Posts Tagged ‘Government’
Occupational pension contributions fall to 54-year low
According to a report by the Office for National Statistics (ONS), the number of people paying into an occupational pension has slumped to a level not seen since 1956.
Last year, there were 8.3 million people contributing to an occupational pension (3 million in the private sector and 5.3 million in the public sector).
This represented the lowest figure for 54 years when 8 million contributed to this type of scheme – down from a record high of just over 12 million in 1967.
According to the National Association of Pension Funds (NAPF), in the last decade, thousands of private sector final salary schemes have closed to new members, with less than one in five final salary schemes now open to both new and existing members.
Commenting on the report, Joanne Segars, NAPF Chief Executive, said: “It’s astonishing that pension uptake has slumped to such a low level, and with a greying population living longer and longer, it’s the last thing our society needs.
“Unemployment is partly to blame, but many who have a job are struggling with household finances and the rising cost of living. People are thinking about today and putting tomorrow on hold, and unfortunately saving into a pension is being seen as a luxury,” she added.
She explains that many are being put off by the turmoil in the stock markets, as well as falling confidence in the pensions industry’s fees and charges.
However, Ms Segars warns that those who opt to stop paying into their pensions could be in for cash problems for later in life.
The Association is urging the Government do all it can with regard to new pension reforms by explaining the benefits of a pension and at the same time boosting confidence within the system.
German Government slashes economic growth forecast
The German Government has today slashed its growth forecasts for the euro zone’s largest economy.
The Government said it now expected the economy to expand by 1% in 2012, down from an earlier estimate of 1.8%.
Meanwhile, this year’s forecast has been lowered slightly to 2.9% from 3%.
Its downgrade comes just a week after Germany’s leading economic institutes cut their growth forecasts for the economy from 2% next year to 0.8%, citing the debt problems in the euro zone.
Both sets of figures will raise questions about the recovery in the euro zone as slow growth in Germany makes it more difficult for the rest of the region to avoid a double dip recession.
Last year, Germany posted growth of 3.6% – the strongest pace since reunification in 1990, according to the Federal Statistical Office.
However, a recent slew of weak economic data has forced many to re-evaluate their assessment of the economy.
The Washington-based International Monetary Fund recently lowered its growth forecasts for both Germany and the euro zone this year and next, as a result of the debt crisis.
Returning to the Government’s forecast, it said its revision was due to the expectation that demand for exports will be lower.
Economy Minister Philipp Roesler, comments: “The pace of expansion has slowed down, as we expected,” adding however that “our economy remains on a growth path.”
Meanwhile, German unemployment will continue to fall next year, with the unemployment rate falling to 6.7% from 7% in 2011, according to the Government.
Last month, official data revealed unemployment in Germany dropped to its lowest level in more than 20 years in September.
The country’s unemployment rate fell from August’s rate of 7% to 6.6% and its job market has performed much better than in many other countries and many believe it is the result of the “Kurzarbeit” scheme, introduced by the Government, designed to prevent mass redundancies.
Last year, Germany’s unemployment rate plunged to 7.7% from 8.2% in 2009 as a result of the Government initiative.
German unemployment hits lowest level in 20 years
Official data has revealed unemployment in Germany dropped to its lowest level in more than 20 years in September.
The country’s unemployment rate fell from August’s rate of 7% to 6.6%.
Unemployment now stands at 2.79 million – the first time since 1992 that the jobless total has been below 2.8 million.
It was also much better than economists had expected.
The country’s unemployment rate continues to fall and its job market has performed much better than in many other countries and many believe it is the result of the “Kurzarbeit” scheme, introduced by the German Government, designed to prevent mass redundancies.
Last year, Germany’s unemployment rate plunged to 7.7% from 8.2% in 2009 as a result of the Government initiative.
Many economists believe that Germany’s economic recovery appears to have enough “domestic stamina” to prevent a recession.”
However, despite the strong data, the economy, which is the euro zone’s largest, continues to suffer amid the ongoing debt crisis.
