The world’s population is getting older and in some places — especially Taiwan — at a relatively quick pace. Nine per cent of the world’s population is over 65 years old. In East and Southeast Asia, that figure jumps to 11 per cent. In Taiwan, 14 per cent of the population is over the age of 65 and will reach 20 per cent by 2026. Meanwhile the working population, aged between 15–64 years, peaked in 2015 and began shrinking...
* New coalition wants to spur faster energy transition * Pension funds and insurers commit to zero carbon portfolios * Asset owners to engage with companies, but may also divest Insurers and pension funds managing $2.3 trillion pledged on Monday to shift their portfolios away from carbon-heavy industries in the hope of triggering snowballing climate commitments from other big investors. German insurer Allianz, the California Public Employees’ Retirement System (CalPERS), and Swedish pension fund Alecta were among the founders...
The National Pensions Regulatory Authority (NPRA) has given the assurance that the industry was ready for the first batch of Ghanaian workers who would be retiring at age 60 in 2020 to begin enjoying their benefits under the new Three-Tier Pension Scheme. As of December 2018, the total Pension Fund had increased to Gh¢22.2 billion from the about Gh¢20.7 billion in 2017. This is made up of Gh¢13.1 billion of Assets Under Management (AUM) for Private Pension Funds and...
Big or small, missteps with our money can harm our financial future. Here are some of the most common financial fails, and how to avoid them. 1. Failing to Save We used to think of retirement planning like a three-legged stool. Retirees could rely on a pension from their employer, Social Security from the government and their own retirement savings. Those three legs created a nice nest egg. Now, with pensions becoming a thing of the past and the...
The financial regulator revealed this in their 2019 annual report, noting that there is a presence of conflict of interest in some pension funds, while the composition of certain boards of trustees was not in line with fund rules. According to Namfisa, there were 134 pension funds under their watch as of 31 December 2018, with a combined value of N$158 billion. Namfisa is mandated to regulate and supervise financial institutions as well as to ensure a safe, stable...
The families of government employees dying after serving less than seven years will get enhanced pension now with the Centre amending rules. The move is likely to benefit the widows of Central Armed Police Forces personnel. Earlier, the government employees should have rendered at least seven years of service in case of death so that the family could get the enhanced family pension at 50 per cent of the last pay drawn. Now, even with less than seven years...
Prime Minister Shinzo Abe pledged Friday to step up efforts to reform social security as Japan faces a multitude of challenges stemming from its rapidly graying population and low birthrate. “Reform toward social security for all generations is the biggest challenge,” Abe said at the first meeting of a government panel tasked with dealing with the issues. “We will consider sustainable reforms for the entire social security system.” Abe instructed his Cabinet members, including Yasutoshi Nishimura, minister in charge...
The National Social Security Authority (NSSA) will soon effect an upward review of pension payouts to improve the welfare of pensioners and cushion them from the economic challenges. This follows a Government decision in July this year, to award a once off discretionary bonus equivalent to a month’s pension to cushion pensioners from the general increase in the cost of living. The actual percentage increases could, however, not be ascertained this week, as NSSA is still in the process...
The United States could learn quite a bit from other countries around the world when it comes to retirement security, according to a new report. The annual Global Retirement Index, started by Paris-based investment bank Natixis Investment Managers, analyzes four key indexes: finances in retirement, including taxes and the old-age dependency ratio; health, such as life expectancy and expenses; “material well being,” which is income equality and unemployment; and quality of life, including happiness and water quality. Iceland topped...
Philip Inman gave a misleading account of the University and College Union’s campaigns to defend university pensions and fight for job security and a manageable workload (“Academics are fighting the wrong battle over pensions”, Business). It is not correct to suggest that we are focusing on the fight to save our pension scheme at the expense of seeking better working conditions and more secure contracts for university staff, especially junior staff. In fact, UCU and its predecessor unions have...
