ARGENTINA - President Cristina Fernández announced pension payments will be raised by 8.2% from the beginning of March, taking the level of pension increases to nearly 500% since 2003.
This decision will see minimum pensions increase from ARP827.23 (US$217) to ARP 895.15 per month.
Diego Bossio, chief executive of the state-run social security agency Anses, said including the health care subsidy received by most pensioners, the total minimum payment will increase to ARP940.5 per month.
In November 2008 the Argentinean Congress in a controversial move nationalised about US$24bn in private pensions. (Global Pensions, November 21, 2008)
The funds were transferred to Anses, which has administered them since then. Data from country's Federal Tax Agency revealed in March last year that tax collection increased by 23% year-on-year largely due to pension contributions.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.