Informal Sector Archives - Page 12 of 23 - Pension Policy International

30JunJune 30, 2022

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

Articles, Labor Market2022, Informal Sector, Political economy

15JunJune 15, 2022

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

NewsAuto enrollment, Informal Sector, UK

13JunJune 13, 2022

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

News2022, Informal Sector, Nigeria

30MayMay 30, 2022

India. Donate-a-pension retirement plan finds few takers

The government's Donate-a-Pension initiative to build up a retirement kitty for unorganised workers, including domestic helps, has failed to garner enough responses. The number of beneficiaries enrolled under the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme has slowed considerably in fiscal year 2022-23, strengthening the case for a major revamp of the initiative. Only 14,518 unorganised workers enrolled under the scheme between April 1 and May 25, government data showed, bringing average enrolment in a month to a little over 7,000....

May 30, 2022

News2022, India, Informal Sector, Pension design

25MayMay 25, 2022

Canada. How employers can design health benefits, retirement plans for gig workers

Whether they’re delivering takeout, chauffeuring passengers, or fixing leaky sinks, most gig workers in Canada don’t get benefits. Classified as independent contractors rather than employees, they’re excluded from employer contributions to Canada Pension Plan and Employment Insurance, they may not be protected under worker’s compensation and they can’t participate in tax-advantaged benefits programs like registered pension plans and employee life and health trusts. Read: Uber Canada sharing details of self-directed benefits fund for gig workers So even if an employer offered dental...

May 25, 2022

News2022, Canada, Informal Sector

24MayMay 24, 2022

Ghana. 4 Bodies Collaborate To Give Drivers Pension & Insurance Package

Westom Insurance Brokers in collaboration with People's Pension Trust (PPT), Prudential life Insurance and Premier Health Insurance has launched a pension and an insurance package for members of the Ghana Private Road Transport Union (GPRTU). Known as the ‘Anidaso Plan’, the package offers three in one Pension/Life insurance/Health Insurance plan to members. It also covers the principal’s immediate dependents, that is, spouse and children. The ‘Anidaso Plan’ is a comprehensive pension and insurance package that has been specially designed to offer...

May 24, 2022

News2022, Ghana, Informal Sector

17MayMay 17, 2022

Vice president commits to “significantly increase number of Ghanians in pension schemes”.

Vice President Dr Mahamudu Bawumia has said a well-regulated and functioning pension system is a major driver for investment and development of the country. Read also Arab Pensions Conference grows into key regional platform Together with the National Pensions Regulatory Authority (NPRA) and all stakeholders, Dr Bawumia said they will work together to accelerate the pace of pension acceptance through the use of digitalization, but to focus on designing and rolling out tailored pension schemes for the informal sector, such as...

May 17, 2022

News2022, Coverage, Ghana, Informal Sector

10MayMay 10, 2022

Kenya. Reform laws on pensions to spur growth in savings

Whilst the Kenyan pension sector is the biggest in the region, we are yet to exploit its full potential as the penetration rate remains just about 20 per cent of the working class in both formal and informal sectors. Apart from the mention of the registration of The Kenya National Entrepreneurs Savings Trust (KNEST) during the 2022/2023 budget, a government-backed pension scheme for informal workers, there were no other proposals directed towards accelerating the development of the pension sector. There is...

May 10, 2022

News2022, Coverage, Informal Sector, Kenya

25AprApril 25, 2022

Ghana. Steady rise recorded in life expectancy of SSNIT contributors

Regardless of the widely held notion on decreasing life expectancy among Ghanaians, the Social Security and National Insurance Trust (SSNIT) says its statistics indicated a reverse of the widely held misconception. It said longevity on the pension’s payroll indicates a steady rise in life expectancy of contributors aged 72 from eight per cent in 2002 to 18 per cent in 2010 and 25 per cent in 2020. Likewise, the percentage of contributors aged 80, rose from one per cent in 2002...

April 25, 2022

News2022, Ghana, Informal Sector, savings

Labor Marcket Search, Informality, and Schooling Investmets

14AprApril 14, 2022

Labor Market Search, Informality, and Schooling Investmets

By Matteo Bobba, Luca Flabbi & Santiago Levy We develop a search and matching model where jobs can be formal or informal. Workers choose schooling and search for jobs. Firms post vacancies in each schooling market and decide the job's formality status. Upon meeting, workers and firms bargain over wages. The equilibrium size of the informal sector is an endogenous function of labor market fundamentals and institutions. We estimate the model using labor force survey data from Mexico and exploiting the...

April 14, 2022

Articles, Labor Market2022, Income, Informal Sector

June 2022

Does Informality Hold the Key to Growth and Stability?

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

Nigeria. Micro Pension Plan as Buffer Against Old Age Poverty

May 2022

India. Donate-a-pension retirement plan finds few takers

Canada. How employers can design health benefits, retirement plans for gig workers

Ghana. 4 Bodies Collaborate To Give Drivers Pension & Insurance Package

Vice president commits to “significantly increase number of Ghanians in pension schemes”.

Kenya. Reform laws on pensions to spur growth in savings

April 2022

Ghana. Steady rise recorded in life expectancy of SSNIT contributors

Labor Market Search, Informality, and Schooling Investmets