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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19Dec

UK. State pension: ‘60,000’ veterans set to miss out on 10.1% boost next year

Chancellor Jeremy Hunt has confirmed there will be a 10.1 percent rise to the state pension from April 2023, as the triple lock returns. The news has been welcomed by many older Britons, but not all state pensioners can expect to obtain the increase. The UK European Economic Area (EEA) Gibraltar Switzerland Countries with a social security agreement with the UK (but not Canada or New Zealand). Those who live outside of these countries will not get a yearly increase, and...

December 19, 2022
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02Dec

Senior living inflation is skyrocketing in some parts of the U.S. These states lead the way

Seniors have been feeling the repercussions of inflation. Those 55 and older have had to cut back on health visits and meals—some limiting the heat in their homes—in order to save money this year, according to a new report. The report released last month by Paying For Senior Care, which provides financial information for the aging population, examined how inflation affects seniors’ daily lives. The report, which surveyed 1,000 U.S. adults ages 55 and older, found one in four have...

December 2, 2022
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November 2022
30Nov

Canada. Are longevity fund solutions going to change the retirement income game?

Over the past few years, Canada’s investment fund industry has sought to revolutionize Canada’s retirement-planning landscape with the introduction of innovative products. In 2021, Purpose Investments launched the Longevity Pension Fund, while Guardian Capital introduced its own GuardPath Longevity Solutions earlier this year. While they don’t offer estate-planning guarantees, both go beyond the scope of traditional mutual funds by tapping into mortality credits, an idea that was first explored through the use of tontines in the 16th century. As the fund...

November 30, 2022
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28Nov

U.K. Pension savers ‘lost £1.7 billion on retirement transition

New research from HSBC Tomorrow Master Trust shows workplace pension scheme members are losing around £1.7 billion a year during their transition into and in retirement, due to savers choosing costly pathways to access their money. While some of this loss comes from scheme members withdrawing more than the 25% tax-free lump sum, exposing them to hefty tax penalties, many are potentially buying products that are not the optimal solution for their circumstances. The research was commissioned for a report Converting...

November 28, 2022
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23Nov

South Africa’s government workers march across major cities for higher pay

Thousands of South African government workers took part in nationwide demonstrations on Tuesday (Nov 22) to demand a 10% increase in their salaries. Negotiations between public sector unions and the government are deadlocked. The government is resolved to unilaterally implement a 3% pay hike, which hasn't satisfied the unions. In Pretoria, workers downed tools and marched to the offices of the national treasury to submit their demands. Employment minister Thulas Nxesi, a former trade unionist, was booed by workers as he arrived...

November 23, 2022
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16Nov

68% of Brits back pension triple lock

‘Attacking’ it would be a ‘seriously high-risk and deeply unpopular move’ More than two-thirds of UK adults support an inflation-matching increase in the state pension next year, AJ Bell research has found. Of the 4,000 Brits asked if they backed increasing the state pension in line with wage growth, inflation, or not at all, the overwhelming majority (86%) felt the state pension should increase next year. Most (68%) said they backed an inflation-linked increase, while a further 18% said it should be...

November 16, 2022
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14Nov

UK. Pension savers face ‘double’ tax hit as inflation soars

The government’s decision to freeze the lifetime allowance could yield up to £2bn for the Treasury, double the £1bn it previously projected due to a surge in inflation this year. The lifetime allowance, the amount a pension holder can benefit from without having to pay extra tax, was frozen at £1,073,100 in the 2021 Budget by former chancellor and current prime minister, Rishi Sunak. But according to pension consultants LCP, the freeze did not take into account inflation proofing and over...

November 14, 2022
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October 2022
28Oct

UK. State pensions triple lock to stay, hints Nadhim Zahawi

Guarantee of at least a 2.5pc rise could be kept to help ‘uniquely vulnerable’, even though No 10 refused to commit to the pledge The state pension triple lock will be kept in place, Nadhim Zahawi has suggested, after Number 10 refused to commit to the pledge. Mr Zahawi, the new chairman of the Conservative Party, said pensioners were "uniquely vulnerable" amid the cost of living crisis and ahead of next month's Autumn Statement, which is expected to result in wide-ranging...

October 28, 2022
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28Oct

Egypt: Increase of minimum wage in public service to address rising cost of living

Egypt has increased the minimum wage in the public sector from 2,000 Egyptian pound ($101.3) to 3,000 in a move to help workers surf the increase in the cost of living, reports say. Prime Minister Mostafa Madbouly who announced the decision said the government will pay an exceptional bonus of EGP 300 for employees in the public sector and its affiliate companies, as well as pensions. Read also Nigeria. How data analytics, artificial intelligence will help PFAs enhance customer service The hike...

October 28, 2022
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