October 2024
25Oct

High-stakes pension plebiscite could turn Uruguay’s election in to its ‘Brexit moment’

Uruguayans vote for their next president on Sunday, but the election is set to be eclipsed by another ballot: a pension plebiscite that analysts have warned could cripple the nation’s finances. Along with choosing a new president, 30 senators and 99 deputies, the electorate will also vote on two referendums. The first – which comes in response to rising fears over organised crime and public safety – would allow nighttime police raids on homes. But it is the second that...

October 25, 2024
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25Oct

Vote to continue strike exposes Boeing workers’ anger over lost pensions

Boeing froze its traditional pension plan as part of concessions that union members narrowly voted to make a decade ago in exchange for keeping production of the company’s airline planes in the Seattle area The walkout has stopped production of the company’s 737, 767 and 777 jetliners, cutting off a key source of cash that Boeing receives when it delivers new planes Since going on strike last month, Boeing factory workers have repeated one theme from their picket lines:...

October 25, 2024
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September 2024
27Sep

Pension Coverage and Informal Sector Workers: International Experiences

By Yu-Wei Hu & Fiona Stewart  Pension reform around the world in recent decades has focused mainly on the formal sector. Consequently, many of those working in the informal sector have been left out of structured pension arrangements, particularly in developing countries – a serious problem given this group are often low income earners, vulnerable to economic volatility and change. However, since the turn of the millennium, efforts in a range of countries have increasingly highlighted improving pension coverage for...

September 27, 2024
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27Sep

The Future of Retirement Security An International Comparison through the Lens of Adequacy, Sustainability, Equity and Plan Design

By Surya Kolluri, Catherine Reilly & David P. Richardson Countries around the world are considering and implementing reforms to their retirement systems for a variety of reasons, including increasing demographic and economic pressures. A key demographic driver is human longevity. For example, the average retiree can expect to spend about two decades in retirement, roughly double the time from 50 years ago. In the United States, life expectancy has risen by 17 years since the Social Security program debuted nearly...

September 27, 2024
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May 2024
03May

Financial Fragility, Financial Resilience, and Pension Distributions

By Robert Clark & Olivia S. Mitchell  We evaluate Americans’ financial robustness during the COVID-19 pandemic, using measures of financial resilience and financial fragility derived from U.S. surveys of persons aged 45 to 75 from 2020 to 2022. We analyze which factors were associated with resilience and fragility, discuss how these measures changed during the pandemic, and assess whether prepandemic resilience led to better outcomes during the period. Results show that stronger resilience was protective in terms of financial fragility,...

May 3, 2024
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April 2024
19Apr

The Importance of Reviewing the Pension Scheme in Albania. Benefits and Challenges of Applying for Private Pensions in Albania

By Valbona Cinaj  The pension system faces many problems and challenges. Social security in general is the system of social protection in Albania, as in other countries, is influenced by the country's economic power, labor market developments, demographic situation, employment situation and unemployment, GDP growth, macroeconomic stability, etc. These indicators will serve not only as a starting point for the analysis of the system, achievements, and problems, but also the level of these indicators will serve as a starting point...

April 19, 2024
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January 2024
26Jan

China promotes full implementation of private pension system

China will promote the full implementation of a private pension mechanism that has already been introduced in 36 cities and regions, the Ministry of Human Resources and Social Security announced Wednesday. At a press conference held in Beijing, the ministry said the system has been running smoothly and "positive progress" has been made since its introduction in 2022, adding that more than 50 million people have opened accounts to participate in the mechanism. The mechanism allows Chinese citizens to contribute up...

January 26, 2024
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October 2023
19Oct

International Organisation of Pension Supervisors (IOPS) annual meeting on at Victoria Falls

FINANCE, Economic Development and Investment Promotion Minister, Prof Mthuli Ncube has officially opened the International Organisation of Pension Supervisors (IOPS) annual meeting where he called for development of the pensions and financial sector in the region in line with international protocols. The meeting is being attended by pension supervisors from around the world and started on Tuesday with the IOPS committee closed door meetings and will end tomorrow. Among the delegates attending the meetings are representatives of pension supervisory authorities from...

October 19, 2023
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August 2023
31Aug

China: Manulife-Sinochem Life launches its first private pension insurance plan

Manulife-Sinochem Life Insurance, China's first foreign joint venture life insurer, has introduced its No. 1 private pension insurance product to cater to the aging population. The Chinese JV of the Canadian financial giant launched the Worry-Free Retirement Pension Annuity which grows at an average compound annual rate of 3% if chosen to be received yearly, Yicai Global reported, citing a media statement from the Shanghai-based joint venture. Eligible participants can furthermore enjoy concierge services, as well as home-based or community-based care. "The introduction...

August 31, 2023
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July 2023
23Jul

China pensions reform: Winning strategies for global asset managers amid evolution in retirement market

By Asifma Major reforms to the Chinese Mainland’s pensions system are creating new opportunities for asset managers. This report, jointly authored by KPMG China and ASIFMA, explores the background to China’s evolving three-pillar pensions system and the demographic factors that necessitated the current reforms, and shares insights from market players on the challenges as well as the opportunities. Pillars 2 and 3 of the pensions assets industry in China could grow to as much as 15-21 trillion RMB by 2030 under...

July 23, 2023
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