China is striving to be a leader in all spheres including the blockchain technology. When describing China’s achievements, the word “second” is used quite often. However, in many respects, China has outperformed its competitors. For instance, the country’s authorities realize the importance of technological progress and are now paying special attention to this sector. This time, the main priority is given to blockchain technology - the basis for the cryptocurrency functioning. Recently, head of the state Xi Jinping has appealed for greater urgency in the development of blockchain technology. “We must perceive the blockchain as an important breakthrough and the core for innovation. We should clarify the main direction of development, increase investments and focus on key technologies as well as accelerate the development of blockchain and industrial innovation,” the president noted. It seems, though, that officials miss the key point of the blockchain. Chen Jing, a researcher with the Beijing-based Fengyun Institute of Science, Technology and Strategy, said that blockchain was a complicated concept to understand, but specialists were trying to help officials see its benefits. Generally, China is launching a large-scale program to eliminate blockchain illiteracy in the society. At the same time, this unique technology can be used by the Chinese government to strengthen its control over the population.

Read more: https://www.mt5.com/forex_humor/image/44729

https://instaforex.livejournal.com/2048549.html

Victory Day is a great day not only for Russians who won the Great Patriotic War but also for other nations who fought in the Second World War. People from various countries attend military parades and take part in the Immortal Regiment procession. The tradition began in Russia and gained popularity all over the world.

New York (US)
Across the Atlantic Ocean in the United States people participate in the Immortal Regiment procession. Marches commemorating World War II heroes are held in the main streets of the city.

Buenos Aires (Argentina)
In Argentina that is miles away from Russia people also go on parade carrying portraits of their relatives who took part in World War II.

Rome (Italy)
Italians also hold Immortal Regiment marches paying tribute to the fallen soldiers. They go along the streets of Rome with flags and photos.

Bethlehem (Israel)
Israeli cities host the march to honor heroes of the Great Patriotic War. This year, thousands of people joined the Immortal Regiment procession in Bethlehem.

Havana (Cuba)
The Immortal Regiment action also took place in Havana, Cuba's capital city. The Streets of the city were full of photos of heroes of the Great Patriotic War.

Geneva (Switzerland)
The Russian tradition has also taken root in Switzerland. The latest Immortal Regiment procession was held in Geneva. Citizens paid tribute to the soldiers who died for peace.

https://instaforex.livejournal.com/2048493.html

Victory Day is a great day not only for Russians who won the Great Patriotic War but also for other nations who fought in the Second World War. People from various countries attend military parades and take part in the Immortal Regiment procession. The tradition began in Russia and gained popularity all over the world.

New York (US)
Across the Atlantic Ocean in the United States people participate in the Immortal Regiment procession. Marches commemorating World War II heroes are held in the main streets of the city.

Buenos Aires (Argentina)
In Argentina that is miles away from Russia people also go on parade carrying portraits of their relatives who took part in World War II.

Rome (Italy)
Italians also hold Immortal Regiment marches paying tribute to the fallen soldiers. They go along the streets of Rome with flags and photos.

Bethlehem (Israel)
Israeli cities host the march to honor heroes of the Great Patriotic War. This year, thousands of people joined the Immortal Regiment procession in Bethlehem.

Havana (Cuba)
The Immortal Regiment action also took place in Havana, Cuba's capital city. The Streets of the city were full of photos of heroes of the Great Patriotic War.

Geneva (Switzerland)
The Russian tradition has also taken root in Switzerland. The latest Immortal Regiment procession was held in Geneva. Citizens paid tribute to the soldiers who died for peace.

https://instaforex.livejournal.com/2048493.html

Victory Day is a great day not only for Russians who won the Great Patriotic War but also for other nations who fought in the Second World War. People from various countries attend military parades and take part in the Immortal Regiment procession. The tradition began in Russia and gained popularity all over the world.

New York (US)
Across the Atlantic Ocean in the United States people participate in the Immortal Regiment procession. Marches commemorating World War II heroes are held in the main streets of the city.

Buenos Aires (Argentina)
In Argentina that is miles away from Russia people also go on parade carrying portraits of their relatives who took part in World War II.

Rome (Italy)
Italians also hold Immortal Regiment marches paying tribute to the fallen soldiers. They go along the streets of Rome with flags and photos.

Bethlehem (Israel)
Israeli cities host the march to honor heroes of the Great Patriotic War. This year, thousands of people joined the Immortal Regiment procession in Bethlehem.

Havana (Cuba)
The Immortal Regiment action also took place in Havana, Cuba's capital city. The Streets of the city were full of photos of heroes of the Great Patriotic War.

Geneva (Switzerland)
The Russian tradition has also taken root in Switzerland. The latest Immortal Regiment procession was held in Geneva. Citizens paid tribute to the soldiers who died for peace.

https://instaforex.livejournal.com/2048493.html

Victory Day is a great day not only for Russians who won the Great Patriotic War but also for other nations who fought in the Second World War. People from various countries attend military parades and take part in the Immortal Regiment procession. The tradition began in Russia and gained popularity all over the world.

New York (US)
Across the Atlantic Ocean in the United States people participate in the Immortal Regiment procession. Marches commemorating World War II heroes are held in the main streets of the city.

