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December 2023

The Employment Landscape of Older Migrant Workers in China’s Aging Society: The Role of City-Level and Industry Specialization

By Haobin Fan & Ting Zhang As China’s population ages, more older workers are participating in the labor market, including a significant number of older migrant workers moving to urban areas. However, surprisingly little research has been done on their destination city and employment patterns. This paper addresses this gap by investigating the impact of city-level and industry specialization on the employment prospects of older migrant workers. Using both individual- and city-level data, we find that unlike prime-age migrant workers, older migrant workers have higher...

Playing the Long Game: How Longevity Affects Financial Planning and Family Caregiving

By Surya Kolluri, Janet Weiner & Mary Naylor Since 1935, when Social Security set the age to receive full benefits at 65, average life expectancy in the United States has risen by 17 years. This increased longevity has clear implications for financial planning, both in terms of the timing of retirement and the need to plan for a longer period of retirement. But there are less obvious implications as well, in terms of the likelihood and length of time that...

Beneficios Económicos Periódicos (BEPS): promoviendo el ahorro en un entorno de informalidad

Por Juan Miguel Villa Lora & Any Andrea Benítez Duarte La Seguridad Social en Colombia ha evolucionado en un frente constitucional y legislativo dentro de un contrato social en el que ninguna prestación económica puede ser inferior al salario mínimo.3 De hecho, entre todas las constituciones de América Latina y el Caribe, la colombiana es una de las pocas que señala el monto mínimo de una pensión. En la práctica ello excluye a más de la mitad de la población en...

El sistema de pensiones contributivas y no contributivas en México. Un análisis desde la perspectiva de género y derechos al 2021

Por Angélica Paola González Lozada El sistema de pensiones, en sus esquemas contributivo y no contributivo, no considera las diferencias en la vida laboral entre hombres y mujeres marcadas principalmente por la división sexual del trabajo, la cual obliga a las mujeres a hacerse cargo del trabajo reproductivo en materia de cuidados (directos, indirectos y de gestión). La consecuencia de esto se ve reflejada en las constantes interrupciones que tiene la trayectoria laboral de las mujeres por atender dichos mandatos...

Un estudio internacional del sistema de pensiones para el régimen de pensiones mexicano

Por Alfredo Prieto Gómez & María Enriqueta Mancilla-Rendón Los gobiernos de los países del mundo buscan apoyar a los beneficiarios del régimen de pensiones que son aplicables en la etapa improductiva de la vejez; en ocasiones este propósito no se alcanza, trayendo consigo reflexiones sobre si un sistema de pensiones sea el apropiado. Por ello, el objetivo de nuestro estudio fue analizar el sistema de pensiones de algunos países de la Unión Europea (UE), Estados Unidos, Canadá y Chile, para...

Social Protection for Older Persons Social Pensions in Asia

By Sri Wening Handayani & Babken Babajanian The rising number of older persons in Asia has accentuated the importance of strengthening the systems of social protection in the region. This book examines the effectiveness and relevance of noncontributory or social pensions in supporting older persons in Asia. It discusses the political economy and financial sustainability of social pension reform, implications for gender equity and social rights, and design and implementation challenges. Case studies from Bangladesh, Nepal, Thailand, Viet Nam, and South...

Overview of social protection systems in Latin America and the Caribbean: Progress and setbacks in the face of the pandemic

By International Labour Organization The crisis triggered by the COVID-19 outbreak has exposed the gap that persists in the region to achieve comprehensive protection systems, based on a social protection floor which guarantees for universal access to health and economic security over the life cycle. Social protection coverage in Latin America evolved positively in the decade before the pandemic. Contributing members to the system increased by 14 per cent over the 2012-2019 period and the ratio of contributing workers to the employed population was 46.9...

Global Public Pensions 2023

By Official Monetary and Financial Institutions Forum The Global Public Pensions 2023 report explores how public pension and sovereign funds are building optimal investment strategies to address the uncertain economic environment and factor sustainability into their portfolios. The report draws on surveys, discussions, and written contributions from 22 global public funds across the world with combined assets under management of $4.3tn. These include the likes of Singapore’s GIC, Canada’s CDPQ, Australia’s Future Fund and India’s National Infrastructure Investment Fund. It...

Recent developments in social pensions in Latin America

By International Social Security Association Non-contributory pensions, also known as social pensions, are an important component of rights-based universal social protection systems. They allow extending pension coverage relatively rapidly to elderly persons who are not covered by contributory schemes. Usually financed by general revenues and providing relatively modest benefits, eligibility for social pensions is often conditional on low income or certain other criteria. The right to social protection, including old age income security, is enshrined in various national constitutions and legal...

Money Illusion in Retirement Savings with a Minimum Guarantee

By Catherine Donnelly, Gaurav Khemka & William Lim We investigate the impact of money illusion on the investment strategy and retirement outcomes of pre-retirees. Money illusion refers to the tendency of individuals to overlook the effects of inflation and focus on nominal rather than real terms. We solve and compare the optimal investment strategies for a pre-retiree who exhibits money illusion and aims to maximize the expected power utility of wealth at retirement, subject to a minimum guarantee constraint. While...