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This conversation has generated a fair bit of conversation so I think it’s worth elaborating on. There is a common misconception that superannuation is decreasing the number of retirees on the pension. As per ASFA figures attached in comments - the median balance for men and women aged 60-64...

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Gerard Rennick

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44,183 Aufrufe • vor 4 Monaten •via X (Twitter)

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Debt is killing the Australian dream of owning your own home. This is having a devasting impact on the birth rate, cost of living and retirement plans. This has been driven by decades of financial mismanagement by governments and the RBA. Despite many people working longer than ever, Superannuation is not reducing the number of retirees on the pension. If you want to see change then sign up to today. We have the solutions for today and the vision for tomorrow that will put you and your family first. •••••••••••••••••••••••••• “As a result of people purchasing later and taking out larger mortgages, Loan Market Group has found that 40% of respondents do not expect to have paid off their mortgages by the time they retire. This analysis aligns with warnings from the Super Members Council of Australia, which estimated that more than 40% of Australians will retire with mortgage debt, up from 16% two decades ago. To exacerbate the situation, 40% of individuals and 33% of couples will utilise their entire superannuation savings to pay off their debts.”
1:21

Debt is killing the Australian dream of owning your own home. This is having a devasting impact on the birth rate, cost of living and retirement plans. This has been driven by decades of financial mismanagement by governments and the RBA. Despite many people working longer than ever, Superannuation is not reducing the number of retirees on the pension. If you want to see change then sign up to today. We have the solutions for today and the vision for tomorrow that will put you and your family first. •••••••••••••••••••••••••• “As a result of people purchasing later and taking out larger mortgages, Loan Market Group has found that 40% of respondents do not expect to have paid off their mortgages by the time they retire. This analysis aligns with warnings from the Super Members Council of Australia, which estimated that more than 40% of Australians will retire with mortgage debt, up from 16% two decades ago. To exacerbate the situation, 40% of individuals and 33% of couples will utilise their entire superannuation savings to pay off their debts.”

Gerard Rennick

17,468 Aufrufe • vor 1 Monat

You can’t trust the government with your Superannuation. “The country’s major superannuation funds would guarantee an annual income for millions of retirees under a confidential proposal from the Albanese government as it prepares for a flurry of withdrawals from the super system. While the pension pool has swelled to $4.1 trillion, the federal government and funds are increasingly assessing how to manage an inflection point when more money flows out of savings as a larger proportion of the population reaches retirement age and life expectancy grows. In preparation, Treasury officials have circulated proposed standards to superannuation funds and industry bodies that would enshrine so-called longevity protection. This tool would set a draw-down rate for retirees with more than $200,000 in their account and would be difficult to change even if a person wanted to do so. In preparation, Treasury officials have circulated proposed standards to superannuation funds and industry bodies that would enshrine so-called longevity protection. This tool would set a draw-down rate for retirees with more than $200,000 in their account and would be difficult to change even if a person wanted to do so." See article below 👇 ••••••••••••••••••••••••••••••••• “I think it is important that people have that choice and I agree people may want to take some of their super to retire debt and I also agree…………….that home ownership is a very important feature of people’s circumstances post retirement………………we are a bit concerned people aren’t being given the choices they possibly should be around retirement products.” ••••••••••••••••••••••••••••••• This was always going to happen with Superannuation - withdrawals from a decade onwards will start to exceed contributions. Especially since the percentage of people retiring with a mortgage is approaching 50% of retirees due to high housing costs. Increasing withdrawals will cause a liquidity crunch forcing assets sales and a subsequent fall in asset prices that will impact future generations. The language used by the Head of Treasury in my opinion is code for saying he agrees with me that superannuation is not working. His emphasis on the word choice in relation to housing suggests he knows very well that superannuation is stopping people from owning their own home. It’s time the major parties stopped pretending that superannuation is anything but a rort, and allowed people to keep their wages. Home Ownership is the most important financial investment a person can make. It’s why voluntary superannuation is one of People Firsts key policies. Quote from: #auspol
4:00

