an hour agoTrust says the institution is in dire straits, tells of the millions it has suffered these days
Periskopi(3 years ago)
(3 years ago)“We can't say that FKPK means as a whole are endangered, but the institution is still in a difficult state of”... The Kosovo Pension Savings Fund has been declared for the loss of savings of Kosovo citizens. In a response to the Insander Journal, this institution has said that “cannot say that FKPK means as a whole are [...]
“We can't say that FKPK means as a whole are endangered, but the institution is still in a difficult state of”...
The Kosovo Pension Savings Fund has been declared for the loss of savings of Kosovo citizens.
In a response to the Insander Journal, this institution has said that “cannot say that FKPK's means as a whole are endangered, but the institution is still in a difficult position without the main organ [v.i. The board] decisionmakers under the legislation in force”.
The mandate of members of the Pension Trust Board ended in 30.11.2022, but was extended for three months.
The contest was announced three months ago in 02,12,2022, but no action has been taken so far.
Does Demi, the Trust spokesman, said they are attending public discussions on the investment situation, and has discovered the losses this institution has had these days, clarifying that the tools under management are treated in two investment portfolios: 1. The Standard portfolio (which includes all contributors until the age of 63); 2. Conservative portfolio (including all contributors aged 63 and older).
“Portfolet Standard contributors' tools have made up investments that have a potential return and a higher risk, so they have higher fluctuation. Due to the situation created in financial markets from March 10th through March 17th, 2023, where some banks important to the global economy show financial difficulties by infecting global markets, FKPK's investments in Portofoten Standard have also faced severe fluctuations. This caused all positive return from investments in January and February 2023 to be depreciated and for January 1st 2023 until March 20, 2023 (for the last date available to us) Portofo Standard has a drop of -1.5% or a gross return of about -36 million euros”, Demi says.
While for the same period, the Conservative Portfole has a positive return of about +0.7%, or about 800 thousand euros, this is because the investments in this portfolio are in potential return instruments and significantly lower risk. This is also the wallet from which contributors aged 63 are retired, who are not affected by fluctuations in financial markets, and even in these conditions have a positive return for 2023. This is also the most sensitive category in these situations, and this solution has made a very satisfying effect of”, he has clarified.
The Kosovo Pension Savings Fund, also known as the Trust, collects the means of Kosovo taxpayers.
Its amount amounts to nearly 2.3 billion euros, but currently, it is smaller.
According to the Central Bank of Kosovo, the decline in value has occurred in recent months due to geopolitical developments, including the war in Ukraine, the energy crisis and two-way inflation. All of this has caused disturbances in international markets.
With laws in Kosovo, 70 percent of Trust vehicles are invested in international financial markets in the long term in order to increase value, while 30 percent are invested in Kosovo's valuable letters.
All employees in Kosovo are obliged to pay 10 percent of their pension contributions: 5 percent pay their employer, while 5 percent are separated from employee salaries.
Retirement savings can only be used by the contributor after meeting the retirement conditions, respectively.
