October 2021
15Oct

China to encourage development of pensions, insurance for delivery sector

China's top banking and insurance regulator said it would encourage insurers to accelerate the development of commercial pension products and accident insurance for gig-economy workers such as couriers and takeout deliverymen. Read also Hong Kong government proposal for residents to convert pensions into annuities ‘absurd’ if made mandatory, labour minister says China has in recent years experienced a delivery boom powered by millions of couriers who work for companies such as Meituan Dianping and Alibaba’s Ele.me to deliver packages and meal...

October 15, 2021
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08Oct

The South African Retirement Reality Report 2020

By 10X Investment Even before Covid-19 and the associated lockdown, many South Africans, including many thousands of pensioners, were in crisis. The global pandemic has magnified many vulnerabilities in our society. It is in this context that 10X Investments launches the third annual report on retirement readiness in South Africa. The inaugural Retirement Reality Report, published in 2018, set out to interrogate the developing retirement crisis and its underlying causes based on the results of our Retirement Reality survey. The report...

October 8, 2021
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September 2021
24Sep

Uber to pay pensions to all its UK drivers, backdated to 2017

Uber is to pay out millions of pounds in missed pension payments to UK drivers dating back as far as 2017 under a deal with the retirement savings watchdog. The ride hailing company was forced to guarantee its 70,000 UK drivers a minimum hourly wage, holiday pay and pensions in March this year after a landmark supreme court ruling over their employment status. Couriers for the group’s UberEats food delivery service are not included in the deal. On Friday, Uber said...

September 24, 2021
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24Sep

US. New Bill Aims to Solve for the Retirement Plan Coverage Gap

Congressman Jim Himes, D-Connecticut, and Senator Mark Warner, D-Virginia, have introduced the Portable Retirement and Investment Account (PRIA) Act of 2021, designed to provide a retirement savings vehicle to Americans who don’t have access to one. Read also US. Stock Market Helps State Pension Debt Hit 10-Year Low, But Crisis Still Looms Large The legislation would establish a Portable Retirement and Investment Account (PRIA) Fund and a board responsible for establishing regulations for the fund. The bill says the board will...

September 24, 2021
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21Sep

Singapore- Ministry of Manpower Sets up Advisory Committee to Protect GIG Economy Workers

Singapore’s Ministry of Manpower announced the formation of the Advisory Committee on Platform Workers. The Committee aims to strengthen protections for self-employed persons who work for online platforms, specifically delivery persons, private-hire car drivers, and taxi drivers. Read also Uber to pay pensions to all its UK drivers, backdated to 2017 At its first meeting last week, the Advisory Committee noted the lack of basic job protections due to the nature of platform work, and decided on three priority areas to...

September 21, 2021
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August 2021
10Aug

Access, participation and income: The state of retirement plan coverage in the U.S.

A study from The Inclusive Wealth Building Initiative starkly illustrates the gulf between those employees with access to an employer-sponsored retirement plan and those who participate—and, perhaps unsurprisingly, much of that participation depends on income levels. The Initiative, a project of The Economic Innovation Group, derived its data from various surveys, including the Census Bureau’s Survey of Income and Program Participation and the Bureau of Labor Statistics’ National Compensation Survey. The study also used the 2019 Current Population Survey’s Annual...

August 10, 2021
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03Aug

It’s time to give essential workers the protections they deserve

The world's essential workers have kept things running during the pandemic. But many still lack the protections they deserve, such as maternity pay, pensions or paid sickness leave. An upcoming summit, Essential for Recovery, will give these workers a voice and a space in which to address corporate and social leaders. Justina Kgoele has been picking waste in South Africa for the last 25 years. Her income sustains her family, and her work helps to protect children in her community from picking...

August 3, 2021
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July 2021
28Jul

Ghana. Minister for Employment initiates mass pension enrolment programme

The Minister for Employment and Labour Relations, Ignatius Barfour Awuah has initiated a mass pension enrolment programme by paying for a year’s pension contribution for 10 individuals in the Upper Manya Krobo District in the Eastern Region. At an outreach program at Asesewa in the Eastern Region, to sensitise people on pensions in the area organised for informal sector workers in Asesewa by the National Pensions Regulatory Authority (NPRA), Mr. Bafour Awuah said the gesture was to encourage the people...

July 28, 2021
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21Jul

Nigeria’s pension penetration level low, says PenOp

Nigeria should deepened its penetration beyond 11 per cent, the President, Pension Fund Operators Association of Nigeria (PenOP), Mr Wale Odutola, has said. Odutola spoke at the just-concluded National Assembly retreat in Lagos. He stated that there was the need to note the areas where the industry lags behind other countries, one of which is level of pension penetration. He said this became necessary because South Africa’s pension penetration is 19 per cent, Kenya 20 per cent and United Kingdom 77...

July 21, 2021
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19Jul

UK. The state pension is slated to rise by 8%, but thousands of retirees will be left out.

State pension payments may increase by 8% next year, but some retirees will be excluded from the increase. Individuals who have achieved state pension age might receive considerable financial assistance through state pension payments. Many people will have contributed a significant amount of money to the National Insurance system over the course of their lives in order to receive the largest state pension feasible. To help, the government uses a triple lock system that increases the state pension total by...

July 19, 2021
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