Fund Members Research Articles

Forecasting the National Health Insurance Fund Membership Enrolment in Tanzania Using the SARIMA Model

This paper aimed at forecasting membership enrolment in the National Health Insurance Fund (NHIF) in Tanzania using quarterly time series data. This study used 88 time series data to fit the seasonal Autoregressive Integrated Moving Average model (SARIMA). ARIMA (3,1,1) (0,1,0)[4] model was built and used for forecasting. The results show that there will be an increasing membership enrolment overtime over the years and no signs of decreasing. Thus, the government, apart from continuing subsidizing the cost of accessing health insurance services, should also improve the National Health Insurance (NHI) coverage to accommodate the increased enrolment and discourage dropouts. In turn, this will help to achieve the Universal Health Coverage (UHC) ultimate aim of ensuring equitable access to essential and manageable healthcare services, regardless of individuals’ financial situations, their location, and personality.

On the Legal Nature of Guarantees of Rights and Legal Interests of Private Pension Fund Members

On the Legal Nature of Guarantees of Rights and Legal Interests of Private Pension Fund Members

Climate policy at the International Monetary Fund: No voice for the vulnerable?

AbstractThe climate crisis prompted the International Monetary Fund (IMF), an international lender of last resort, to implement wholesale reforms to incorporate climate policy into its operations. At the IMF, selected countries from the Global North—historically the largest emitters of greenhouse gases—dominate decision‐making. This raises several questions. Can the Fund implement an ambitious and effective climate policy? How are climate‐vulnerable developing countries and their interests represented in everyday decision‐making at the institution? Drawing on scholarship on the political economy and legitimacy of international organizations, we focus on the formal distribution of decision‐making power within the IMF to evaluate the IMF's shift toward climate change. Our empirical analysis of the representation of 57 self‐identifying climate‐vulnerable developing countries (the V20) at the IMF and within its Executive Board shows that these countries, speaking for almost a third of the Fund's membership, command a vote share of merely 5.6%. Our assessment of the Climate Strategy adopted by the IMF amplifies equity concerns over its climate policies and further attests to the disregard of requests by developing countries. Barring meaningful governance reform to increase the voice and representation of climate‐vulnerable developing countries, the IMF's approach to addressing climate change is unlikely to translate into legitimate and effective climate policy.

The Management of Death Charity Financial Fund: A Study of Principles and it's Application in Ar-Rahmah Sungai Buaya Mosque, Rawang, Selangor Malaysia

Purpose: This study aims to identify the management of the Death Charity Financial Fund (DCFF) through the approach of principles and practices implemented at Ar-Rahmah Sungai Buaya Rawang mosque, Selangor, Malaysia. Theoretical framework: Death Charity Financial Fund (DCFF) is an initiative in collecting donations in preparation for death. The rising cost of funeral expenses has pushed the government, non-governmental organizations (NGOs), and mosque institutions to establish a death charity financial fund. However, the local community considers the mosque a suitable entity for administering the Death Charity Financial Fund. Due to there is no specific law on how to manage it, its applicability differs depending on the mosque. Design/Methodology/Approach: This study adopted a qualitative approach that involved conducting semi-structured interviews with two academicians and mosque manager who are directly involved and responsible for managing the DCFF. In the meantime, through a quantitative approach, managed to gather 70 respondents from communities. Findings: The results of the study found that the principles and application of DCFF in mosque institutions have been in accordance with Shariah and law. Research, Practical & Social implications: The implications of this study found that the establishment of a DCFF is to lessen the burden on the deceased person's family, particularly for those from lower socioeconomic backgrounds. Originality/Value: The study is expected to benefit the community in providing supplies on the day of death, so that family members feel light and easy in financing the funeral management. Also contribute to a financial management system that is required to be made by the Death Charity Financial Fund member group in a comprehensive manner.

A Critical Legal Analysis of the Effect of the Proposed ‘Two-Pot System’ on Spouses in Unregistered Customary Marriages in South Africa

Abstract For the first time in the history of South African pension laws, a system is proposed that will enable pension fund members to access a portion of their pension benefits while still actively employed. The proposed system seeks to provide pension fund members with financial relief without requiring them to quit their jobs due to financial strain. This paper commends the government’s initiative in response, among others, to the financial problems caused by the coronavirus disease (COVID-19) pandemic. This paper argues, however, that despite the potential beneficial effects the system may have on pension fund members, it may introduce new challenges that pension fund stakeholders have never faced before. This paper aims to highlight a potential defect in the proposed system, particularly in cases where pension benefits are included in the joint estate of a pension fund member. South African customary marriages, whether or not they are registered, are by default in community of property. The pension benefits of a member who is a spouse in these marriages form a part of the joint estate. This paper examines and proposes solutions to the challenges that the proposed system may present to spouses in unrecorded customary marriages.

