October 2022
28Oct

Ghana. NPRA calls for more collaborations with stakeholders to increase coverage and growth

The National Pensions Regulatory Authority (NPRA) is urging stakeholders in the industry to enhance collaboration that would inure to the benefit of Ghanaian workers during retirement. Bono, Bono East, and Ahafo Regions manager of the Authority, William Ohene Adjei, said it is only through effective collaboration that there would be a widening coverage and subsequently rope in more informal workers. He said as part of the Authority’s 5-year strategic plan, they intend to work towards increasing pension coverage and pension income. “It...

October 28, 2022
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25Oct

UK. University staff to strike over pay and pensions

University lecturers, librarians and admin staff across the UK will strike over pay and pensions, the University and College Union (UCU) has announced. A total of 70,000 UCU members at 150 universities were asked to vote in two separate ballots - one on pay and working conditions, and another on pensions. Strike dates are yet to be decided. University employers say a pay rise would put jobs at risk in what they say are "very difficult" financial times. Students - some of whom...

October 25, 2022
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21Oct

Mercer index highlights challenges facing pensions

Withdrawals from pensions during the pandemic will have a long-term impact on the potential growth of retirement sums, according to Mercer. Pensions in Asia and globally have improvements to be made, particularly as pensions systems shift from a defined benefits to defined contributions scheme and withdrawals during the pandemic are likely to have long-term effects, Mercer representatives said. Several challenges stand in the way of ensuring the adequacy of retirement incomes, said Mathias Cormann, secretary general of the Organisation for Economic...

October 21, 2022
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20Oct

Global pension systems, including Singapore’s CPF, face issue of getting platform workers on board

While Singapore’s Central Provident Fund (CPF) is among the top-ranked retirement income systems in the world, there is room to nudge the informal workforce, such as platform workers, into contributing more to the national savings scheme. This issue was raised by panellists during a webinar on Tuesday to discuss the findings of the Mercer CFA Institute Global Pension Index, which ranked the Republic ninth out of 44 retirement systems reviewed. Into its 14th year, the index placed Singapore’s retirement system as...

October 20, 2022
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September 2022
12Sep

India. Universal Pension Scheme: New EPFO scheme may cover unorganised workers

If the scheme gets approved, the unorganised sector workers will put in a fixed amount with a flexibility of making voluntary payments. The Employees’ Provident Fund Organisation (EPFO) may extend its pension scheme to workers from both organised and unorganised sectors, irrespective of their monthly income, the Financial Express reported. The proposed scheme is likely to be based on individual contribution. The government, through this scheme, seeks to ensure a minimum pension of Rs 3,000 a month after reaching 60 years...

September 12, 2022
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05Sep

UK. Why the gig economy deserves better options for protection

For many people who consider going freelance or self-employed, added flexibility is usually the main driver. But other things you normally take for granted suddenly become more complicated, including the lack of a safety net from your employer if you happen to fall ill. The LV= Wealth and Wellbeing Monitor found that 64 per cent of working UK adults were worried about losing income if they were unable to work. A central worry was how to pay the bills and...

September 5, 2022
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August 2022
30Aug

Retirement Security: Recent Efforts by Other Countries to Expand Plan Coverage and Facilitate Savings

By GAO Ensuring retirement income security for the aging U.S. workforce presents many challenges. People are increasingly responsible for their retirement planning, and as they live longer, they may outlive their savings. We reviewed steps other countries have taken to promote retirement plan savings. International experts informed us of several efforts, including auto-enrollment—which can increase plan participation for eligible workers but may not reach others, such as part-time or self-employed workers. Our review of these and other efforts can inform U.S. policymakers...

August 30, 2022
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15Aug

Ghana. SSNIT to embark on mass registration exercise

The Social Security and National Insurance Trust (SSNIT) says it will soon embark on a mass registration exercise, especially among those in the informal sector to shore up its membership. The prime objective is to ensure many Ghanaian workers are enrolled onto the scheme as against the current situation where only 1.7 million out of the remaining millions of the workers are active members of SSNIT. Read more Nigeria. Pension fund, contributors hit N14trn, 9m respectively – PenCom Dr. John Ofori-Tenkorang, the...

August 15, 2022
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July 2022
15Jul

IMF Engagement on Pension Issues in Surveillance and Program Work

By IMF The International Monetary Fund (IMF) is increasingly involved in offering policy advice on public pension issues to member countries. Public pension spending is important from both fiscal and welfare perspectives. Pension policy and its reforms can have significant fiscal and distribution implications, can influence labor supply and labor demand decisions, and may impact consumption and savings behavior. This technical note provides guidance on assessing public pension systems’ macrocriticality, i.e., sustainability, adequacy, and efficiency; it also discusses the issues...

July 15, 2022
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15Jul

Rising life expectancy in Africa triggers urgent need for pension penetration

Governor John Rwangombwa of the Central Bank has said that the improved life expectancy in Africa is a positive factor on its own but it rings an urgent call to increase pension penetration on the continent. He was speaking during the 3rd Africa Pension Supervisor Forum that started on Thursday July 14. Started in 2019, the forum offers a platform where pension regulators share ideas, information, and reform issues that are challenging the sector across Africa. Discussions include performance of the pension...

July 15, 2022
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