Danish government proposes mandatory pension savings

first_imgIt said the three pillars of Denmark’s pension system — the unfunded state pension (Folkepension), statutory funded scheme ATP and the labour-market pension schemes and private pensions — were a good foundation for the future, but that there were areas where the “good and secure” pension system needed to be strengthened.Under the proposal, the mandatory pension contributions will start at a level of just 0.25% in two years’ time, rising gradually to 2.0% by 2025.The 2025 Plan covers a wide range of political issues, from long-term unemployment to student finance and migration control.The pension proposals will now be discussed among the political parties in Denmark as well as the other stakeholders in the labour-market and wider economy.Per Bremer Rasmussen, chief executive of Forsikring & Pension (F&P) the Danish pensions and insurance industry association, said: “It should be no secret that we are not happy about compulsory savings.”“Basically, I think that the conditions for pension savings should be made so good that it makes good business sense for everyone to save,” he said.Bremer Rasmussen added that social partners had taken responsibility for retirement provision by making it a key element within existing collective bargaining agreements, he said.“I recognise, however, that the politicians have the desire to get everyone on board the pensions bus,” he said.Bremer Rasmussen said he expected it would be possible for many companies to offer the new product.The governing Liberal Party (Venstre) will need broad support from other parliamentarians and civil society to pass the proposals, as it currently rules with a one-seat majority with the backing of three other political parties.The government’s plan also addresses a problem that the country’s pension industry has long wanted addressed, namely that many Danes have no incentive to save for a pension later in their working lives because of the way social benefits are calculated.The government said a special pension scheme would be introduced, which can be used by people with five years or fewer until state pension age.Up to DKK50,000 (€6,700) can be paid into the scheme, with contributions being non-tax deductible, but the pension payout being tax free.Pensions paid out through this annuity product will not be offset against social benefits.As well as this, the government plans to give an extra tax allowance for people on incomes between DKK300,000–535,000 paying into a deductible pension scheme.The tax allowance will apply for pension contributions of more than 8%.Bremer Rasmussen said it was very important that it was made attractive for everyone to save for retirement.“So I am happy that the government has recognised the problem and it doing something about it,” he said.Labour-market pensions provider PKA also welcomed the fact the government was tackling the problem. “The initiative is a step in the right direction by finding solutions to the challenges the pensions sector is in,” it said.PKA said it would follow the political negotiations that would now begin with interest. Denmark’s oft-lauded pension system is set to expand its funded coverage further still under a new plan set out by government to make it compulsory for nearly everyone of working age to contribute to a scheme.The proposal, published as part of the government’s long-awaited 2025 Plan covering a range of policy areas, suggests introducing compulsory pension savings of 2% of work income for all people in Denmark aged over 25, who are saving less than 6% of their income into a pension.The scheme is to cover benefit recipients, employees as well as self-employed people, and the mandatory contributions to it will in principle be paid to ATP, according to the wording of the plan.Launching the proposal, the finance ministry said: “Today there are around 750,000 adult Danes who have no savings for their old age, or not enough.”last_img read more

