September 2022
29Sep

Pensions in Egypt increased by 50% in recent years: Social solidarity minister

Pensions in Egypt have increased over the past three years by nearly 50 percent, and the minimum pension currently is EGP 916 per individual, Egypt's Minister of Social Solidarity Nevine El-Qabbaj said on Wednesday. El-Qabbaj made the remarks during the launch of the activities of the 6th Arab Pensions Conference that was held under the theme ‘Arab Pensions Outlook 2050 – Change and Opportunity’ in Sharm El-Sheikh. Pension systems play an important role in the Arab world and globally in providing...

September 29, 2022
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21Sep

Ireland to increase state pension for those who work beyond 66

Ireland will offer anyone over 66 a higher state pension the longer they stay in work, sidestepping a recommendation by a government-appointed commission to gradually increase the retirement age to 68 to help fund the ageing population. Under the proposed flexible model agreed by ministers on Tuesday, people will have the option from 2024 to continue working up until the age of 70 in return for a higher pension for each additional year they work. The state pension currently stands at...

September 21, 2022
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19Sep

Australia. Millions to get cash boost

Millions of Australians are in for a welcome boost on Tuesday, with Centrelink payments set to rise in response to growing inflation. Centrelink payments will increase on Tuesday for millions of Australians as an indexation increase to match cost of living pressure kicks in. The payment increase is set to be the biggest in 30 years and will benefit aged pensioners, disability support pensioners, carers and those on JobSeeker and Rent Assistance among others. Single parents will receive an extra $35.20 per...

September 19, 2022
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19Sep

Protesters in Austria demand high salaries and bigger pensions

Across several Austrian cities people took to the streets to protest the high cost of living. According to workers unions organizing the event, more than 32,000 demonstrators participated on Saturday. "It's really hard for me to afford my apartment with the high gas and electricity prices," university student Alexandra Schwarz told CGTN at Vienna's Schweizergarten. "I can't afford groceries," another young woman added. Among higher salaries and bigger pensions, Austria's unions are demanding solidarity between their employers and the government. Many signs...

September 19, 2022
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12Sep

Greek PM says pensions to rise for first time in more than a decade

Greek Prime Minister Kyriakos Mitsotakis said on Saturday the minimum wage would rise again next year and pensions would be increased for the first time since the financial crisis erupted more than a decade ago. During his annual economic policy speech from the northern city of Thessaloniki, Mitsotakis said about 1.5 million pensioners would benefit from the increase. Read also Demographic change impacting asset allocation The conservative premier, who faces parliamentary elections in 2023, also announced a 1.8 billion euros ($1.8 billion)...

September 12, 2022
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06Sep

Portugal’s PM announces aid for pensioners and families amid inflation crisis

The President of the Republic, Marcelo Rebelo de Sousa, has already promulgated the Government's decree establishing exceptional support measures for families to mitigate the effects of inflation. According to a note published on the official website of the Presidency of the Republic, the Head of State also promulgated the Government's decree allowing the return of gas for consumers with an annual consumption of less than or equal to 10,000 m3 to the regulated tariff regime. This note was released by the...

September 6, 2022
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02Sep

The National Landscape of State Retirement Benefits

By Jonathan Moody, Anthony Randazzo Retirement security is ultimately about retirement income. Families and individuals want to know that during their retirement years they will have enough weekly, monthly, or annual income to live comfortably and meet their basic needs. Of course, many people aspire to more than just the basics. Ask even a handful of individuals about how they want to live in retirement, and you’ll hear a wide range of preferences. Expenses can vary from family-to-family, too, depending on housing, health...

September 2, 2022
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August 2022
30Aug

Albania. Only wage increases through more productivity can save public pension system, Word Bank says

By Tirana Times The only way to guarantee that Albanians can rely on a public pension in the future is to increase wages through higher productivity, the World Bank says in a recent report. Albania is going through a major demographic transition with high rates of out-migration and the rapid aging of the population, which is making its social insurance system a huge burden on the economy as the contributor/beneficiary ratio continues to deteriorate. In Albania, expenditures in relation to GDP for...

August 30, 2022
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26Aug

State and Local Government Employees Without Social Security Coverage: What Percentage Will Earn Pension Benefits that Fall Short of Social Security Equivalence?

By Jean-Pierre Aubry, Siyan Liu, Alicia H. Munnell, Laura Quinby & Glenn Springstead Social Security is designed to provide a base of retirement income, to be supplemented in part by employer-sponsored retirement plans. However, approximately one-quarter of state and local government employees are not covered by Social Security, which federal law allows if their employer-provided plans provide comparable benefits. Yet many public pensions are less generous for recent hires, raising questions of whether those plans will still provide Social Security–equivalent benefits....

August 26, 2022
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23Aug

South Korea. At stake is how to reach consensus on contentious issues

The government has finally set about to reform the four major public pensions. In a policy briefing to President Yoon Suk-yeol last Friday, the Ministry of Health and Welfare said it would integrate the national pension with the three occupational pensions ― for public servants, veterans and teachers. It will then link them to the basic pension for people aged 65 and older. The ministry plans to complete the national pension's financial calculation by next March and submit a...

August 23, 2022
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