You can’t trust the government with your Superannuation. “The country’s major superannuation funds would guarantee an annual income for millions of retirees under a confidential proposal from the Albanese government as it prepares for a flurry of withdrawals from the super system. While the pension pool has swelled to $4.1 trillion, the federal government and funds are increasingly assessing how to manage an inflection point when more money flows out of savings as a larger proportion of the population reaches retirement age and life expectancy grows. In preparation, Treasury officials have circulated proposed standards to superannuation funds and industry bodies that would enshrine so-called longevity protection. This tool would set a draw-down rate for retirees with more than $200,000 in their account and would be difficult to change even if a person wanted to do so. In preparation, Treasury officials have circulated proposed standards to superannuation funds and industry bodies that would enshrine so-called longevity protection. This tool would set a draw-down rate for retirees with more than $200,000 in their account and would be difficult to change even if a person wanted to do so." See article below 👇 ••••••••••••••••••••••••••••••••• “I think it is important that people have that choice and I agree people may want to take some of their super to retire debt and I also agree…………….that home ownership is a very important feature of people’s circumstances post retirement………………we are a bit concerned people aren’t being given the choices they possibly should be around retirement products.” ••••••••••••••••••••••••••••••• This was always going to happen with Superannuation - withdrawals from a decade onwards will start to exceed contributions. Especially since the percentage of people retiring with a mortgage is approaching 50% of retirees due to high housing costs. Increasing withdrawals will cause a liquidity crunch forcing assets sales and a subsequent fall in asset prices that will impact future generations. The language used by the Head of Treasury in my opinion is code for saying he agrees with me that superannuation is not working. His emphasis on the word choice in relation to housing suggests he knows very well that superannuation is stopping people from owning their own home. It’s time the major parties stopped pretending that superannuation is anything but a rort, and allowed people to keep their wages. Home Ownership is the most important financial investment a person can make. It’s why voluntary superannuation is one of People Firsts key policies. Quote from: #auspol

Gerard Rennick

18,515 Aufrufe • vor 1 Jahr

It’s time the people took back control of their money. Superannuation is centralised wealth controlled by a few boards who aren’t elected by the people. Nothing encapsulates just how dumb witted the neoliberals in the Liberal party are than superannuation. At the same time neoliberals like Howard and Hewson were sprucing free market ideology, the communists in the Labor party introduced Superannuation. A very clever way to get control of most Australians savings whilst enslaving them to even more debt. Rather than defend the right of people to control how they spend their money, when Howard and Costello took office in 1996 they actually increased the rate of superannuation rather than abolish it. By 2002 the rate of Superannuation had jumped to 9%. They did this because of pressure from the big banks who also saw the money that could be made by clipping the ticket on superannuation. CBA bought Colonial Mutual, NAB bought National Mutual, Westpac bought Bankers Trust and ANZ did a joint venture with ING. In short both parties sold out to the big end of town - big unions and big banks. Today 40% of people retire with a mortgage (up from 10% in 1992) yet the same percentage of retirees (50%) are still on a full pension. A trillion dollars of your superannuation is invested offshore. The only winners out of this are the paper shufflers in the big city ivory palaces who skim $30 billion a year out of superannuation in fees and use the $3 trillion of your capital to promote ideology not productivity. The losers are the people. #auspol
2:19

It’s time the people took back control of their money. Superannuation is centralised wealth controlled by a few boards who aren’t elected by the people. Nothing encapsulates just how dumb witted the neoliberals in the Liberal party are than superannuation. At the same time neoliberals like Howard and Hewson were sprucing free market ideology, the communists in the Labor party introduced Superannuation. A very clever way to get control of most Australians savings whilst enslaving them to even more debt. Rather than defend the right of people to control how they spend their money, when Howard and Costello took office in 1996 they actually increased the rate of superannuation rather than abolish it. By 2002 the rate of Superannuation had jumped to 9%. They did this because of pressure from the big banks who also saw the money that could be made by clipping the ticket on superannuation. CBA bought Colonial Mutual, NAB bought National Mutual, Westpac bought Bankers Trust and ANZ did a joint venture with ING. In short both parties sold out to the big end of town - big unions and big banks. Today 40% of people retire with a mortgage (up from 10% in 1992) yet the same percentage of retirees (50%) are still on a full pension. A trillion dollars of your superannuation is invested offshore. The only winners out of this are the paper shufflers in the big city ivory palaces who skim $30 billion a year out of superannuation in fees and use the $3 trillion of your capital to promote ideology not productivity. The losers are the people. #auspol