Buenos Aires (Argentina)
In Argentina that is miles away from Russia people also go on parade carrying portraits of their relatives who took part in World War II.

Rome (Italy)
Italians also hold Immortal Regiment marches paying tribute to the fallen soldiers. They go along the streets of Rome with flags and photos.

Bethlehem (Israel)
Israeli cities host the march to honor heroes of the Great Patriotic War. This year, thousands of people joined the Immortal Regiment procession in Bethlehem.

Havana (Cuba)
The Immortal Regiment action also took place in Havana, Cuba's capital city. The Streets of the city were full of photos of heroes of the Great Patriotic War.

Geneva (Switzerland)
The Russian tradition has also taken root in Switzerland. The latest Immortal Regiment procession was held in Geneva. Citizens paid tribute to the soldiers who died for peace.

https://instaforex.livejournal.com/2048493.html

Victory Day is a great day not only for Russians who won the Great Patriotic War but also for other nations who fought in the Second World War. People from various countries attend military parades and take part in the Immortal Regiment procession. The tradition began in Russia and gained popularity all over the world.

New York (US)
Across the Atlantic Ocean in the United States people participate in the Immortal Regiment procession. Marches commemorating World War II heroes are held in the main streets of the city.

Buenos Aires (Argentina)
In Argentina that is miles away from Russia people also go on parade carrying portraits of their relatives who took part in World War II.

Rome (Italy)
Italians also hold Immortal Regiment marches paying tribute to the fallen soldiers. They go along the streets of Rome with flags and photos.

Bethlehem (Israel)
Israeli cities host the march to honor heroes of the Great Patriotic War. This year, thousands of people joined the Immortal Regiment procession in Bethlehem.

Havana (Cuba)
The Immortal Regiment action also took place in Havana, Cuba's capital city. The Streets of the city were full of photos of heroes of the Great Patriotic War.

Geneva (Switzerland)
The Russian tradition has also taken root in Switzerland. The latest Immortal Regiment procession was held in Geneva. Citizens paid tribute to the soldiers who died for peace.

https://instaforex.livejournal.com/2048493.html

Russia has officially begun its gas supplies to China. On Monday, the massive gas pipeline “Power of Siberia” was launched by Russian President Vladimir Putin and his Chinese counterpart, Xi Jinping via a joint video conference. The pipeline launch is a significant event for the Russian gas company Gazprom. Over the past years, the company has not made any impressive gains or set up any profitable projects. Besides, Gazprom has lost several major cases at once in international courts. This time, the Russian gas company pins high hopes on the largest gas project in its history as the pipeline will allow Gazprom to significantly increase gas exports. Earlier, the Russian authorities have passed a bill abolishing state regulation of natural gas prices. Now, the gas price will be determined by market demand. It seems that this law was specially created to support the new gas pipeline. According to the new bill, the state tariffs will no longer apply to the pipelines launched after 2014, and the Power of Siberia is fully eligible. As a result, the final gas price for China will be lower, but Gazprom does not seem to give his fact any importance.

Read more: https://www.mt5.com/forex_humor/image/44712

https://instaforex.livejournal.com/2048194.html

It is not a surprise that tourist flow to well-known destinations is growing every year. However, high demand means higher prices which increases your spending during the holiday. Luckily, our world is rich in fascinating places.

In our photo gallery, find out which destinations are no worse than the Maldives, the Swiss Alps, and the Grand Canyon in the USA.

Swiss Alps - Czech Switzerland
The fresh air of the mountains, forest slopes, small villages, and blue lakes can be found not only in Switzerland but also in the Czech Republic which is much more affordable. Just an hour's drive from Prague there is an amazingly beautiful place called Czech (or Bohemian) Switzerland. The Chronicles of Narnia movie was filmed in this national park.
Rates:
Prices in this Czech version of Switzerland are very affordable. A price for a double room in a 3-star hotel in April will start from 2,000 rubles. On the other hand, in Switzerland, this amount of money will be enough only for dinner with one course and a salad. The room price there will start at 7,000 rubles.

Maldives - Belyaus Spit in Crimea
These famous snow-white beaches have long been the symbol of a “beautiful life.” But few people know that Russia has a similar beauty in Crimea - the Belyaus Spit which separates the Black Sea and Lake Donuzlav on the western coast of Crimea. Already in May, you can swim in these warm turquoise waters with shell sands. Along with relaxation, you can choose such activities as surfing and diving.
Rates:
The price for a three-star hotel in the Maldives with breakfast will start from 3,000 rubles, and the flight from Moscow to Male in June 2020 will cost 32,000 rubles. At the same time, a flight from Moscow to Simferopol starts from 10,000 rubles. Besides, you can rent a room in a hotel on the first line for just 2,000 rubles.

Salar de Uyuni - Lake Baskunchak
Tourists from all over the world come to Bolivia to see the salt lake Uyuni and to make a couple of pictures with Martian landscapes. Luckily, you do not need to fly across the world to another continent to see this beauty. The ancient Baskunchak lake in the Astrakhan region will offer you the same magnificent views.
Rates:
A return flight from Moscow to the capital of Bolivia, Sucre, will cost you 150,000 rubles, while the flight to Astrakhan will be just 7,000 rubles.

