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Government pensions and social security

Detroit retirees vote in favour of pension cuts

Detroit says retirees and workers have approved pension cuts, a major step in bankruptcy case
Ed White, The Associated Press

DETROIT - Workers and retirees approved pension cuts in Detroit's bankruptcy by a landslide, the city reported Monday, a crucial step to emerging from the largest municipal insolvency in U.S. history.

The city disclosed results from two months of balloting, which ended July 11. Judge Steven Rhodes still must hold a trial in August to determine if Detroit's overall bankruptcy plan is fair and feasible to all creditors, from Wall Street to Main Street, but support from retirees is vital.

Japan's PM reshuffles Cabinet to win tax support

Japan's leader reshuffles Cabinet to win opposition support for tax hike proposal
Malcolm Foster, The Associated Press

TOKYO - Japanese Prime Minister Yoshihiko Noda replaced five members of his Cabinet on Friday in a bid to win more co-operation from the opposition to raise the sales tax and rein in the country's bulging fiscal deficit.

Two of the removed ministers had been censured by the opposition for making comments that were deemed inappropriate. Twelve posts were unchanged, including finance and foreign minister.

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