Joburg in top 50 commerce hubs

first_img29 November 2007Johannesburg has been ranked 47th out of 50 cities worldwide in a new study of the centres of commerce that shape the global economy.The findings of the study, the MasterCard Worldwide Centres of Commerce Index, were presented in Johannesburg this week.Compiled from research by a panel of eight independent economic, urban development and social science experts from leading academic institutions around the world, the index explores the strategic role that cities play in driving the global economy.Based on six measurement dimensions consisting of over 100 data points, the index assesses the legal and political framework, the economic stability, the ease of doing business, the financial flow, the business centre capabilities, and the knowledge creation and information flow of the world’s 50 leading cities.Occupying first position in the index is London, followed by New York, Tokyo, Chicago and Hong Kong. Completing the top 10 are Singapore, Frankfurt, Paris, Seoul and Los Angeles.Johannesburg’s highest ranking was in the “financial flow” dimension, where the city was ranked 26th. The city also scored high in the “ease of doing business” dimension, where it was ranked 33rd. However, it scored low for “economic stability” and “knowledge creation and information flow”.Speaking at the presentation in Johannesburg, MasterCard Worldwide’s general manager for Africa, Eddie Grobler, said the city’s ranking “demonstrates its position as a continental hub. As the city with the highest ranking in Africa, Johannesburg’s ranking tells an amazing growth story.”Parks Tau, a member of the city’s mayoral committee for finance and economic development, said Johannesburg had increased its capital investment significantly over the past five years.“There has been considerable growth in government-led public investment to support growth in the city, along with a concerted effort by the City, in partnership with the private sector, to develop the city,” Tau said.At the same time, Tau said there were areas where the city could improve, especially public transport. This would change for the better with the introduction of a bus rapid transit system, which would give Johannesburg a “safe and reliable” transport system.Mike Schussler, senior economist at T-Sec, said Johannesburg would also have to improve its knowledge base and its network capabilities if it was to succeed in the broader game of global growth and city wealth.“We do, however, know that between now and 2010, continued capital investment is planned by the City of Johannesburg for areas such as business process outsourcing, tourism and its public transport infrastructure,” Schussler said.“These investments, coupled with increased attention from the City on law enforcement and traffic congestion, will enable Johannesburg to improve its position as a world centre of commerce significantly.”Source: City of Johannesburglast_img read more

Second Test stats: India vs New Zealand

first_imgStatistical highlights on the fourth day of the second cricket Testbetween India and New Zealand on Monday .# India (262/5) haverecorded their third highest fourth innings successful chase in India,behind the 387 for four against England in Chennai in 2008-09 and 276for five against West Indies in Delhi in 2011-12.# India’s above score is their fifth highest fourth inningssuccessful chase in Test Cricket — the highest is 406 for four againstthe West Indies at Port of Spain in 1975-76.# India enjoy 100%winning record against New Zealand at Bangalore, winning all three — by 172 runs in 1988-89; by 8 wickets in 1995-96 and by 5 wickets in 2012.# India’s 2-0 series win is their third in a row against New Zealand — their previous two series wins being 1-0 in 2008-09 in New Zealandand 1-0 in 2010-11 in India.# Only once before India had wonthree successive series against against New Zealand — 2-0 in 1955-56 in India, 1-0 in 1964-65 in India and 3-1 in 1967-68 in New Zealand.# India have won three Tests in succession against New Zealand — by an innings and 198 runs at Nagpur in 2010-11 followed by an innings and 115 runs at Hyderabad and by 5 wickets at Bangalore.