Vienna - Budapest
Vienna is considered one of the most expensive European cities. Meanwhile, the same old cobblestone streets, fabulous architecture, magnificent cathedrals, and unique atmosphere of the Middle Ages can be found in Budapest. After all, Vienna and Budapest were the centers of the Austro-Hungarian Empire.
Rates:
Unlike Vienna, Budapest is one of the cheapest cities in Europe where a three-star hotel in the city center will cost from 1,500 rubles. You can buy a serving of goulash in a local restaurant for just 2 euros and a cup of coffee for 1.5 euros.
Meanwhile, in Vienna, tourists will have to pay 6,000 rubles for a one-night stay in a hotel, 2.8 euros for a coffee, and 15-25 euros for a Wiener schnitzel.

Northern lights in Norway - Northern lights in Murmansk
What do you need to see the northern lights? First of all, certain weather conditions are needed. However, to see the polar lights you do not have to travel to Iceland or Norway. Instead, you can save some money and take a tour to Murmansk. Moreover, no one can guarantee that you will be lucky enough to see this natural wonder. It would be such a failure to spend a fortune on a trip to Norway and to see nothing in the end.
Rates:
A return flight from Moscow to Longyearbyen (Spitsbergen) will cost you around 31,000 rubles with stopovers and 160,000 rubles for a direct flight. The northern lights tour in Spitsbergen will start at 1,400 NOK (around 10,000 rubles). A return flight from Moscow to Murmansk is 4,600 rubles without any stopovers. For the polar lights tour in Murmansk you will need to pay just 4,000 rubles per person.

Grand Canyon in the US - Tara River Canyon in Montenegro
The Tara River Canyon is 1.3 kilometres deep. This is a real natural wonder and is no less impressive than the famous Grand Canyon in the United States. The canyon in Montenegro is a picturesque landscape covered with forests. In particular, Dzhurdzhevicha Tara Bridge offers spectacular views on the canyon.
Rates:
For the Moscow-Las Vegas return flight for April next year you will have to pay 43,000 rubles. There are also additional costs for the US visa. Meanwhile, the flight from Moscow to Podgorica will be just 10,000 rubles.

Mount Fuji - Klyuchevskaya Sopka
It turns out that famous Mount Fuji has a counterpart - Klyuchevskaya Sopka, situated in Kamchatka. Both volcanoes are very similar in shape and snow-capped peaks. Surprisingly, Klyuchevskaya Sopka is one kilometer higher than Fuji. Actually, this is the highest volcano in Eurasia and it is still active, whereas the last time Fuji showed some activity was in the 18th century.
Rates:
A ticket from Moscow to Tokyo for May 2020 will cost 33,000 rubles. To climb Mountain Fuji, you will have to pay around 2,000 dollars.
The price for a return flight from Moscow to Petropavlovsk-Kamchatsky in May will start from 25,000 rubles. To climb Klyuchevskaya Sopka with a guide, you will need to pay 13-14,000 rubles per person.

Lake Garda in Italy - Lake Ohrid in Macedonia
Lake Garda, located in the foothills of the Alps, is famous for its turquoise blue waters and picturesque views, with lemon gardens growing on the slopes of the mountains and little houses with terracotta roofs standing by the water. Lake Ohrid in Macedonia is not so famous, still, it is very beautiful. It can boast the same rugged coastline, thick forests, and dozens of ancient charming villages.
Rates:
On Lake Garda, rates on a double room in a four-star hotel on the first line in June start from 10,000 rubles. On Lake Ohrid, the price for a similar roo

https://instaforex.livejournal.com/2047978.html

Poland repatriates 100 tons of gold from London

A hundred tons of gold, or about 8 thousand bars, has been recently delivered from the Bank of England to Poland. This was the largest movement of precious metal between the central banks of different countries.

A week and a half ago, G4S International Logistics began the gold repatriation operation. The gold bars were transferred in armoured trucks under a police escort, accompanied by helicopters from above. Then 20 boxes of the yellow metal were loaded in a Boeing 737 freighter plane.

G4S International Logistics arranged eight air transfers. During this time, a hundred tons of the precious metal worth more than $5 billion was delivered to the National Bank of Poland. At the beginning of last week, the central bank announced that its gold repatriation operation had been completed. The regulator reported that part of Poland’s gold reserves had been transferred back from the Bank of England and now the reserves would be stored in the NBP Treasury in Warsaw.

According to the bank's governor, about half of Poland’s gold reserves (123 tons) are still stored in the UK. Over 2018-2019, the central bank bought 125.7 tons of gold, boosting its reserves to 228.6 tons in total.

The storage of Poland’s gold reserve in foreign banks dates back to World War II. Previously, the country's national reserve was split into three parts and stored in the Bank of Canada in Ottawa, the Federal Reserve Bank in New York, and in the Bank of England in London.

Read more: https://www.mt5.com/forex_humor/image/44682

https://instaforex.livejournal.com/2047585.html

Poland repatriates 100 tons of gold from London

A hundred tons of gold, or about 8 thousand bars, has been recently delivered from the Bank of England to Poland. This was the largest movement of precious metal between the central banks of different countries.

