savings Archives - Page 23 of 41 - Pension Policy International

09DecDecember 9, 2022

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

NewsKenya, savings

06DecDecember 6, 2022

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

NewsRetirement Planning, savings, US

02DecDecember 2, 2022

Inequities in the Golden Years: How Wealth Shapes Healthy and Work-Free Life

By Hessam Bavafa, Anita Mukherjee & Tyler Welch Recent work has established that the gradient of life expectancy with respect to wealth is large and widening. We make three contributions to build on that result using two recent decades of data from the United States. First, the additional years are in healthy, disability-free years, indicating substantial gains for the wealthy. Second, the return to wealth in achieving these healthy years is increasing over two recent decades for all but the...

December 2, 2022

Articles, Pension design2022, Equality, savings

30NovNovember 30, 2022

Kenya. Employers want new NSSF rates spread over five years

Employers want the proposed increase in the National Social Security Fund (NSSF) contributions spread over five-years, even as they call for more consultation. The Federation of Kenya Employers (FKE) says this will enable employers and employees adjust to accommodate the new rates, further adding that it should be effected based on “statutory minimums.” This comes as the government continues to push for an increase on the monthly contributions through the NSSF Act. It seeks to raise this from the Sh200 flat...

November 30, 2022

NewsKenya, savings

28NovNovember 28, 2022

Malaysia. Concerns over raising the retirement age

THE call for Malaysia to increase the retirement age, due to its ageing population and high number of citizens with insufficient savings, has grown louder as the Covid-19 pandemic has further eroded their savings. There are also suggestions to offer fixed term contracts, incentives for higher contributions towards savings as well as to increase the overall remuneration for employees and improve their financial literacy. Most Malaysians rely on their Employees Provident Fund (EPF) savings to sustain their expenses after retirement. The recent...

November 28, 2022

News2022, Malaysia, Retirement Age, savings

28NovNovember 28, 2022

U.K. Pension savers ‘lost £1.7 billion on retirement transition

New research from HSBC Tomorrow Master Trust shows workplace pension scheme members are losing around £1.7 billion a year during their transition into and in retirement, due to savers choosing costly pathways to access their money. While some of this loss comes from scheme members withdrawing more than the 25% tax-free lump sum, exposing them to hefty tax penalties, many are potentially buying products that are not the optimal solution for their circumstances. The research was commissioned for a report Converting...

November 28, 2022

News2022, Income, Pension Management, savings, UK

24NovNovember 24, 2022

UK. Millennials risk losing nearly £6,600 by pausing pension contributions

People pausing their pension contributions in their 20s and 30s could stand to lose almost £6,600 by the time they reach retirement age, analysis from Money Minder has revealed. The research found that those in their 20s that paused pension payments for a year could have an additional £1,371, they risked losing up to £5,770 from their total pension fund when they reach state pension age, due to the accumulation of the investment returns contributing to the growth of the...

November 24, 2022

NewsMillennials, savings, UK

22NovNovember 22, 2022

US. How many retire with one million dollars?

Saving $1 million (or more) for retirement is a great goal to have. Putting that much aside could make it easier to live your preferred lifestyle when you retire, without having to worry about running short of money. However, not a huge percentage of retirees end up having that much money. In fact, statistically, around 10% of retirees have $1 million or more in savings. The majority of retirees, however, have far less saved. If you’re looking to be...

November 22, 2022

NewsRetirement Planning, savings, US

18NovNovember 18, 2022

Make pension schemes attractive: a call for Kenyan pension funds

Pension funds in Kenya are not attracting enough savers from both the formal and informal sector because of low penetration, experts say. A publication of the Zamara Kenya Pensions Watch 2022, shows coverage of the current pension in Kenya is at around 17.7 per cent of the total employed population. About 83.2 per cent of employed Kenyans in the informal sector have no access to any form of pension savings. Speaking at a Pension Trustee Seminar, organised by Zamara, former education CS...

November 18, 2022

NewsEngagement, Kenya, savings

16NovNovember 16, 2022

Age for starting savings for pension drops in China

The average age for starting saving for a pension dropped sharply in China from 38 to 35, according to a survey on the prospect of China's elderly care released by Fidelity International and Ant Fortune on Tuesday, the Paper reported. Perceptions on and behaviors for retirement planning continue to improve when China's personal pension policy landed as a third pillar to support the country's pension system with the basic endowment insurance as the first pillar, and the enterprise annuity as...

November 16, 2022

NewsAging, China, savings

December 2022

Kenya. World Bank backs bid to raise NSSF contributions

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

Inequities in the Golden Years: How Wealth Shapes Healthy and Work-Free Life

November 2022

Kenya. Employers want new NSSF rates spread over five years

Malaysia. Concerns over raising the retirement age

U.K. Pension savers ‘lost £1.7 billion on retirement transition

UK. Millennials risk losing nearly £6,600 by pausing pension contributions

US. How many retire with one million dollars?

Make pension schemes attractive: a call for Kenyan pension funds

Age for starting savings for pension drops in China