The International Monetary Fund (IMF) has indirectly criticised Germany’s coalition government’s pension reform plans, saying there were better ways to support adequate replacement rates than the measures it has pledged.The deal struck by the CDU/CSU and the SPD parties earlier this year included measures to cap the pension contribution rate at 20% and set a floor on replacement rates at 48% of average salaries until 2025.In its 2018 Article IV Consultation report on the country this week, the IMF said this was not expected to have a large fiscal cost up to 2025, but would be burdensome if it stayed in place afterwards.A more “durable and growth-friendly way” to achieve adequate replacement rates, according to the IMF, would be to pursue pension and labour market reforms that would make it more attractive for people to extend their working lives. These would have multiple benefits, including lowering risks of old-age poverty, lowering the public pension bill, increasing growth, and reducing the need for workers to save, it said.The German government has installed a pensions committee to develop a plan for the state pension system from 2025 onwards. The IMF’s headquarters in Washington DCThe IMF noted that public pension expenditure in Germany is expected to rise by 1.9% of GDP between 2016 and 2040, compared with an average increase of 0.8% in the European Union. Pension replacement rates were projected to decrease.Earlier this year consultancy Willis Towers Watson said contributions to German occupational pension plans would need to double to compensate for falling payout levels from the first pillar.Gesamtmetall, the employer association for Germany’s metal industry, said the IMF’s recommendations – not just on pensions – were “in nearly every detail diametrically opposed” to the coalition agreement.The IMF also recommended that Germany improve pension transparency, including as a possible means of reducing household “precautionary” savings.Improving the transparency of future pension payouts at the household or individual level would reduce uncertainty about future pension income and could help reduce precautionary savings, it said.Article IV reports are produced after bilateral discussions are held, usually every year, between the IMF and the fund’s country members.
Monaco lost 4-0 to Club Bruge on Tuesday (Photo by Agency)The troubled beginning to Thierry Henry’s Monaco managerial career comes under even more intense focus on Sunday night when runaway leaders Paris Saint Germain visit the beleaguered principality club.Five games after replacing Leonardo Jardim, Les Bleus record scorer still finds himself without a single victory. One week after another, Monaco’s chequered campaign goes from bad to worse.Tuesday’s 0-4 setback at the hands of Belgian champions Club Brugge was the club’s worst-ever home loss in European competition. It was preceded by Ligue One losses at Strasbourg and Reims.A Champions League draw away to Club Brugge and home stalemate with struggling Dijon are the only two occasions Henry’s Monaco have registered points. In contrast, PSG arrive in Monaco on a roll. The Parisians’ twelve-match winning streak at the start of this season, is a record in Europe’s top five leagues.But it is not all gloom for Monaco who face former star Kylian Mbappe Lottin one year after selling him to Thomas Tuchel’s PSG for an astonishing £166m. Injuries at the 2016/17 French champions are easing up. Monaco’s two most experienced stars – top scorer Radamel Falcao and Swiss keeper Diego Begnaglio are available for selection.Joint second-placed Lille Metropole and Montpellier both have an opportunity to slice leaders PSG’s eleven point advantage when they play Strasbourg and Angers respectively. Lille’s much vaunted ‘BIP’ attack of Jonathan Bamba, Jonathan Ikone and Nicolas Pepe test their mercurial skills against Alsace region kingpins Strasbourg on Friday night, before Montpellier, who whitewashed Olympique Marseille last Sunday confront Angers a day later.Elsewhere, Bruno Genesio will demand a better defensive display from Olympique Lyon at basement club Guingamp as they surrendered a two-goal advantage to draw two-all with Hoffenheim mid-week.Rudi Garcia’s star-studded Marseille are meanwhile highly fancied to topple Dijon at Stade Velodrome.FRIDAY: Lille Metropole v Strasbourg @10:45pmSATURDAY:Guingamp v Olympique Lyon @07:00pmAngers v Montpellier @10:00pmNimes v Nice @10:00pmSaint Etienne v Reims @10:00pmToulouse v Amiens @10:00pmSUNDAY:Bordeaux v Caen 05:00pmMarseille v Dijon 07:00pmRennes v Nantes 07:00pmMonaco v Paris Saint Germain 11:00pmBET ON ALL THESE GAMES @Bunga BetComments Tags: French Ligue Onetop
Having lost the final in the last two seasons, the Jaypee Punjab Warriors finally struck gold to become third-time lucky and clinched the Hockey India League (HIL) title in the fourth edition of the six-team tournament at the Birsa Munda Hockey Stadium on Sunday.The Chandigarh-based outfit beat Kalinga Lancers 6-1 in the summit clash where Armaan Qureshi, Matt Gohdes and Satbir Singh scored a field goal each for the Warriors. Skipper Moritz Fuerste scored the Lancers’ lone goal of the match, coming in a penalty corner. The unique feature of the tournament was that each field goal counted for two.The Warriors were on the gas right at the start as their forward Armaan Qureshi gave the Punjab team exactly what they needed by scoring a goal as early as in the fourth minute. Qureshi got past two defenders and at the right moment reverse flicked the ball past Lancers’ goalkeeper Andrew Charter, becoming the Warriors’ top goal-scorer of the tournament with four.The Warriors were clearly the dominant team in the first half of the match, keeping possession and regularly playing in the Lancers’ half of the pitch. Australian Charter was a busy man in the evening as he had to make multiple saves to keep his team in with a chance.Lancers’ skipper and two-time Olympic champion Fuerste of Germany showed his class in the 24th minute when he managed to put the ball past Warriors goalie Clemons Tristan to make it 1-2 for the Lancers, who qualified for the knockouts for the first time in the HIL.advertisementAfter the mid-way break, the Warriors came out even more aggressively, continuously pressing the Lancers’ defence deeper into the scoring arc. The efforts finally bore fruit in the 39th minute when forward S.V. Sunil worked out a brilliant ball and passed it to Australia’s Gohdes, who had no difficulty in converting it into a goal.The score went up to 4-1 in favour of the Warriors thanks to some brilliant work from Sunil and a nice finishing touch from 2014 World Cup-winner Gohdes.The Warriors did not have to wait long enough as three minutes later Satbir built a fantastic ball, moving past the Lancers’ defenders with quick pace to finally score the last of the match to make it 6-1 in the 42nd minute.By now the game was beyond the reach of the Bhubaneswar-based team, who seemingly appeared jaded in the last quarter of the match. Just moments later, the hooter blew loudly in the stadium to give the Warriors their first trophy in the four-year history of the tournament.Earlier in the day, 2014 edition winners Delhi Waveriders defeated last year’s champions Ranchi Rays 2-0 in the third place match. Mandeep Singh’s lone field goal was enough for the Delhi-based team to seal third position in the tournament. The Waveriders had lost the semi-final 1-3 to Jaypee Punjab Warriors here on Saturday.Waveriders’ defender and penalty corner expert Rupinder Pal Singh was named the player of the tournament.