A week and a half ago, G4S International Logistics began the gold repatriation operation. The gold bars were transferred in armoured trucks under a police escort, accompanied by helicopters from above. Then 20 boxes of the yellow metal were loaded in a Boeing 737 freighter plane.

G4S International Logistics arranged eight air transfers. During this time, a hundred tons of the precious metal worth more than $5 billion was delivered to the National Bank of Poland. At the beginning of last week, the central bank announced that its gold repatriation operation had been completed. The regulator reported that part of Poland’s gold reserves had been transferred back from the Bank of England and now the reserves would be stored in the NBP Treasury in Warsaw.

According to the bank's governor, about half of Poland’s gold reserves (123 tons) are still stored in the UK. Over 2018-2019, the central bank bought 125.7 tons of gold, boosting its reserves to 228.6 tons in total.

The storage of Poland’s gold reserve in foreign banks dates back to World War II. Previously, the country's national reserve was split into three parts and stored in the Bank of Canada in Ottawa, the Federal Reserve Bank in New York, and in the Bank of England in London.

Read more: https://www.mt5.com/forex_humor/image/44682

https://instaforex.livejournal.com/2047585.html

Poland repatriates 100 tons of gold from London

A hundred tons of gold, or about 8 thousand bars, has been recently delivered from the Bank of England to Poland. This was the largest movement of precious metal between the central banks of different countries.

A week and a half ago, G4S International Logistics began the gold repatriation operation. The gold bars were transferred in armoured trucks under a police escort, accompanied by helicopters from above. Then 20 boxes of the yellow metal were loaded in a Boeing 737 freighter plane.

G4S International Logistics arranged eight air transfers. During this time, a hundred tons of the precious metal worth more than $5 billion was delivered to the National Bank of Poland. At the beginning of last week, the central bank announced that its gold repatriation operation had been completed. The regulator reported that part of Poland’s gold reserves had been transferred back from the Bank of England and now the reserves would be stored in the NBP Treasury in Warsaw.

According to the bank's governor, about half of Poland’s gold reserves (123 tons) are still stored in the UK. Over 2018-2019, the central bank bought 125.7 tons of gold, boosting its reserves to 228.6 tons in total.

The storage of Poland’s gold reserve in foreign banks dates back to World War II. Previously, the country's national reserve was split into three parts and stored in the Bank of Canada in Ottawa, the Federal Reserve Bank in New York, and in the Bank of England in London.

Read more: https://www.mt5.com/forex_humor/image/44682

https://instaforex.livejournal.com/2047585.html

Almost all countries in the world have pension programs. However, sometimes, not all people can have access to them as pension provision is a heavy burden for the budget. This is why many countries of the Eastern and Asian regions cannot afford to pay pensions for their retirees.

Find out the countries that do not provide financial support for the elderly in our photo gallery

China
Men in China retire at the age of 60 and women at the age of 55 or 50 (depending on working conditions).
The large-scale pension reform launched in the country in 1995 increased the share of socially protected people to 60% from 5.4%. Nevertheless, only civil servants and urban residents fall into this category. Rural residents can only rely on regional old-age benefits. 20% of the Chinese cannot count on any pension programs.
The pension fund is formed from 2 sources: employers' contributions and employees' own payments. In China, the average pension is 2.5 thousand yuan, and the minimum payment threshold for elderly villagers is 127 yuan.

India
In India, only 12% of older Indians can officially be considered retirees.
The Indian authorities, which have been trying to introduce a new pension reform since 2004 to ease the burden on the state budget, have not succeeded in this endeavor.
In India, pension consists of two parts: business taxes and voluntary employee payments. Civil servants, the most protected category, upon reaching 60 years can claim the largest pension of 2 thousand rupees which is less than $30.
The reform covered only 1% of working Indians. The vast majority of the population can barely make ends meet. What is more, they do not have money to make voluntary contributions.

Thailand
Until 1998, financial support for the elderly in Thailand was guaranteed only to civil servants. Later, the government passed a law that imposed a pension tax of 3% on private companies (another 1% comes from the state budget).
The problem is exacerbated by the fact that more than half of the population works off the book. That is why, in old age, they can claim only a minimum pension of 700 baht which is slightly more than $20. This money is not enough even to meet basic needs.

Gambia
In the Gambia, a pension is received mainly by employees of state-owned enterprises and the public sector who have reached 60 years.
Some categories of workers employed in the industry sector or living in cities can also count on old-age benefits.
Rural residents and those who work off the book are completely deprived of pension payments. It is about 80% of the working population.

• Kenya
  The Kenyan pension system is poorly developed, having long shown its inefficiency. There are 3 sources of funds:
  
  • payments from the National Social Protection Fund formed by employees and employers;
  • pension payments for civil servants from the budget of the country;
  • personal savings.
    
    
  • It is extremely difficult for Kenyans to reach the retirement age of 55. Only 15% of the population receive pension benefits, while the rest of the people die from AIDS.
    Despite the negative statistics, the authorities are considering to raise the retirement age to 60 years.

Niger
The State Pension Fund was established in Niger more than half a century ago, and in recent years the authorities have been trying to raise pension payments.
However, presently, only 3% of the elderly in this poorest country in the world can count on pension benefits. The majority of the population works off-book, depriving themselves of the right to claim a pension. Only a few pass the threshold of the average life expectancy of 52 years and retire at 55 years.

