 2020
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26Mar

Masataka Miyazono to Head up Japan’s Government Pension Investment Fund

The Japanese government named Masataka Miyazono, as the new President of Japan Government Pension Investment Fund (GPIF). Masataka Miyazono is the former Deputy President of Norinchukin Bank. Masataka Miyazono will replace current president Norihiro Takahashi, whose term is due to expire at the end of March 2020. Masataka Miyazono retired from Norinchukin Bank on June 22, 2018. Read more @swfinstitute

March 26, 2020
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11Mar

China’s total pensions assets grew by 19 percent to RMB 15 trillion in 2019, forecasts KPMG

China's three-pillar pension sector sees healthy growth prospects, improving investment returns and growing participation following regulatory changes. China's total pension assets are expected to have grown by 19 percent in 2019 to more than RMB 15 trillion. This is a year-on-year growth rate similar to its long-term average of 17 percent recorded over the last decade. According to KPMG's latest China Pensions Outlook report, the increase was due to the development of occupational annuities and continued capital injection under...

March 11, 2020
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February 2020

26Feb

Local government stops pension of 6 officials for corruption in India

Odisha government on Monday stopped pension of six retired officers and asked two other officials to take voluntary retirement from service after they were convicted in different corruption cases. The government in its order said that the service of two officials were no more required for their alleged involvement in corrupt practices, an official statement said. Chief Minister Naveen Patnaik has issued such a direction as part of the state government's 'Zero Tolerance' policy towards corruption, an official statement...

February 26, 2020
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25Feb

Coronavirus fears sink stock markets in Asia

Asian stock markets opened the week sharply lower Monday amid fears the coronavirus dogging the mainland this year is spreading more broadly now. "Market jitters today are largely due to the rise in cases outside of China, especially in South Korea and Italy," wrote Tai Hui, Hong Kong-based chief market strategist, Asia, with J.P. Morgan Asset Management. According to World Health Organization data, confirmed coronavirus cases in South Korea surged to 602 from 30 over the week ended Feb....

February 25, 2020
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