July 2020

28Jul

India. Govt employees retiring during pandemic will get ‘provisional pension’

The payment of 'provisional pension' will initially continue for a period of six months from the date of retirement and the period of 'provisional pension' may be further extended up to one year in exceptional cases. Government employees retiring during Covid-19 pandemic will be receiving “provisional" pension till their regular Pension Payment Order (PPO) is issued and other official formalities are completed, the Ministry of Personnel, Public Grievances & Pensions said on Monday. MoS Personnel, Public Grievances & Pensions,...

July 28, 2020
News, Slider, , , ,
Read more...
13Jul

US. Public pension funds in an era of low rates and COVID-19

What is the most prudent strategy for state and local governments confronting low returns on pension investments, aging workforces, and pressure to build portfolios large enough to cover promised future benefits at the same time that these governments face other pressing demands? Presentations at the 2020 Municipal Finance Conference provide contrasting answers to this question. Louise Sheiner and Finn Schuele of the Hutchins Center at Brookings with co-authors Byron Lutz of the Federal Reserve Board and...

July 13, 2020
News, Slider, , , ,
Read more...
07Jul

Greece. Main and auxiliary pensions to be paid together

Starting next month, Greek pensioner will be receiving their main and auxiliary pensions at the same time, Labor and Social Security Minister Yiannis Vroutsis told Skai TV on Saturday, adding that more changes to improve the pensions and the social security system are in the pipeline. Besides the simultaneous payment of pensions as of August, Vroutsis said that pensioners with at least 30 years of service will also see an increase to their main pension from September. He added...

July 7, 2020
News, Slider, , ,
Read more...

June 2020
01Jun

US pension plans warned they will run out of money by 2028

The weak financial condition of seven US public pension plans threatens to deplete their assets by 2028, leading to severe risks for the living standards of thousands of American employees and retired workers. Many US public pension plans had not fully recovered from the 2007/08 financial crisis before coronavirus struck, triggering turmoil across financial markets. The correction in the US stock market has increased the long-term structural problems across the entire US public pension system, particularly for the weakest...

June 1, 2020
News, Slider, , ,
Read more...

May 2020
11May

US. Public Pensions Could Suffer for Years from Pandemic Losses

US public pension plan sponsors and administrators are likely entering a period of fiscal stress, and rising pension obligations caused by the sudden pandemic-induced recession are expected to be felt for years by US state and local governments, according to a report from S&P Global Ratings. S&P said US public pension funds in aggregate lost approximately $850 billion during the first quarter of the year, and that they would need to rebound sharply during the second quarter to maintain...

May 11, 2020
News, Slider, , ,
Read more...
08May

Egypt increases wages, pensions by LE 100B in 20/21: Prime Minister

"Egypt’s new budget draft for fiscal year 2020/2021 includes an article stipulating the increase of wages and pensions by LE 100 billion," Prime Minister Mostafa Madbouli said Thursday. Madbouli added at a press conference at the headquarters of the Cabinet that the state was keen to alleviate the burden off the Egyptian citizen during the coronavirus crisis. “Every year we need nearly 800 jobs for young people,” he stated. “We all, as citizens, must be aware that delayed...

May 8, 2020
News, Slider, ,
Read more...
08May

US. J.P. Morgan report estimates pandemic’s impact on unfunded retirement benefits

Banking giant J.P. Morgan issued a report estimating the impact of the COVID-19 pandemic and economic downturn on states’ unfunded pension and retiree healthcare liabilities, noting Connecticut would have to pay nearly 40 percent of its revenue for the next thirty years to pay off nearly $70 billion in unfunded liabilities. Connecticut had the fourth highest cost to pay off its liabilities, with Hawaii, New Jersey and Illinois faring worse. According to the report, the economic downturn added another...

May 8, 2020
News, Slider, , , ,
Read more...
06May

Kenya. State pension pay to rise 29pc next year

The Treasury will spend nearly a third more on paying pensioners in the fiscal year beginning July, with the actual total amount to be spent for the first time expected to exceed Sh100 billion. According to estimates released to Parliament, the total pensions and gratuities paid will amount to Sh119.19 billion, from revised estimates of Sh92.49 billion of the fiscal year ending in June. This is Sh26.7 billion or 29 percent higher. It underlines the extent of liabilities the public has...

May 6, 2020
News, , ,
Read more...
06May

Kenya. State pension pay to rise 29pc next year

The Treasury will spend nearly a third more on paying pensioners in the fiscal year beginning July, with the actual total amount to be spent for the first time expected to exceed Sh100 billion. According to estimates released to Parliament, the total pensions and gratuities paid will amount to Sh119.19 billion, from revised estimates of Sh92.49 billion of the fiscal year ending in June. This is Sh26.7 billion or 29 percent higher. It underlines the extent of liabilities the...

May 6, 2020
News, Slider, , ,
Read more...
01May

Costs and Potential Funding of Expanded Public Pension Coverage in Asia

By Peter Morgan, Long Q. Trinh Public pension burdens in most emerging Asian economies are still relatively small. However, there are a number of reasons to believe that they will increase markedly in the coming years. First, many Asian economies will face rapidly ageing populations, which will raise pension and other old‐age‐related spending dramatically. Second, as economies develop, political pressures to expand the coverage of public pensions and raise pension benefits will likely increase. The first objective of this...

May 1, 2020
Articles, System Sustainability, , ,
Read more...