Old age Pensions

Bermuda: Lump-Sum Withdrawals for Occupational Pension Plans for members younger than the retirement age

Submitted by mmarquez on Mon, 06/29/2020 - 14:47

ssa.gov (01.06.2020) For members from certain occupational pension plans that are younger than age 65 (the normal retirement age) and who are not yet retired may request one-time withdrawals of up to B$12,000 (US$12,000) from their account balances. The deadline for requests is June 30, 2021, and pension plan administrators must process the withdrawals within 20 business days after approving a request. This measure is part of an economic relief package for persons affected by the COVID-19.

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bermuda
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Old age Pensions

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Kuwait: Amendments to the Insurance Law are in the interest of the citizen

Submitted by siha on Wed, 06/24/2020 - 16:29

Social Insurance Institution (21.06.2020) In context of the improvement in life rates in Kuwait and the decrease in death rates due to the development of health care, the Kuwaiti National Assembly approved a draft law amending some provisions of the Social Insurance Law related to the replacement system, whereby the tables of the replacement value were modified so that the insured and the pensioners could obtain higher replacement values ​​than before.

 

 

Regions / Country
kuwait
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Old age Pensions
Actuarial
Service quality
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Kuwait: Implementing the decision to postpone the payment of contribution

Submitted by siha on Wed, 06/24/2020 - 15:36

Social Insurance Institution (19.04.2020) The General Organization for Social Insurance announced that it has implemented the decision to postpone some of the amounts due according to the Social Insurance Law for a period of six months from 1 April 2020. The amounts of the deferred contributions will be paid on 24 months starting from October 2020.

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kuwait
Global challenges
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Old age Pensions
Compliance and Contribution Collection
Shocks &extreme events
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Peru Allows Early Withdrawals from Mandatory Individual Accounts During Pandemic

Submitted by cambrosio on Thu, 06/18/2020 - 09:23

elperuano.pe (08.05.2020)

On May 8, Peru implemented new rules allowing participants in the country's mandatory individual account program (Sistema Privado de Pensiones, or SPP) to make one-time early withdrawals from their accounts during the COVID-19 pandemic. The allowed withdrawal amount depends on a participant's account balance.

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peru
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Old age Pensions

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Canada: Temporarily extending the Guaranteed Income Supplement and Allowance payments

Submitted by siha on Wed, 06/17/2020 - 15:54

Canada.ca (16.06.2020) We are temporarily extending GIS and Allowance payments if seniors’ 2019 income information has not been assessed. This will ensure that the most vulnerable seniors continue to receive their benefits when they need them the most. To avoid an interruption in benefits, seniors are encouraged to submit their 2019 income information as soon as possible and no later than by October 1, 2020.

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canada
Global challenges
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Old age Pensions
Service delivery
Social assistance

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Canada: Providing a one-time tax-free payment for Old Age Security and Guaranteed Income Supplement

Submitted by siha on Wed, 06/17/2020 - 15:43

Canada.ca (06.06.2020) 

We are providing a one-time tax-free payment of $300 for seniors eligible for the Old Age Security (OAS) pension, with an additional $200 for seniors eligible for the Guaranteed Income Supplement (GIS).

This measure would give a total of $500 to individuals who are eligible to receive both the OAS and the GIS, and will help them cover increased costs caused by COVID-19.

You do not have to apply. This payment will be issued during the week of July 6.

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canada
Global challenges
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Old age Pensions
Social assistance
Cash transfers
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Estonia: Suspension of second-pillar payments from 1 July 2020 to 31 August 2021

Submitted by siha on Wed, 06/17/2020 - 12:28

Pensionikeskus (16.04.2020) From 1 July 2020 to 31 August 2021, the state will suspend the employer contributions to the second-pillar funded pension from social tax (4% of salary) . In addition, upon request, employee contributions (2%) can be suspended from December 1, 2020, through August 31, 2021.

 

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estonia
Global challenges
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Old age Pensions
Compliance and Contribution Collection
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