March 2022

President Sisi approves 13% increase in pensions: Egypt’s PM
22Mar

President Sisi approves 13% increase in pensions: Egypt’s PM

President Abdel Fattah El-Sisi approved a 13-percent increase in pensions, said Egyptian Prime Minister Moustafa Madbouli in a press conference on Monday, adding that the increase would be applied next April rather than July, at an additional cost of LE 8 billion. The conference was held after a number of decisions taken by the Central Bank of Egypt regarding the rates of interest and exchange to mitigate the global economic repercussions of the ongoing Ukraine-Russia military escalation. The Prime Minister said...

March 22, 2022
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14Mar

US. A Guide To The State Pension Funds Divesting From Russia

As economic sanctions against Russia for its invasion of Ukraine spread, state and local public pension plans are looking at selling off their Russian-related assets and some are already doing so. Lawmakers in at least a dozen states are pressuring their pension funds to divest from Russian-related investments. Divestment isn’t likely to have much impact on the funds themselves as Russian-domiciled investments make up less than 1% of most (if not all) state portfolios. But collectively, it sends a message....

March 14, 2022
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11Mar

US. Putin, Russian Pals “Mystery” Partners in Public Pension Deals?

America’s state and local government pensions invest as much as 40 percent of their assets in secretive, offshore “alternative” hedge, private equity, real estate and venture funds which warn that certain unidentified “mystery investors” pay lower fees, are provided greater information about investment strategies and portfolio holdings, have been granted liquidity preferences and receive superior net performance—all at the expense of America’s public sector workers. Read also US. Corporate pension buyouts record second-highest year in volume How many wealthy Russians are...

March 11, 2022
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10Mar

South Africa. GEPF will grant a 5.5% increase to its pensioners

The Government Employee Pension Fund (GEPF) has announced that its pensioners will receive an annual pension increase of 5.5% from April 1, 2022. Read also Saving for Retirement by Kenya’s Informal Sector According to the fund, it instituted the increase to enable its beneficiaries to keep up with rising inflationary rates. Read also India. Labour Ministry launches ‘Donate-a-Pension’ initiative: Check details “This pension increase is based on the 5.5% inflation rate for the 12 months ending 30 November 2021, thus making the increase...

March 10, 2022
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09Mar

Russia. Putin signs law allowing government to quickly raise pensions – RIA

Russian President Vladimir Putin has signed a law allowing his government to quickly raise pensions, part of a set of anti-crisis measures after Russia was hit by a wave of economic sanctions over Ukraine, the RIA news agency reported on Tuesday. Read also UK. Pension Protection Fund pulls out of Russia Read also UK pension funding levels prove resilient in February despite the crisis in Ukraine Another new initiative signed into law by Putin gave individuals and small- and medium-sized businesses the...

March 9, 2022
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03Mar

A History of Public Sector Pensions in the United States

By Robert L. Clark, Lee A. Craig & Jack W. Wilson Understanding the historical development of pensions is critical to the future of retirement systems around the world. A History of Public Sector Pensions in the United States offers a comprehensive assessment of the political and financial dimensions of public sector pensions from the colonial period until the emergence of modern retirement plans in the twentieth century. The authors emphasize how retirement plans can help achieve human resource objectives, how...

March 3, 2022
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February 2022
21Feb

UK. More universities join strike action over pay and pensions

Strike action at UK universities has spread to 68 institutions as staff blamed bosses for failing to make improved offers on pensions, pay and working conditions. The University and College Union said today (February 21) more than 50,000 staff have a mandate to strike and over a million students are being impacted. Strikes initially began at 44 universities last week (February 14) and a further 24 have joined today. The union, which represents all university staff, said new retail price index figures...

February 21, 2022
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18Feb

Protests grow in Puerto Rico amid demands for higher wages

Four men walked to the parking lot before dawn, then sat down blocking the entrance and linked their arms to await the arrival of hundreds of federal and state employees for the work day. Protesting years without pay raises, the four employees of Puerto Rico’s Authority of Roads and Transportation refused to budge. A specialized police unit finally moved in to remove them, and as they were put in handcuffs, one of the men yelled: “Fair salary! Give us what...

February 18, 2022
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17Feb

Assessing Chile’s Pension System: Challenges and Reform Options

By Christopher Evans & Samuel Pienknagura Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor...

February 17, 2022
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14Feb

UK. Lecturers strike again over USS benefit cuts

On the go: Staff at 44 institutions are to walk out once again over planned benefit cuts to the Universities Superannuation Scheme. The strike is the latest episode in a long dispute between the USS trustee, employer group Universities UK, and the University and College Union over the resolution of the scheme’s controversial 2020 valuation. The trustee has until the end of the month to submit a schedule of contributions to regulators. Absent a deal, the conclusions reached by the 2020...

February 14, 2022
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