Healthcare utilization and catastrophic health expenditure in rural Tanzania: does voluntary health insurance matter?

BackgroundOver 150 million people, mostly from low and middle-income countries (LMICs) suffer from catastrophic health expenditure (CHE) every year because of high out-of-pocket (OOP) payments. In Tanzania, OOP payments account for about a quarter of the total health expenditure. This paper compares healthcare utilization and the incidence of CHE among improved Community Health Fund (iCHF) members and non-members in central Tanzania.MethodsA survey was conducted in 722 households in Bahi and Chamwino districts in Dodoma region. CHE was defined as a household health expenditure exceeding 40% of total non-food expenditure (capacity to pay). Concentration index (CI) and logistic regression were used to assess the socioeconomic inequalities in the distribution of healthcare utilization and the association between CHE and iCHF enrollment status, respectively.Results50% of the members and 29% of the non-members utilized outpatient care in the previous month, while 19% (members) and 15% (non-members) utilized inpatient care in the previous twelve months. The degree of inequality for utilization of inpatient care was higher (insured, CI = 0.38; noninsured CI = 0.29) than for outpatient care (insured, CI = 0.09; noninsured CI = 0.16). Overall, 15% of the households experienced CHE, however, when disaggregated by enrollment status, the incidence of CHE was 13% and 15% among members and non-members, respectively. The odds of iCHF-members incurring CHE were 0.4 times less compared to non-members (OR = 0.41, 95%CI: 0.27–0.63). The key determinants of CHE were iCHF enrollment status, health status, socioeconomic status, chronic illness, and the utilization of inpatient and outpatient care.ConclusionThe utilization of healthcare services was higher while the incidence of CHE was lower among households enrolled in the iCHF insurance scheme relative to those not enrolled. More studies are needed to establish the reasons for the relatively high incidence of CHE among iCHF members and the low degree of healthcare utilization among households with low socioeconomic status.

How the provision of inflation information affects pension contributions: A field experiment

AbstractIgnoring the effects of inflation in retirement planning can have severe consequences for an individual's future financial well‐being. Yet, many pension funds do not communicate inflation‐related information, presumably for the fear of reduced contributions once the members understand how low the “real” return on saving for retirement is. As an alternative prediction, the provision of inflation information could increase pension contributions, because it reveals possible pension shortfalls. In cooperation with a major German pension fund, we conduct a field experiment, in which we vary the inflation information provided to the fund members, to explore this important issue. Among all participants, we find mostly positive but insignificant effects of the inflation information on pension contributions. Among those participants who voluntarily changed their pension contributions after the experimental intervention, the provision of inflation information significantly raises the likelihood of increasing pension contributions.

A Guaranteed-Return Structured Product as an Investment Risk-Hedging Instrument in Pension Savings Plans

This study proposes a structured product (SP) for hedging defined contribution pension fund members against capital market risk. Using Monte Carlo simulations on three different guaranteed returns to test the investment strategy of the SP against a balanced investment portfolio, we measure their performance across a wide variety of capital market returns and risk scenarios. The results show that the SP guarantees a minimal return on the pension savings portfolio and offers a higher portfolio return at a lower investment risk, compared with the balanced investment portfolio. We conclude that the SP may become popular among pension fund members, potentially leading to improved risk management, greater competition, and investment strategy innovations for defined contribution pension schemes.

Examining i-Sinar and i-Lestari Withdrawals Among Employees Provident Fund (EPF) Members During COVID-19 Crisis

To cope with the economic hardship induced by the COVID-19 pandemic, the government has allowed for withdrawals from the Employees Provident Fund (EPF) retirement savings account. This paper explored the impact of COVID19 on the employment and income status of EPF members prompted them to make early withdrawals from their retirement savings through the i-Sinar and i-Lestari schemes as well as usage of withdrawals. The nonprobability convenience sampling technique, specifically the snowball technique managed to capture 2,061 respondents via an online survey. Logistic regression revealed younger respondents, those earning a lower income, and those experiencing income reduction were more likely to utilise both schemes compared to their counterparts. Although most withdrawals were put to good use, it raises concern as the early withdrawals can bring negative consequences to individuals, taxpayers, and the government in future. Findings from this study can serve as a useful input in suggesting some improvements towards the EPF retirement savings scheme.

