April 2020

23Apr

Ghana’s Social Protection And Public Choices In The Days Of Covid-19

We cannot know how society protects its weakest and vulnerable, those at the bottom of society from deprivation until a catastrophe such as COVID-19, the 'unseeable, undead, unliving blob', to use the words of Arundhati Roy, is unleashed on us. Read also South Africa. The dichotomy between what pension scheme members want and what they get Ghana has a sub-optimal social protection system, its inadequacy due to our informal and poor information system. COVID-19 has amplified these weaknesses, unleashing a...

April 23, 2020
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23Apr

UK. Coronavirus crisis hits occupational pension schemes

Members of generous final-salary workplace pension schemes could see their guaranteed benefits jeopardised by the Covid-19 pandemic. Many such schemes are in deficit: they lack the money to make good on all the pension promises made to employees . In the short term, the outlook has improved. The Pensions Regulator has now given employers longer to make up this shortfall since many firms are suffering from the pandemic. This will help employers squeezed by the virus. But...

April 23, 2020
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23Apr

South Africa. The dichotomy between what pension scheme members want and what they get

The one thing an investment linked living annuity (also known as a living annuity, or illas) does not do is give pensioners a secure income flow. Few pensioners are likely to be financially secure until death. The advent of Covid-19 and the junking of South Africa’s debt makes it far worse when share prices and dividend payments drop. Most living annuity pensioners had already received a serious body blow even before the virus and the downgrade of South...

April 23, 2020
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23Apr

Australia. Deloitte Digital develops chatbot for swamped pension funds

Due to Covid-19 disruption, superannuation funds are being swamped with enquiries. In a rapid response to client demand, Deloitte Digital has managed to develop a ‘Covid-19 Super Bot’ to help funds manage the huge rise in the number of requests coming their way. Read also Tesla appoints former head of Japan’s Government Pension Investment Fund to its board For most superannuation funds in Australia, the nature of enquiries flowing in is considerably predictable. But following the Australian government’s recently announced...

April 23, 2020
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22Apr

US. Trump pressed to halt federal pension investments in China’s ZTE, Hikvision: Reuters

Lawmakers and former officials are making a last-ditch push to persuade the Trump administration to halt plans to invest billions of federal employee retirement dollars in Chinese companies that Washington suspects of human rights abuses or threatening U.S. security, according to sources and documents seen by Reuters. Read also Coronavirus will make US cities feel the pressure of pension debt The campaign, which includes letters and calls from Republicans and a sharply worded memo shared with White House Chief of...

April 22, 2020
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22Apr

Ireland. Over 1 MILLION people now claiming social protection payments

The number of people now claiming some form of social protection payment has exceeded 1m after another 50,000 people received the COVID-19 Pandemic Unemployment Payment. The Department of Employment Affairs and Social Protection has issued the €350 weekly payment to 584,000 people who have lost their jobs as a result of the coronavirus, adding to the 212,000 people in the Live Register. A further 46,000 employers have signed up to the newly expanded wage subsidy scheme, with over 281,200...

April 22, 2020
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22Apr

Kenya needs better social protection programmes during Covid-19

While scrolling through Twitter, it is likely that you will come across a post appealing for food aid. As Kenya recorded its 197th confirmed Covid-19 case in early April, many enterprises had reduced their operations, or closed down, causing massive losses in livelihoods. The economic impact has, in turn, increased the prevalence of food-insecure households. Although Kenya has set up a Covid-19 Emergency Fund, it does not currently support provision of food for the most vulnerable households. On Friday,...

April 22, 2020
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21Apr

US Public Pension Funding Levels Plunge to 66% in Q1

The funded level of the 100 largest US public defined benefit pension plans plunged to 66% during the first quarter from 74.9% at the end of last year, according to Milliman. It was the largest quarterly drop in the history of the firm’s public pension funding index (PPFI), and it eliminated the funding level improvements made during 2019. Volatility from the COVID-19 pandemic resulted in net negative cash flow of approximately $24 billion and a $419 billion loss in...

April 21, 2020
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21Apr

Debt headache compounds Kenya’s worries amid fears for economy

The impact of the Covid-19 pandemic is likely to be felt in July when the country will need Sh630 billion to settle debts that will fall due. Kenya’s total debt reached a new high of Sh6.3 trillion on March 20. This position has been made worse by the depreciation of the shilling, which has reached an average of Sh106.7 to the dollar, one of the lowest this month. The debt position will get worse in coming months as...

April 21, 2020
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20Apr

US. We Need a New Social Contract for the Coronavirus

Our collective behavior will be the primary determinant of whether we can keep this virus in check. A team of infectious disease epidemiologists has calculated that we must reduce our social contacts by 65 percent from what they were before the virus started spreading. Everyone wants to get the country back to work, school, and together again as soon as possible. On Friday, the Trump administration announced it wants to do that in phases and allow each governor...

April 20, 2020
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