Ghana
In Ghana, only 10% of the working population expects social support in old age. Financial support is divided between two groups of workers. One of the group includes almost all categories of workers - employees of the private and public sectors, farmers, sellers, and small business owners. The other group is officials, police, and the military.
The shadow economy and hyperinflation are the reason for the low level of social protection in the country. Due to mass protests by workers in 2004, the Ghanaian authorities undertook a partial reform of the National Fund but these changes are still insufficient.

Botswana
Botswana's pension system has existed for 20 years. Nevertheless, it has made little difference despite the fact that the country has a relatively high level of economic development.
The Pension Fund is replenished by the state and employers. However, employers quite often ignore the requirements of the authorities to pay social tax for their employees. As a result, more than 80% of employees receive a minimum benefit of 220 pulas which is slightly more than $20.
Moreover, most of the country's residents do not live till retirement age which is six months higher than the average life expectancy.

https://instaforex.livejournal.com/2047318.html

Almost all countries in the world have pension programs. However, sometimes, not all people can have access to them as pension provision is a heavy burden for the budget. This is why many countries of the Eastern and Asian regions cannot afford to pay pensions for their retirees.

Find out the countries that do not provide financial support for the elderly in our photo gallery

China
Men in China retire at the age of 60 and women at the age of 55 or 50 (depending on working conditions).
The large-scale pension reform launched in the country in 1995 increased the share of socially protected people to 60% from 5.4%. Nevertheless, only civil servants and urban residents fall into this category. Rural residents can only rely on regional old-age benefits. 20% of the Chinese cannot count on any pension programs.
The pension fund is formed from 2 sources: employers' contributions and employees' own payments. In China, the average pension is 2.5 thousand yuan, and the minimum payment threshold for elderly villagers is 127 yuan.

India
In India, only 12% of older Indians can officially be considered retirees.
The Indian authorities, which have been trying to introduce a new pension reform since 2004 to ease the burden on the state budget, have not succeeded in this endeavor.
In India, pension consists of two parts: business taxes and voluntary employee payments. Civil servants, the most protected category, upon reaching 60 years can claim the largest pension of 2 thousand rupees which is less than $30.
The reform covered only 1% of working Indians. The vast majority of the population can barely make ends meet. What is more, they do not have money to make voluntary contributions.

Thailand
Until 1998, financial support for the elderly in Thailand was guaranteed only to civil servants. Later, the government passed a law that imposed a pension tax of 3% on private companies (another 1% comes from the state budget).
The problem is exacerbated by the fact that more than half of the population works off the book. That is why, in old age, they can claim only a minimum pension of 700 baht which is slightly more than $20. This money is not enough even to meet basic needs.

Gambia
In the Gambia, a pension is received mainly by employees of state-owned enterprises and the public sector who have reached 60 years.
Some categories of workers employed in the industry sector or living in cities can also count on old-age benefits.
Rural residents and those who work off the book are completely deprived of pension payments. It is about 80% of the working population.

• Kenya
  The Kenyan pension system is poorly developed, having long shown its inefficiency. There are 3 sources of funds:
  
  • payments from the National Social Protection Fund formed by employees and employers;
  • pension payments for civil servants from the budget of the country;
  • personal savings.
    
    
  • It is extremely difficult for Kenyans to reach the retirement age of 55. Only 15% of the population receive pension benefits, while the rest of the people die from AIDS.
    Despite the negative statistics, the authorities are considering to raise the retirement age to 60 years.

Niger
The State Pension Fund was established in Niger more than half a century ago, and in recent years the authorities have been trying to raise pension payments.
However, presently, only 3% of the elderly in this poorest country in the world can count on pension benefits. The majority of the population works off-book, depriving themselves of the right to claim a pension. Only a few pass the threshold of the average life expectancy of 52 years and retire at 55 years.

Ghana
In Ghana, only 10% of the working population expects social support in old age. Financial support is divided between two groups of workers. One of the group includes almost all categories of workers - employees of the private and public sectors, farmers, sellers, and small business owners. The other group is officials, police, and the military.
The shadow economy and hyperinflation are the reason for the low level of social protection in the country. Due to mass protests by workers in 2004, the Ghanaian authorities undertook a partial reform of the National Fund but these changes are still insufficient.

Botswana
Botswana's pension system has existed for 20 years. Nevertheless, it has made little difference despite the fact that the country has a relatively high level of economic development.
The Pension Fund is replenished by the state and employers. However, employers quite often ignore the requirements of the authorities to pay social tax for their employees. As a result, more than 80% of employees receive a minimum benefit of 220 pulas which is slightly more than $20.
Moreover, most of the country's residents do not live till retirement age which is six months higher than the average life expectancy.

https://instaforex.livejournal.com/2047318.html

Almost all countries in the world have pension programs. However, sometimes, not all people can have access to them as pension provision is a heavy burden for the budget. This is why many countries of the Eastern and Asian regions cannot afford to pay pensions for their retirees.

