September 2022
05Sep

Philippines. Reforming the private pension system

The Philippine private pension system has serious flaws that need to be fixed. It is not portable, not funded, not adequate, not actuarially fair, not sustainable. As a consequence, it does not ensure the continued well-being or provide a comfortable living for our retirees, especially future retirees coming from the millennial workforce and the next generation. Based on a 2018 study by the Philippine Institute for Development Studies (PIDS), the Philippines will be an ‘aging population’ by 2032 when 7...

September 5, 2022
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05Sep

UK. Why the gig economy deserves better options for protection

For many people who consider going freelance or self-employed, added flexibility is usually the main driver. But other things you normally take for granted suddenly become more complicated, including the lack of a safety net from your employer if you happen to fall ill. The LV= Wealth and Wellbeing Monitor found that 64 per cent of working UK adults were worried about losing income if they were unable to work. A central worry was how to pay the bills and...

September 5, 2022
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August 2022
26Aug

Nigeria. Pencom to push pension remittances, attract informal sector operators

The National Pension Commission is taking urgent steps to enforce remittances of pension deductions by employers and to widen its public awareness of the Micro Pension Plan (MPP) in other to encourage participation among operators of the informal sector, in the country The Head of Micro Pension Department, Mr. Dauda Ahmed, said in Abuja, yesterday, that MPP was a veritable tool against poverty at old age, which he observed has been the worst challenge of people employed in the informal...

August 26, 2022
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19Aug

Nigeria. Pension fund, contributors hit N14trn, 9m respectively – PenCom

The Director -General, PenCom, Mrs Aisha Dahir-Umar gave the figure at a workshop organised by the commission for journalists covering the pension industry on Thursday in Lagos. The theme of the workshop was, “Increasing Informal Sector Participation In The Contributory Pension Scheme (CPS) :The case for Micro Pension Plan (MPP).” Dahir-Umar, represented by the Head, Corporate Communications, Mr Abdulqadir Dahiru said increasing number of pension contributors and fund was responsible for the recapitalisation of the Pension Fund Administrators (PFA’s) by PenCom. “The...

August 19, 2022
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08Aug

UK. How to help the self-employed boost their pension savings

Just prior to the pandemic the self-employed made up about one in seven of the workforce, and while that is likely to have dipped somewhat through the pandemic, this remains much larger than a generation ago, driven by growth in self-employment in the decade after the financial crisis. Despite the growth in the number of people who are self-employed over the years, pension savings for this group have continued to fall. A recent report from the Office for National Statistics paints...

August 8, 2022
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July 2022
27Jul

UK. Thousands of gig economy workers in line for improved labor conditions

While not a change in the law, business minister Jane Hunt said the guidance was “tidying up the rules” to help workers find out if they are being treated fairly by their workplace. It follows the landmark Uber Supreme Court judgment in February last year, which held that individuals in the gig economy qualify as workers. This entitles them to core employment protections including earning at least the National Minimum Wage as well as being given paid holiday leave and a...

July 27, 2022
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19Jul

UK. MPs back tax return solution for self-employed retirement savings

The All-Party Parliamentary Group on Financial Resilience has thrown its weight behind using the tax system to help the self-employed save for retirement. In a report analysing general financial resilience during the coronavirus pandemic, launched on July 18, the group called for the government to “co-ordinate an approach to improving pension saving in under-pensioned groups”. “This should involve an equivalent of automatically enrolling the self-employed into saving through the tax system,” it said. The APPG also called for an increase in take-up...

July 19, 2022
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June 2022
30Jun

Does Informality Hold the Key to Growth and Stability?

By Meghna Dutta This paper attempts to analyse the impact of a prevailing informal sector on the dynamics of growth and inflation in developing economies. The high growth rates posited by most developing economies in the presence of a huge informal sector suggest that this sector might not be the malefactor as often indicated. The main results show that the informal economy not only contributes to economic growth but the firms also help to significantly reduce inflation by generating employment...

June 30, 2022
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15Jun

UK. Work and Pensions Committee to examine auto-enrolment pension contributions and pensions for gig-economy and self-employed workers

The Work and Pensions Committee inquiry into saving for later life continues with an evidence session featuring witnesses from unions, business federations, and representatives from Uber, Nat West, Tata, and Co-Op. Purpose of the session MPs are expected to examine whether the UK’s pension system is still fit for purpose, 20 years after the pensions commission was first set up. The Committee is likely to explore whether auto-enrolment minimum contribution rates should rise and how employers and trade unions can help put...

June 15, 2022
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13Jun

Nigeria. Micro Pension Plan as Buffer Against Old Age Poverty

The World Bank report of 2021 entitled, “Long Shadow of informality, Challenges and Policies,” estimated that over 80.4 percent of Nigeria’s labour force is in the informal sector. Persons involved in the sector do not have access to any formal pension protection or coverage for old age. The result is old age poverty, especially with people living longer due to improved medical care. To address the situation, the National Pension Commission (PenCom) introduced the Micro Pension Plan (MPP), a...

June 13, 2022
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