June 2024
12Jun

UK. WASPI women promised they’ll receive ‘apology and proper compensation’

WASPI women have received a compensation pledge ahead of July's General Election. Department for Work and Pensions ( DWP ) campaigners have called for WASPI women to receive payouts after the Ombudsman's damning report earlier this year. In its election manifesto, the Liberal Democrats has stated: "The women affected by changes to their state pension age should receive an apology from the government and should be given proper compensation." Director of public affairs Becky O'Connor welcomed the measures to widen pension participation to gig economy...

June 12, 2024
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06Jun

Many Hongkongers must work past retirement age as they face US$300,000 shortfalls in their average pension savings: Schroders survey

The average Hongkonger faces a HK$2.4 million (US$300,000) gap between their expected post-retirement expenses and the money available in their pension funds, according to a survey released on Tuesday. As a result of the eye-watering shortfall, almost three quarters of people believe they will need to continue to work beyond the expected retirement age, according to the recent survey of 1,000 Mandatory Provident Fund (MPF) members carried out by Schroders. There is no official retirement age in Hong Kong, but most companies require staff to...

June 6, 2024
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06Jun

UK. Pension pot of £1.3m needed for comfortable early retirement

A pension pot of £1.3m is now required to fund a comfortable early retirement at 55-years-old, analysis from Interactive Investor has revealed. The findings come as industry rumours suggest a possible return of the pension lifetime allowance, which was formerly £1,073,100, ahead of the general election. New calculations by the investment platform found that for a comfortable retirement at 55-years-old, £1.3m is required with 2 per cent inflation factored in, if they retire in 2024. This is an extra £495,000 compared...

June 6, 2024
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03Jun

Ghilarducci corrects Larry Fink’s suggestion of “working longer to dodge retirement crisis”

BlackRock CEO Larry Fink caused quite a stir when he suggested America could dodge its looming “retirement crisis” by encouraging people to continue working past age 65. The billionaire, who chairs the world's largest asset manager, kicked off his 2024 annual letter to shareholders by telling his readers it is “time to rethink retirement.” Don't miss Commercial real estate has beaten the stock market for 25 years — but only the super rich could buy in. Here's how even ordinary investors can become the landlord...

June 3, 2024
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May 2024
31May

Half of UK adults unaware of state pension age

Nearly half (48 per cent) of UK adults under state pension age do not know when they will receive the state pension. Research by AJ Bell found that 63 per cent of those aged 18-34 did not know when they would receive the state pension, with 54 per cent of 35-49-year-olds also being unaware. Some 28 per cent of those aged 50-64 also admitted not knowing the state pension age. The research also revealed that 72 per cent of UK adults expect their pension...

May 31, 2024
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31May

Switzerland: Social security changes come into force, with implications for pension plans

Employer Action Code: Act Switzerland’s AHV/AVS 21 law, which was approved by parliament and then passed by public referendum in 2022, took effect January 1, 2024. Among other things, the law will increase the age for normal retirement (now called the “reference age”) for women under the social security AHV/AVS[1] retirement program as well as for pension plans that provide the mandatory BVG/LPP[2] retirement benefits. Key details The reference age for women (currently age 64) under the AHV/AVS and under BVG/LPP pension...

May 31, 2024
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29May

The world’s largest pension fund may be running dry

A population equaling the size of the entire U.S. will retire from China's workforce by 2035, and the country isn't reproducing sufficiently to mend its fraying social safety net Fifty-eight-year-old Li Zhong, a traditional-Chinese-medicine salesman, retires in two years and doesn't fret about his pension. It's his daughter he is worried about. He recently took out a mortgage to help her buy a house in a Shanghai suburb. China's housing bubble burst in 2021, and prices are at their lowest levels...

May 29, 2024
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13May

Swiss pension reform: the latest changes

These are the most important changes since January 1, 2024: – Expansion of the flexibility of pension payments – Incentives for gainful employment after 65 – Raising the retirement age (now called the reference age) for women to 65 (from January 1, 2025) On September 25, 2022, the Swiss electorate approved the reform package to stabilise the pension scheme. This aims to secure and maintain the level of old-age pensions, ensure the financial balance of the system over the next decade and meet...

May 13, 2024
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10May

Older Adult Employment: 2021 Annual Report

By SeniorLiving.org Workers over the age of 55 represent a huge and essential segment of the American economy, and their influence is growing. In fact, by 2030, one in four U.S. workers will be 55 or older. In part because they account for such a large share of the workforce, older adults have been hit hard by the Covid-19 pandemic, and many states had a decline in the number of workers over 55 remaining in the workforce. But overall, the 55-and-older...

May 10, 2024
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10May

The growth of the older workforce

By Richard Fry & Dana Braga The share of older adults holding a job today is much greater than in the mid-1980s. Some 19% of adults ages 65 and older are employed today. In 1987, only 11% of older adults were working. Today’s share is similar to that of the early 1960s, when 18% of older Americans worked. As the employment rate among older adults has gradually risen since the 1990s, employment among younger workers has followed a different pattern. Jobholding...

May 10, 2024
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