September 2024
26Sep

Swiss social democrats, unions lay out vision to change second pillar pension system

The Swiss social democratic party (SP) and several workers’ unions are laying out their views to change the second pillar pension system following the recent vote against a proposed reform. “What is needed now is progress in terms of women’s pensions, automatic inflation compensation and an end to rip-offs by banks and insurance companies,” the party said in a statement released soon after the results. The social democrats demand measures to close pension gaps, especially for women. “The introduction of education and care...

September 26, 2024
News,
Read more...
24Sep

China’s retirement age reforms not enough to fix pension headache

China's move to raise retirement ages is a starting point to plug gaping pension deficits and bolster a shrinking workforce but more pain lies ahead as the economy slows, making further reforms urgent, say economists and demographers. Aging populations are a global phenomenon, but the issue is particularly stark in China due to the legacy of its one-child-policy, which was in place for three decades and has exacerbated its demographic challenges. China’s number of births dropped to 9 million last year and the...

September 24, 2024
News, Uncategorized, , ,
Read more...
23Sep

Swiss Voters Shoot Down Government’s Pension-Fund Reform

Swiss voters rebuffed a government plan to reform company pension funds, marking the second time this year that a proposal to adapt the country’s retirement system to changed demographics was rejected in a plebiscite. The bill to increase wage deductions and reduce retirement payouts — in order to cope with higher life expectancy — was supported by just 32.9% of the electorate, according to final government results published on Sunday. “Now we stick with the status quo,” Switzerland’s leading business lobby...

September 23, 2024
News,
Read more...
18Sep

Key Elements of the Pension Reform Agreement Signed Today by Spanish Government and Unions

The keys to the pension reform agreement are being finalized today, September 18, 2024. Spanish Prime Minister Pedro Sánchez will join union leaders to mark this important event. The reform aims to improve retirement conditions for workers, especially those in tough jobs. Key Takeaways Pedro Sánchez to sign pension reform agreement. Early retirement options for hard professions. Partial retirement regulations improved for workers. Lower retirement age for specific job conditions. Enhanced conditions for fixed-discontinuous workers. Mútues to collaborate on temporary...

September 18, 2024
News,
Read more...
13Sep

South Africa. Over 63,000 government employees dip into their two-pot retirement funds, says GPAA

The Government Pensions Administration Agency (GPAA) has confirmed that that more than 60,000 public sector employees have made applications to make withdrawals from their savings pot of the two-pot retirement system. According to the GPAA, the Government Employees Pension Fund (GEFP) has received a little under 63,000 two-pot retirement system applications since September 1, 2024. In terms of two-pot retirement system enquiries, the GPAA said it has received a high number of applications from its members, which include teachers, nurses, police officers and other...

September 13, 2024
News, ,
Read more...
12Sep

Pakistan. Govt notifies major pensions reform

ISLAMABAD: In a major reform in the government's pensions scheme, the finance ministry issued three office memoranda on Tuesday to notify the new criteria on the recommendation of the Pay and Pension Commission 2020. According to the documents available with The Express Tribune, the federal government fixed the period of family pension at 10 years after the death of the retired employee, however, in case of a special child, the family pension would continue for life. The period of special...

September 12, 2024
News,
Read more...
11Sep

Argentine Congress Debates Milei Veto Of Pensions Increase

Argentina's Congress debates on Wednesday whether to overturn President Javier Milei's veto of a bill to increase pensions, amid heavy security due to a planned mass opposition protest. Milei, a budget-slashing libertarian, last week blocked an 8.1-percent pensions increase approved by both houses of Congress, which aimed to help cushion retirees in the South American country hit by annual inflation of 250 percent. The president claimed the measure was "manifestly in violation of the current legal framework as it does not...

September 11, 2024
News, , ,
Read more...
03Sep

Milei uses first presidential veto to overturn pensions increase

President Javier Milei has vetoed a pension increase approved by Congress in mid-August, his first use of the presidential power since taking office in December. He signed the veto on Friday night and it took effect on Monday after being published in the Official Gazette. The bill passed by Congress established a hike and guarantees to prevent retirees’ income from falling behind the basket of goods. In his decree overturning the increase, the president argued the bill was incompatible with the...

September 3, 2024
News, ,
Read more...

August 2024
29Aug

South Korea’s Yoon pledges urgent reform of $860 billion public pension fund

 South Korean President Yoon Suk Yeol on Thursday pledged urgent reform of the national pension fund, one of the world's largest with $860 billion of assets, to make it more equitable and to ensure income security for an ageing population. Yoon said there had been a loss of confidence in the pension system across generations and there was a need for fundamental and sustainable reform to restore the trust of those who needed it in retirement. "Now is the time to...

August 29, 2024
News,
Read more...
26Aug

President Yoon to unveil pension reform this week

President Yoon Suk Yeol is expected to announce pension reform as early as this week that would expand benefits for conscripts and mothers to reduce the burden on younger generations and ensure the system's sustainability, a source said Sunday. "The president will hold a briefing on state affairs this week," presidential chief of staff Chung Jin-suk said in a high-level policy consultation meeting with the ruling People Power Party. "The president will share with the people his vision and ambition...

August 26, 2024
News,
Read more...