August 2023
29Aug

Labour unions push to raise retirement age in greying South Korea

South Korean labour unions are battling company managements to press an unusual demand: raising the age of retirement to give workers a few more wage-earning years before having to seek another job to supplement slim pensions. The issue fuels a contest for jobs between older workers among one of the world's fastest-ageing populations, with a rate of poverty among its elderly of three times the OECD average, and young workforce entrants facing dwindling options. "Having to move to low-quality jobs after...

August 29, 2023
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24Aug

Aging Is Trending On TikTok – Lean In To Inspire Gen Z’s Retirement Goals

Coastal grandmother and grandmillennial may be popular design trends on TikTok but getting younger generations to financially plan for those years is more of a challenge. Nearly a third of Gen Z workers are not are not saving for retirement, according to a recent Bankrate survey, and roughly the same amount report feeling behind on their planning. While the Gen Z cohort, which includes workers between the ages of 18-25, has the benefit of time to build the foundations of...

August 24, 2023
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24Aug

Retirement age in Germany continues to rise, new figures show

Last year the average age for men to access old-age pensions increased to 64.4. This is up from 64.1 the previous year and 62.4 years in 2001. For women, the retirement age also rose, from 62.5 in 2001 to 64.2 in 2021 and 64.4 last year. In a parallel development, retirees in recent years have been receiving their benefits for longer. Among men, the duration of pension benefits has increased from 16.7 to 18.8 over the past decade. Women received...

August 24, 2023
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23Aug

Japan records its second-worst income disparity as society ages

Japan’s income inequality hit its second-worst level on record, according to a labor ministry survey conducted in 2021. The Gini coefficient--an index that measures income inequality on a scale ranging between 0 and 1--rose to 0.5700 based on initial income, or before distribution through taxation and social security, according to the Income Redistribution Survey released on Aug. 22. The coefficient, calculated based on income data from 2020, increased from 0.5594 in the previous survey in 2017. A 2014 survey saw the highest...

August 23, 2023
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July 2023
23Jul

Relationship between Social Security Programs and Elderly Employment in Japan

By Takashi Oshio, Satoshi Shimizutani & Akiko S. Oishi  This study examines how elderly employment is associated with social security programs and how it responds to recent reforms in Japan. To this end, we employed a rich and longitudinal dataset of middle-aged and older individuals collected between 2005 and 2018. By incorporating various factors related to social security incentives into a single index of implicit tax (ITAX), we confirmed that the index successfully captured the incentives and their changes incorporated...

July 23, 2023
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23Jul

Early Retirement Provision for Elderly Displaced Workers

By Herman Kruse & Andreas Steinvall Myhre This paper studies the economic effects on re-employment and program substitution behavior among elderly displaced workers who exogenously lose eligibility for their early retirement option. We use detailed Norwegian matched employer-employee data containing information on bankruptcy dates and individual income, wealth, pensions and social security benefits. As job displacement before a certain age cut-off results in the loss of eligibility for early retirement benefits between ages 62–67 years in Norway, we are able...

July 23, 2023
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21Jul

Reforming against the demographic clock

By Allianz Research  Allianz launched the second edition of its Global Pension Report, which analyzes 75 pension systems around the globe using its proprietary Allianz Pension Index (API). The index consists of three pillars: Analysis of basic demographic and fiscal conditions as well as determination of the sustainability (e.g. funding and contribution periods) and adequacy (e.g. degree of diffusion and pension level) of the pension system. A total of 40 parameters are considered, with values ranging from 1 (very good)...

July 21, 2023
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17Jul

How a Vast Demographic Shift Will Reshape the World

U.N. World Population Prospects 2022 Young populations are those in which at least a quarter of the population is under age 15. In old populations, at least a quarter of the population is 65 or older. The world’s demographics have already been transformed. Europe is shrinking. China is shrinking, with India, a much younger country, overtaking it this year as the world’s most populous nation. But what we’ve seen so far is just the beginning. The projections are reliable, and stark: By...

July 17, 2023
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12Jul

Irán. Elderly to Account for 30% of Population by 2050

The percentage of people over the age of 60 will constitute 30% of Iran’s population by the year 2050, Mohammad Tabatabaei, a health official with the Iran University of Medical Sciences, stated on Tuesday. “By 2050, the country’s demographic window of opportunity will close; therefore, considering the age of fertility, we have less than eight years to solve this crisis,” Tabatabaei was quoted as saying by ISNA. He said that the first three years of the eight were key as the...

July 12, 2023
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11Jul

US. To Fix the Care Economy, the United States Should Look Internationally

The care economy and the role of caregiving in unpaid and paid work have been in the spotlight recently in the United States. In 2021, the proposed Build Back Better plan would have invested $400 billion in the care economy—including long-term care services under Medicaid, paid family and medical leave, and better pay for home and child care workers—but failed to pass after some legislators equated it with socialism. A recent executive order that integrates more supportive caregiving policies...

July 11, 2023
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