April 2020

08Apr

More Than 1 Billion Workers Face ‘Drastic’ Hit From Virus

The coronavirus outbreak is having a “deep, far-reaching and unprecedented” impact on employment, with more than 1 billion workers at high risk of a pay cut or losing their job, according to the International Labor Organization. With factories, schools and shops shuttered around the world, the Geneva-based body says lockdowns are affecting almost 2.7 billion workers. Within that, 1.25 billion are extremely vulnerable, mainly in hotels, food services, manufacturing and retail. Read also US. Some companies are cutting 401(k)...

April 8, 2020
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04Apr

The Future of Pension Plans in the EU Internal Market: Coping with Trade-Offs Between Social Rights and Capital Markets

By Nazaré da Costa Cabral, Nuno Cunha Rodrigues This edited volume takes a closer look at various European pension-plan models and the recent challenges, trends and predictions related to the design of such schemes. The contributors analyse new ideas, both from national governments and European institutions, and consider current debates on topics such as the Capital Markets Union (CMU) and the so-called ‘European Pillar of Social Rights’ – calling for a new approach to social policy at the...

April 4, 2020
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March 2020

23Mar

COVID-19 puts burden on gig economy workers. But can they deliver without social protection?

The coronavirus outbreak has caused life across the world to stutter to a halt and the barricades are now quickly going up. Borders are being shut down and people are increasingly seeking to isolate themselves as restricting social contact has been touted by the scientific community as the one measure that may work to decelerate the pace of the virus’ spread. However, in order for most of society to survive the isolation comfortably, we shall find ourselves increasingly dependent...

March 23, 2020
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19Mar

Finnish unions, employers agree crisis proposals over coronavirus

Finnish trade unions and employers on Wednesday agreed measures to support the labour market and promote temporary changes in legislation to shore up the weakening economy, they said in a joint statement. “The troubles of companies are here and now. Businesses need ways to cope with the corona crisis,” said Jyri Hakamies, the head of industry federation EK. The package - which needs to be approved by the centre-left government - includes measures such as shortening the duration of...

March 19, 2020
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10Mar

PEPPs unlikely to survive after closer look by EU regulators

Money managers and consultants say that voluntary pan-European personal pension products could be dead on arrival with the watchdog European Insurance and Occupational Pensions Authority taking a tougher approach to its supervision. Read also ​Swedish Pensions Agency sees need for new pension savings scheme The European Commission launched PEPPs in 2019 to simplify retirement saving for self-employed and mobile workers seeking employment across the European Union. Through a portable cross-border plan design for individuals, a PEPP was developed to help...

March 10, 2020
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05Mar

East African bloc plans harmonized pension regulation to boost labor mobility

The East African Community (EAC) member states plan to harmonize their pension regulations in order to boost labor mobility across the bloc, an official said on Tuesday. Nzomo Mutuku, CEO of Kenya's Retirement Benefits Authority (RBA), told journalists in Nairobi that the EAC Pension Policy, which was approved by the EAC council of ministers, will provide a roadmap to standardize pension rules. EAC member states include Burundi, Kenya, Uganda, Tanzania, Rwanda, and South Sudan. The retirement benefits regulator said...

March 5, 2020
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February 2020

28Feb

Millennial Generation: Information on the Economic Status of Millennial Households Compared to Previous Generations

By Charles A. Jeszeck, Michael J. Collins, Jessica Rider, Kathleen McQueeney, Layla Moughari Recent research indicates that, across three key measures, economic mobility in the United States is limited. Specifically, the Millennial generation (those born between 1982 and 2000) might not have the same opportunity as previous generations had to fare better economically than their parents. According to studies GAO reviewed, the share of people making more money than their parents at the same age (absolute mobility) has declined...

February 28, 2020
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20Feb

Australia. Jobs drought for older workers increases risk of ‘pension poverty’

Older Australians are missing out on job opportunities and seeing their hopes for a secure and dignified retirement evaporate, Labor leader Anthony Albanese said. “Today, over 170,000 Australians aged between 55 and 64 are on unemployment benefits just when they should be building their nest egg,” Mr Albanese told the Queensland Media Club on Wednesday. Australian Bureau of Statistics (ABS) figures show that the number of older Australians out of work has increased over the past five years, despite...

February 20, 2020
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19Feb

A call to let pensioners work in Australia

The Retirement Income Review should consider a simpler and more flexible system which allows pensioners to work without being punished, according to National Seniors Australia, the peak consumer organisation representing older Australians. National Seniors has suggested this reform be examined as part of its submission to the Review. Chief Advocate Ian Henschke says the Review’s Panel should look at other pension and retirement income systems and import ways to make the Australian system simpler and more flexible. “There are...

February 19, 2020
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13Feb

Gig economy sucking super savings dry

By  Ally Selby  It's causing everyday Aussies to retire with much less, forcing the country's taxpayers to carry the added costs, according to a Treasury submission by the Actuaries Institute. I n a paper submitted to the Treasury's Retirement Income Review Panel, the Institute warned of the new risks to Australia's superannuation system. "The gig economy... creates a new set of problems with respect to the superannuation guarantee (SG) system," it said. "It provides people with different types of jobs...

February 13, 2020
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