Venezuelan President Nicolas Maduro on Monday raised the minimum wage by 300 percent to 18,000 bolivars per month, around $6.70, as part of routine wage hikes in an economy suffering from annual inflation approaching 2 million percent.
In order to make up for losses, the county will have to push its contribution rates up in the current fiscal year — to the equivalent of 24.5% percent of payroll for the safety category, compared to 21.6% currently, and the equivalent of 43% of payroll for the miscellaneous category, compared to 37.3% now, according to the report.
A new analysis shows San Diego’s pension debt has climbed past $3 billion for the first time, forcing the city to increase its annual pension payment by more than $11 million this year despite a projected budget deficit of $84 million.
The climb past $3 billion continues a long and steady series of increases for the pension debt, which was $1.2 billion in 2007.
The world’s debt when compared against its total output hit another all-time high of over 322% in the third quarter of 2019 and it is set to keep growing, the Institute of International Finance (IIF) said in a new research report.
“Many euro area sovereigns — specifically Belgium, Cyprus, France, Greece, Italy, Portugal, and Spain — have debt ratios around 100% of GDP (or significantly higher in some cases), which is unprecedented for the last few decades and significantly constrains their ability to use fiscal policy to cushion a sharp slowdown in growth,” Moody’s report said.
“Debt ratios in France and Italy continued to rise from high levels last year, reaching an estimated 99% and 135% of GDP, respectively.”
Accounts with over two million francs in the Cantonal Bank of Aargau are charged an interest rate of -0.8 percent – a minimum of CHF16000 – with other banks in the canton also charging a similar amount.
Switzerland’s pension funds and insurers have seen the value of their investments shrivel as the SNB policy rate of -0.75% has pushed the return on government bonds, one of their main holdings, into negative territory.
The New York Federal Reserve said on Tuesday it accepted $35 billion in bids submitted by primary dealers in a 14-day repurchase agreement operation, a move intended to keep the federal funds rate within its target range.
U.S. stock indexes Tuesday late-afternoon were losing steam and turning negative on the heels of a report that tariffs on Chinese goods would remain in place until after the 2020 presidential election.
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