Gerard Rennick

66,868 Aufrufe • vor 1 Jahr

People are drowning in debt “Australia’s retirement system has been based on the presumption that the overwhelming majority of people would own their homes outright upon retirement. However, due to declining homeownership rates, Australians buying homes later, and carrying larger mortgages into retirement, that assumption is clearly crumbling. Westpac notes that people over the age of 40 accounted for around 20% of mortgage loans issued to first-home buyers in 2025. As a result of people purchasing later and taking out larger mortgages, Loan Market Group has found that 40% of respondents do not expect to have paid off their mortgages by the time they retire. This analysis aligns with warnings from the Super Members Council of Australia, which estimated that more than 40% of Australians will retire with mortgage debt, up from 16% two decades ago.” ••••••••••••••••••••••••• People First has been the only party talking about the fact that 40% of people who retiree haven’t paid off their mortgage. This figure is based from ABS numbers now five years old so the figures are probably worse. These people end up cashing out their super and going on the pension this wasting billions on Superannuation fees for nothing. No other party wants to tackle our financial system except People First. We will: • Reintroduce capital controls to stop house inflation • Bring back a public bank • Start an Infrastructure Bank • Bring back a Government Insurance Office • Allow young people to keep their superannuation so they can buy a house • Cut immigration It’s time to put the Australian People First.
1:39

People are drowning in debt “Australia’s retirement system has been based on the presumption that the overwhelming majority of people would own their homes outright upon retirement. However, due to declining homeownership rates, Australians buying homes later, and carrying larger mortgages into retirement, that assumption is clearly crumbling. Westpac notes that people over the age of 40 accounted for around 20% of mortgage loans issued to first-home buyers in 2025. As a result of people purchasing later and taking out larger mortgages, Loan Market Group has found that 40% of respondents do not expect to have paid off their mortgages by the time they retire. This analysis aligns with warnings from the Super Members Council of Australia, which estimated that more than 40% of Australians will retire with mortgage debt, up from 16% two decades ago.” ••••••••••••••••••••••••• People First has been the only party talking about the fact that 40% of people who retiree haven’t paid off their mortgage. This figure is based from ABS numbers now five years old so the figures are probably worse. These people end up cashing out their super and going on the pension this wasting billions on Superannuation fees for nothing. No other party wants to tackle our financial system except People First. We will: • Reintroduce capital controls to stop house inflation • Bring back a public bank • Start an Infrastructure Bank • Bring back a Government Insurance Office • Allow young people to keep their superannuation so they can buy a house • Cut immigration It’s time to put the Australian People First.

Gerard Rennick

13,494 Aufrufe • vor 2 Monaten

What are Treasury hiding? It’s bad enough that Superannuation funds are buying our Infrastructure and Public assets like titles offices. They are also owning a larger share of listed companies. When Costello started refunding franking credits in 2000, there was less than $500 billion in Superannuation. Today there is more than $4 trillion in superannuation. It is expected there will be almost $10 trillion by 2050. This is eroding the overall company tax base as company tax is refunded to superannuation funds via franking credits because retirees pay no tax on their superannuation income in retirement. The Treasury are claiming they don’t think this is impacting the net company tax rate. I.e. Company tax less franking credits but it is. I’ve read that the net company tax rate is now as low as 13 cents in the dollar and is forecast to fall below 10 cents as Superannuation gets bigger and more people retire. As the net company tax rate gets lower, the tax burden is being picked up by wage earners through bracket creep who have less take home pay. This is also impacting productivity as companies offshore their labor increase of paying higher labor taxes. Serious questions need to be asked why Treasury doesn’t know this number as it is impacts budget settings and what they are going to do about. It’s not good enough to claim they don’t know what the answer is. #auspol
1:41

What are Treasury hiding? It’s bad enough that Superannuation funds are buying our Infrastructure and Public assets like titles offices. They are also owning a larger share of listed companies. When Costello started refunding franking credits in 2000, there was less than $500 billion in Superannuation. Today there is more than $4 trillion in superannuation. It is expected there will be almost $10 trillion by 2050. This is eroding the overall company tax base as company tax is refunded to superannuation funds via franking credits because retirees pay no tax on their superannuation income in retirement. The Treasury are claiming they don’t think this is impacting the net company tax rate. I.e. Company tax less franking credits but it is. I’ve read that the net company tax rate is now as low as 13 cents in the dollar and is forecast to fall below 10 cents as Superannuation gets bigger and more people retire. As the net company tax rate gets lower, the tax burden is being picked up by wage earners through bracket creep who have less take home pay. This is also impacting productivity as companies offshore their labor increase of paying higher labor taxes. Serious questions need to be asked why Treasury doesn’t know this number as it is impacts budget settings and what they are going to do about. It’s not good enough to claim they don’t know what the answer is. #auspol

