January 2023
06Jan

Occupational pensions statistics

By European Insurance and Occupational Pensions Authority EIOPA provides statistical data on how institutions for occupational retirement provision in the EU and the European Economic Area (EEA) perform. The statistics contain aggregated country level information about the basic information, balance sheet, asset exposures, expenses, member data, contributions, benefits, and transfers. Data refers to the latest information available for each reference date. Our statistics are based on quantitative pensions data reports. Occupational pension institutions in the EU and the European Economic Area (EEA)...

January 6, 2023
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December 2022
27Dec

UAE’s Pension Authority raises awareness on incorrect contribution practices

Private sector entities that do not pay monthly contributions or provide incorrect data for their Emirati employees risk incurring additional penalties and, under certain conditions, imprisonment,' as per the federal pension and social security law. At the end of its campaign to educate insured Emiratis and the entities in which they are employed about an insured’s rights and duties in accordance to the NAFIS programme, the General Pension and Social Security Authority (GPSSA) stated that charging an insured person with...

December 27, 2022
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22Dec

South Korea’s Corporate Retirement Pension Funds Jump 15.5% in 2021: Statistics Korea

South Korea's corporate retirement pension funds under management expanded 15.5% to 295 trillion won as of end-December 2021 from a year earlier, Yonhap News reported Monday, citing data compiled by Statistics Korea. A total of 425,000 firms in the country adopted the retirement pension funds scheme for their employees as of last year, marking a growth of 4% from 2020, according to the report. The corporate retirement pension program covered nearly 6.8 million workers in 2021, which accounted for 53.3%...

December 22, 2022
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21Dec

US. New Spending Bill Makes It Easier for Americans Saving for Retirement

After years of negotiation, lawmakers introduced a retirement security package as part of a $1.7 trillion omnibus spending bill early Tuesday. The package, referred to as SECURE 2.0, includes several provisions, such as expanding automatic enrollment in 401(k) and 403(b) plans, enhancing the tax credit for small businesses launching a retirement plan and allowing employers to make matching contributions to a 401(k) plan, 403(b) plan or SIMPLE IRA based on qualified student loan payments. The package combines three bipartisan bills from...

December 21, 2022
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20Dec

Ghana labour unions call for strike over local debt swap

Ghana's main unions on Monday called for a nationwide strike from next week in protest against the inclusion of workers' pensions in a local debt swap programme as part of the terms for an IMF credit. A top cocoa and gold producer, Ghana has oil and gas reserves but its debt payments are high and its revenues weak. Like the rest of Africa, it has been hit by economic fallout from the global pandemic and the Ukraine war. Two weeks ago, the...

December 20, 2022
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15Dec

Departing Hong Kong residents took $378 million from pensions in Q3

Residents leaving Hong Kong for good withdrew a total of HK$2.177 billion (S$378 million) from their pension accounts in the third quarter of 2022, down 16.4 per cent from a year earlier, government data showed on Thursday. A total of 8,600 claims to withdraw from the Mandatory Provident Fund (MPF) were made in the July-September quarter, compared with the 9,300 claims taking out HK$2.604 billion during the same period in 2021. The figure also compared with 8,600 claims in the April-June...

December 15, 2022
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13Dec

Ghana. Exempt pension funds from Debt Exchange Programme – TUC insists

The Trade Union Congress (TUC), has reiterated its intention to advice itself if government fails to announce within a week the exemption of pension funds from the Debt Exchange programme. Speaking at a press conference on Monday, December 12, 2022, Dr Yaw Baah, Secretary General, Trade Union Congress, said government should publicly announce that all pension funds, including Social Security and National Insurance Trust (SSNIT), were exempted from the Debt Exchange Programme. He said the programme will negatively affect pension funds...

December 13, 2022
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13Dec

Overcoming Procrastination In Saving For Retirement

Procrastination in saving for retirement is so pervasive that it can be considered the norm. Retirement is a long way off and how much will be needed is unclear. The question is complicated by possible allocation to estate bequests and (for homeowners) the possible use of home equity in the process. Procrastination is further encouraged by expectations that future income growth will enhance the capacity to save in the future, further rationalizing the failure to save now. Overcoming Procrastination With...

December 13, 2022
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09Dec

Kenya. World Bank backs bid to raise NSSF contributions

The World Bank has backed Kenya’s efforts to increase pension contributions by workers to the National Social Security Fund (NSSF) from the current Sh200 per month to six per cent of monthly pay. This is a boost to the Kenya Kwanza administration’s push for enhanced pension savings with employees’ monthly contribution to NSSF expected to rise ten-fold to Sh2,000, with employers expected to match this amount. President William Ruto’s push for increased contribution to the provident fund has already been endorsed...

December 9, 2022
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06Dec

How Access To Retirement Plans (or Lack Thereof) Is Preventing Americans From Having Adequate Savings

Access to a workplace retirement plan typically prompts more people to save, but many Americans don’t even get the chance. This problem has to do with the current retirement system, as more employers opt for 401(k) plans and other similar retirement accounts over pensions, putting the responsibility of saving on the workers instead. “There are too many Americans who don’t have that future stability,” U.S. Secretary of Labor Marty Walsh said at an event hosted by the Employee Benefit Research...

December 6, 2022
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