Find out the countries that do not provide financial support for the elderly in our photo gallery

China
Men in China retire at the age of 60 and women at the age of 55 or 50 (depending on working conditions).
The large-scale pension reform launched in the country in 1995 increased the share of socially protected people to 60% from 5.4%. Nevertheless, only civil servants and urban residents fall into this category. Rural residents can only rely on regional old-age benefits. 20% of the Chinese cannot count on any pension programs.
The pension fund is formed from 2 sources: employers' contributions and employees' own payments. In China, the average pension is 2.5 thousand yuan, and the minimum payment threshold for elderly villagers is 127 yuan.

India
In India, only 12% of older Indians can officially be considered retirees.
The Indian authorities, which have been trying to introduce a new pension reform since 2004 to ease the burden on the state budget, have not succeeded in this endeavor.
In India, pension consists of two parts: business taxes and voluntary employee payments. Civil servants, the most protected category, upon reaching 60 years can claim the largest pension of 2 thousand rupees which is less than $30.
The reform covered only 1% of working Indians. The vast majority of the population can barely make ends meet. What is more, they do not have money to make voluntary contributions.

Thailand
Until 1998, financial support for the elderly in Thailand was guaranteed only to civil servants. Later, the government passed a law that imposed a pension tax of 3% on private companies (another 1% comes from the state budget).
The problem is exacerbated by the fact that more than half of the population works off the book. That is why, in old age, they can claim only a minimum pension of 700 baht which is slightly more than $20. This money is not enough even to meet basic needs.

Gambia
In the Gambia, a pension is received mainly by employees of state-owned enterprises and the public sector who have reached 60 years.
Some categories of workers employed in the industry sector or living in cities can also count on old-age benefits.
Rural residents and those who work off the book are completely deprived of pension payments. It is about 80% of the working population.

• Kenya
  The Kenyan pension system is poorly developed, having long shown its inefficiency. There are 3 sources of funds:
  
  • payments from the National Social Protection Fund formed by employees and employers;
  • pension payments for civil servants from the budget of the country;
  • personal savings.
    
    
  • It is extremely difficult for Kenyans to reach the retirement age of 55. Only 15% of the population receive pension benefits, while the rest of the people die from AIDS.
    Despite the negative statistics, the authorities are considering to raise the retirement age to 60 years.

Niger
The State Pension Fund was established in Niger more than half a century ago, and in recent years the authorities have been trying to raise pension payments.
However, presently, only 3% of the elderly in this poorest country in the world can count on pension benefits. The majority of the population works off-book, depriving themselves of the right to claim a pension. Only a few pass the threshold of the average life expectancy of 52 years and retire at 55 years.

Ghana
In Ghana, only 10% of the working population expects social support in old age. Financial support is divided between two groups of workers. One of the group includes almost all categories of workers - employees of the private and public sectors, farmers, sellers, and small business owners. The other group is officials, police, and the military.
The shadow economy and hyperinflation are the reason for the low level of social protection in the country. Due to mass protests by workers in 2004, the Ghanaian authorities undertook a partial reform of the National Fund but these changes are still insufficient.

Botswana
Botswana's pension system has existed for 20 years. Nevertheless, it has made little difference despite the fact that the country has a relatively high level of economic development.
The Pension Fund is replenished by the state and employers. However, employers quite often ignore the requirements of the authorities to pay social tax for their employees. As a result, more than 80% of employees receive a minimum benefit of 220 pulas which is slightly more than $20.
Moreover, most of the country's residents do not live till retirement age which is six months higher than the average life expectancy.

https://instaforex.livejournal.com/2047318.html

The last month of the year turned out to be positive for the German economy. The unemployment rate dropped unexpectedly, boosting the market’s confidence. The stabilizing manufacturing industry became the main reason for this improvement. According to the existing data, the number of unemployed has decreased by 16 thousand in contrast to estimates for an increase of 6 thousand. Analysts emphasize that for a long time the unemployment rate has been holding at its lowest level of 5%. Reduction in the number of jobless is a good sign for Germany’s economy. Statistical data for December shows a sharp increase in factory orders and a moderate rise in business activity which helps maintain the balance of the state budget. Earlier, the IMF and the ECB urged Germany to reduce its budget surplus in order to invest more in public expenditures. Today, experts believe that this is no longer a priority.According to employment agencies, the demand for the new labour force has significantly declined. Earlier this year, the leading manufacturers, including the auto giant Volkswagen AG and the corporation Siemens AG, announced more than 80 thousand job cuts. However, some difficulties may arise here for the economic situation, experts warn. In particular, job losses may lead to a reduction in private spending that actually supports the German economy. Economists stress that it was high consumer demand that helped prevent a recession this year.

Read more: https://www.mt5.com/forex_humor/image/44646

https://instaforex.livejournal.com/2047065.html

The last month of the year turned out to be positive for the German economy. The unemployment rate dropped unexpectedly, boosting the market’s confidence. The stabilizing manufacturing industry became the main reason for this improvement. According to the existing data, the number of unemployed has decreased by 16 thousand in contrast to estimates for an increase of 6 thousand. Analysts emphasize that for a long time the unemployment rate has been holding at its lowest level of 5%. Reduction in the number of jobless is a good sign for Germany’s economy. Statistical data for December shows a sharp increase in factory orders and a moderate rise in business activity which helps maintain the balance of the state budget. Earlier, the IMF and the ECB urged Germany to reduce its budget surplus in order to invest more in public expenditures. Today, experts believe that this is no longer a priority.According to employment agencies, the demand for the new labour force has significantly declined. Earlier this year, the leading manufacturers, including the auto giant Volkswagen AG and the corporation Siemens AG, announced more than 80 thousand job cuts. However, some difficulties may arise here for the economic situation, experts warn. In particular, job losses may lead to a reduction in private spending that actually supports the German economy. Economists stress that it was high consumer demand that helped prevent a recession this year.