Gerard Rennick

15,199 Aufrufe • vor 1 Jahr

“In 2023 alone, Australians paid more than $32 billion in fees to super funds, according to Rainmaker data. While regulatory guidelines exist for disclosure documents, there is no standardised way for super funds to present fees on websites, social media, or advertising materials. This inconsistency makes it difficult for consumers to compare funds and make informed choices.” •••••••••••• In light of today’s interest rate rise we need to ask which political party has the actual skill set to balance the books in this country. It’s People First and here’s why. The 6% interest you pay on your home loan is after tax. That is equivalent to around 8.5% pretax if you pay 30 cents in the dollar tax, and almost 12% pretax if you’re on the top bracket of 47%. Do you think the average superannuation funds pays that sort of return - no way. And don’t forget that superannuation fees cost another 1% of your balance. People First is going to let Australians keep their superannuation so they can pay their mortgage off faster. The current system only favours the financial industry which get to clip both your home loan and your superannuation. Australia doesn’t need any more financial engineers in this country - we need real engineers- civil, mechanical and electrical - which is why we are going to bring back the military apprenticeship scheme. Because at the end of the day you can build a financial system with paper promises, but you can’t build a better future for our children if they don’t own their own home.
1:13

“In 2023 alone, Australians paid more than $32 billion in fees to super funds, according to Rainmaker data. While regulatory guidelines exist for disclosure documents, there is no standardised way for super funds to present fees on websites, social media, or advertising materials. This inconsistency makes it difficult for consumers to compare funds and make informed choices.” •••••••••••• In light of today’s interest rate rise we need to ask which political party has the actual skill set to balance the books in this country. It’s People First and here’s why. The 6% interest you pay on your home loan is after tax. That is equivalent to around 8.5% pretax if you pay 30 cents in the dollar tax, and almost 12% pretax if you’re on the top bracket of 47%. Do you think the average superannuation funds pays that sort of return - no way. And don’t forget that superannuation fees cost another 1% of your balance. People First is going to let Australians keep their superannuation so they can pay their mortgage off faster. The current system only favours the financial industry which get to clip both your home loan and your superannuation. Australia doesn’t need any more financial engineers in this country - we need real engineers- civil, mechanical and electrical - which is why we are going to bring back the military apprenticeship scheme. Because at the end of the day you can build a financial system with paper promises, but you can’t build a better future for our children if they don’t own their own home.

Gerard Rennick

29,381 Aufrufe • vor 5 Monaten

It seems Amaany doesn’t fully understand how pensions work. Mohamed Nasheed didn’t introduce 5,000 MVR old age benefit as a permanent allowance for all Maldivians. Before his time, there was no contributory retirement pension system. So, he introduced one (7% employee, 7% employer), along with the 5,000 MVR benefit as an immediate measure to support those who weren’t receiving any retirement pension. Cause back then only gov employees were getting it. The idea is that everyone should contribute to their retirement pension fund while they are working. The full benefits of this system will be felt in about 50 years, when most people will receive a pension from their own savings. Only a small percentage of people, those who are not part of the retirement pension, will continue receiving the 5,000 MVR from the gov. In 50 years, parents won’t have to depend on the gov or their children for financial support in old age. They will be funding their own retirement through the pension system. So, the 5,000 MVR old age benefit is not a permanent allowance for everyone. It was designed to help those who wouldn’t otherwise have a pension and over time, fewer people will rely on it. This is a sustainable system. Cause people fund their own retirement from own savings.
2:37

It seems Amaany doesn’t fully understand how pensions work. Mohamed Nasheed didn’t introduce 5,000 MVR old age benefit as a permanent allowance for all Maldivians. Before his time, there was no contributory retirement pension system. So, he introduced one (7% employee, 7% employer), along with the 5,000 MVR benefit as an immediate measure to support those who weren’t receiving any retirement pension. Cause back then only gov employees were getting it. The idea is that everyone should contribute to their retirement pension fund while they are working. The full benefits of this system will be felt in about 50 years, when most people will receive a pension from their own savings. Only a small percentage of people, those who are not part of the retirement pension, will continue receiving the 5,000 MVR from the gov. In 50 years, parents won’t have to depend on the gov or their children for financial support in old age. They will be funding their own retirement through the pension system. So, the 5,000 MVR old age benefit is not a permanent allowance for everyone. It was designed to help those who wouldn’t otherwise have a pension and over time, fewer people will rely on it. This is a sustainable system. Cause people fund their own retirement from own savings.