# India had first won three Tests in a row for the first time against New Zealandin the 1960s — by 8 wickets at Wellington, by 272 runs at Auckland in1967-68 and by 60 runs at Mumbai in 1968-69.# Mahendra Singh Dhoni has played four successive innings of 45 ormore against New Zealand — 98 at Nagpur in 2010-11; 73 at Hyderabad and 62 & 48 not out at Bangalore in the just concluded series.# Dhoni is averaging 60-plus against New Zealand — 482 runs in 10 innings, including five fifties, at an average of 60.25. # In Indian wins, Dhoni is averaging 49.57 — 1636 runs in 40 innings, including three centuries and 12 fifties.# Dhoni’s impressive winning % of 48.71 is the best amongst the Indiancaptain (minimum five Tests) — 19 wins, 10 defeats and 10 drawn gamesout of 39 played.# The five-wicket win at Bangalore is India’s 14th out of 20 playedat home under Dhoni’s leadership — the most by an Indian captain onIndian soil, overtaking Mohammad Azharuddin’s tally of 13 wins in 20Tests.# The unbroken match-winning 96-run sixth wicket partnership between Dhoni and Kohli is India’s third highest in the fourth innings of aTest match — the highest is 136 between Sachin Tendulkar and NayanMongia against Pakistan at Chennai in January 1999.# Sachin Tendulkar has totalled 1590 runs at an average of 37.85 in57 innings — a record for most runs in the fourth innings in Tests,bettering Rahul Dravid’s tally of 1575 (ave.40.38) in 57 innings.# Tendulkar has been dismissed ‘bowled’ in three innings in a row — a dubious distinction recorded by him for the second time in Tests –the first instance was against England in England in 2002 when he wasbowled by Matthew Hoggard, Dominic Cork and Michael Vaughan.# Only Rahul Dravid (55) and Allan Border (53) are ahead of Tendulkar’s tally of 51 ‘bowled’ dismissals.# Suresh Raina has recorded his sixth duck in Tests — his second against New Zealand.# Virat Kohli has posted five innings of fifty or more in succession inTests in India — 52 & 63 against the West Indies in Mumbai in2011-12 followed by 58 at Hyderabad, 103 & 51 not out at Bangalore– all three in the series against New Zealand.# Kohli enjoys an outstanding record in Tests in India — his tallybeing 327 at an average of 81.75. He became the sixth Indian player topost a hundred and a fifty in a Test match against New Zealand. RahulDravid had registered the said feat twice, including a century in eachinnings once.# Kohli has got his first Man of the Match award for posting twoexcellent knocks. He has registered a hundred and a fifty in the sameTest match for the first time.# His aggregate of 154 (103 &51 not out) is his best in a Test match, bettering the 138 (116 &22) against Australia at Adelaide in January this year.# Kohli’s run aggregate of 212 (ave. 106.00) is bettered only by Cheteshwar Pujara’s 216 in the present series.# Zaheer Khan has become the eighth Indian bowler to complete 100 wickets or more in India.# Pujara has top-scored in the series — 216 at an average of 72.00in three innings, including a hundred — his best performance in a Testseries.# Ravichandran Ashwin has been adjudged the Player of the Series for capturing 18 wickets at 13.11 runs apiece — the most by abowler in the series.# Besides his excellent bowling performance, he has totalled 69 runs at an average of 69.00 as a batsman.# Ashwin’s Player of the Series award is his second in Tests — the first was for his superb tally of 22 wickets at 22.90 runs apiece and making121 (ave. 40.33) against the West Indies in India in 2011-12.# Ashwin, in four Indian victories, is averaging 17.74, claiming 31wickets, including four instances of five wickets or more and oneinstance of ten wickets in a Test match.# Sehwag and Gambhir were associated in a stand of 77 — India’s first fifty-plus partnership in 12 innings in Tests.# Sehwag, with one six today, took his sixes’ tally to 89, bettering Brian Lara’s tally of 88. Only Adam Gilchrist (100) and Jacques Kallis(92) have posted more sixes than Sehwag in Tests.advertisementadvertisementlast_img read more

