November 2019
08Nov

Sharpening the Teeth of EU Social Fundamental Rights? The Case of State Pension Age in the UK

By Hans van Meerten In this contribution I want to discuss an important and very topical EU Law element of the judgment regarding two claimants (Delve and Glynn), backed by BackTo60, versus the UK Department of Work and Pensions (hereafter: Delve and Glynn). Claimants argued inter alia that the UK State Pension Age (SPA)was discriminatory. I want to focus here not if SPA is discriminatory, but whether the (SPA) falls in the ambit of EU law. Didn’t the UK...

November 8, 2019
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05Nov

Bulgaria. New proposal for the minimum pension

CITUB proposed the minimum pension to be increased by 14 percent or from BGN 219.43 to BGN 250 as of July 1, 2020. In this way, 850,000 retirees will receive this increase and will feel that this time the government, parliament and society are being empathetic and concerned, CITUB said. The CITUB has estimated that the additional cost for this measure is not negligible - about BGN 80 million, but it is fully achievable. "And the social and even political...

November 5, 2019
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October 2019

28Oct

France. Macron vows to push pension reform ‘to the end’ despite strikes

French President Emmanuel Macron vowed no let up in his drive to implement far-reaching pension reforms despite a looming winter of strikes by unions angered by the plan, in an interview broadcast on Monday. Macron told RTL radio that there would be "no complacency or weakness" in pushing through the changes, even if it risked making him more unpopular. "I want this reform to go to the end, I think it is necessary for the country so I will...

October 28, 2019
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28Oct

Thailand. Pensions need drastic reform

Becoming an aged society is a big challenge for Thailand, especially when it comes to welfare provided by existing pension schemes. According to the United Nations, a country with over 10% of its population aged 60 and older is an ageing society. When this group increases to over 20%, the country becomes classified as an aged society. In Thailand, as of 2015, 10.5 million people, or 16.2% of the 65.2 million population, were aged over 60. Siam Commercial Bank...

October 28, 2019
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28Oct

Chile president lifts state of emergency, protests continue

Chilean President Sebastian Pinera on Monday ended a state of emergency that lasted more than a week amid mass protests, but demonstrations continued nonetheless. The decision to lift the decree at midnight, just two days after more than a million people took to the country''s streets demanding economic and political change, comes after the equally unpopular week-long nighttime curfews ended on Saturday. Authorities imposed both the state of emergency and curfews last weekend after Chile was rocked by its...

October 28, 2019
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23Oct

Brazil Pension Reform Clears Congress, Stocks Hit New Highs

Brazil's Senate on Tuesday approved a sweeping overhaul of the country's pension system to stabilize public finances and restore business confidence, setting up President Jair Bolsonaro to sign his keystone economic proposal into law. Read also Japan. No excuse for inaction on pension reforms The Senate approved the main text of the landmark pension reform by a margin of 60-19 in a late Tuesday session before moving on to consider amendments. Read also Irish pensions need urgent reform, industry specialist...

October 23, 2019
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15Oct

UK. Queen’s Speech: Govt announces Pensions Bill

The Pensions Bill announced in the Queen’s Speech today (October 14) will see new rules for pension dashboards, collective defined contribution schemes and new powers for The Pensions Regulator. Queen Elizabeth said: “To help people plan for the future, measures will be brought forward to provide simpler oversight of pension savings. "To protect people savings for later life, new laws will provide greater powers to tackle irresponsible management of private pension schemes.” The government does not have a majority...

October 15, 2019
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15Oct

Bank of Estonia: Pension reform to unsettle economy

Governor of the Bank of Estonia Madis Müller, financial stability department head Jaak Tõrs and monetary policy and economic studies dept. chief Martti Randveer explained the effects of changing the pension system on tax burden, growth, financial stability and future pensions at a press conference. The Bank of Estonia presented its initial effects analysis today, work on which began immediately after the extent of planned changes accompanying plans of rendering the second pension pillar voluntary became clear. The central...

October 15, 2019
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04Oct

France. Macron seeks to placate French over pension reforms

French President Emmanuel Macron sought to ease fears over his controversial pension reform Thursday in a debate with concerned citizens over the plan that has sparked protests by train drivers, pilots, lawyers, doctors and police. Macron’s move to modernise France’s retirement system is part of an election pledge to put the country on a solid financial footing — a mission that calls for painful changes in a country where many people have seen their spending power decline. Macron’s government...

October 4, 2019
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04Oct

Why the Future of Brazil’s Economy Rides on Pensions

Latin America’s largest economy, Brazil, is closer than ever to overhauling its costly pension system. That’s been the focus of the first sustained legislative drive by President Jair Bolsonaro, his economic team and allies. Efforts to muster support for a major reform failed under previous administrations. Now, Brazil’s Senate is set to approve changes that could boost the nation’s public finances and open the door to a virtuous cycle of expansion. 1. Why is pension reform so important? Brazil’s pension...

October 4, 2019
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