January 2020

16Jan

China’s social insurance system remains stable

China's social insurance system remained stable in 2019, according to the Ministry of Human Resources and Social Security. By the end of 2019, a total of 967 million people were covered by basic old-age insurance, about 205 million were enrolled in unemployment insurance, and around 255 million people held work-related injury insurance. The gross revenue of the three social insurance funds totaled 5.82 trillion yuan (about 844 billion U.S. dollars), and the total expenditures hit 5.41 trillion yuan in...

January 16, 2020
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15Jan

United Arab Emirates: The Introduction Of The DIFC Employee Workplace Savings Plan And Other Qualifying Schemes

the DIFC Authority is replacing the existing arrangement of statutory end of service gratuity, payable on termination of employment, with a defined contribution savings scheme, in which contributions are made monthly into a scheme (the Qualifying Scheme). The Qualifying Scheme which is being supported by the DIFC Authority is the DIFC Employee Workplace Savings plan (DEWS). However, employers may choose to use a Qualifying Alternative Scheme (QAS). The laws implementing the new arrangements, through amendments to DIFC Law No....

January 15, 2020
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08Jan

India. Bank retirees demand basic pension update

Finance Ministry urged to improve family pension too The All Kerala Bank Retirees Forum has urged the Ministry of Finance to update basic pension and substantially increase family pension in accordance with the Bank Employees Pension Regulation. Whenever a demand for updating pension and improving family pension was raised , the Indian Banks’ Association (IBA) and the Ministry of Finance argued that any tilt in the pension scheme would adversely affect the pension corpus fund. However, figures collected relating to retirements from...

January 8, 2020
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06Jan

Singapore charts path on green finance

WITH more global capital shifting towards sustainable efforts, central banks around the world, including the Monetary Authority of Singapore (MAS), have been nudged to jumpstart the green transition. Last November, Singapore's central bank announced a US$2 billion green investments programme (GIP) to drive growth in sustainable finance. Under the scheme, MAS will channel funds to asset managers who are committed to deepening green finance activities in Singapore. These managers will in turn invest in public market firms with a...

January 6, 2020
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02Jan

Mongolia to write off loans of all pensioners

The National Security Council of Mongolia led by the country's president has decided to write off the loans of all pensioners in the country. President Khaltmaa Battulga announced the decision on Tuesday night while extending New Year greetings to his people via media. "I am happy to announce that the National Security Council of Mongolia has decided to pay off the loans of all pensioners ... with the aim to help them get out of debt," he said. It...

January 2, 2020
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02Jan

Japan’s GPIF is right — short selling is downright irresponsible

When the Japanese Government Pension Investment Fund (GPIF) announced it was going to stop stock lending, the decision was met with a mixed response from commentators. Among them was a damning conclusion from the Financial Times’ Lex column, which suggested this was another example of Japan Inc “scoring an own goal”. I could not disagree more. The GPIF is one of very few major financial institutions not only to have thought through its own broader responsibilities but also to have put...

January 2, 2020
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December 2019

27Dec

South Korea. finalizes guidelines on pension fund’s shareholder activism

South Korea on Friday approved proposed guidelines for shareholder activism by the country's largest state pension fund, paving the way for the fund to press companies it holds stakes in to dismiss board members over breach of trust and other illegal activities. "The guidelines are part of efforts to manage the National Pension Service in a more transparent and fair manner," Health and Welfare Minister Park Neung-hoo said in a meeting of the management committee -- the highest decision-making...

December 27, 2019
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27Dec

Indians Fear Running Out of Funds in Retirement

It is said that money can’t buy happiness but Indian earners beg to differ. Recently released Standard Chartered Wealth Expectancy Report 2019 shows that as much as 77 per cent of the 1,000 Indian respondents consider money essential to their happiness. In fact, wealth is so important that many Indian earners or wealth creators, as the report calls them, are anxious about their financial future. The survey was conducted in 10 countries across Asia, Africa and Middle East, among...

December 27, 2019
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23Dec

Japan, European Development Bank Launch Social Bond Initiative

Japan’s $1.48 trillion Government Pension Investment Fund (GPIF) and the Council of Europe Development Bank (CEB) have launched a partnership to promote and develop sustainable capital markets. Their focus will be on social bonds, and the incorporation of ESG assessments in fixed-income investments. “GPIF requires all asset managers to integrate ESG into their investment analysis and decision-making,” Hiro Mizuno, CIO of GPIF, said in a statement. “We regard the purchase of green, social and sustainability bonds as one of...

December 23, 2019
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September 2019

06Sep

The Social Protection Indicator for Asia: Assessing Progress

By Asian Development Bank This publication provides updates on Social Protection Indicators of 24 countries in Asia, with an analysis of 2015 data on social protection programs. It shows progress in expenditure, primarily driven by social insurance and coverage between 2009 and 2015. Spending on women has improved in several countries, yet others continued to favor the nonpoor over the poor, and men over women. The Social Protection Index---now the Social Protection Indicator---was developed by the Asian Development Bank...

September 6, 2019
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