May 2021
27May

India. Demise of govt employees covered under NPS

Central Government employees covered under National Pension System have been given the option under rule 10 of CCS (Implementation of NPS) Rules, 2021, to choose benefits either from old pension schemes or accumulated pension corpus under NPS in the event of their death. The family of a deceased government employee cannot exercise this option. Read also Africa’s Biggest Fund Manager Loses Head of Impact Investing In case, the employees could not furnish the option in this regard, there is a default...

May 27, 2021
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20May

Pensions in Germany to rise by average of 5 percent next year

After seeing their benefits stagnate in 2021 due to the economic impact of the coronavirus pandemic, pensioners in Germany can look forward to an increase next year. The government is also changing the way benefits are calculated, which could mean a permanent increase for pensions in Germany. More money in German pensioners’ pockets Every year, the German federal government makes a so-called pension adjustment (Rentenanpassung), based on the development of salaries in the previous year. A few weeks ago it was...

May 20, 2021
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13May

China. Shanghai raising residents’ old age pensions

Shanghai is raising old age pensions, the city’s Human Resources and Social Security Bureau announced on Tuesday. Retirees covered by the social security fund for employees will get a 3 percent increase in their monthly pension from last year and an additional 70 yuan (US$10.8) a month. Women over 60 and men over 65 will get an extra 20 yuan a month per person. People included in city residents' basic pension scheme will have their pensions increased by 100 yuan to...

May 13, 2021
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11May

US. Public pensions won’t earn as much from investments in the future. Here’s why that matters

State pension systems dropped the rate of return they assume for their investment portfolios again, continuing a two-decade long trend that public-finance experts say is necessary, even as it presents some challenges for the entities that participate in such plans. The median assumed return in 2021 is 7.20%, according to a report published early in May by the National Association of State Retirement Administrators, down roughly 1 percentage point since 2000, as the investment managers charged with managing trillions of...

May 11, 2021
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10May

Average Czech pension crosses 15,000 crowns per month

The average pension for senior citizens in the Czech Republic crossed 15,000 crowns for the first time this year, reveal stats from the Czech Social Security Administration (CSSZ). The CSSZ paid out an average of 15,351 crowns monthly to retirees by the end of the first quarter. In a year-on-year comparison, CSSZ expenditures grew while the total number of allocated old-age pensions dropped, largely due to effects of the Covid-19 pandemic. Czech pensions rose in January 2021, increasing by an average...

May 10, 2021
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10May

Philippines. DOF backs planned overhaul of military pension system

The Department of Finance (DOF) will rally support this year for the passage of proposed reforms in the pension system of the military and uniformed personnel (MUP). Finance Secretary Carlos Dominguez has directed the department’s Strategy, Economic and Results Group (SERG), led by Finance Assistant Secretary Juvy Danofrata, to assist the Treasury in gathering support from stakeholders and lawmakers for the revamp of the MUP pension system. “This year, Secretary Dominguez directed SERG to assist the Bureau of the Treasury (BTr)...

May 10, 2021
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06May

A Game-Theoretic Analysis of Fiscal Policy Under Economic Growth From the Perspective of MMT

By Yasuhito Tanaka We present a game-theoretic analysis of fiscal policy under economic growth from the perspective of MMT using a simple two-periods overlapping generations (OLG) model with pay-as-you-go pensions. We show the following results. 1) Sustained budget deficit is necessary to maintain full-employment under economic growth driven by population growth or technological progress. 2) An excessive budget deficit triggers inflation, and after one period inflation full-employment is maintained by sustained budget deficit with constant price. 3) Insufficient government deficit...

May 6, 2021
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06May

Almost half of Swiss workers choose early retirement

On Tuesday, the Federal Statistical Office (FSO) reported External linkthat in 2019 between 40-50% of people started receiving their pension from their so-called second pillar before the legal retirement age - 65 for men and 64 for women. Men tend to make this choice more than women – 46% compared to 40%, respectively. The Swiss pension system is complex, and is based on three so-called pillars: old-age and survivors’ insurance (known as the AVS), occupational pension planning (often referred to as...

May 6, 2021
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April 2021
19Apr

Ireland. Government in bid to resolve pensions dispute in community employment sector

The Government is set to table new proposals to resolve a long -running dispute over access to pensions for hundreds of community employment scheme supervisors. Minister for Public Expenditure Michael McGrath and Minister for Social Protection Heather Humphreys informed Government politicians that they had agreed on measures to deal with the issue. They told Government TDs and senators on Saturday that the Department of Social Protection would provide details to trade unions in the coming days. The proposal is expected to involve...

April 19, 2021
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08Apr

Pension systems in east Africa a deep dive

By World Bank Group Although the populations of the countries in East Africa are still young, there is a growing awareness among policy makers that they too will face the interlocking challenges of demographics and urbanization. The lesson learned from other regions is that policies need to be put in place now to ensure that pension systems are robust and affordable. So too, pension savings should be used to fund economic growth and development. Otherwise, we risk the fate of...

April 8, 2021
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