Der Bund gr ndet eine eigene Pensionskasse

Article Abstract:

Under an agreement between the Austrian government and the public sector trade union G D, the Austrian state is to set up a pension fund for 35,000 employees of the federal state. The state will contribute 0.75% of the salary towards the pension fund, and the employee can pay the same amount. Contributions of 40 years entitle to an increase of pension that corresponds to 10% of the last salary. The state will make the payments for all new employees hired after the year 2000. Before that the joining of the pension fund is optional. The state's contributions to the pension fund are estimated at Sch 75mn annually. A spokeswoman for the finance ministry does not rule out a later privatisation of the pension fund.

Comment:

Austria: To set up a pension fund for 35,000 employees of federal state under an agreement between govt & public trade union

Government domestic functions, Services introduction, Pension Funds & Benefit Plans, Pension Funds, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Pension & Benefit Regulation, Pensions

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Betriebe leben mit Risiko

Article Abstract:

According to Paul J. Moritz, head of industrial insurance at BARC, no more than 15-20% of Austrian companies have insured themselves against business interruption, compared with 70% in Germany. BARC, which generated a premium income of close to Sch 600mn in industrial insurance in 1997, is to launch a computer insurance policy for small and medium-sized businesses. Mr Moritz sees potential for business interruption insurance especially in the computer and telecom sectors rather than in the manufacturing sector.

Comment:

Austria: No more than 15-20% of Austrian cos have insured themselves against business interruption, compared w/ 70% in Germany

Market information - general, Direct Property and Casualty Insurance Carriers, Property & Liability NEC, Property and casualty insurance

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