The role of digital technology in communication and information flow in the Australian Superannuation industry

Successful retirement planning critically depends on access to accurate and up-to-date information. In this paper, we focus on the Australian Superannuation industry to examine the influence of digital technology in facilitating communication and information flow among its various actors. Using a qualitative research methodology, we conducted 22 semi-structured interviews with various industry actors including Superfunds, fund members, consultants, IT and digital solutions providers, and representatives from industry regulators. Our findings highlight the need for these actors to enhance their resource and knowledge-sharing capabilities, consumer need recognition, and information flow to ultimately enable Superfund members to improve their retirement planning and financial well-being. JEL Classification: D14 Household Saving • Personal Finance, D15 Intertemporal Household Choice • Life Cycle Models and Saving, J26 Retirement • Retirement Policies and J32 Nonwage Labor Costs and Benefits • Retirement Plans • Private Pensions

The status of nomination forms and wills when retirement funds' death benefits are distributed

This paper discusses the importance of deceased retirement fund members nominating their preferred beneficiaries to receive their accumulated retirement benefits when they die. It assesses whether nominations made by deceased members through nomination forms (and at times wills) are binding on retirement funds boards when distributing death benefits. It further assesses whether nominated beneficiaries are entitled to be allocated the available death benefits. Most importantly, this paper highlights the inherent weakness in section 37C of the Pension Funds Act 24 of 1956 regarding the treatment of nominated beneficiaries. It demonstrates that these beneficiaries are often requested to prove financial dependency despite this provision being silent on the issue. It illustrates further that the nominated beneficiaries' entitlement to be considered and allocated death benefits does not arise from financial dependency but from the act of nomination. It argues that there is no mechanism that retirement funds' boards can utilise to determine what should be allocated to the nominated beneficiaries. Furthermore, this paper argues that section 37 of the PFA is constitutional.

Director expertise and co‐option in industry superannuation funds?

AbstractThis study examines whether independent directors who possess financial expertise and are independent from the CEO (i.e., non‐co‐opted) are associated with improved outcomes for industry superannuation funds. Our results highlight that independence alone is insufficient to improve fund outcomes. Instead, we find that only non‐co‐opted independent directors benefit fund members in terms of higher performance and lower fees. Moreover, we find that independent directors' financial expertise is not associated with fund performance and fees. Our study has implications for regulators and superannuation funds who are currently debating the need for one‐third independent directors on the board of Australian superannuation funds.

ИНВЕСТИЦИОННАЯ ДЕЯТЕЛЬНОСТЬ АРАБСКОГО ВАЛЮТНОГО ФОНДА И ЕГО ЗНАЧЕНИЕ В РАЗВИТИИ РЕГИОНАЛЬНОГО ФИНАНСОВОГО РЫНКА

The Arab Monetary Fund (AMF) is a stabilization fund that is part of the Global Financial Safety Net. The Fund's members are 22 countries of the League of Arab States. The main purpose of the fund is to provide financial assistance to member countries and provide liquidity to cover budget deficits. Such financing, among other things, contributes to the elimination of imbalances between the economies of the region. However, the fund also conducts an active investment activity, which is not a typical direction for stabilization funds. Moreover, through investments, AMF provides almost all of its annual income, while interest income received from loans issued is a small part. Thus, the fund can provide sovereign loans at lower interest rates, since lending is not the main source of income. In addition to its own funds, the fund also accepts deposits from member countries and various financial institutions. Through ongoing monitoring of the regional economy and analytical research, the fund has accumulated significant expertise in technical assistance to governments and institutions in the Arab countries. The AMF distributes about US$13 billion in funds to the regional market. The article presents the main directions for investing financial resources, their amount, as well as indicators of risk management and capital adequacy. Thus, in addition to the main purpose of the stabilization fund, the AMF is a center of competence and an institutional investor in the Arab financial markets. Taking into account the significant aspects of the investment activity of the fund, its influence on the development of the regional financial market is considered.

Healthcare usage and expenditure among people with type 2 diabetes and/or hypertension in Cambodia: results from a cross-sectional survey

ObjectiveTo assess usage of public and private healthcare, related healthcare expenditure, and associated factors for people with type 2 diabetes (T2D) and/or hypertension (HTN) and for people without those conditions...