Hassan Kurusee

55,531 Aufrufe • vor 1 Jahr

Sonia Sodha, "The state pension has gone up, but the threshold that young people have to repay their student loans has been frozen" "Graduates in their 20s and 30s pay an extra 9% of income tax" "There are people in their 20s that will never own their own home" "They're going to get to retirement in the private rented sector. It's overpriced, its bad value. They won't have enough money in their pension and all of a sudden they won't have anywhere to live because they haven't bought a house and they haven't paid off their mortgage" "Young people are facing a crisis in terms of the world they're going out into" "My worry is the political parties are tinkering on the edges of this" #BBCQT
1:14

Sonia Sodha, "The state pension has gone up, but the threshold that young people have to repay their student loans has been frozen" "Graduates in their 20s and 30s pay an extra 9% of income tax" "There are people in their 20s that will never own their own home" "They're going to get to retirement in the private rented sector. It's overpriced, its bad value. They won't have enough money in their pension and all of a sudden they won't have anywhere to live because they haven't bought a house and they haven't paid off their mortgage" "Young people are facing a crisis in terms of the world they're going out into" "My worry is the political parties are tinkering on the edges of this" #BBCQT

Farrukh

147,459 Aufrufe • vor 7 Monaten

What is Canada's role in the reconstruction of Ukraine? Finance Minister François-Philippe Champagne talking about the opportunity to build Ukraine back better. There is that phrase again 🤔 Concerning he brought up Canadian pension involvement in it as well and helping Ukraine set up a pension fund. Canadian taxpayers should not be funding a single penny of this or a foreign pension fund. Have a listen, thoughts?
1:14

What is Canada's role in the reconstruction of Ukraine? Finance Minister François-Philippe Champagne talking about the opportunity to build Ukraine back better. There is that phrase again 🤔 Concerning he brought up Canadian pension involvement in it as well and helping Ukraine set up a pension fund. Canadian taxpayers should not be funding a single penny of this or a foreign pension fund. Have a listen, thoughts?

Kirk Lubimov

59,760 Aufrufe • vor 1 Jahr

I recently gave a speech in the chamber on why Superannuation is a scam. People were never given a say by Paul Keating as to whether or not they wanted to give up their wages nor are they allowed to vote for board members. This is just wrong. People should be allowed to decide how their wages are used and secondly if they are forced to hand over their wages, then they should be allowed to vote for the board that manages their money. Both major parties have supported superannuation over the last three decades as they always back the establishment over the individual. will make superannuation voluntary and make superannuation boards hold elections so members can have a say as to how their money is managed. It’s time we put the PeopleFirst. #auspol
2:19

I recently gave a speech in the chamber on why Superannuation is a scam. People were never given a say by Paul Keating as to whether or not they wanted to give up their wages nor are they allowed to vote for board members. This is just wrong. People should be allowed to decide how their wages are used and secondly if they are forced to hand over their wages, then they should be allowed to vote for the board that manages their money. Both major parties have supported superannuation over the last three decades as they always back the establishment over the individual. will make superannuation voluntary and make superannuation boards hold elections so members can have a say as to how their money is managed. It’s time we put the PeopleFirst. #auspol

Gerard Rennick

32,549 Aufrufe • vor 1 Jahr

I can’t begin to describe how disgraceful this government are when it comes to sneaky tax rises and raiding the pockets of families. Were you aware that your Pension savings, which were previously exempt are now going to be subject to 40% Inheritance tax. So where previously your pension would go tax free to your grieving spouse and family, it’s now gonna fall foul of IHT. Even worse the pension company are allowed to hold on to 50% of the pension for up to 15 months. Inheritance tax is totally immoral anyway but now it will apply to even more people in money they thought was safe.
4:04

I can’t begin to describe how disgraceful this government are when it comes to sneaky tax rises and raiding the pockets of families. Were you aware that your Pension savings, which were previously exempt are now going to be subject to 40% Inheritance tax. So where previously your pension would go tax free to your grieving spouse and family, it’s now gonna fall foul of IHT. Even worse the pension company are allowed to hold on to 50% of the pension for up to 15 months. Inheritance tax is totally immoral anyway but now it will apply to even more people in money they thought was safe.

