Employees Provident Funds Act‚ 1952 Introduction As per preface to the Act‚ the EPF Act is enacted to provide for the institution of provident funds‚ pension fund and deposit lined insurance fund for employees in factories and other establishments. The Employees’ Provident Funds and Miscellaneous Provisions Act is a social security legislation to provide for provident fund‚ family pension and insurance to employees. Employee has to pay contribution towards the fund. The employee gets a lump
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Kenya’s Pension Fund Industry amounts to approximately KShs 200 billion reference‚ or the equivalent of 23% of Gross Domestic Product (GDP). These funds are currently operated by statutory contributions under National Social Security Fund (“NSSF”)‚ sponsor-led schemes and individual Retirement Benefit Schemes reference. | These pension funds are established by employers to facilitate and organize the investment of employees’ retirement funds contributed by both the employers and the employees
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PENSION FUNDS A pension plan fund is established for the eventual payment of retirement benefits. A plan sponsor is the entity that establishes the pension plan. A plan sponsor can be: • A private business entity on behalf of its employees‚ called a corporate plan or private plan. • A federal‚ state‚ and local government on behalf of its employees‚ called a public plan. • A union on behalf of its called a Taft-Hartley plan. • An individual‚ called an individually sponsored plan. Two
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Relative to the pension fund the term “funded” refers to the relationship between pension fund assets and the present value of expected future pension benefit payments; thus‚ the pension fund may be fully funded or under funded. Relative to the employer‚ the term “funded” refers to the relationship of the contributions made by the employer to the pension fund and the pension expense accrued by the employer; if the employer contributes annually to the pension fund an amount equal to the pension expense‚
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Introduction 3 1.0 Introduction Social Security Fund (SSF) was established on 23 March 1990 to provide basic social security for the Macau residents. According to the Act 84/89/M‚ Social Security fund would provide subsidies or assistance for unemployed‚ sick and retired people. This was the so-call “the first tier of social security”. At the same time‚ SSF was positioned as a financially independent fund under the local government. In Macau‚ Pension fund is included in the SSF‚ and there is no separation
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Insurance Companies and Pension Funds Insurance Companies Insurance companies assume the risk of their clients in return for a fee‚ called the Premium. Most people purchase insurance because they are risk-averse-they would rather pay a certainty equivalent (the premium) than accept a gamble What is Insurance? A contract (policy) in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments
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1. What are the most important reforms made to the structure of NI’s pension fund between 1976 and 1979 and why are they undertaken? (1) NI established a separated Pension and Retirement Committee (PRC) to substitute the old Executive Committee of the Board of Directors in making investment decisions. Because the Board of Directors found it was difficult to allocate much time and effort to the pension area. (2) They selected a policy of 70:30 equity: bonds as an appropriate long-run average
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Saving for the future. Pension reform in Lithuania. Article: http://verslas.delfi.lt/manolitai/atejometasapsisprestidelpensijos.d?id=60991987 The Lithuanian government has decided to change the way that people save for their pensions once again. It mostly affects people who have already been saving for their pensions as new job market entrants will simply have to follow the rules set up by the government. People will have three choices: 1) they can stick to the old way of saving; 2) They can go back to saving
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We also show that the introduction of maximum funding ratio targets would allow pension funds to decrease the cost of downside liability risk protection while giving up part of the upside potential beyond levels where marginal utility of wealth (relative to liabilities) is low or almost zero. This paper is a shortened version of a paper entitled “How Costly is Regulatory Short-Termism for Defined-Benefit Pension Funds?”. This research has benefited from the support of the “Structured Products and
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up a new‚ wholly-owned subsidiary to manage the Group’s pension fund assets‚ which amounted to some CHF 25 billion at the end of 2005. From 1 January 2007‚ Nestlé Capital Advisers‚ the new Swiss-based company‚ will have a strategic advisory role and be a one-stop-shop for any services required by Nestlé pension funds around the world. Nestlé Capital Advisers’ CEO will be Jean-Pierre Steiner‚ who will also continue as Nestlé’s corporate pension and risk director. Paul Polman‚ CFO of Nestlé S.A.‚ will
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