March 2024
20Mar

Interview with World Bank Country Manager Emanuel Salinas on the Pension System in Albania

1.  What is the World Bank's evaluation of the current pension program, which was approved in 2015? The 2015 pension reform of Albania was a step in the right direction towards establishing a clearer link between contributions and benefits, while also improving sustainability of the overall system. The change in the defined benefit formula in 2015 meant that individuals who paid more and more frequently into the system will receive higher pension benefits. The gradual increase of the retirement age...

March 20, 2024
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19Mar

UK. Deliveroo is spending an estimated $230,000 to give a handful of riders 15 hours of childcare—after years of lobbying to avoid paying sick leave, PTO, and pensions

Deliveroo burst into its first profit last year, and the company appears to be shelling out a small fraction of that windfall to its self-employed riders. The delivery app is partnering with Bubble, an on-demand childcare platform that matches parents with babysitters, to give a small portion of its 50,000 U.K.-based riders free childcare. Deliveroo will give 1,000 of its riders 15 hours of childcare to access through Bubble’s app, the pair announced. But the initiative might appear hollow to riders who...

March 19, 2024
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04Mar

Revolutionizing Retirement: How TWPS is Pioneering Pension Participation in Jamaica

In a groundbreaking move, the Tourism Workers Pension Scheme (TWPS) is setting a new standard for pension schemes, aiming to significantly boost retirement participation among Jamaica's tourism workers. Differentiated by its inclusivity of both employed and self-employed individuals and bolstered by government support, TWPS is driving towards a membership goal of 20,000 in the current year, overcoming initial setbacks caused by the COVID-19 pandemic. Unique Features and Strategic Goals The TWPS stands out by covering workers in the private sector, with...

March 4, 2024
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February 2024
29Feb

Ghana. 600,000 Self-employed enrolled on SSNIT pension scheme

Since the launch of the Self-Employed Enrolment Drive (SEED) initiative by the Social Security and National Insurance Trust (SSNIT), some 600,000 self-employed persons have been enrolled on the programme, President Nana Addo Dankwa Akufo-Addo has said. He did not immediately mention the number that joined monthly but noted that, these self-employed persons were now having some form of social security cover. The President announced this when he laid the State of the Nation Address (SONA) before Parliament in Accra on Tuesday. “Mr...

February 29, 2024
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26Feb

World Bank Urges Malaysia to Mandate Retirement Savings for Digital Platform Workers

In a world where the gig economy is not just an option but a necessity for many, the World Bank has cast a spotlight on Malaysia, urging the government to adopt a pioneering approach to safeguard its informal workers.At the heart of this recommendation is a call for mandatory contributions to retirement savings for those earning through digital platforms. This suggestion comes at a critical juncture, as the gig economy's productivity in Malaysia soared to RM1.33 billion in the third...

February 26, 2024
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20Feb

Ghana. 71,000 Self-employed enrolled onto Tier 1 pension scheme — SSNIT

The Social Security and National Insurance Trust (SSNIT) has enrolled over 71,000 informal sector and self-employed persons onto the state-run Tier One pension scheme. The significant increase of contributors from 14,200 to 71,000 as of May last year followed the implementation of a self-employed enrolment drive (SEED) initiative. “The initiative has made it possible for artisans, carpenters, masons, tailors, auto-mechanics and traders to contribute towards their pension. “SSNIT has targeted to enrol about 10 per cent of the 3.6 million self-employed Ghanaians...

February 20, 2024
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15Feb

U.S., U.K. delivery, ride-hailing drivers stop work on Valentine’s Day over pay, employee benefits

Thousands of ride-hailing and delivery workers in the U.S. and the U.K. went on strike on Valentine’s Day, calling for higher pay and other changes to their working conditions. In the U.S., Uber Technologies Inc. and Lyft Inc. drivers planned day-long strikes and held mid-day demonstrations at airports in several cities, including Chicago, Philadelphia, Pittsburgh, Miami, Orlando and Tampa, according to Justice for App Workers, the group organizing the effort. Meanwhile, U.K. delivery drivers for Uber Eats, Deliveroo, Just Eat and...

February 15, 2024
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January 2024
15Jan

Ghana. SSNIT to intensify campaign to enrol more self-employed

The Social Security and National Insurance Trust (SSNIT) is to intensify its initiative aimed at roping in more informal sector and self-employed persons in Ghana onto the state-run Tier One pension scheme. Riding on the successes of last year when it launched the Self Employed Enrolment Drive (SEED), SSNIT believes that a more aggressive approach to push the initiative will attract more people in that bracket to secure them a better future when they retire. The Director-General of SSNIT, Dr John...

January 15, 2024
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08Jan

US. How the Gig Economy Is Reshaping Retirement Planning

As many as 50% of Americans have some sort of side gig, whether this is primarily how they make money, or in addition to a regular job. The gig economy, a phenomenon that may have emerged as a response to the high unemployment rates of the 2008-2009 recession, has become a part of American life, and it’s reshaping retirement. While these gigs offer workers more flexibility and variety, they may also come with some downsides, affecting how financially set people are for retirement. Some...

January 8, 2024
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03Jan

Nigeria. Stakeholders Worry Over Slow Pace Of Micro Pension Plan

The ever slow pace with which Micro Pension Plan (MPP) is being subscribed to has been a source for concern for the operators, regulators and other stake­holders. Launched by the immediate past Pres­ident Muhammadu Buhari in 2019, four years down the line not much has been achieved in terms of numbers of contrib­utors and of course, micro pension assets under management. The MPP was launched to bring into the pension net, work­ers in the informal sector of the economy who are...

January 3, 2024
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