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October 2020

22Oct

COVID-19 and the Future of Aging: Prospects for Older Workers

An AARP executive on jobs, flexible work and intergenerational unity (This article is the third in a weekly joint series on COVID-19 and the Future of Aging from the Milken Institute Center for the Future of Aging and Next Avenue. The articles are Q and As with thought leaders in fields ranging from health care to retirement planning to work to intergenerational relationships.) Milken Institute Center for the Future of Aging: How can older and younger employees work together in this...

October 22, 2020
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14Oct

US. Deaths of despair: Not everyone benefits from the ‘longevity economy’

America recently passed a grim milestone of over 210,000 COVID-19 deaths, with little hope the pandemic will come under control soon. While the coronavirus has been devastating to those who’ve lost loved ones, it has also exacted a vicious toll on a particular group of older Americans: lower-wage workers, minorities and women who have labored for decades in jobs with unstable incomes and without employee benefits. Read also 5 retirement security risks that 2020 made worse We hear a lot...

October 14, 2020
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13Oct

Will emigrating South Africans be allowed to withdraw their retirement savings?

We have come a long way since publication of the draft tax Bills on 31 July this year, and on 7 October 2020, the Standing Committee on Finance (“the Committee”) heard oral submissions on the proposed tax amendments. As one of the few tax firms who made oral submissions to Parliament, we can confirm the most debated amendment remains the one around government’s intention to impose a three-year lock-in period on retirement funds when a person emigrates. Background...

October 13, 2020
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06Oct

UK launches scheme to help new COVID jobless back into work

The British government launched a new employment programme on Monday aimed at helping those left jobless due to the COVID-19 pandemic to get back into work. The Department for Work and Pensions said the Job Entry Targeted Support (JETS) scheme would be backed by a 238 million pound investment. The ministry said jobseekers put forward for the scheme would have access to tailored, flexible support to quickly get back into employment. This could involve specialist advice on how people...

October 6, 2020
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September 2020

28Sep

South Africa. Pandemic accelerates changes in retirement sector

Purpose of Regulation 28 of the Pension Funds Act is to protect retirement savings. The speed at which the Covid pandemic came upon us, particularly for the employee benefits and retirement fund industry, has been likened by some to a wave of change that was necessary to propel business thinking and its applications forward. This has placed greater emphasis on the growing influence of a multitude of regulations, technologies and social ideas that were already in play before the lockdown took...

September 28, 2020
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15Sep

(Mis)Allocation Effects of an Overpaid Public Sector

By Tiago Cavalcanti, Marcelo Rodrigues Santos There is a large body of evidence showing that for many countries the structure of wages and pensions and the labor law legislation are different for public and private employees. Such differences affect the occupational choice of agents and might generate some type of misallocation. We develop a life-cycle model with endogenous occupational choice and heterogeneous agents to study the implications of an overpaid public sector. The model is estimated to be consistent...

September 15, 2020
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03Sep

US. COVID-19 economy pushing workers into early, involuntary retirement

The COVID-19 pandemic may have pushed millions of older workers out of the workforce prematurely. A report published earlier this month from the Schwartz Center for Economic Policy Analysis (SCEPA) at The New School showed that 2.8 million older workers have left their jobs since March — and ongoing economic turmoil coupled with poor health could make it difficult to resume their career elsewhere. Some may have already given up. Per the report, 38% of unemployed older employees stopped...

September 3, 2020
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01Sep

How can cities adapt to the needs of their aging populations?

Long before COVID-19 had us rethinking just about every aspect of how we live, demographers and experts on aging were already considering what the future will look like for the world’s cities. A decade from now, roughly 3 of every 5 people on the planet will live in cities, and that population is getting older than the urban dwellers of the past. On top of that, aging populations will double between now and the end of the century. Add...

September 1, 2020
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August 2020

14Aug

EIOPA finalises the regulation of the pan-European Personal Pension Product

Today the European Insurance and Occupational Pensions Authority (EIOPA) delivered to the European Commission a set of draft Regulatory and Implementing Technical Standards and its advice on Delegated Acts to implement the framework for the design and delivery of the Pan-European Personal Pension Product (PEPP). Read also Chilean Central Bank Measures Reduce Banks’ Risks from Pension Withdrawal EIOPA’s proposed legal instruments follow the objective to unlock the potential of the European personal pension market by setting the right incentives for...

August 14, 2020
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13Aug

Nearly half of young people have lost income due to the crisis, UN study finds

Some 42% of young people around the world, who were still working during the pandemic, have seen a drop in income as a result of the coronavirus crisis, a study by the United Nations’ labor body has found. Drew Gardiner, youth employment specialist for the UN’s International Labour Organization, told CNBC’s “Squawk Box Europe” on Wednesday that young people were in a “disadvantaged position” in the labor market even before the pandemic hit. This is partly because...

August 13, 2020
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