Read more: https://www.mt5.com/forex_humor/image/44646

https://instaforex.livejournal.com/2047065.html

According to experts, the level of social inequality increases every year. Preliminary forecasts indicate that two thirds of wealth will be in the hands of only 1% of affluent persons by 2030. Read about 7 causes of inequality that can lead to social upheaval

Educational background

According to analysts, the level of education is one of the main causes of social inequality. Education determines the future income of people as they can have either a low-paid or a high-paying job. The better the education, the more relevant are the skills of an employee. The correlation between the level of education and salary can be traced in developed countries and big cities. However, education and its application depend on personal qualities of a person.

Innovation technology development

Some experts believe that development of innovative technologies is one of the reasons for high unemployment. Thus, the advancement of technologies in robotics leads to competition between a robot and a human. As a result, people can lose their jobs. However, it concerns not only working class individuals but intellectual workers as well. Due to active development of artificial intelligence, robots can replace people in fields such as science and art. Therefore, job losses lead to wage cuts and inequality.

Gender inequality in the labour market

Gender inequality in the labour market still remains a live issue in the majority of countries around the world. For example, in the US, women who work full-time, receive only 77% of men's salary. On the contrary, men who work part-time can be paid less than women. According to experts, such differences are the result of gender inequality and the work approach. Thus, when looking for a job, women pay attention not only to the size of their salaries but also to a number of related factors such as convenient work time, a good team, etc.

Globalization

Globalization is changing the world we live in every day. Moreover, this tendency is going to increase over time. According to experts, globalization has a significant impact on inequality. As international trade continues to grow, there is serious competition between workers from wealthy and poor countries. As a result, the income of workers in developed countries is falling rising tension in the society.

Quantitative easing (QE)

Quantitative easing is one of the main objectives of economic policy in Western countries. According to experts, QE supports global economic growth. The money, created within the quantitative easing program, is directly forwarded to the financial sector. These measures are beneficial to large asset owners, though ineffective in regards to the populace.

Zero interest-rate policy

When a central bank lowers its key interest rate, the cost of the public debt also decreases. The richest corporations and cabinet ministers are the ones to benefit the most from low-interest rates as they own cheap debts. The policy of lower interest rates stimulates the accumulation of debt leading to a sharp increase in asset prices.

Decreasing purchasing power

According to expert estimates, purchasing power decreased by 99% over the past 10 years. On average, it lost 5% every year. As a result, people who receive their income in the form of wages or salary faced with the depreciation of savings. However, the decrease of purchasing power caused less damage to owners of financial assets. Such causes of inequality directly depend on government policies of different countries.

https://instaforex.livejournal.com/2046867.html

According to experts, the level of social inequality increases every year. Preliminary forecasts indicate that two thirds of wealth will be in the hands of only 1% of affluent persons by 2030. Read about 7 causes of inequality that can lead to social upheaval

Educational background

According to analysts, the level of education is one of the main causes of social inequality. Education determines the future income of people as they can have either a low-paid or a high-paying job. The better the education, the more relevant are the skills of an employee. The correlation between the level of education and salary can be traced in developed countries and big cities. However, education and its application depend on personal qualities of a person.

Innovation technology development

Some experts believe that development of innovative technologies is one of the reasons for high unemployment. Thus, the advancement of technologies in robotics leads to competition between a robot and a human. As a result, people can lose their jobs. However, it concerns not only working class individuals but intellectual workers as well. Due to active development of artificial intelligence, robots can replace people in fields such as science and art. Therefore, job losses lead to wage cuts and inequality.

Gender inequality in the labour market

Gender inequality in the labour market still remains a live issue in the majority of countries around the world. For example, in the US, women who work full-time, receive only 77% of men's salary. On the contrary, men who work part-time can be paid less than women. According to experts, such differences are the result of gender inequality and the work approach. Thus, when looking for a job, women pay attention not only to the size of their salaries but also to a number of related factors such as convenient work time, a good team, etc.

Globalization

Globalization is changing the world we live in every day. Moreover, this tendency is going to increase over time. According to experts, globalization has a significant impact on inequality. As international trade continues to grow, there is serious competition between workers from wealthy and poor countries. As a result, the income of workers in developed countries is falling rising tension in the society.

Quantitative easing (QE)

Quantitative easing is one of the main objectives of economic policy in Western countries. According to experts, QE supports global economic growth. The money, created within the quantitative easing program, is directly forwarded to the financial sector. These measures are beneficial to large asset owners, though ineffective in regards to the populace.

Zero interest-rate policy

When a central bank lowers its key interest rate, the cost of the public debt also decreases. The richest corporations and cabinet ministers are the ones to benefit the most from low-interest rates as they own cheap debts. The policy of lower interest rates stimulates the accumulation of debt leading to a sharp increase in asset prices.