Do Superannuation Fund Members Benefit from Large Fund Size?

Do Superannuation Fund Members Benefit from Large Fund Size?

Notes: Do retirement funds have a right to transfer accrued retirement benefits without non-member spouses’ consent? An analysis of the Collatz matter

Neither the legislature nor the courts have adequately determined how to regulate benefits that retirement fund members married in community of property derive a right to claim before their death. It illustrates the failure of the courts to assess the intersection between matrimonial principles and pension rules when faced with nonmember spouses who argue that their deceased member spouses’ retirement benefits accrued to their joint estates. The courts need to consider seriously the applicability of matrimonial principles before retirement benefits can be treated as death benefits. Further, the note demonstrates that the courts over-emphasise the role of pension rules and totally disregard matrimonial principles, thereby depriving surviving non-member spouses of their share of the accrued retirement benefits. This note further argues that the legislature should urgently intervene.

Investment Option Switching Behaviour and Impact for Pension Fund Members Around the COVID Pandemic

Investment Option Switching Behaviour and Impact for Pension Fund Members Around the COVID Pandemic

The impact of an unemployment insurance reform on incidence rates of hospitalisation due to alcohol-related disorders: a quasi-experimental study of heterogeneous effects across ethnic background, educational level, employment status, and sex in Sweden

BackgroundMany Western countries have scaled back social and health expenditure, including decreases in the generosity and coverage of unemployment insurance, resulting in negative effects on general health and well-being at the aggregate level. Yet, research has not sufficiently looked into heterogeneity of such effects across different subgroups of the population. In Sweden, the 2006 unemployment insurance reform, implemented on the 1st of January 2007, encompassed a drastic increase of insurance fund membership fees, reduced benefit levels, and stricter eligibility requirements. As this particularly affected already socioeconomically disadvantaged groups in society, such as foreign-born and low-educated individuals, the current study hypothesise that the reform would also have a greater impact on health outcomes in these groups.MethodsBased on register data for the total population, we utilise a quasi-experimental approach to investigate heterogeneous health effects of the reform across ethnic background, educational level, employment status, and sex. Due to behaviourally caused diseases having a relatively shorter lag time from exposure, hospitalisation due to alcohol-related disorders serves as the health outcome. A series of regression discontinuity models are used to analyse monthly incidence rates of hospitalisation due to alcohol-related disorders among individuals aged 30–60 during the study period (2001–2012), with the threshold set to the 1st of January 2007.ResultsThe results suggest that, in general, there was no adverse effect of the reform on incidence rates of hospitalisation due to alcohol-related disorders. A significant increase is nonetheless detected among the unemployed, largely driven by Swedish-born individuals with Swedish-born or foreign-born parents, low-educated individuals, and men.ConclusionsWe conclude that the Swedish 2006 unemployment insurance reform generally resulted in increasing incidence rates of hospitalisation due to alcohol-related disorders among unemployed population subgroups known to have higher levels of alcohol consumption.

Information sharing and fund performance: Evidence from the US mutual fund family

ABSTRACT In this paper, we investigate the information sharing within an organisation and its consequences on mutual fund performance. Using a sample from the US open-end mutual fund industry, information sharing inside an organisation is quantified via the dependence of individual funds from the fund family joint information set. The findings indicate a positive relationship between the degree of information sharing and the resulting fund performance. This remains robust across different performance evaluation metrics and various model specifications. Such superior performance can be attributed to the quality of information shared across affiliated fund members and timely information diffusion within the fund family.

Analisis Manajemen Permodalan Pada Baitul Maal Wa Tamwil di Masa Pandemi

Baitul maal wa tamwil is a well-known sharia microfinance organization in the neighborhood. However, because of the poor segmentation of micro-businesses, Covid-19 had a big influence. The purpose of this research is to learn more about the state of capital and capital management in Baitul Maal Wa Tamwil (BMT) Muamalat Mulia. Because BMT Muamalat Mulia caters to the lower-middle market, the area was chosen. This study employs descriptive qualitative research with a case study technique. Interviews and observations are used to gather information. As a result of the existence of inferior funding members, BMT is severely harmed. Nonetheless, BMT Muamalat Mulia is able to endure because to strong capital management, which includes dividing productive capital, non-productive capital, and employing cash to mitigate risks.