To Protect Australian Workers’ Retirement Savings, We Must Democratize Pensions

Link: https://jacobinmag.com/2021/05/australia-pensions-superannuation-super-industry-funds-democratic-control-investment-vanguard-equity-stock-market

Excerpt:

By design, Australia’s existing superannuation system reproduces inequalities built into the labor market. This is because employers must pay super as a proportion of wages into individual accounts that then earn compounding returns. Upon retirement, high-income workers may find they own a significant pool of capital.

Meanwhile, lower-income workers — disproportionately women — retire with the lowest super balances. The same will be true of younger or marginalized workers who are trapped in precarious or informal employment. As wages continue to decline and precarious work becomes more prevalent, the number of people with a stake in defending superannuation is shrinking year by year.

To make matters worse, in its present form, superannuation undermines genuinely redistributive institutions like the age pension. This is because conservative political forces are able to present them as a last-resort safety net rather than a guarantee of the right to a decent retirement.

Author(s): Robert Lechte

Publication Date: 9 May 2021

Publication Site: Jacobin Magazine

Exposing Corporate Climate Denial

Link: https://www.dailyposter.com/p/exposing-corporate-climate-denial

Excerpt:

Meanwhile, investor efforts to require political spending disclosures at individual companies were halted on many occasions by large asset managers like BlackRock and Vanguard, which have regularly used their immense shareholder voting power to shield companies from transparency.

Now with a new SEC chairman, transparency advocates see an opportunity for progress. 

“People want to know who companies are bankrolling,” said U.S. Rep. Andy Levin (D-Mich.). H.R. 1, the democracy reform package passed by House Democrats earlier this month, includes a bill from Levin to repeal the Republican measure blocking the SEC from requiring companies to disclose their political spending. 

Author(s): Julia Rock

Publication Date: 10 March 2021

Publication Site: Daily Poster