September 2021
27Sep

España. Escrivá desata la polémica: pide “un cambio cultural” para trabajar hasta los 75 años

El ministro de Inclusión, Seguridad Social y Migraciones, José Luís Escrivá, considera que "hace falta un cambio cultural en España" para seguir la tendencia europea de trabajar cada vez más entre los 55 y los 70 o 75 años. En una entrevista al diario 'Ara', ha asegurado: "En estas edades, por razones demográficas y de calidad de vida, se puede trabajar más. Y España es una anomalía europea: no solamente no seguimos esta tendencia sino que reducimos la proporción de...

September 27, 2021
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27Sep

US. Hidden In The Reconciliation Bill: A Retirement Plan Mandate That Will Take Most People By Surprise

By Elizabeth Bauer Readers, I am embarrassed to admit that a radical change to our retirement system, tucked into the “Build Back Better” Budget Reconciliation bill, wholly escaped my notice until just recently. As explained by Ashlea Ebeling, also at Forbes, “Under the proposal, starting in 2023, employers with five or more employees would have to offer a retirement plan and automatically enroll employees, diverting 6% of their pay to a retirement account. An automatic escalation clause would increase the automatic...

September 27, 2021
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27Sep

Jamaica. The nation is facing a retirement crisis

A social pension is a non-contributory cash income that is given by the Government to the elderly. In July of this year, the Jamaican Government launched an $800,000,000 social pension geared at providing guaranteed income to senior citizens 75 years and older who don't have retirement income or disability benefits. Recipients are entitled to a monthly payout of $3,400. But, can this paltry sum suffice in an economy of rising prices? The nation is indeed facing a retirement crisis. With...

September 27, 2021
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27Sep

UK. The trillions in our pension pots could be key to tackling the climate crisis

By Richard Curtis Someone said something really striking to me the other day – that weather used to be the last thing on the news, but now it’s the first. And it’s not good news. Fire, floods, drought – climate change in terrible and obvious action. It made me think of something I’ve been increasingly obsessed by – unexpectedly – which is pensions. Pensions used to be the last thing on our minds, certainly not something to talk about at...

September 27, 2021
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27Sep

Ghana. Cocoa farmers pension scheme takes off October 2021

The Chief Executive Officer (CEO) of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo, has announced that the much-anticipated cocoa farmers pension scheme will start in October 2021 for cocoa farmers in Ghana. He said that the scheme, once fully operational, would help farmers enjoy a decent retirement benefit after years of active farming, adding, “This adds to the several fantastic strides this government hopes to leave behind.” Mr Boahen Aidoo made this announcement at the signing ceremony of a $1.5 billion...

September 27, 2021
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24Sep

Progressive Pensions as an Incentive for Labor Force Participation

By Fabian Kindermann, Veronika Pueschel In this paper, we challenge the conventional idea that an increase in the progressivity of old-age pensions unanimously distorts the labor supply decision of households. So far, the literature has argued that higher pension progressivity leads to more redistribution and insurance provision on the one hand, but increases implicit taxes and therefore distorts labor supply choices on the other. In contrast, we show that a well-designed reform of the pension system has the potential to...

September 24, 2021
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24Sep

The Affordable Care Act After a Decade: Its Impact On The Labor Market And The Macro Economy

By Hanming Fang, Dirk Krueger The Affordable Care Act (ACA) is one of the most important reforms of the US health insurance system since the introduction of Medicare. Since employment is a main source of health insurance for the working age population in the United States, this sweeping health insurance reform also has important implications for the labor market and the macro economy. In this paper, we survey the prototype models that are used in the macro and labor literature,...

September 24, 2021
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24Sep

One Country, Two Systems: Evidence on Retirement Patterns in China

By John Giles, Xiaoyan Lei, Gewei Wang, Stephen Yafeng Wang, Yaohui Zhao This paper documents the patterns and correlates of retirement in China using a nationally representative survey, the China Health and Retirement Longitudinal Study (CHARLS). After documenting stark differences in retirement ages between urban and rural residents, the paper shows that China's urban residents retire earlier than workers in many OECD countries and that rural residents continue to work until advanced ages. Differences in access to generous pensions and...

September 24, 2021
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24Sep

México. Inversionistas locales evitan catástrofe financiera al tomar títulos que dejan extranjeros

Entre enero y agosto de este año, los inversionistas extranjeros han liquidado posiciones en títulos de deuda mexicana por 219,627 millones de pesos, revelan cifras del Banco de México. Leer también México. El Infonavit lanza alerta por fraudes; hacen retiros de créditos sin utilizar Esta venta de títulos de deuda mexicana representa 86% del total de los capitales que salieron en todo el 2020, en pleno choque de la pandemia y difícilmente se revertirá en lo que resta del año, advirtió...

September 24, 2021
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24Sep

US. Stock Market Helps State Pension Debt Hit 10-Year Low, But Crisis Still Looms Large

Thanks to historic investment returns over the last year, state public pension plans are in their best shape since the Great Recession. After state pension debt grew to more than $1.4 trillion last year, two new reports estimate that gap between the total amount states have promised to retirees and what they’ve actually set aside in their pension investment funds will shrink dramatically. A recent analysis by the Pew Charitable Trusts says the gap could dip below $1 trillion this...

September 24, 2021
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