Compensation Bill for Mishandled State Pension Age Rises Reaches £10.5bn

London, United Kingdom – The UK government is potentially facing a significant compensation bill following a ruling by the Parliamentary Service and Health Ombudsman that it mishandled state pension age rises impacting women born in the 1950s. The Ombudsman’s report, the culmination of a lengthy investigation, highlighted the Department for Work and Pension’s failure to properly inform women in this age group about changes to the state pension age. This negligence has prompted calls for …

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EPF Declares 5.5% Dividend Rate for 2023 Savings, Payout Reaches RM50.3bil

SHAHL ALAM, Malaysia – The Employees Provident Fund (EPF) in Malaysia has announced dividend rates for 2023, revealing a 5.5% return for Conventional Savings and a 5.4% return for syariah savings, distributing a total of RM50.3 billion and RM7.5 billion, respectively. Historically, EPF’s conventional savings have seen varying dividend rates over the past decade, ranging from 5.2% in 2020 to 6.9% in 2017. Similarly, syariah savings have experienced fluctuations, with rates ranging from 4.9% in …

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“Retirement Age” Reaches New Heights: UK State Pension Age Expected to Rise to 71, Say Experts

Experts predict that workers in the UK may have to work until they are 71 before claiming their state pension due to the impact of growing life expectancy and falling birthrates on the state pension. Research on life expectancy and birthrates has shown that the current retirement age of 66 is unsustainable, and the pension age is expected to rise to 67 between 2026 and 2028, and to 68 by 2044. However, the research suggests …

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