a month agoLeicester star Maddison determined to stay grounded

first_imgAbout the authorPaul VegasShare the loveHave your say Leicester star Maddison determined to stay groundedby Paul Vegasa month agoSend to a friendShare the loveLeicester City ace James Maddison is determined not to let his success go to his head.Maddison is confident his family will keep him in line.He told the Daily Mail: “I would never want to come across as arrogant because I wasn’t brought up that way and my mum would be the first to give me a clip around the ear if she thought I was being like that. But I think you have to be confident and have belief in yourself because no one is going to believe in you for you.”He adds: “I’m not conscious of what other people think to be honest. I’ll know if I cross that line and I don’t think I do because I’d never want to be arrogant. There’s no positive of being arrogant, it’s a negative trait.”I am a confident guy and I will always say that but I wasn’t raised to be arrogant, I don’t agree with that. Confidence can go to a certain extent without it being arrogant and I hope I get that balance right and the people that don’t think that, they obviously don’t know me well enough.” last_img read more

Small LNG Seagoing Ships to Be Loaded at Wilhelmshaven

first_imgGermany’s Wilhelmshaven LNG Terminal will enable the loading of small LNG seagoing vessels and barges as a result of the newest cooperation between Uniper SE and Titan LNG.The two companies signed a memorandum of understanding (MOU) to accelerate the growth of LNG as a fuel in the downstream markets for industry, shipping and road fuel in Germany.The duo is planning to develop a user-friendly technical interface and commercial products for small-scale LNG players from the Wilhelmshaven floating storage and regasification unit (FSRU) for LNG.Apart from the loading of seagoing vessels, several truck loading bays are planned to enable the onward transport of LNG by road.With its proximity to the Jade Weser Port, Bremerhaven and the German Bight, Wilhelmshaven is said to be a suitable location to supply LNG for all downstream markets and in particular for marine fuels. As a fuel, LNG already meets the more stringent environmental requirements for ocean shipping.“The agreement … is another important step for the FSRU Wilhelmshaven project… With Wilhelmshaven, we offer a first-class location for supplying the shipping and road fuel markets with LNG. With this cooperation, the FSRU Wilhelmshaven project can make an important contribution to reducing CO2 and pollutant emissions,” Keith Martin, Member of the Executive Board and Chief Commercial Officer of Uniper SE, said.“Titan LNG is pleased that we can contribute the know-how we have built up over the last six years to this project for the LNG downstream market. We believe that the short distances to the markets will help to boost LNG as a fuel,” Niels den Nijs, Chief Executive Officer of Titan LNG, commented.Uniper is currently developing a FSRU at its Wilhelmshaven site. The FSRU will have a natural gas send-out capacity of 10 billion cubic meters per year and an LNG storage capacity of more than 263,000 cubic meters. The terminal is scheduled to go into operation in the second half of 2022.In December 2018, Uniper signed an MOU with the Japanese shipping company Mitsui O.S.K. Line (MOL). MOL will own, finance and operate the FSRU. Uniper is currently coordinating the permits for the operation of the facility with the relevant authorities.Image Courtesy: Uniperlast_img read more

DJ Snake unveils new single

first_imgLos Angeles: French artiste DJ Snake has shared his new single ‘Enzo’, a hip-hop anthem featuring rappers Offset, 21 Savage, Gucci Mane and Sheck Wes. ‘Enzo’ has been released via Geffen Records. “‘Enzo’ out now. Offset, 21 Savage, Gucci Mane and Sheck Wes,” he tweeted on April 24. DJ Snake had earlier teased ‘Enzo’ as part of his set at Coachella Weekend two. Meanwhile, he will be in Las Vegas this week for the Latin Billboard Awards, where he has five nominations including Crossover Artist of the Year, Producer of the Year, and Hot Latin Song of the Year for the song ‘Taki taki’ featuring famous singers from Hollywood – Selena Gomez, Ozuna and Cardi B.last_img read more

QRTs falter in sixth phase due to lack of state police officials

first_imgKolkata: The presence of the quick response teams (QRTs) was allegedly not felt properly in the sixth phase of elections on Sunday, when eight Lok Sabha constituencies of Bengal went to polls.In previous phases, the QRTs had moved quickly to the areas where incidents of clashes were reported. But in the sixth phase, QRTs were not as quick in their movement. Various political party leaders alleged that the QRTs failed to turn up on time when there were incidents of violence in any of the eight constituencies. In previous phases of elections, the QRTs were led by state police officers as they were well acquainted with the locations of the polling booths. Also Read – Bengal family worships Muslim girl as Goddess Durga in Kumari PujaAfter some allegations surfaced against the state police force, the Election Commission tried to adopt a separate method to conduct the elections in a free and fair manner. Special Police Observer Vivek Dubey had decided to deploy Central Force officials to lead the QRTs, keeping the state police at bay. The QRTs had faced difficulties in identifying the polling booths where the clashes were reported from, as the Central Force commandants who were supposed to give them directions had no idea about the geographical locations of the polling booths. Most of the Central Force commandants were from other states. Also Read – Bengal civic volunteer dies in road mishap on national highwayAs a result of this, clashes broke out outside various polling booths and the trouble could not be quelled in time. Keeping in mind the geographical locations of the districts which were once infested with Maoists, the Election Commission decided to deploy two QRTs in each police station area. Each team comprised eight jawans. There were around 547 QRTs in the sixth phase of elections and 108 additional QRTs which were led by ad hoc commandants. According to sources in the office of the Chief Electoral Officer (CEO), the election officials in the state were not convinced with the idea of deploying Central Force commandants as the head of each QRT. The Election Commission has already submitted a report to the Election Commission of India in Delhi in this regard.last_img read more

