October 2021
26Oct

COVID caused more than 3 million Americans to retire early, a new Fed analysis finds

More than 3 million Americans decided to retire earlier than they would have due to the COVID-19 pandemic, according to a new analysis. Miguel Faria E Castro, a senior economist at the St. Louis Fed, compared retirees to the baby-boomer trend to distinguish between “normal” and “excess” retirements. As of August, he found, there were slightly over 3 million excess retirements, which is more than half of the 5.25 million people who have left the labor force since the beginning...

October 26, 2021
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26Oct

Canada. LifeWorks releases the results of its Performance Universe of Pension Managers’ Pooled Funds

LifeWorks (TSX: LWRK) has released the results of its Performance Universe of Pension Managers’ Pooled Funds for the third quarter of 2021. Read also UK. FCA creates LTAF, a new investment fund for pension schemes and specialized investors According to the report, in the third quarter of 2021, diversified pooled fund managers posted a median return of 0.7 per cent before management fees and 8.0 per cent since the beginning of the year. Read also Pandemic Offers This Silver Lining For Retirement...

October 26, 2021
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25Oct

‘We are worried!’ Number of EU citizens claiming benefits doubled during pandemic

The number of EU citizens claiming benefits has doubled during the pandemic, with around 780,000 EU citizens receiving working-age benefits, according to new data from the Department for Work and Pensions. In comparison, the figure stood at just 380,000 in November 2019. Claims from migrants from some nations that acceded into the Brussels bloc in 2004 and 2007 stood even higher than the overall average. Claims from Romania and Bulgaria more than trebled - taking the figure from 66,00 to 190,000 among...

October 25, 2021
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22Oct

Effects of COVID-19 early release of pension funds: The case of Chile

By Miguel Lorca Amid the extraordinary economic effects of COVID-19, some policymakers have turned to retirement accounts to support individuals in financial hardship. Given the haste, the long-term impacts and their heterogeneity have scarcely been analyzed. Using Monte Carlo simulations on the Chilean Social Protection Survey linked with administrative data, this study quantifies the effects of a 10% early release of pension funds. Each withdrawn dollar brings losses of 1.59 dollars in future retirement savings, reducing monthly pension benefits by...

October 22, 2021
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22Oct

Centroamérica y el Caribe con bajo porcentaje de acceso a la protección social

Centroamérica, México y República Dominicana aún deben avanzar en una agenda mucho más fuerte para fortalecer sus sistemas de protección social, según el análisis Panorama de la protección social en América Latina y el Caribe: Avances y retrocesos ante la pandemia de la Organización Internacional del Trabajo (OIT). El bajo nivel de inversión social y la limitada cobertura de la protección social que caracterizan a Centroamérica, en comparación con los promedios regionales, configuraron un escenario de alta fragilidad para responder...

October 22, 2021
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20Oct

EEUU. Más de dos tercios de los latinos no ahorran para la jubilación

Más de dos tercios de los hogares hispanos en el país no están ahorrando para el retiro a través de los planes de jubilación que se ofrecen en los sitios de trabajo, como el 401(k), reveló un estudio de la empresa de servicios financieros Morningstar. “En general vemos que los latinos-estadounidenses tienen menores tasas de ahorro en comparación con los hogares blancos”, dijo este martes a Efe Samantha Lamas, una de las autoras del reporte, titulado “Una mirada más cercana...

October 20, 2021
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20Oct

Pension, health costs to dwarf COVID debt legacy in long term -OECD

The costs of repaying debt raised to help households and businesses through the COVID-19 crisis will be dwarfed by those from long-term trends like funding pensions and health services as societies age, the OECD said in a report on Tuesday. Read also  Canada. Uber drivers, gig workers pressure Ontario government for employee status Examining the economic outlook out to 2060, the Organisation for Economic Cooperation and Development said governments will increasingly have to contend with the costs associated with aging populations...

October 20, 2021
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18Oct

South Africa. Millennials hardest hit financially in 2020, study shows

Young people employed in medium to large companies and belonging to a retirement fund were harder hit financially by the pandemic than their middle-aged colleagues, with higher retrenchment rates and higher levels of financial stress, as measured by their credit scores and their default rates on debt. This is one of the findings of the annual Alexander Forbes Member Insights report, released this week, which surveyed almost a million members across the hundreds of retirement funds Alexander Forbes administers. While...

October 18, 2021
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15Oct

The COVID-19 Pandemic and Precarious Aging: The Importance of an Equity Response

By Marc A. Garcia, Adriana M. Reyes & Catherine Garcia Older Black, Indigenous, and Latinx adults are at a higher risk of negative COVID-19 outcomes relative to older non-Latinx White adults. Mounting evidence regarding the disproportionate impact of COVID-19 on communities of color lays bare the effects of long-standing and deeply rooted structural racism in American society. Residential and occupational segregation and unequal access to health-promoting resources such as education, income, wealth, and quality healthcare have exposed and amplified pre-existing...

October 15, 2021
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14Oct

Colombia. Proyecto de mercado de capitales contendría una reforma pensional velada, advierten pensionados

La Confederación Democrática de Pensionados expresó su preocupación por el proyecto de Ley 413, en el que se dictan normas relacionadas con el sistema de pagos y mercado de capitales, porque contiene aspectos relacionados con la seguridad social. El presidente de la entidad, John Díaz, afirmó que este proyecto representa una reforma pensional para los colombianos. “La intención del proyecto es optimizar los portafolios del Régimen de Ahorro individual, apuntando a que se aumente la oferta y la competencia de...

October 14, 2021
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