Kashmiris raise black flags above the Indian national flag in Muzaffarabad to protest New Delhi's move to revoke the special status of Jammu and Kashmir. EPA
Kashmiris raise black flags above the Indian national flag in Muzaffarabad to protest New Delhi's move to revoke the special status of Jammu and Kashmir. EPA

UN Security Council to discuss Kashmir crisis on Friday



The United Nations Security Council will meet on Friday to discuss the crisis in Kashmir following India's decision to strip the region of its autonomy.

The meeting will take place behind closed doors starting at 10 am.

It is extremely rare for the Security Council to discuss Kashmir, which has been divided between India and Pakistan since independence from Britain in 1947.

The last time there was a full council meeting regarding the Himalayan region was in 1965, but Friday's discussion will instead be heard in private consultations.

The National understands that China, a permanent member of the council, requested the meeting on Pakistan's behalf.

Parts of Kashmir that India controls have been under lockdown since August 4, with freedom of movement restricted and phones and the internet cut.

A day later, India scrapped Article 370 in its constitution which had granted Kashmir special autonomy, splitting the state of Jammu and Kashmir in two and downgrading their status to union territories. The decision infuriated Pakistan.

In a speech marking Indian Independence Day Thursday Prime Minister Narendra Modi said the step was one of several "path-breaking" moves by his newly re-elected administration, and that "fresh thinking" was needed after seven decades of failure to ensure harmony.

Kashmir has been the spark for two major wars and countless clashes between the two nuclear-armed arch-rivals, most recently in February when they conducted tit-for-tat air strikes.

Pakistan observed "Black Day" on Thursday to coincide with India's independence day celebrations.

And Pakistan Prime Minister Imran Khan, who has warned of possible "ethnic cleansing" in Kashmir, replaced his Twitter profile photo with a black circle.

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The Melbourne Mercer Global Pension Index

The Melbourne Mercer Global Pension Index

Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.

The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.

“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.

“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”

Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.

Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.

“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.

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