John Hannam

39,446 Aufrufe • vor 2 Monaten

A myopic analysis. The state pension was contributory (see clip), and very gradually and quietly, over time, that situation changed. Adair Turner’s 2002 tome even refers to the state pension as “an entitlement”. The people were actively told that if you built up a NIC record, you will get the appropriate state pension, but the people were not told that changed, because the change was quietly buried over time within acts of parliament and not referred to. Did government not learn from WASPI? At least when women had their state pension age changed, it was widely promulgated. This though, changed because the government wanted you to think that in the future that your state pension would be a privilege, and not an entitlement. Because then of course, the state can tell you that you don’t get one, and it then has a tighter hold over you. The state did not tell you when it slowly started to change it from being a contributory scheme to a non-contributory scheme, because it wanted the best of both worlds. It knew, when it started to change things, but all hell would break loose if people realised the state pension was going to be something to be a carrot and stick, and not an entitlement.
0:30

A myopic analysis. The state pension was contributory (see clip), and very gradually and quietly, over time, that situation changed. Adair Turner’s 2002 tome even refers to the state pension as “an entitlement”. The people were actively told that if you built up a NIC record, you will get the appropriate state pension, but the people were not told that changed, because the change was quietly buried over time within acts of parliament and not referred to. Did government not learn from WASPI? At least when women had their state pension age changed, it was widely promulgated. This though, changed because the government wanted you to think that in the future that your state pension would be a privilege, and not an entitlement. Because then of course, the state can tell you that you don’t get one, and it then has a tighter hold over you. The state did not tell you when it slowly started to change it from being a contributory scheme to a non-contributory scheme, because it wanted the best of both worlds. It knew, when it started to change things, but all hell would break loose if people realised the state pension was going to be something to be a carrot and stick, and not an entitlement.

Rush

21,263 Aufrufe • vor 3 Monaten

Left: Jeremy Hunt, "£100,000 a year doesn't go as far as you might think" Right: Jeremy Hunt, "There are 1,000,000 pensioners whose only income is from the state.. The full new state pension is £221 a week (£10,608 a year)" UK Pensioners will earn 1/10 of the income level which Jeremy Hunt says 'doesn't go as far as you might think' £844 - UK's state pension £1,412 - Norway's state pension £1,564 - France's state pension £1,651 - Denmark's state pension £1,893 - Iceland's state pension £2,148 - Switzerland's state pension £2,698 - Belgium's state pension £2,709 - Spain's state pension £5,201 - Luxembourg's state pension Brexit Britain's world-beating state pension 🤷‍♂️ "977,386 over 66 years old were experiencing deprivation. The highest number since comparable records began. Deprivation measures: whether they had access to basic goods and services, including substantial meals, heating and electricity, a home that was in a good state of repair, and contact with friends and family at least once a month"
0:42

Left: Jeremy Hunt, "£100,000 a year doesn't go as far as you might think" Right: Jeremy Hunt, "There are 1,000,000 pensioners whose only income is from the state.. The full new state pension is £221 a week (£10,608 a year)" UK Pensioners will earn 1/10 of the income level which Jeremy Hunt says 'doesn't go as far as you might think' £844 - UK's state pension £1,412 - Norway's state pension £1,564 - France's state pension £1,651 - Denmark's state pension £1,893 - Iceland's state pension £2,148 - Switzerland's state pension £2,698 - Belgium's state pension £2,709 - Spain's state pension £5,201 - Luxembourg's state pension Brexit Britain's world-beating state pension 🤷‍♂️ "977,386 over 66 years old were experiencing deprivation. The highest number since comparable records began. Deprivation measures: whether they had access to basic goods and services, including substantial meals, heating and electricity, a home that was in a good state of repair, and contact with friends and family at least once a month"

Farrukh

407,235 Aufrufe • vor 2 Jahren

Hon'ble Prime Minister Shri Narendra Modi had in January 2025 approved the establishment of the 8th Central Pay Commission (CPC) to revise the salaries and benefits of Central Government employees and pensioners. All Central Government pensioners who had retired before 1.1.2016 are receiving pension at par with employees who retired after 1.1.2016. Keeping in view the recommendations which were made by the 6th CPC, a distinction among pensioners is inevitable and that is what is being brought in as an amendment and by way of validation. The validation rules DO NOT, in any way, change or alter the existing pensions so fixed of existing Civil Pensioners from the present stage. The validation rules also DO NOT affect Defense Pensioners in any way as they are covered by separate rules. It is not an amendment to any pension Rules or instructions but only a reaffirmation of the same w.e.f. 1st June, 1972, i.e. the date the CCS (Pension) Rules were promulgated. The 6th Central Pay Commission made a distinction between the retirees of pre-1.1.2006 and those of post-1.1.2006 periods. The then-Government (Congress-led UPA) had accepted the recommendations of 6th Central Pay Commission and decided that there will be a distinction between pensioners with reference to the cut-off date of 1.1.2006. The 7th Central Pay Commission has brought in parity between pre 1.1.2016 and post 1.1.2016 Pensioners. I again reiterate that this is only a Validation of existing rules. This DOES NOT alter or change existing civil or defense pension. - Smt Nirmala Sitharaman in Rajya Sabha
4:39

