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Dublin: 12 °C Friday 18 September, 2020

#Pension reform

From TheJournal.ie ESRI: Those who live alone are at greater risk of falling below the poverty line when they retire State Pension

ESRI: Those who live alone are at greater risk of falling below the poverty line when they retire

Researchers examined whether soon-to-be pensioners will have adequate income in retirement.

From TheJournal.ie French police fire tear gas as hundreds of thousands protest pension reform plans Transport Stoppages

French police fire tear gas as hundreds of thousands protest pension reform plans

Commuters in Paris and other big cities have borne the brunt of transport stoppages so far but Christmas travel plans are now at risk.

From TheJournal.ie France transport strike reaches tenth day as fears grow of Christmas travel chaos Pension Reform

France transport strike reaches tenth day as fears grow of Christmas travel chaos

Protesters want the government to back down on pension reforms.

From TheJournal.ie Multiple Aer Lingus and Ryanair flights from Ireland cancelled today due to major strike in France National Strike

Multiple Aer Lingus and Ryanair flights from Ireland cancelled today due to major strike in France

The strike action has been planned over President Emmanuel Macron’s planned pension reforms.

From TheJournal.ie Journalist shot dead during violent clashes over pension reform in Nicaragua Violence

Journalist shot dead during violent clashes over pension reform in Nicaragua

The protests are the worst experienced in the 11 years President Daniel Ortega has led the country.

From TheJournal.ie Teachers attack 'larcenous' and 'unjust' plans for public pension reform Public Pensions

Teachers attack 'larcenous' and 'unjust' plans for public pension reform

Unions claim a new reform of pensions mean that new teachers will pay more into their pension funds than they’ll get back out.

From TheJournal.ie Slovenians head to the polls to vote on retirement age Slovenia

Slovenians head to the polls to vote on retirement age

The proposal would see the retirement age rise to 65 but it is likely to be rejected by voters.

From TheJournal.ie Pension reform bill is passed in France France

Pension reform bill is passed in France

Despite fierce protests French politicians have approved Nicolas Sarkozy’s pension reform bill.

From TheJournal.ie French strikes costing economy €400 million a day France

French strikes costing economy €400 million a day

Measures to try and secure the economy are so unpopular that the strikes across France are hurting it even more.

NINE EUROPEAN UNION member states have written to the European Commission asking it to change its accounting rules in a bid to try and artificially lower their official budget deficits.

The countries, mostly from Eastern Europe, have asked the bloc to consider changing its classifications so that the costs of reforming their various pension schemes do not count towards their budget deficits.

Lithuania, Latvia, Bulgaria, Sweden, Slovakia, Hungary, Romania, Poland and the Czech Republic say that reform of their pensions systems, while expensive, create long-term benefit while inflating their short-term budget shortfalls.

In a letter obtained by Reuters today, the countries backed a German proposal to introduce new penalties for countries which exceed the Union’s ‘glass ceiling’ of running a budget deficit of more than 3% of GDP.

But they wrote:

Maintaining the current approach to debt and deficit statistics would result in unequal treatment of Member States and thus effectively punish reforming countries.

The European Commission has described the proposal to change budgeting rules as a “relevant” one, but insiders believe it would be difficult to change the rules as they form part of the Stability and Growth Pact, amendments to which would require the assent of all 27 member states.

“There is likely to be some understanding for the position of the nine countries, but it is difficult to say how far it will go,” one source told Reuters. “To change the accounting rules everybody has to be on board, and some are not.”

Ireland is likely to face massive penalties from the EU one way or another, after its official statistical agency Eurostat ruled that Ireland’s costs of recapitalising Anglo Irish Bank would not be discounted from its budget deficit – meaning its deficit could be up to 24% of GDP, eight times the EU limit.