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April 2023

25Apr

‘Aging population holds economic prosperity for Nigerians, others’

Individuals across the globe, especially in developed countries, are aging at an unprecedented pace, making many countries increasingly reliant on migration to realise their long-term growth potential, says a new report from the World Bank. The ‘World Development Report 2023: Migrants, Refugees and Societies’ identifies this trend as a unique opportunity to make migration work better for economies and people. Conversely, Nigeria, Ghana and other developing countries that have rising youthful populations are set to benefit from the global aging population...

April 25, 2023
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24Apr

India. National Pension System likely to get a facelift

The recently-formed committee on the National Pension System (NPS) will review the nearly two-decade-old scheme with an intent to enable it to provide higher pensionary benefits, with higher contributions from both the government and employees. According to a source, the panel, headed by finance secretary TV Somanathan, might suggest guaranteeing a certain pension similar to the Old Pension Scheme (OPS), but without reverting to the non-contributory system. The proposal is to usher in the guaranteed component “in a graded manner”,...

April 24, 2023
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21Apr

Thailand: Pensions and Farmers’ Subsidies Top Election Agenda

With the kingdom’s population ageing and the debt-ridden farmers becoming restless, Thailand’s political parties are gearing up for the May 14 elections offering populist policies to woo the votes of both sectors of the population. Over 52 million people are eligible to vote for electing 500 members to the House of Representatives. With campaigning for the election gathering momentum since December 2022, Thai political parties have announced a range of attractive policies to win their votes. These include subsidies for...

April 21, 2023
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20Apr

‘Big news’ is India’s population growth is below replacement level: UN expert

While India's population at 1.4 billion has surpassed that of China's, the "latest big news" is that the population growth is below the replacement fertility rate in India and it has a "window of opportunity", according to Rachel Snow, the lead demographer of the UN Population Fund (UNFPA). The continued trajectory for India is that while the young population entering the reproductive phase will boost overall fertility, "given the fertility pattern already evident, we can start to anticipate the decline,...

April 20, 2023
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19Apr

U.S. workers want government to require employers to offer retirement plans

American workers favor government mandates requiring employers to offer retirement plans and make matching contributions, according to a new survey released Tuesday by Natixis Investment Managers. More than 4 in 5 workers (81%) said that employers should be required to offer workplace retirement savings plans, with millennials voicing the greatest support for such a mandate (88%) followed by Generation X (79%) and baby boomers (70%). More than 3 in 5 workers (78%) also said they support requiring employers to make matching...

April 19, 2023
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19Apr

India to overtake China as world’s most populous country this year

India has surpassed China as the world’s most populous country, according to new UN data, marking a historic crossover moment for the two Asian rivals that are set to shape business and world affairs in years to come. According to the UN Population Fund’s World Population Dashboard, released on Wednesday, India’s population has surpassed 1.428bn, just overtaking China’s more than 1.425bn people. The update in population estimates came as the world body’s main agency that tracks demographic trends, the UNFPA, released...

April 19, 2023
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18Apr

One in five Korean workers are over 60: Statistics

One out of five Korean workers are over 60 years old, in an aging society with plunging birth rates. The number of elderly still working and the on-year increase in the number of elderly working both reached all-time highs last year. The number of people over 60 who were working last year stood at 5.86 million, hitting the highest figure since data compilation began in 1963, according to Statistics Korea and the Ministry of SMEs and Startups on Monday. The number was...

April 18, 2023
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March 2023

31Mar

Frames, Incentives, and Education: Effectiveness of Interventions to Delay Public Pension Claiming

By Franca Glenzer, Pierre-Carl Michaud & Stefan Staubli Many people forgo a higher stream of public pension income by claiming early. We provide both quasi-experimental and survey-experimental evidence that the timing of public pension claiming is relatively inelastic to changes in financial incentives in Canada. Using the survey experiment, we evaluate the effect of two different educational interventions and different ways of framing the incentive to delay claiming. While all three types of interventions induce delays, these interventions have heterogeneous...

March 31, 2023
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10Mar

Pay-as-They-Get-In: Attitudes Towards Migrants and Pension Systems

By Tito Boeri, Matteo Gamalerio, Massimo Morelli & Margherita Negri We study whether a better knowledge of the functioning of pay-as-you-go pension systems and recent demographic trends in the hosting country affects natives' attitudes towards immigration. In two online experiments in Italy and Spain, we randomly treated participants with a video explaining how, in pay-as-you-go pension systems, the payment of current pensions depends on the contributions paid by current workers. The video also explains that the ratio between the number of...

March 10, 2023
Articles, System Characterization, System Sustainability, , , ,
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03Mar

Pension Provision in Thailand

By Robert Palacios & Himanshi Jain This report documents the current state of pension provision in Thailand and options for reform that would increase the adequacy and sustainability of the pension system. While the focus here is on income support, the welfare of the elderly depends on many other government policies ranging from labor market policies to aged care and health services. It is also important to assess the pension system in terms of its broader impact on fiscal sustainability...

March 3, 2023
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