July 2024
17Jul

What immigration means for economies as populations get older

Projections by the Census Bureau predict that within 10 years, the number of people 65 and older in the U.S. will be larger than the number of people under 18. Populations getting older is a global trend for the long-industrialized countries — something with sweeping effects on economics, social safety nets and immigration. Marketplace’s senior economics contributor Chris Farrell has been looking into this. He spoke with “Marketplace Morning Report” host David Brancaccio and the following is an edited transcript of their conversation. David...

July 17, 2024
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17Jul

UK. CDC benefits may be 50% greater than those offered by DC, says LCP

The expected benefits offered by collective defined contribution (CDC) schemes could be 50% greater than those offered by defined contribution (DC) schemes, research from Lane Clark & Peacock (LCP) finds. The consultancy examined 2,500 simulations looking at a 43-year-old saver beginning a 25-year career, with the assumption of a 12% annual contribution rate. Its analysis compared the expected retirement pension as a proportion of the final salary for a typical CDC scheme and DC scheme and found CDC benefits could...

July 17, 2024
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16Jul

Pensions Have ‘Critical’ Role in Strengthening Public Safety Workforce

For states and municipalities, offering public safety workers a sufficient defined benefit pension benefit is key to maintaining a healthy public safety workforce, according to new research, with a knock-on effect on both public safety and protecting property. For states and cities, offering pension plans to police officers and firefighters—particularly—is critical to sustain a robust public safety workforce to fight fires and maintain public safety, according to a National Institute of Retirement Security paper, “The Role of Defined Benefit Pensions in...

July 16, 2024
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16Jul

How ‘Alternative Investments’ Are Dragging Down Pension Performance

A prominent and well-regarded researcher, himself a founder of a pension consulting firm, recently released a bombshell Social Science Network report that reveals the underperformance of public pensions’ so-called alternative investments in high-fee vehicles such as private equity, private credit, real estate and hedge funds. Using 15 years of data from respected sources, the analysis by Richard Ennis shows a clear trend toward increased allocations to nontraditional investment products and fund-level underperformance relative to common actuarial benchmarks caused by these products’...

July 16, 2024
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16Jul

Breakthrough pension reform in Saudi Arabia – A model for the MENA region

Saudi Arabia took a big leap forward in transforming its pension system with the recent announcement of comprehensive reforms, designed with support from the World Bank, aimed at enhancing income protection during old-age, but also promoting gender equality. Aging populations, caused by increasing life expectancy and falling fertility rates, combined with the changing nature of work and the erosion of informal and traditional family support systems, have created considerable challenges for pension systems worldwide. Many are facing fiscal sustainability pressures and...

July 16, 2024
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16Jul

Singapore faces increasingly aging society with dropping birth rate

The number of elderly Singaporean residents living alone in households more than doubled from 35,160 in 2013 to 78,135 in 2023, according to the Family Trends Report issued by the Ministry of Social and Family Development on Monday. The number of residents aged 65 and above living in resident households increased from 413,117 in 2013 to 708,656 last year. More than 80 percent of the elderly people lived with their families. People aged 65 and above accounted for 19.1 percent of...

July 16, 2024
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15Jul

US. The $25 Trillion System of Retirement Savings Needs Fixing

Few Americans today know much about Studebaker or Packard automobiles. Classic car aficionados recall their sleek, innovative designs, but the brands are also a reminder of another bygone era: the traditional defined benefit pension. Studebaker and Packard merged in 1954 and later went out of business. Their pension plans were terminated, leaving thousands of workers without their expected benefits. That, along with other pension plan failures, prompted efforts to make retirement savings safer, culminating in federal legislation that has shaped much...

July 15, 2024
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15Jul

Pensions policy under the UK’s new Government

The Labour Party returned to office for the first time in 14 years after the UK general election on 4 July 2024. Our briefing note collates what Labour politicians said about pensions policy in the heat of the election campaign, in the run-up to it, and during their first few days in government. Pension investments/consolidation: Like her predecessor, the new Chancellor, Rachel Reeves, has indicated that she wants more pension assets to be invested in UK “productive capital”, and lists this...

July 15, 2024
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15Jul

Over 60% of Hong Kong elderly with children living abroad at ‘high risk’ of social isolation, survey finds

Feelings of loneliness among elderly people who have children not living in Hong Kong were common, according to a survey by the Hong Kong Christian Service (HKCS). A total of 63 per cent were at high risk of social isolation, while close to 50 per cent showed signs of depression. The figures were an improvement from last year, when almost 80 per cent were found to be at high risk of social isolation, and nearly 70 per cent showed signs...

July 15, 2024
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15Jul

World population projected to peak at 10.3 billion in 2080s, new United Nations report says

The world's population is expected to grow to an estimated 10.3 billion people in the mid-2080s, according to a new report from the United Nations. That's up from the current global population of 8.2 billion people. The United Nations report identified the following population trends: The estimated size of the world’s population at the end of the century (2100) is now expected to be 6% smaller than estimated a decade ago. Across the globe, one in four people lives in a country...

July 15, 2024
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