April 2020

16Apr

Work after COVID: A new regime for independent workers

A spectre is haunting the world – the spectre of COVID-19. The ability of nations to deal with the impact of this pandemic is the most important public policy challenge in decades. In addition to the ineludible health emergency, in a context in which productive lockdowns are reproduced on a global scale, governments face the double challenge of sustaining workers' incomes and mitigating demand shortages that can deepen an economic depression. Read also Pension pots around the world during...

April 16, 2020
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16Apr

Pension pots around the world during COVID-19

Governments around the world are springing into action to leverage and safeguard pension pots during the COVID-19 economic and market turmoil. Australia in March allowed workers to withdraw $10,000 for this financial year and the next from their superannuation savings if their employment has been affected by COVID, in a move that was panned by the opposition and industry funds lobby. Australia is not the only country to allow early access to retirement savings during COVID-19 - the United States...

April 16, 2020
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15Apr

German pensions lifeboat preps for insolvencies burden amid reform

The Pensions-Sicherungs-Verein VVaG (PSVaG), the mutual insurance association for German occupational pension schemes, expects a high number of insolvencies, despite the efforts of the government to mitigate the consequences of the COVID-19 crisis on the economy, board members Marko Brambach and Hans Melchiors have told IPE. “This will also lead to a higher burden for PSV as the legal institution of insolvency protection for company pension schemes,” they said. PSV is the statutory insolvency insurer for occupational pensions in...

April 15, 2020
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14Apr

World Bank to allocate 150 mln USD to Ukraine for social protection

The World Bank will provide Ukraine with an additional 150 million U.S. dollars for social protection needs during the COVID-19 epidemic, the press service of the Ukrainian Ministry of Social Policy said on its website Friday. Read also Africa’s demographic transition The statement said 50 million dollars will be used to support vulnerable groups during the outbreak and 100 million dollars are earmarked for improving social protection in general. Read also India: Pension schemes draw more members Ukraine joined the World...

April 14, 2020
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14Apr

US Corporate Pensions See Shocking $93 Billion Funding Gain in March

Defying forecasts of another grim month due to global market volatility, the funded status of the 100 largest US corporate pension funds surprisingly increased $93 billion in March despite deteriorating economic conditions amid the COVID-19 pandemic. Just a month after hitting its lowest level in more than three years the Milliman 100 Pension Funding Index (PFI), which tracks the funded ratio for the 100 largest corporate pension plans in the US, rose to 85.6% from 82.1% at the end...

April 14, 2020
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14Apr

How Coronavirus Pandemic Is Affecting Fintech Companies

As the world evolves and becomes a lot more advanced, financial technology (fintech) companies have a bigger chance to solidify their positions. While the use of technology is not new, fintech companies exploit technology a lot better, putting them way above traditional financial institutions. With the ongoing coronavirus pandemic, there is a lot of uncertainty about life and business after the pandemic. As biting as it has been, we look at the effects of the coronavirus situation on fintech...

April 14, 2020
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13Apr

Greece. Nightmare scenarios for pension system

Social security experts and the government are having to consider nightmare scenarios with unemployment above 20 percent and a recession of close to 12 percent once the coronavirus pandemic has subsided. The fiscal turbulence is also expected to affect forecasts for the social security system, as the revenues of the main pension fund (e-EFKA) are expected to plummet, which means that the state will have to step in and help out. Read also Public pension funds shouldn’t wait for...

April 13, 2020
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13Apr

Egypt. COVID-19 crisis likely to propel social protection reforms: Mashaat

The novel coronavirus (COVID-19) crisis is likely to accelerate the structural reforms as regards the social protection and the irregular workers alongside activating the financial inclusion as per the policies of the Central Bank of Egypt (CBE), said International Cooperation Minister Rania el Mashaat on Monday. The minister was addressing a video conference session about the short and long-term repercussions of the coronavirus pandemic organized by the Middle East Institute (MEI), a leading non-profit think tank and cultural center...

April 13, 2020
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13Apr

Jamaica. COVID-19 is opportunity in disguise – disaster risk expert

Dr Dennis Edwards, who was part of a panel organised by the Caribbean Sociological Association (CASA) to examine the social fallouts occasioned by the pandemic last week, said COVID-19 should be taken “as a sort of opportunity in disguise”. “I am of the view that we here in the Caribbean – this being maybe the third most multi-hazard region in the world – should be taking this time to simulate, model, drill, not only for a single disaster such...

April 13, 2020
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08Apr

Covid-19: Restrictions, Economic Losses And Incentives. European And Global Overview

By Virginia CÂMPEANU The viral epidemic COVID-19 started in December 2019 in a large city of China, Wuhan with a population of about 20 million, similar to that of Romania. The huge speed of virus spread inside China, then outside the borders has determined the World Health Organization (WHO) to declare on January 30, 2020, "Global emergency for public health" (pandemic). In mid-March, the epicentre of the epidemic moved from Asia to Europe, where the number of cases continues...

April 8, 2020
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