November 2019

05Nov

Bulgaria. New proposal for the minimum pension

CITUB proposed the minimum pension to be increased by 14 percent or from BGN 219.43 to BGN 250 as of July 1, 2020. In this way, 850,000 retirees will receive this increase and will feel that this time the government, parliament and society are being empathetic and concerned, CITUB said. The CITUB has estimated that the additional cost for this measure is not negligible - about BGN 80 million, but it is fully achievable. "And the social and even political...

November 5, 2019
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October 2019

30Oct

Serbia to increase public sector wages, pensions this year and next

The Serbian government is ready to raise wages in the public sector this year and pensions in 2019, on the back of favourable fiscal revenues and in line with a non-financial arrangement with the International Monetary Fund, Finance Minister Sinisa Mali said on Tuesday. Read also France. Macron vows to push pension reform ‘to the end’ despite strikes The government of the Balkan country this month moved from a small surplus to a deficit of 0.5% of GDP, to allow for...

October 30, 2019
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28Oct

UK. MPs call for end to freeze on State pension for half a million expats living outside of Europe

Pension payments to British expats living in Europe will rise in line with inflation But the same does not apply to payments for pensioners living further afield More than 40 MPs are calling on the Government to overturn the move More than 40 MPs are calling on the Government to overturn an enduring injustice affecting State pension payments to half a million UK nationals living overseas. The cross-party group is sending an open letter to Therese Coffey, the Secretary...

October 28, 2019
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25Oct

Measuring Household Wealth in the Panel Study of Income Dynamics: The Role of Retirement Assets

By Daniel Cooper, Karen E. Dynan, Hannah Rhodenhiser While the Panel Study of Income Dynamics (PSID) has much to offer researchers studying household behavior, one limitation is that its summary measure of wealth is not as broad as those of other commonly used surveys, such as the Survey of Consumer Finances (SCF), because it does not include the value of defined-contribution (DC) pensions. This paper describes the pension data available in the PSID and shows how they can be...

October 25, 2019
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25Oct

Where does retirement income come from in the US?

Most of us depend on a paycheck to provide the funds we need to cover costs of living. But when you retire, your paycheck ends even though you still need a source of support. While different retirees may have their own unique income streams, such as money from alimony or from real estate investments, the most common sources of cash for seniors include the following. 1. Social Security For 50% of married couples and 70% of unmarried...

October 25, 2019
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18Oct

Motivated Saving: The Impact of Projections on Retirement Saving Intentions

By George Smyrnis, Hazel Bateman, Loretti Dobrescu, Ben Rhodri Newell, Susan Thorp The implications of current balance information for retirement provision are considerably difficult to grasp or anticipate. We study how balance and/or income projections motivate the voluntary savings intentions of pension plan participants over a sequence of ten choices. To this effect, we collect savings intentions from 1,615 respondents aged 25-57 years via an online experimental survey that compares four different formats for retirement account information. The formats...

October 18, 2019
Articles, Pension design, Savings, ,
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09Oct

South Africa. The impact of ethical investment by pension funds

The core functions of a pension fund are to provide its beneficiaries with good enough returns for them to live on – and a good enough world to retire into. It makes little sense to simply strive to generate financial returns for pensioners, if the investments that provide those returns are reckless, bad for the planet or perpetuate social inequality and inequity. It is thus common sense that responsible investing – which all investing should actually be – must...

October 9, 2019
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08Oct

Japan. Excessive concern over public pension

The Health, Labor and Welfare Ministry’s Social Security Council in late August released its report to examine sustainability of the public pension system every five years. This time, the report received particular attention since it followed the recent controversy as to whether public pension benefits are enough to cover people’s retirement expenses. However, misguided comments on the issue flooded social media and blogs, and some of the mass-media reports tended to present a one-sided coverage. Read also Japan. World’s Largest...

October 8, 2019
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07Oct

UK. The Guardian view on women’s pensions: a feminist issue

Some means must be found to ease the hardship faced by the 1950s-born women worst affected by pension age changes. Last week the high court rejected the arguments in a judicial review brought by the campaign group BackTo60. The group argued that changes to the law in 1995 and 2011 were discriminatory on grounds of sex and age, and that 3.8 million women should be compensated. But while last Thursday’s loss was a setback, the campaign is far from...

October 7, 2019
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07Oct

Zimbabwe. Pensioners to get express cash

The Government is working with the Reserve Bank of Zimbabwe and banks to ensure that pensioners access cash for their pension payouts. The country has been experiencing cash shortages that have seen members of the public literally camping at banking institutions who are failing to satisfy their clients. The hardest hit, however, are pensioners, with some now being forced to sleep on bank pavements for more than a night in anticipation of cash. Minister of Public Service, Labour ...

October 7, 2019
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