Hon'ble Prime Minister Shri Narendra Modi had in January 2025 approved the establishment of the 8th Central Pay Commission (CPC) to revise the salaries and benefits of Central Government employees and pensioners. All Central Government pensioners who had retired before 1.1.2016 are receiving pension at par with employees who retired after 1.1.2016. Keeping in view the recommendations which were made by the 6th CPC, a distinction among pensioners is inevitable and that is what is being brought in as an amendment and by way of validation. The validation rules DO NOT, in any way, change or alter the existing pensions so fixed of existing Civil Pensioners from the present stage. The validation rules also DO NOT affect Defense Pensioners in any way as they are covered by separate rules. It is not an amendment to any pension Rules or instructions but only a reaffirmation of the same w.e.f. 1st June, 1972, i.e. the date the CCS (Pension) Rules were promulgated. The 6th Central Pay Commission made a distinction between the retirees of pre-1.1.2006 and those of post-1.1.2006 periods. The then-Government (Congress-led UPA) had accepted the recommendations of 6th Central Pay Commission and decided that there will be a distinction between pensioners with reference to the cut-off date of 1.1.2006. The 7th Central Pay Commission has brought in parity between pre 1.1.2016 and post 1.1.2016 Pensioners. I again reiterate that this is only a Validation of existing rules. This DOES NOT alter or change existing civil or defense pension. - Smt Nirmala Sitharaman in Rajya Sabha

Nirmala Sitharaman Office

39,610 Aufrufe • vor 1 Jahr

There was a good item on the superannuation issue on 1News last night - a majority of Kiwis now favour some sort of change, either raising the age of eligibility or means-testing to make it fiscally sustainable. There is however another option that delivers potentially more fiscal savings long-term - eliminating permanent residence and moving all our work-related immigrants (and refugees) to temporary visas. That way the taxpayer wouldn’t have to pay for their superannuation and healthcare when they retire. This could be the most effective AND politically palatable solution to the problem.
3:03

There was a good item on the superannuation issue on 1News last night - a majority of Kiwis now favour some sort of change, either raising the age of eligibility or means-testing to make it fiscally sustainable. There is however another option that delivers potentially more fiscal savings long-term - eliminating permanent residence and moving all our work-related immigrants (and refugees) to temporary visas. That way the taxpayer wouldn’t have to pay for their superannuation and healthcare when they retire. This could be the most effective AND politically palatable solution to the problem.

William McGimpsey🇳🇿

10,992 Aufrufe • vor 16 Tagen

🚨 California Elected Officials are making deals with BlackRock saying they’ll only let BlackRock manage the state’s pension funds if they adopt their Woke Agenda throughout all 50 states in America “You have elected officials in California who are telling BlackRock that they will not allow them to manage the pension funds from the state of California unless they adopt this woke agenda, as they vote their shares through all of the states. Yes, so they have to manage all of the pension funds in the same manner. They have to vote the shares and speak as a shareholder in the boardrooms in the same manner. That’s right, because when BlackRock is buying shares in Pepsi or in Disney or in Target or in Nike, they speak with one voice, right, California’s voice — That’s exactly what’s driving the invisible hand of the market. No, it is the invisible hand of left-wing government.”
0:53

🚨 California Elected Officials are making deals with BlackRock saying they’ll only let BlackRock manage the state’s pension funds if they adopt their Woke Agenda throughout all 50 states in America “You have elected officials in California who are telling BlackRock that they will not allow them to manage the pension funds from the state of California unless they adopt this woke agenda, as they vote their shares through all of the states. Yes, so they have to manage all of the pension funds in the same manner. They have to vote the shares and speak as a shareholder in the boardrooms in the same manner. That’s right, because when BlackRock is buying shares in Pepsi or in Disney or in Target or in Nike, they speak with one voice, right, California’s voice — That’s exactly what’s driving the invisible hand of the market. No, it is the invisible hand of left-wing government.”

Wall Street Apes

239,991 Aufrufe • vor 10 Monaten

📣📣STEALING GRANNIES PENSION TO MAKE A FAST BUCK 🙊🙉🙈 I will give you 3 guesses who the Hedge Funds are 🤔 Could it be Citadel Securities, Virtu Financial, and Jane Street. Market manipulation insider trading is not a victimless crime. The money they steal comes from somewhere. The victim is the person on the other side of the trade. Which in most cases is your pension. They make extra millions, and you lose your lifetime of work that you put aside so you could retire someday. This is a clip from the video. I would recommend listening to the full 5 minute video quoted.
0:46

📣📣STEALING GRANNIES PENSION TO MAKE A FAST BUCK 🙊🙉🙈 I will give you 3 guesses who the Hedge Funds are 🤔 Could it be Citadel Securities, Virtu Financial, and Jane Street. Market manipulation insider trading is not a victimless crime. The money they steal comes from somewhere. The victim is the person on the other side of the trade. Which in most cases is your pension. They make extra millions, and you lose your lifetime of work that you put aside so you could retire someday. This is a clip from the video. I would recommend listening to the full 5 minute video quoted.

