September 2022
26Sep

Swiss voters support increase in women’s retirement age

Swiss have voted in favor of the proposal by a narrow margin in a referendum. Another proposal, on imposing stricter regulations on livestock farming, failed to pass. Swiss voters accepted the government's pension reform plan by a narrow margin on Sunday. The plan would raise the retirement age for women from 64 to 65, brining it in line with the age for men. Read also Sustainable finance policy a ‘blind spot’ for European pension funds A concurrent vote on imposing stricter regulations in...

September 26, 2022
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22Sep

Women at the heart of Swiss pension reform vote

Switzerland votes Sunday on a divisive pension reform plan the government says is vital to safeguard benefits, including a controversial push to raise the retirement age for women. After two previous attempts in 2004 and 2017, Bern is hoping it can finally garner enough votes for its bid to "stabilise" Switzerland's old age security system, at risk of being submerged by the giant baby boomer generation reaching retirement age as life expectancy rises. One tool for raising more income for the...

September 22, 2022
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19Sep

France’s far right to oppose Macron’s pension reform, Le Pen warns

French far-right Rassemblement National leader Marine Le Pen said on Sunday that her party will vote against President Emmanuel Macron's pension reforms and against the 2023 budget. "We will oppose Emmanuel Macron's pension reform plans that are unfair and will divide (the country)," Le Pen told a party meeting in Cap d'Agde in southern France. Macron wants to start implementing the reforms, which mainly consist of a progressive rise to 65 of the legal retirement age, next summer. France's far right scored...

September 19, 2022
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13Sep

Bolivia begins the transition to its new state pension system

The Bolivian Government began the transition to its new state pension system with the announcement of the activities of the Public Manager, a nationalization process that had been announced twelve years ago and that began this Friday with registration of new contributors. The President of Bolivia, Luis Arce, together with the Minister of Economy, Marcelo Montenegro, made official the partial start of the activities of the Public Manager in the administration of the Contributory and Semi-contributory Regimes of the Comprehensive...

September 13, 2022
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13Sep

French retirement spending threatens deficit targets, pension panel says

France's public spending on pensions as currently planned threatens President Emmanuel Macron's deficit-reduction targets, an independent retirement system panel said in a report to be released later this week. Macron's government aims to reduce the public sector budget deficit to below a European Union ceiling of 3% of economic output in 2027 from 5% this year. To reach that target, Finance Minister Bruno Le Maire aims to keep annual real public spending growth over the period to 0.6% on average, which...

September 13, 2022
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09Sep

France’s biggest union warns Macron: Reforming pensions now would ‘set France on fire’

France’s biggest union has warned President Emmanuel Macron that reforming pensions at a time of high inflation and economic woes would “set France on fire.” In an interview with RTL radio on Thursday, Laurent Berger, the president of the French Democratic Confederation of Labour (CFDT), said the French people “are in a very tense moment, with a lot of anxiety.” “I tell the government and will also tell the president: To start pushing back the legal retirement age in a vertical...

September 9, 2022
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09Sep

Informality and the Challenge of Pension Adequacy: Outlook and Reform Options for Peru

By Christoph Freudenberg, Frederik G Toscani Past reforms have put the Peruvian pension system on a largely fiscally sustainable path, but the system faces important challenges in providing adequate pension levels for a large share of the population. Using administrative microdata at the affiliate level, we project replacement rates in the defined benefit (DB) and defined contribution (DC) pillars over the next 30 years and simulate the impact of various reform scenarios on the average level and distribution of pensions....

September 9, 2022
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05Sep

Philippines. Reforming the private pension system

The Philippine private pension system has serious flaws that need to be fixed. It is not portable, not funded, not adequate, not actuarially fair, not sustainable. As a consequence, it does not ensure the continued well-being or provide a comfortable living for our retirees, especially future retirees coming from the millennial workforce and the next generation. Based on a 2018 study by the Philippine Institute for Development Studies (PIDS), the Philippines will be an ‘aging population’ by 2032 when 7...

September 5, 2022
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August 2022
23Aug

South Korea. At stake is how to reach consensus on contentious issues

The government has finally set about to reform the four major public pensions. In a policy briefing to President Yoon Suk-yeol last Friday, the Ministry of Health and Welfare said it would integrate the national pension with the three occupational pensions ― for public servants, veterans and teachers. It will then link them to the basic pension for people aged 65 and older. The ministry plans to complete the national pension's financial calculation by next March and submit a...

August 23, 2022
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15Aug

Commentary: The U.S. and Mexico need a binational retirement policy

By Jacqueline L. Angel & Emma Aguila Population aging is complicating retirement planning for Americans, and specifically for immigrants. As a 2017 National Academy of Science study showed, Mexican immigrants who arrive at older ages often struggle to support themselves in the United States and often consider returning home. Yet we lack a binational retirement policy that addresses those concerns. We need bilateral agreements that enable Medicare coverage in Mexico, and a Social Security “totalization” agreement allowing Mexican workers in the...

August 15, 2022
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