March 2023
28Mar

UK. Government backs expansion of automatic enrolment

Automatic enrolment was introduced in 2012 with the aim of helping more people save for their retirement. Since then 10.8 million people have been automatically enrolled into a workplace pension scheme and pension participation in the private sector has increased from 41% in 2012 to 86% in 2021, according to recent analysis by the Department for Work and Pensions ("DWP"). We celebrated ten years of automatic enrolment in our previous blog wherein we discussed the possibility of future reform...

March 28, 2023
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24Mar

Five steps to better pensions: Time for a new consensus

By Pensions and Lifetime Savings Association Millions more people are saving into a workplace pension due to the successes of automatic enrolment. However, ten years after Automatic Enrolment was first introduced the PLSA has undertaken a review to find opportunities to improve the retirement savings system. Our new research finds that without reform more than 50% of savers will fail to meet the retirement income targets set by the 2005 Pensions Commission. We are recommending five steps for reform: National objectives: The...

March 24, 2023
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16Mar

Zimbabwe. NSSA expedites informal sector programme as it decries paltry 24% population coverage

The National Social Security Authority (NSSA) has decried the fact that just a paltry 24% of the working population is entitled to the scheme’s coverage amid plans to expedite a pensions program for the informal sector. Millions of Zimbabweans are currently failing to qualify for pension subscriptions with NSSA because of rising informal companies which are easily evading subscription with the social authority. Speaking to media practitioners during the launch of the 2023 Insurance and Pensions Journalists Mentorship Program, NSSA acting...

March 16, 2023
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February 2023
27Feb

Nicaragua corta el pago de pensiones por vejez a opositores

Opositores nicaragüenses denunciaron, este sábado 25 de febrero de 2023, que el Gobierno de Nicaragua, a través del Instituto Nicaragüense de Seguridad Social (INSS), dejó de pagar sus pensiones de vejez. Los afectados fueron señalados como "apátridas" el 10 de febrero al ser declarados como "traidores a la patria" a través de la reforma "exprés". Entre los perjudicados se encuentran la legendaria excomandante guerrillera Dora María Téllez, antigua compañera de armas del presidente de Nicaragua, Daniel Ortega, y el exmiembro de...

February 27, 2023
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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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02Feb

Most Kenyans lack a saving scheme – RBA

Close to 14 million workers mainly in the informal sector do not have any form of savings, according to the Retirement Benefits Authority (RBA). The authority is warns that this will have far reaching consequences in future as the number of poor retirees with no savings hits the streets. According to Jackson Ngotho, a director with RBA, close to 13.9m Kenyans have no form of savings towards their retirement, the majority being in the informal sector. He noted that of the 3.5...

February 2, 2023
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January 2023
30Jan

Concern as millions with no savings in Kenya face old age poverty

About 13.9 million Kenyans have no form of retirement savings scheme, and the majority of them are in the informal sector. According to data from the Kenya National Bureau of Statistics (KNBS), there were about 17.4 million people in the formal and informal sectors as of the year 2020.“The labour market is skewed towards informal employment at 83 per cent. This is a time bomb and indicating that most Kenyans will retire poor,” the report notes. The report was presented during...

January 30, 2023
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23Jan

Switzerland. Thousands of retired seniors falling into poverty

In Switzerland a huge wealth gap exists among retirees. While most senior citizens can comfortably make ends meet, one in five is living either below or close to the poverty line. Some 50,000 pensioners have no financial cushion to offset their low income. Bernard and Pierrette Apothéloz are both in their early 70s. With their meagre pensions and no savings or additional benefits, the couple often struggle to pay their bills. Because of their financial situation, they are unable to...

January 23, 2023
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23Jan

China: Unified pension management system ensures more equity

More Chinese people have access to coverage provided by the country's government-run basic old-age insurance, since the adoption of unified management of insurance funds, according to the authorities. China's basic old-age insurance covered 1.05bn people as of the end of 2022, 24.3m more than a year earlier, reported the Xinhua News Agency quoting data from the Ministry of Human Resources and Social Security. The country formally implemented the national unified management of basic old-age insurance funds for enterprise employees in January...

January 23, 2023
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December 2022
23Dec

ILO warns: 34.5% of over 65s have no income in Latin America and the Caribbean

The International Labor Organization (ILO) on Thursday warned about elderly people's issues in Latin America regarding labor income and pensions. The report indicates that 34.5 percent of people over 65 years of age in that region do not receive wages or pensions, a higher percentage than before the Covid-19 pandemic, when this indicator was at 31.9 percent. This is one of the main conclusions of the report on social protection in Latin America and the Caribbean, drafted by ILO. According to the...

December 23, 2022
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