February 2021

Asia needs pension reforms for sustainable growth

ASIA is in a good starting position to thrive during the 2020s as it weathered the pandemic crisis in relatively good shape. Allianz SE notes while economic activity in the region declined by less than 2% in 2020, gross domestic product (GDP) contracted by more than 4% at the global level and by almost 8% in Latin America. The main reasons for Asia’s resilience, the multinational insurance group says, is robust growth of 2.3% in China, the only big economy of...

Simple error can leave Brits with £50,000 less than expected in pension pot

Millions of Brits are at risk of being caught short by over-estimating their state pension payments by up to £50,000, a consumer watchdog has warned. Research by Which? revealed three in 10 believe they will get thousands more through their retirement years because they have got their figures wrong. Only three in 10 knew the average weekly state pension is worth around £150 or £7.800 a year. But with guesses ranging from £175 to £200 a week or up to £10,400 a...

Norwegian Parties Agree to Expand Workplace Pension Plans

Norway’s ruling three-party coalition agreed with the opposition Progress Party to remove restrictions on private occupational pension plans so they can be extended to young and part-time workers. The changes would require employers to pay contributions to pension funds to those who work as little as one day a week, workers who earn less than the current basic amount under the national insurance system -- now at 101,351 kroner ($11,883) per year -- and to staff younger than 20. The...

Perú. AFP: 1.9 millones de afiliados tienen saldo cero en su cuenta tras retiros

La Asociación de AFP informó que aproximadamente 1′900,000 afiliados ya no cuentan con dinero en su fondo de jubilación, es decir, que en su cuenta de capitalización individual tiene cero soles. Este debido a que se han acogido a las seis opciones de retiro de fondo de pensiones que se han introducido desde abril del 2016 hasta diciembre del 2020. Cuatro de estas fueron aplicadas en el marco de la pandemia del COVID. Los afiliados de las AFP retiraron un total de...

Transition from the informal to the formal economy: Theory of Change

By ILO For enterprises, formalization means bringing them under the regulation with the advantages and obligations that this entails. It includes the extension of the scope of fiscal, labour and social security regulation to all enterprises without exception regarding the size, sector or other criteria, the legal recognition and registration of enterprises and compliance with legal requirements. For independent workers, the fact that their enterprises belong to the formal economy or not determines if they are also in the informal economy...

2020 Global Equity Release Roundtable Survey

By EY In conjunction with the 2020 Global Equity Release Roundtable, representatives from each country attending have been surveyed to understand the details of how equity release markets operate in different countries. This document summarizes the survey responses received. The responses provided have not been verified by EY professionals and simply represents the views of the responders. The information in this pack should not be regarded as comprehensive or sufficient for making decisions, nor should it be used in place...

OCDE ve una oportunidad para reducir la desigualdad en Chile

Chile debe impulsar la creación de empleo y reducir la brecha de la desigualdad para promover la recuperación de su economía duramente golpeada por la crisis del covid-19, indicó este jueves la Organización para la Cooperación y el Desarrollo Económicos (OCDE). La crisis del coronavirus y el estallido social de octubre de 2019, han sido "dos grandes shocks" para Chile, que experimenta una recesión con una contracción económica del 6% en 2020 y un aumento del desempleo en niveles...

EEUU. Gana fuerza en el Congreso una propuesta para que el Gobierno abra una cuenta con $1,000 a todos los recién nacidos y la vaya enriqueciendo

Un proyecto de ley impulsado por el demócrata Cory Brooker en el Senado y la demócrata Ayanna Pressley en la Cámara de Representantes propone que el Gobierno federal cree una cuenta de ahorros con 1,000 dólares para toda persona que nazca en Estados Unidos. Los llamados baby bonds buscan disminuir la desigualdad económica y racial, y están ganando apoyo entre la mayoría demócrata en ambas cámaras del Congreso. Dependiendo de los ingresos de la familia, el Gobierno añadiría 2,000 dólares...

Declaran inconstitucional que Perú devuelva el dinero aportado para pensiones

El Tribunal Constitucional de Perú declaró este jueves inconstitucional la polémica ley que obligaba al Estado a devolver parte de sus cotizaciones a los trabajadores afiliados al sistema público de pensiones, lo que ponía en riesgo los recursos estatales para que los actuales jubilados reciban su pensión. El fallo fue unánime por parte de los siete magistrados del Tribunal Constitucional de Perú, pues todos votaron a favor de declarar esta norma inconstitucional por afectar al acceso a las pensiones...

Peru court scraps law allowing withdrawals from state-run pension system

Peru's Constitutional Court on Thursday tossed out a law that would have allowed the partial withdraw of savings by citizens enrolled with state pension fund, a measure that had prompted fierce opposition from interim President Francisco Sagasti. The court said in a statement that it had voted unanimously to overturn the law, calling it "unconstitutional." The law passed by opposition members of Congress in December, intended as a lifeline for those in need amid the coronavirus crisis, would have...