December 2021
24Dec

UK. Experts predict busy 2022 for pensions industry

Pension professionals have predicted a busy and challenging year for the pensions sector in 2022, with many issues continuing into the New Year alongside new initiatives for the industry to contend with. With hope that the pandemic will subside, many commentators pointed to the increased focus on environmental, social and governance (ESG) factors in 2022. “2022 will see the continued rise in the incorporation of key ESG issues, including but not limited to climate change, into defined contribution (DC) investment design,”...

December 24, 2021
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24Dec

Spain. The IMF warns of the ‘Escrivá plan’ for pensions: the reform will raise spending by 42,000 million

The International Monetary Fund (IMF) warns the Government of Spain about the pension reform, which will make the System more unsustainable if complementary measures are not taken on spending and income. In this way, it disfigures the cabinet led by the Minister of Inclusion, Social Security and Migrations, José Luis Escrivá, that “the pension reform has prioritized social acceptability and sufficiency, but concerns remain about sustainability in the event that no additional measures are implemented “. The agency assures...

December 24, 2021
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24Dec

US. News and analysis for those planning for or living in retirement

I’ll have $5 million for retirement when I sell my dental practice next year – but my wife and kids don’t want me to retire: Retiring can be emotional, and not just for the individual. When should I claim Social Security? The dilemma and the strategy: So many factors go into deciding when to begin Social Security benefits, and the wrong choice can have dire consequences on how much someone ultimately receives. A plan for aging in place: How we’re turning...

December 24, 2021
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23Dec

Aging, Retirement and Economic Growth

By Chao Ma & Xiangbo Liu This paper aims at examining the effects of an increase in life expectancy on long-run growth boosted through endogenous human capital accumulation. We first justify the negative growth effects of population aging by developing a three-period overlapping generation (OLG) model with private and public education systems and a social security scheme of a pay-as-you-go (PAYG) nature. In our model, government expenditure structure is allowed to adapt to demographic shifts for the purpose of maintaining...

December 23, 2021
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23Dec

Pension Reform and Labor Supply

By Andrew C. Johnston & Jonah Rockoff As unfunded pension liabilities mount, governments experiment with ways to curb the costs of pensions. We examine the effect of one such reform on the retention and productivity of public-sector workers. The reform reduced pension annuities and increased penalties for early retirement, projected to save 8 percent of revenues. We use the fact that the reform only applied to workers below age and experience cutoffs to estimate the effect of the reform. We...

December 23, 2021
Articles, Labor Market, Pension design,
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23Dec

The impact of non-contributory cash transfers on poverty in Latin America

By Simone Cecchini, Pablo Villatoro & Xavier Mancero This article assesses the impact of conditional cash transfers, social pensions and other non-contributory transfers on different indicators of poverty and extreme poverty in Latin America, based on an analysis of household surveys from 15 countries in the region between 2014 and 2017. It is found that in 2017, the combined effect of non-contributory social protection programmes reduced simple regional averages for poverty by 2.0 percentage points and for extreme poverty by...

December 23, 2021
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México. Plantean que derechohabientes accedan a ahorro voluntario en caso de emergencia sanitaria o económica
23Dec

México. Plantean que derechohabientes accedan a ahorro voluntario en caso de emergencia sanitaria o económica

El diputado Alejandro Carvajal Hidalgo (Morena) propuso una reforma a la Ley de los Sistemas de Ahorro para el Retiro, con el objetivo de que los derechohabientes puedan acceder a los recursos acumulados en su ahorro voluntario o ahorro complementario para el retiro en caso de emergencia sanitaria o económica. Leer también México. Siempre sí: Tope a Afores entrará en vigor en 2022 En un comunicado, detalló que en caso de emergencia sanitaria declarada por el Consejo de Salubridad General o...

December 23, 2021
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23Dec

US. 3 NYC pension funds divest $3 billion from fossil fuels

Three of five pension funds in the $266.7 billion New York City Retirement Systems have divested about $3 billion in fossil fuel company holdings, New York City Comptroller Scott Stringer announced Wednesday. The divestment "is proof positive that environmental and fiscal responsibility go hand-in-hand," Mr. Stringer, the fiduciary of the five pension funds in the city system, said in a news release. "New York City is leading the way toward a clean, green and sustainable economy, and the impacts of...

December 23, 2021
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23Dec

Aging Germany Is Running Out of Workers, Putting Europe’s Largest Economy at Risk

Germany has long been ahead of the curve as a source of technical innovation and manufacturing. Now it is leading much of the developed world toward a demographic cliff edge that could put a damper on Europe’s largest economy, raising pressure on its pension system and pushing inflation higher for years to come. Economists forecast that Germany’s workforce could peak as soon as 2023 and then shrink by up to five million people by the end of the decade. While...

December 23, 2021
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Leveraging identification to extend social insurance to the informal sector
23Dec

Leveraging identification to extend social insurance to the informal sector

Providing pensions and other forms of social insurance to people requires keeping track of large numbers of individuals over long periods of time. There is little margin for error. Allocating contributions of one individual to the pension of another not only affects individual fates. It also risks undermining the trust in the entire system and without trust social insurance cannot work. In the formal economy with contractual employer-employee relationships, the identification of an individual over a long period can (at...

December 23, 2021
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