March 2023
17Mar

Longevity, Health and Housing Risks Management in Retirement

By Pierre-Carl Michaud & Pascal St-Amour Annuities, long-term care insurance and reverse mortgages remain unpopular to manage longevity, medical and housing price risks after retirement. We analyze low demand using a life-cycle model structurally estimated with a unique stated-preference survey experiment of Canadian households. Low risk aversion, substitution between housing and consumption and low marginal utility when in poor health explain most of the reduced demand. Bequests motives are found to be a luxury good and play a limited role....

March 17, 2023
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17Mar

The Importance of Goals-based (and Values-based) Liability Indices: Applied to Impact and Green Investing

By Arun Muralidhar, Roland van den Brink, Patrick Groenendijk & Ronald van der Wouden Investors are creating portfolios that align with their specific goals and values. We posit that goals and values should be translated into Goals-based Liability Indices (“GLIdes”). GLIdes can be used to achieve goals, benchmark the asset portfolio, and improve governance.They allow Boards to measure progress to their overall (or multiple) goal(s) and also the relative risks of their investment policies and implementation. We first introduce the...

March 17, 2023
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17Mar

The Health-Consumption Effects of Increasing Retirement Age Late in the Game

By Eve Caroli, Catherine Pollak & Muriel Roger Using the differentiated increase in retirement age across cohorts introduced by the 2010 French pension reform, we estimate the health-consumption effects of a 4-month increase in retirement age. We focus on individuals who were close to retirement age but not retired yet by the time the reform was passed. Using administrative data on individual sick-leave claims and non-hospital health-care expenses, we show that the probability of having at least one sickness absence...

March 17, 2023
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17Mar

Gobierno colombiano presenta “ambiciosa” reforma laboral con justicia social

Bogotá, 16 mar (EFE).- El Gobierno colombiano presentó este jueves su proyecto de reforma laboral, definido como "ambicioso" para mejorar las condiciones e ingresos de los trabajadores "en un mundo que nos exige justicia social". Al acto, que comenzó con tres horas de retraso, lo encabezó la ministra de Trabajo, Gloria Inés Ramírez, acompañada por la vicepresidenta Francia Márquez, el ministro del Interior, Alfonso Prada, y otros funcionarios, mientras que el presidente Gustavo Petro llegó para el cierre. "Podemos decir que...

March 17, 2023
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17Mar

Macron impone reforma de las pensiones sin el voto de los diputados

El presidente francés, Emmanuel Macron, adoptó su reforma de las pensiones sin el voto de los diputados, arriesgando la caída de su primera ministra en moción de censura y recrudecimiento de las protestas en las calles. "No podemos hacer apuestas sobre el futuro de nuestras pensiones", dijo la primer ministra Élisabeth Borne quien, ante el temor de no lograr los votos legislativos necesarios para la reforma, activó el artículo 49.3 de la Constitución en una caótica sesión de la Asamblea...

March 17, 2023
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17Mar

Reportan Afore minusvalías por 121 mil mdp en febrero

Las administradoras de fondos para el retiro (Afore) registraron en febrero pasado minusvalías para los trabajadores por 121 mil 117.2 millones de pesos, de acuerdo con información de la Comisión Nacional del Sistema de Ahorro para el Retiro (Consar). Lo anterior se da luego de que en enero pasado las 10 administradoras que operan en el Sistema de Ahorro para el Retiro (SAR) obtuvieron plusvalías por el orden de 151 mil 318 millones de pesos. De esta forma, en los dos...

March 17, 2023
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17Mar

Swiss parliament backs pension overhaul but critics seek referendum

Parliament has approved an overhaul of the occupational pension scheme - a key element of Switzerland's social security system. However, voters are likely to have the final say on the issue as political parties on the left, possibly backed by the main farmer's organisation, have announced they will challenge the reform via a referendum. The legal amendment approved by parliament is intended to secure the level of the occupational pension, strengthen financing and improve the protection of part-time employees, notably women. At...

March 17, 2023
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17Mar

Politicians Make Poor Asset Managers

Not that long ago, state legislators of various stripes told their state pension systems they must immediately divest of any portfolio investments tied to companies doing business in South Africa. The apartheid debate was front and center for nearly every public pension fund in the country. Several funds went along with the political demands, but most did not. Pension officials took the view that bowing to divestment demands would be a complete surrender of their independent, fiduciary responsibilities owed...

March 17, 2023
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17Mar

Macron puts his government at risk with decision to raise the retirement age in France

French President Emmanuel Macron imposed a highly unpopular bill raising the retirement age from 62 to 64 on Thursday by shunning parliament and invoking a special constitutional power. Lawmakers were shouting, their voices shaking with emotion as Macron made the risky move, which is expected to trigger quick motions of no-confidence in his government. Riot police vans zoomed by outside the National Assembly, their sirens wailing. The proposed pension changes have prompted major strikes and protests across the country since January....

March 17, 2023
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16Mar

Colombia. La reforma de Petro llevaría al 84% de los trabajadores a cotizar solo en el régimen público de pensiones

El 84% de los trabajadores colombianos pasará a cotizar bajo el régimen público de pensiones, si sale adelante la propuesta de reforma al sistema pensional que el Gobierno presentará el 22 de marzo ante el Congreso de la República. El proyecto aterriza la propuesta del sistema de pilares que el presidente Gustavo Petro defendió en campaña, y que generó debate sobre el ahorro de los trabajadores que prefieren cotizar en cuentas individuales, no en la bolsa común administrada por...

March 16, 2023
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