Stephanie 🇬🇧🇺🇸🦍

18,436 Aufrufe • vor 10 Tagen

How is Governor Alex Otti doing this? Like this man is literally touching every sector in the state. He's building schools, he's building hospitals, constructing an airport, stadium, constructing more roads, paying workers salary and pension of retirees, recruited alot of personnel in the health, education and other sectors. Even having plans of constructing a seaport in the state. Attracting investment and investors. In all of these, Abia state still ranks as one of the safest states in the country I want to ask a sincere question that requires an honest answer. Is Alex Otti not a Nigerian politician? Is other states and their governors not getting allocation like he's getting? Then Tinubu at the federal level, why hasn't he achieved a single thing as President?
1:09

How is Governor Alex Otti doing this? Like this man is literally touching every sector in the state. He's building schools, he's building hospitals, constructing an airport, stadium, constructing more roads, paying workers salary and pension of retirees, recruited alot of personnel in the health, education and other sectors. Even having plans of constructing a seaport in the state. Attracting investment and investors. In all of these, Abia state still ranks as one of the safest states in the country I want to ask a sincere question that requires an honest answer. Is Alex Otti not a Nigerian politician? Is other states and their governors not getting allocation like he's getting? Then Tinubu at the federal level, why hasn't he achieved a single thing as President?

Mr. Papito🤵

12,049 Aufrufe • vor 2 Monaten

Chamath: “Private equity in general is totally hosed.” 🏢🚨 “I think the history of this is important.” “There was a long standing belief that the best way to generate the best risk adjusted return was to have what's called a 60/40 allocation. 60% to bonds and 40% to equities.” “Over many years, especially when we artificially suppressed rates at zero, a lot of people started to move their allocations away from 60/40 and they started to make more and more investments further out on the risk curve.” “The biggest beneficiaries of that were venture capital, private equity, and hedge funds.” “The thing with private equity is that because rates were zero, they had an infinite amount of borrowing capacity at very little downside to them, and so they were able to manufacture returns much faster than venture capital and hedge funds could.” “So as a result, you had an initial group of people that were defining the asset class, making a ton of money, and then you had all these fast followers that said, ‘Well, if they're doing it, I can do it too.’” “But then always what happens is then you have this flood of laggards that just flood the zone.” “And it's these laggards that make it very difficult to generate returns because they start overpaying for assets, they start mismanaging and under managing the assets that they do own.” “That created a lot of competition, and so that's why you see this hockey stick graph.” “And when you see that kind of graph, it doesn't matter what asset class it is. The returns go to zero.” “And so we've seen this in venture capital. We've seen this in hedge funds. And we're now going to see this in private equity.”
1:36

Chamath: “Private equity in general is totally hosed.” 🏢🚨 “I think the history of this is important.” “There was a long standing belief that the best way to generate the best risk adjusted return was to have what's called a 60/40 allocation. 60% to bonds and 40% to equities.” “Over many years, especially when we artificially suppressed rates at zero, a lot of people started to move their allocations away from 60/40 and they started to make more and more investments further out on the risk curve.” “The biggest beneficiaries of that were venture capital, private equity, and hedge funds.” “The thing with private equity is that because rates were zero, they had an infinite amount of borrowing capacity at very little downside to them, and so they were able to manufacture returns much faster than venture capital and hedge funds could.” “So as a result, you had an initial group of people that were defining the asset class, making a ton of money, and then you had all these fast followers that said, ‘Well, if they're doing it, I can do it too.’” “But then always what happens is then you have this flood of laggards that just flood the zone.” “And it's these laggards that make it very difficult to generate returns because they start overpaying for assets, they start mismanaging and under managing the assets that they do own.” “That created a lot of competition, and so that's why you see this hockey stick graph.” “And when you see that kind of graph, it doesn't matter what asset class it is. The returns go to zero.” “And so we've seen this in venture capital. We've seen this in hedge funds. And we're now going to see this in private equity.”

The All-In Podcast

800,205 Aufrufe • vor 9 Monaten