July 2023

Ghana. Inevitable 2nd round of DDEP: Will organized labor sacrifice pension funds?

Ghana, like many other countries, has faced significant economic challenges due to the global pandemic and mounting debt burdens. Despite recent efforts to restructure a portion of its domestic debt, Ghana still finds itself grappling with a substantial financing gap. The recent formation of a creditor committee, co-chaired by China and France, and their statement urging negotiations for debt treatments underscore the inevitability of another round of domestic debt restructuring for the country. This article will examine the factors leading...

June 2023

Ghana. Pensioners Bondholders begin third round of picketing

Members of the Pensioners Bondholders Forum have begun a third round of picketing at the Ministry of Finance to demand payments on due coupons, principals, and interest on bonds. The picketing is set to be carried out on Thursdays and Fridays of every week until government honours its obligation to bondholders. Speaking in an interview on the first day of picketing, Dr Adu Anane Antwi, the convener of the Forum, said that although the Government said it has directed the Controller...

The Effect of Defined Benefit Pensions on Income Survivability and ‘Safe’ Withdrawal Rates in Retirement

By Alan Stocker  Income from a Defined Benefit (DB) pension with various levels of inflation protection (no protection, and inflation caps of 2.5% and 5%) was combined with the income from an investment portfolio to provide a total required income, IR that was constant in inflation adjusted terms. Results of backtesting are presented for retirees in the UK and USA using historical asset returns and inflation. For a value of IR close to the maximum safe withdrawal rate (MSWR) for...

Ghana unions request time to mull $2.7 billion pension fund restructuring offer

Ghanaian labour unions have asked the government for time to assess a proposal presented on Thursday to restructure pension funds worth around 30 billion Ghanaian cedis ($2.7 billion). The West African nation is looking to extend the maturity periods of cedi currency bonds that the pension funds hold in exchange for higher interest payments as part of efforts to save billions in near-term debt payments under a loan deal from the International Monetary Fund. Abraham Koomson, leader of the federation of...

Uganda’s pension sector witnesses impressive growth in assets and benefit payments

In the wake of Covid-19 lockdown measures and with rising demand for short-term access to pension money, growth in assets, investment portfolios, and benefit payments defined the health of Uganda's pension market. The total assets of the sector climbed from Ush17.8 trillion ($4.8 billion) in 2020–2021 to Ush19.9 trillion ($5.2 billion) in 2021–2022 according to the most recent statistics provided by the Uganda Retirement Benefits Regulatory Authority. Private fund managers controlled assets worth less than Ush3 trillion ($801 million), while the...

May 2023

South Africa. Distribution of military veterans’ pensions gains momentum

The Defence and Military Veterans Department says the pension payout for military veterans, who do not have any income, is going full speed ahead. “We have noted the confusion and uncertainty created by the lack of clarity on the part of the Department of Military Veterans officials in their interaction with Parliament’s oversight committee on Defence and Military Veterans,” the department said on Thursday. However, the department clarified that the distribution of the pension is being implemented through the Government Pension...

Afghanistan. Military Veterans, Retired Employees Voice Concerns over Unpaid Pensions

Many military veterans and retired employees residing in the country have voiced their concerns over unpaid pensions, Get latest articles and stories on World at LatestLY. Many military veterans and retired employees residing in the country have Afghanistan is currently grappling with a serious humanitarian crisis as according to international assessments, the country now has the highest number of people in emergency food insecurity in the world. The economic and political situation of Afghanistan has taken a turn for the worse since...

April 2023

Senegalese veterans to return home after French government u-turn on pensions

Eight veteran Senegalese riflemen will be finally returning home for good this Friday, after President Emmanuel Macron's government in January lifted a six-month residency condition for their military pension. For 95-year-old Yoro Diao, after nearly 20 years of living thousands of miles from his family, he is happy to leave his tiny studio in a suburb of Paris, to return to his family. “This is a victory, a second victory after the war. We are allowed to go home while receiving...

Hong Kong pensions body slams The Wall Street Journal over claim that BNO passport holders’ assets held ‘hostage’

Hong Kong’s pensions fund authority has demanded that American newspaper The Wall Street Journal retract “misinformation” in an op-ed about holders of British National Overseas (BNO) passports’ access to their pensions. The op-ed, titled “Hong Kong’s Hostage Pensions,” was published by the paper’s editorial board last Friday. It discussed a Mandatory Provident Fund policy that denies pension payouts to emigrants using BNO passports as evidence of early withdrawal of funds. Anyone who permanently leaves the city is normally entitled to make...

India. Punjab Govt. Approved The Advance Payment Of Salaries And Pensions To Employees

On 07-04-2023, the Government of Punjab Finance Department issued a Notification concerning the Disbursement of Pay and Allowance in Advance for April 2023 Punjab. Due to Eid-ul-Fitr 2023, Punjab pensioners will also receive an advance pension for the month of April 2023. The Punjab Government will pay the April 2023 salary on April 17, 2023. Pay and Allowance Disbursement in Advance for Punjab Employees April 2023 Punjab The Governor of Punjab is pleased to approve the advance payment of pay and allowances...