May 2020
21May

India. Lack of social security for women in informal economy needs to be addressed

It was in the middle of the second lockdown. Ayeshaben, a home-based garment worker suddenly experienced chest pain. Her son, Asif, a tailor, requested one of his customers to take his mother in his rickshaw to the hospital. Thankfully, Ayeshaben has been taking insurance cover with SEWA’s insurance cooperative, VimoSEWA, for the last 15 years. Her claim of Rs 5,000 was processed online after Asif sent all her documents via WhatsApp. There are millions of Ayeshabens in this country....

May 21, 2020
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04May

Jamaica. The COVID-19 response: Beyond the crisis

The Government’s COVID-19 Economic Recovery Task Force very much duplicates the existing National Partnership Council that had been established to drive Jamaica’s economic development long before the advent of the global pandemic. The recovery process will be long and arduous, but the first order of business for Jamaica is to keep the wheels of industry turning, which is the initial focus, I believe, of the task force. Beyond that, the groundwork for a full and sustained recovery has to...

May 4, 2020
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04May

Jamaica. The COVID-19 response: Beyond the crisis

The Government's COVID-19 Economic Recovery Task Force very much duplicates the existing National Partnership Council that had been established to drive Jamaica's economic development long before the advent of the global pandemic. The recovery process will be long and arduous, but the first order of business for Jamaica is to keep the wheels of industry turning, which is the initial focus, I believe, of the task force. Beyond that, the groundwork for a full and sustained recovery has to...

May 4, 2020
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01May

An Equilibrium Theory of Retirement Plan Design

By Ryan Bubb and Patrick L. Warren We develop an equilibrium theory of employer-sponsored retirement plan design using a behavioral contract theory approach. The operation of the labor market results in retirement plans that generally cater to, rather than correct, workers' mistakes. Our theory provides new explanations for a range of facts about retirement plan design, including the use of employer matching contributions and the use of default contribution rates in automatic enrollment plans that lower many workers' savings....

May 1, 2020
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01May

US. How The Pandemic Is Making The Retirement Crisis Worse — And What To Do About It

The coronavirus crisis has torn the Band-Aid off the financial fragility of many Americans. With an unemployment rate between 15% and 20%, bank accounts draining, and the Dow down 23% in the first quarter, things are dreadful for millions of people. But Americans in their 50s and 60s nearing retirement may be among the most endangered. Many already weren’t on track for retirement, with little or no savings. Now, the COVID-19 downturn threatens to further undermine America’s vulnerable public...

May 1, 2020
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April 2020
30Apr

South Africa: The Rules Around Pensions in a Time of Mass Job Losses

In addition to the stress faced by employees who might lose their jobs during the crisis engendered by Covid-19, there is the added concern of whether their pension contributions will remain safe or fairly managed. The Financial Services Conduct Authority (FSCA) warned, at the end of March, that many distressed employers might default on their employees’ contributions to retirement funds, as a direct consequence of Covid-19’s impact on businesses and the economy. While the FSCA reminded the public that...

April 30, 2020
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30Apr

South Africa: The Rules Around Pensions in a Time of Mass Job Losses

In addition to the stress faced by employees who might lose their jobs during the crisis engendered by Covid-19, there is the added concern of whether their pension contributions will remain safe or fairly managed. The Financial Services Conduct Authority (FSCA) warned, at the end of March, that many distressed employers might default on their employees' contributions to retirement funds, as a direct consequence of Covid-19's impact on businesses and the economy. While the FSCA reminded the public that...

April 30, 2020
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17Apr

IMF warns of global social unrest amid coronavirus pandemic

The International Monetary Fund warned the economic havoc caused by the coronavirus pandemic could spark further social unrest around the globe and urged governments to take steps to prevent the disturbances, according to a report. Read also Milliman analysis: Public pensions hammered by COVID-19 economic volatility, shedding $419 billion in market value in Q1 The organization cautioned that “some countries remain vulnerable to new protests, particularly if policy actions to mitigate the COVID-19 crisis are perceived as insufficient or as...

April 17, 2020
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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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13Apr

US. Retirement planning during coronavirus pandemic: Here’s what to watch for

Retirement in the age of coronavirus isn't going to be easy. True, seniors and pre-retirees can take advantage of some flexible and lenient new rules on retirement accounts. Some people might see new opportunities for part-time employment, especially those who can work from home. In many other ways, things could get tougher, especially for people who already were behind on their retirement preparations. More reliance on Social Security As happened during prior recessions, many older workers will lose...

April 13, 2020
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