January 2020

08Jan

Ghana: Pay Employees’ Contributions Promptly – Ssnit Boss to Employers

The low level of compliance by employers to pay contributions of their employees is a threat to the sustainability of the pension scheme, Dr John Ofori-Tenkorang, Director-General of the Social Security and National Insurance Trust (SSNIT) has said. "Often, less than 50 per cent of employers pay their workers' contributions by the 14th of the ensuing month, which is the deadline for contributions payment," he said. Read Also Ghana. SSNIT To Pay ¢243m Pension In 2020 Dr Ofori-Tenkorang was speaking...

January 8, 2020
News, Slider, ,
Read more...
06Jan

US. Public Pension Funding Crisis: Why Should Today’s Workers And Retirees Pay The Price?

Here are some excerpts of interest from a May 26, 1965 Chicago Tribune story, “Police, Fire Pensions Tabled”: “Three important police and firemen’s pension bills appeared defeated today but efforts may be made to revive one which would consolidate 335 pension systems outside of Chicago. . . . “Robert Erickson, a spokesman for the Civic federation, Chicago taxpayers’ organization, was happy when two tax-increasing bills were tabled by their sponsors. “One would have required a property tax boost to...

January 6, 2020
News, Slider, ,
Read more...

November 2019

25Nov

UK. University staff strike over pensions and pay

Students across the UK face disruption as lecturers and support staff in 60 universities start an eight-day strike. Members of the University and Colleges Union (UCU) are taking action in two separate disputes, one on pensions and one on pay and conditions. The strikes will affect almost half of all UK universities. The universities say strikes are not the way forward and promise to do all they can to minimise the impact of industrial action on students. In addition...

November 25, 2019
News, Slider, ,
Read more...
22Nov

Kenya. Pension crisis as 50,000 government staff retire

The retirement of about 50,000 civil servants is burdening taxpayers after the pension bill jumped by 63.03 percent or Sh10 billion in the first four months to October as the Treasury raised the red flag over the rising expense. Read also Less than 10pc Kenyans to retire comfortably on pension Treasury data shows that public pension expenses stood at Sh27.8 billion in the four months to October compared to Sh17.06 billion a year earlier — making it the fifth largest...

November 22, 2019
News, Slider, , ,
Read more...
07Nov

Ireland. Quarter of people ‘can’t afford’ to save for retirement

Concern about cost is the main factor holding people back from starting a pension. Other factors include the expense of raising a family, with people also stating they feel they are too young to save for retirement, according to research commissioned by Bank of Ireland. It comes as the Government has firmed up some of the detail on a new auto-enrolment pension to be launched for around 600,000 workers from 2022. Some six out of 10 workers in the...

November 7, 2019
News, Slider, , ,
Read more...
06Nov

Palestine- The EU contributes €16.5 million to the PA payment of October salaries and pensions

The European Union has made today a contribution of €16.5 million to the payment of October salaries and pensions of more than 40,000 Palestinian civil servants and pensioners in the West Bank. This contribution is funded by the European Union as part of its Direct Financial Support to the Palestinian Authority channelled through PEGASE[1]. "The European Union continues to make significant contributions to the Palestinian Authority budget to help pay the salaries of civil servants and pensioners. We are...

November 6, 2019
News, Slider, , ,
Read more...

October 2019

22Oct

Nigeria: AfDB Advocates Unlocking of U.S.$1.8 Trillion AUM for Investment

The President of the Africa Development Bank (AfDB), Dr. Akinwunmi Adesina, has stressed the need to mobilise mutual funds and other Assets Under Management (AUM) in the continent put at $1.8 trillion, to drive Africa's development. He also said commercial banks who desire to get credit lines from the AfDB would have to increase lending to women-focused businesses, saying the bank was set to launch a rating for women- focused lending. Adeshina, said this in an interview on the...

October 22, 2019
News, Slider, ,
Read more...
17Oct

UK. What does the Brexit deal mean for your personal finances?

At long last, the Government has secured an exit deal with the European Union.  Prime Minister Boris Johnson said this morning he has secured a “great new deal” with the EU which “takes back control”.  There is still a long way to go before it is agreed – the details are currently not clear, the legal wording is still being worked on and the deal will need to be passed by both the EU and British parliament – but it is undoubtedly a step forward. The key benefit...

October 17, 2019
News, Slider, ,
Read more...
16Oct

US. So Why Are GE’s Pensions So Underfunded, Anyway?

Last week, General Electric announced the impending freeze of its pension plans to new accrual, for salaried workers and executives. And, as much as we’re accustomed to the stories of woefully-underfunded public pensions and multi-employer pensions, it’s worth taking a look at the situation at GE, and asking the question, why were GE’s plans so underfunded that they felt it necessary to take this step? (And, yes, part of the answer is simply, “everyone’s doing it” and per the...

October 16, 2019
News, Slider, ,
Read more...
11Oct

Low fees, payouts starve Uganda pensions industry

Latest data compiled by Uganda’s pension industry regulator has revealed shifts in market share rankings posted by local fund managers, underlying revenue risks and skewed opportunities enjoyed by big banks against small peers in terms of access to fat, short term deposits supplied by pension schemes. Read also Zimbabwe. Pensioners to get express cash The data shows Sanlam Investments Uganda Ltd recorded the highest share of pension scheme assets under management between April and June 2019, amounting to Ush822.4 billion...

October 11, 2019
News, Slider, , ,
Read more...