Decreasing purchasing power

According to expert estimates, purchasing power decreased by 99% over the past 10 years. On average, it lost 5% every year. As a result, people who receive their income in the form of wages or salary faced with the depreciation of savings. However, the decrease of purchasing power caused less damage to owners of financial assets. Such causes of inequality directly depend on government policies of different countries.

https://instaforex.livejournal.com/2046867.html

According to experts, the level of social inequality increases every year. Preliminary forecasts indicate that two thirds of wealth will be in the hands of only 1% of affluent persons by 2030. Read about 7 causes of inequality that can lead to social upheaval

Educational background

According to analysts, the level of education is one of the main causes of social inequality. Education determines the future income of people as they can have either a low-paid or a high-paying job. The better the education, the more relevant are the skills of an employee. The correlation between the level of education and salary can be traced in developed countries and big cities. However, education and its application depend on personal qualities of a person.

Innovation technology development

Some experts believe that development of innovative technologies is one of the reasons for high unemployment. Thus, the advancement of technologies in robotics leads to competition between a robot and a human. As a result, people can lose their jobs. However, it concerns not only working class individuals but intellectual workers as well. Due to active development of artificial intelligence, robots can replace people in fields such as science and art. Therefore, job losses lead to wage cuts and inequality.

Gender inequality in the labour market

Gender inequality in the labour market still remains a live issue in the majority of countries around the world. For example, in the US, women who work full-time, receive only 77% of men's salary. On the contrary, men who work part-time can be paid less than women. According to experts, such differences are the result of gender inequality and the work approach. Thus, when looking for a job, women pay attention not only to the size of their salaries but also to a number of related factors such as convenient work time, a good team, etc.

Globalization

Globalization is changing the world we live in every day. Moreover, this tendency is going to increase over time. According to experts, globalization has a significant impact on inequality. As international trade continues to grow, there is serious competition between workers from wealthy and poor countries. As a result, the income of workers in developed countries is falling rising tension in the society.

Quantitative easing (QE)

Quantitative easing is one of the main objectives of economic policy in Western countries. According to experts, QE supports global economic growth. The money, created within the quantitative easing program, is directly forwarded to the financial sector. These measures are beneficial to large asset owners, though ineffective in regards to the populace.

Zero interest-rate policy

When a central bank lowers its key interest rate, the cost of the public debt also decreases. The richest corporations and cabinet ministers are the ones to benefit the most from low-interest rates as they own cheap debts. The policy of lower interest rates stimulates the accumulation of debt leading to a sharp increase in asset prices.

Decreasing purchasing power

According to expert estimates, purchasing power decreased by 99% over the past 10 years. On average, it lost 5% every year. As a result, people who receive their income in the form of wages or salary faced with the depreciation of savings. However, the decrease of purchasing power caused less damage to owners of financial assets. Such causes of inequality directly depend on government policies of different countries.

https://instaforex.livejournal.com/2046867.html

The pre-holiday moods typical for December also covered the US stock market. Its active growth was recorded throughout almost the whole year. December is traditionally considered one of the best for the markets of the year. Experts find it difficult to answer how it will be this time, but expect to rise. Positive in the current forecasts was the growth of the S&P 500 index, which since the beginning of the year added more than 25%. Last week was also favorable: the Russell 2000 index of small-cap companies showed an uptrend along with other indices, rising above its 52-week high. Experts consider this a good sign for the American stock market.

The topic of US and Chinese trade negotiations still remains relevant. Any news from the trade front can be a catalyst that can continue or stop the rally until the end of the year. The current news background is extremely unstable, analysts emphasize. Only US President Donald Trump noted that the “first phase” of the deal was almost ready, as the signing of the law in support of the protesters in Hong Kong made a mess. This provoked an extremely negative reaction from Beijing, which added tension to the trade negotiations.

According to preliminary estimates, December 2019 was very successful for the markets, and for the S&P 500 index it was almost the best year. This has not been recorded since 1928, experts emphasize. However, they urge not to rest on their laurels, since the positive end of the year is in question. According to Sam Stovall, CFRA’s lead investment strategist, the US market is usually adjusting by mid-December, but then, by the end of January next year, a good shopping opportunity presents itself. The expert does not expect a noticeable decline in the near future. Analysts draw attention to the fact that Thanksgiving in the United States is a kind of barometer for the market. If the market is growing by 20% or more before this holiday, then during December, a rise of about 1.8% is also recorded. However, in this barrel of honey there is a fly in the ointment. In the last month of the year, the most significant risk for the market will be the result of trade negotiations between the United States and China. Another important factor is the economic reports, thanks to which investors can evaluate the actions of the Fed in relation to lower rates. In current reports, data on population employment become the most important item. According to preliminary calculations, in November 183 thousand jobs were created in the USA, and a month earlier - 128 thousand jobs.

Currently, the US economy is showing signs of recovery. Positive economic data encouraged the market and gave optimism to investors. However, the consumer remains the key growth factor, analysts recall. The purchasing power of the population is the most important driver of market growth. It correlates with employment data because a strong labor market is critical for consumers and their costs.

Read more: https://www.mt5.com/forex_humor/image/44585

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