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By Moniepoint The informal economy, also known as the shadow economy, comprises businesses that are typically described as untaxed and unregistered. And it is all around you: your family, neighbours, and even friends who have side hustles to supplement their income. This report weaves critical data, insights and expert perspectives to illuminate and help you understand Nigeria’s shadow economy. Get the report here
By George Domfe, Kwadwo Opoku & Antoinette Tsiboe-Darko Population ageing has stirred up policy discourse on pension coverage in developing economies. While in most of these countries, a smaller proportion of older persons receive pensions in the form of regular payments from the state, a considerable proportion of them engage in active work to maintain their livelihood. These descriptions are typically true of Ghana. However, it remains unclear in the Ghanaian literature whether the absence of a pension is a...
By Hang Anh Nguyen, Martin O'Brien & Alfredo Paloyo Minimum wage policies have become a nearly universal feature of modern labour markets, with over 90% of countries implementing statutory wage floors since 2012 (Del Carpio & Pabon, 2014). Yet, despite their widespread adoption, the economic effects of minimum wages remain highly contested. Advocates argue that they boost earnings for lowwage workers, reduce income inequality, and mitigate poverty, while critics contend that they suppress productivity, distort wage structures, and incentivise firms...
By Bruno Kawaoka Komatsu, Lucas Dias & Naercio Menezes Filho In Brazil, poor women in family agriculture are entitled to a monthly unconditional pension from the government when they turn 55, a large predictable income increase for rural families. In this paper, we use a national family expenditure survey and a fuzzy regression discontinuity design strategy to estimate the impacts of that pension on consumption, finance and labor market indicators. We show that the rural pension increases income by 50%,...
When is the right time in life to get married or have a child? What is the best age to buy a home? Is there an ideal age for retirement? We asked adults in 18 mostly middle-income countries what they think is the best age to reach these life milestones. Overall, there is a lot of agreement around the world. A chart showing The ideal ages for major life events, according to people in 18 nations On average across the countries...
The State Pension age will be rising from next year, the age is currently 66 for both men and women. It will gradually increase to 67 between 2026 and 2028 for those born after April 1960. The transition process is then expected to be completed for everyone by March 2028. The planned change to the official age of retirement has been in legislation since 2014, with a further rise from 67 to 68, which is set to be implemented between...
Retirement just got a little boost for many public sector retirees and their spouses. By the end of this month, more than 3 million Social Security recipients affected by the Social Security Fairness Act that President Biden signed into law in January will see a bump in their benefits. This law increases monthly Social Security benefits for certain types of workers, including some teachers, firefighters, and police officers in many states, federal employees covered by the Civil Service Retirement System, and...
South Korea's parliament on Thursday passed a bill to reform the country's $830 billion pension fund and delay the depletion of the state fund that has been on track to run out by the mid-2050s due to a rapidly ageing population. The bill's passage marks the first time parliament has agreed to a major shake-up in the state pension fund in 18 years and could delay depletion by 15 years. Under the legislative amendment, contributions and payouts will rise, the former...
Por Organización Internacional del Trabajo Cinco años después de la irrupción de la pandemia de COVID-19, el panorama laboral de América Latina y el Caribe en 2024 evidencia una estabilidad relativa en sus principales indicadores laborales. En línea con el crecimiento económico moderado, la tasa de ocupación aumentó ligeramente en 2024 respecto al año anterior. La oferta laboral, medida por la tasa de participación, el porcentaje de personas en edad de trabajar que están trabajando o buscando un empleo, se...
By Shujaat Khan, Bo Li & Yunhui Zhao We highlight the strong connection between developing fully-funded, individually-owned, collectively-managed, mandatory/incentivized (FICMI) pension schemes and the development of domestic stock markets. We do so by building a stylized model and complementing the analysis with cross-country empirical analysis and case studies. We also highlight the challenges of individual impatience, network externalities, and coordination failure in long-term equity investments, which are crucial for stock market development and technological innovation. We find that FICMI pension...
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