January 2020

30Jan

South Africa Unions Want Infrastructure Funded by Pensions

The Congress of South African Trade Unions, a key ruling party ally, is pushing senior members of government to consider its proposals to rescue the state’s indebted power utility before next month’s budget. In addition to suggestions it made in a November document that civil servants’ pensions and a state-run unemployment fund be used to cut Eskom Holdings SOC Ltd.’s debt by more than half to 200 billion rand ($14 billion), Cosatu wants the government to consider making it...

January 30, 2020
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29Jan

Nigeria to borrow N2tn to fund infrastructure development

Nigeria’s National Economic Council (NEC) says the federal government has resolved to borrow two trillion from the current 10 trillion naira pension funds to finance the development of infrastructure. Niyi Falade, CEO of Crusader Sterling Pensions joins CNBC Africa to discuss this story. Watch de video in @CNBC Africa

January 29, 2020
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22Jan

IMF warns of Kenya’s pensions time bomb

The International Monetary Fund (IMF) has warned of a ticking time bomb in Kenya’s pension sector as the gap between retirement dues and actual savings continues to grow wider. Kenya, which in 2009 opted to delay the implosion by raising the retirement age for civil servants from 55 to 60, is now facing pension obligations that have ballooned to Sh2.6 trillion — about 30 percent of GDP. This is much higher than what Kenyans pay as taxes. The country’s...

January 22, 2020
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22Jan

African Public Servants unhappy

(APACSUN) has expressed indignation that large proportion of workers on the continent are not covered under the social security systems, especially for the informal sector. APACSUN has, therefore, resolved to support member unions to study and adopt best practices that enable the improvement of pension administration and benefits for members. This was in a communique the Network issued at the end of its Second Strategic Meeting in Ghana from January 15 to 17, signed by Mr Isaac Bampoe Addo,...

January 22, 2020
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20Jan

Ghana. Three-tier pension to increase retirement income security for workers – NPRA

The three-tier pension system will enhance pension benefits and increase retirement income security for workers both in the formal and informal sectors of the economy and improve on the nation's economic future. Mr Hayford Attah Krufi, Chief Executive Officer, National Pensions Regulatory Authority (NPRA), said the three-tier pension system, which was introduced in January 2010 as part of national pensions reform process, sought to ensure that every worker received retirement and related benefits. He said the objectives of the...

January 20, 2020
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20Jan

Biometrics and digital ID in Africa: GenKey in Niger, Securiport in CAR, new reseller partner for Daon in SA

Heading into a new decade there’s a clear theme in Africa’s digital ID sphere: looming deadlines. First up is Tanzania’s already extended biometric SIM card registration deadline of January 20 then its analogue passport deadline of January 31, the same day Ghana’s pensioners have to have their biometrics registered by in order to keep receiving their pensions. There is also plenty of supplier news: GenKey is embarking on a World Bank project in Niger, Securiport is setting up in...

January 20, 2020
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16Jan

Ghana. Approval for SSNIT pension reforms expected shortly

Discussions and consultations concerning a proposal put forward by the external Actuaries on the Social Security and National Insurance Trust (SSNIT) scheme who recommended a 19.2 percent contribution rate to replace the existing 11 percent rate being implemented are expected to be concluded early this year. The move is part of a number of amendments and reforms that are being considered for implementation in the National Pension Act, 2008 (Act 766) by sector Administrators – National Pension Regulatory Authority...

January 16, 2020
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15Jan

Nigeria’s pension industry squeezed as risk outlook for banks worsens

The Nigerian central bank’s directive that the country’s lenders must have a minimum 65% loan-to-deposit ratio by March will be credit negative as the banks are pushed towards making riskier loans, Moody’s said on 13 January. Loans will need to grow by about 5% from the end of October to meet the new rules, Moody’s says. Pension funds cannot place money with banks rated below investment grade, meaning that pension assets are concentrated in 10 or 11 banks, says...

January 15, 2020
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13Jan

Nigerian Governors should publish payment details of their pensions since 1999, SERAP ask court

Nigeria’s Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit asking the Federal High Court, Abuja to order the 36 state governors in Nigeria to “publish details and breakdown of payment of pensions to each of the former governors and other ex-officials, and the names and number of ex-governors and other officials receiving pensions under their respective State pension laws between 1999 and 2019.” Read Also Nigeria’s pension industry squeezed as risk outlook for banks worsens In the suit filed...

January 13, 2020
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08Jan

Ghana: Pay Employees’ Contributions Promptly – Ssnit Boss to Employers

The low level of compliance by employers to pay contributions of their employees is a threat to the sustainability of the pension scheme, Dr John Ofori-Tenkorang, Director-General of the Social Security and National Insurance Trust (SSNIT) has said. "Often, less than 50 per cent of employers pay their workers' contributions by the 14th of the ensuing month, which is the deadline for contributions payment," he said. Read Also Ghana. SSNIT To Pay ¢243m Pension In 2020 Dr Ofori-Tenkorang was speaking...

January 8, 2020
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