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Pencom declare 12 states faithful to funding wokers’ pension.

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Only 12 states among those that have enacted the Contributory Pension Scheme laws have been funding the pension accounts of their workers as of the end of June 2018.

This was disclosed in the report on ‘Implementation update by the State Governments’ by the National Pension Commission which was obtained by our correspondent on Tuesday.

In the report, PenCom stated, “Twelve out of the 36 states had commenced remittance of contributions into the RSAs of their employees. Similarly, eight states have commenced the funding of their Retirement Benefit Bond Redemption Fund Accounts.”



PenCom noted that the state governments continued to make progress in the level of implementation of the CPS.

As of the first quarter of 2018, it said, the number of states that had enacted laws on the CPS stood at 27, while eight states were at the bill stage.

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One state had, however, yet to commence the process of enacting a law to reform its pension system, it noted.

The commission stated that the states that had commenced remittance of pensions in the workers Retirement Savings Accounts and were funding their accrue rights were Lagos, Ogun, Kaduna, Niger, Delta, Osun and Rivers states.

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It disclosed that the states that had commenced the funding of the RSAs but not funding the accrued rights were Zamfara, Kebbi, Ondo and Anambra.

According to the commission, the states that have yet to commence the remittance into workers’ RSAs and accrued rights funding are Sokoto, Ekiti, Kogi, Bayelsa, Nasarawa, Oyo, Katsina, Akwa Ibom, Edo, Benue, Kwara, Plateau and Cross River.

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India dismissed 15 top officials

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Source:Reuters

India on Tuesday sacked 15 senior tax officials facing probes in corruption cases, sending across a tough message to bureaucrats taking kickbacks for facilitating tax evasion by companies, a government statement said.

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Last week, the government had dismissed 12 income tax officials who were mainly facing corruption charges.

India improved its ranking, among 180 countries, by three points to 78th on a global corruption index in 2018, according to the annual index of the Transparency International, an anti-graft watchdog.


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Egypt Ranks 2nd Amidst World Emerging Economies.

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Amidst the 21 most flexible emerging economies worldwide, Renowned Bloomberg has listed Egypt’s economy behind Philippines in the face of the global trade war.

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In its analysis, the Bloomberg agency relied on a set of criteria, most important of which being the GDP growth rate, local currency performance against international currencies, foreign exchange reserves, credit rating, and finally current account performance.

The Egyptian cabinet’s Media Center said in a statement on Monday that indicators of the Egyptian economy improved significantly during the recent period, most notably the choice of the Egyptian pound as the second-best performing currency in the world against the US dollar this year so far, according to Bloomberg.

Of these indicators, GDP growth in the third quarter of fiscal year 2018/2019 reached 5.6 percent, alongside a rise in net foreign exchange reserves by the end of May 2019 to US$44.3 billion, with the current account deficit as a percentage of the GDP declined from 6.1 percent in 2016/2017 to 2.4 percent in 2017/2018.

The statement added that the Egyptian credit rating achieved its best level since 2011 after the agencies of Moody’s, Fitch and Standard & Poor’s upgraded Egypt’s credit rating.

-Egyptian Independent


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