Quest for a repeat

Columbus Crew vs. Real Salt Lake, Game 1Rio Tinto Stadium; Sat. Oct. 31 @ 6 p.m.Columbus Crew vs. Real Salt Lake, Game 2Crew Stadium; Thurs. Nov. 5 @ 8 p.m.Players to watch:Columbus – Chad Marshall. The 2008 Defender of the Year has sat out the last six MLS regular season games recovering from a knee injury. A healthy Marshall could make the difference for a team struggling to regain its mid-season formReal Salt Lake – Robbie Findley. The Real Salt Lake forward leads his team in goals with 12 on the season and was instrumental in securing Real Salt Lake’s spot in the playoffs with a two goal performance against rival Colorado Rapids.Key to the Match:Crew coach Robert Warzycha’s ability to find the right 11 players to begin the playoffs. Like a baseball manager trying to push the right buttons, Warzycha has tweaked his rotation at an almost dizzying pace. Perhaps a more settled lineup in the playoffs will see an increase in goals over the drought suffered toward the end of the regular season. This is a must in a series that is decided by aggregate goal totals. The MLS Cup playoffs are upon us. Following the regular season finale played in Columbus between the Crew and the New England Revolution, the once muddied playoff waters have cleared.The Columbus Crew (13-7-10) will limp into the playoffs, losers of three of their last four. The team is riddled with injuries, and failed to net a single goal in any of the losses.The Crew’s road to repeating their championship win begins Saturday at Rio Tinto Stadium in Utah against Real Salt Lake (11-12-7) in the first match of their Eastern Conference Semifinal Series. Conference Semifinal series are conducted in a home-and-home, aggregate-goal format. The lower-seeded team, Real Salt Lake, hosts the first game. The winners of the first four series advance to single-game Conference Championships that determine the MLS Cup finalists, according to the MLS rules of competition.By virtue of their victory over Columbus, New England (11-10-9) leapfrogged Real Salt Lake and will face the Chicago Fire (11-7-12) in their own semi-final series.Columbus coach Robert Warzycha addressed his team’s lack of recent scoring after the Crew’s defeat.“We have a week before the game. We have to look at the tape and find out what the best combination [of players] is going to be,” Warzycha said.His propensity to shift lineups is well documented this season. Last year’s coach, Sigi Schmid, attempted to use the same starting 11 down the stretch. Warzycha has not shown the same willingness to do so. He hasn’t always had a choice.“I don’t know who that 11 are going to be,” Warzycha said. “Hopefully, everyone gets a chance in the playoffs but the best thing would be to have one team. Knowing life, it’s not going to be possible.”“We’re not taking the momentum into the playoffs that we’d like to, but we’re capable of beating anyone,” Crew midfielder Adam Moffat said.So with the Supporter’s Shield, given annually to the team with the best regular season record, and home-field advantage throughout the MLS playoffs already in hand, was there a lack of motivation against the Revolution?“It was a game we still wanted,” Crew goalkeeper William Hesmer said. “You want to get into a rhythm.”Regardless of the lack of success at the regular season’s end, the Crew have much to be proud of. They are only the second team in MLS history to record two consecutive Supporter’s Shields, joining D.C. United who accomplished the repeat in 2006-07.“This team is making a statement winning last year and being first this year,” Warzycha said of his club. “This team doesn’t have to prove anything to anybody.”The Crew have played two matches against their first playoff opponent, Real Salt Lake, this season. The two teams split the regular season matchups with one win each.Crew captain Frankie Hejduk spoke about the club’s first round matchup.“We’re the champions,” Hejduk said. “We should be able to beat everyone. We’re going to have to go there prepared for a battle.”Even with so many questions lingering over the Crew concerning their health, their lineup and a sudden loss of scoring punch, there is another old sports adage that the other MLS playoff teams must reckon with: to be the best, you have to beat the best.At least for now, the Crew are the best. read more