Germany, which has been regarded as Europe’s powerhouse, has been driving the recovery of the euro zone but a recent slew of weak data has forced many to re-evaluate its assessment of the economy.
Statistics office Destatis recently revealed German exports fell more than expected in July.
According to Destatis, exports fell by 1.8% in July on a monthly basis compared with a 1.2% drop in June. Economists had forecast a 0.1% fall for the month.
The sharp fall in exports will be of grave concern for the country’s Government. Export demand helped to bring Germany out of recession in the second quarter of 2009 – much sooner than many of its counterparts throughout the world.
The Washington-based International Monetary Fund recently lowered its growth forecasts for both Germany and the euro zone this year and next.
It expects Germany’s economy to grow 2.7% this year and 1.3% in 2012.
German unemployment hits lowest level in 20 years
Official data has revealed unemployment in Germany dropped to its lowest level in more than 20 years in September.
The country’s unemployment rate fell from August’s rate of 7% to 6.6%.
Unemployment now stands at 2.79 million – the first time since 1992 that the jobless total has been below 2.8 million.
It was also much better than economists had expected.
The country’s unemployment rate continues to fall and its job market has performed much better than in many other countries and many believe it is the result of the “Kurzarbeit” scheme, introduced by the German Government, designed to prevent mass redundancies.
Last year, Germany’s unemployment rate plunged to 7.7% from 8.2% in 2009 as a result of the Government initiative.
Many economists believe that Germany’s economic recovery appears to have enough “domestic stamina” to prevent a recession.”
However, despite the strong data, the economy, which is the euro zone’s largest, continues to suffer amid the ongoing debt crisis.
Germany, which has been regarded as Europe’s powerhouse, has been driving the recovery of the euro zone but a recent slew of weak data has forced many to re-evaluate its assessment of the economy.
Statistics office Destatis recently revealed German exports fell more than expected in July.
According to Destatis, exports fell by 1.8% in July on a monthly basis compared with a 1.2% drop in June. Economists had forecast a 0.1% fall for the month.
The sharp fall in exports will be of grave concern for the country’s Government. Export demand helped to bring Germany out of recession in the second quarter of 2009 – much sooner than many of its counterparts throughout the world.
The Washington-based International Monetary Fund recently lowered its growth forecasts for both Germany and the euro zone this year and next.
It expects Germany’s economy to grow 2.7% this year and 1.3% in 2012.
German unemployment hits lowest level in 20 years
Official data has revealed unemployment in Germany dropped to its lowest level in more than 20 years in September.
The country’s unemployment rate fell from August’s rate of 7% to 6.6%.
Unemployment now stands at 2.79 million – the first time since 1992 that the jobless total has been below 2.8 million.
It was also much better than economists had expected.
The country’s unemployment rate continues to fall and its job market has performed much better than in many other countries and many believe it is the result of the “Kurzarbeit” scheme, introduced by the German Government, designed to prevent mass redundancies.
Last year, Germany’s unemployment rate plunged to 7.7% from 8.2% in 2009 as a result of the Government initiative.
Many economists believe that Germany’s economic recovery appears to have enough “domestic stamina” to prevent a recession.”
However, despite the strong data, the economy, which is the euro zone’s largest, continues to suffer amid the ongoing debt crisis.
Germany, which has been regarded as Europe’s powerhouse, has been driving the recovery of the euro zone but a recent slew of weak data has forced many to re-evaluate its assessment of the economy.
Statistics office Destatis recently revealed German exports fell more than expected in July.
According to Destatis, exports fell by 1.8% in July on a monthly basis compared with a 1.2% drop in June. Economists had forecast a 0.1% fall for the month.
The sharp fall in exports will be of grave concern for the country’s Government. Export demand helped to bring Germany out of recession in the second quarter of 2009 – much sooner than many of its counterparts throughout the world.
The Washington-based International Monetary Fund recently lowered its growth forecasts for both Germany and the euro zone this year and next.
It expects Germany’s economy to grow 2.7% this year and 1.3% in 2012.