November 2019

29Nov

The Future of Pension Plans in the EU Internal Market: Coping with Trade-Offs Between Social Rights and Capital Markets

By Nazaré da Costa Cabral, Nuno Cunha Rodrigues This edited volume takes a closer look at various European pension-plan models and the recent challenges, trends and predictions related to the design of such schemes. The contributors analyse new ideas, both from national governments and European institutions, and consider current debates on topics such as the Capital Markets Union (CMU) and the so-called ‘European Pillar of Social Rights’ – calling for a new approach to social policy at the European level...

November 29, 2019
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29Nov

The Effect of Aging on the Age-wage Profile

By Toshikatsu Inoue Despite its importance, many macroeconomic models do not capture the changes in the age-wage profile over time. The flattening of the age-wage profile in Japan and the relative increase in the aging workforce suggests the existence of demand law in relative labor inputs and wages of each age, which is abstracted from the standard macroeconomic model. In this study, we build a model using the aggregate production function that creates a downward slope labor demand curve....

November 29, 2019
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29Nov

How Much Should the Poor Save for Retirement? Data and Simulations on Retirement Income Adequacy Among Low-Earning Households

By Andrew G. Biggs Both policymakers and members of the public are concerned regarding the adequacy of U.S. households’ retirement savings. In response, proposals have been made to expand Social Security benefits and to establish state government-run retirement plans for private sector employees. In both cases, the largest effects would be on low-earning households, who currently have low rates of retirement plan coverage and participation and who rely heavily upon Social Security benefits in retirement. However, there has been...

November 29, 2019
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29Nov

Digitization and Automation: Firm Investment and Labor Outcomes

By Michał Zator AI, automation and other digital technologies are thought to be transforming the economy, but the empirical evidence on their diffusion and impact is scarce. This paper uses new firm-level administrative data from Germany to analyze causes and consequences of firms' investment in the new technology - digitization and automation. Main results characterize relationship of technology and labor: (1) investment in technology is typically increased by labor scarcity; (2) new technologies typically reduce employment. Both results hide...

November 29, 2019
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29Nov

ECB chief Economist says ageing populations are depressing interest rates

European Central Bank chief economist Philip Lane told business leaders in Dublin that ageing populations were contributing to downward pressure on underlying real interest rates, which have been around zero or in negative territory in the euro zone in recent years. Read also Countries should strengthen pension systems to adapt to changing world of work “In terms of magnitude, a wide range of estimates suggest that the downward impact on equilibrium real rates from slowing population growth and...

November 29, 2019
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29Nov

Pension reform in France ‘a response to gilets jaunes’

Controversial pension reforms in France are a direct result of the gilets jaunes' protests, government spokesperson Sibeth Ndiaye has said, prompting outrage from political opponents on social media "This reform is one of the responses to the gilets jaunes' crisis. It is above all one of the responses to the significant injustices that exist in our country," Ms Ndiaye told Franceinfo. The government's pension reform project is still the subject of consultation between the government, unions and employers, and...

November 29, 2019
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29Nov

South Africa: Ex-Mineworkers Dig Against the Odds for Their Unpaid Pensions

The leaders of an ex-mineworkers association in Khayelitsha have spent the past decade trying to track down the unpaid pension benefits deducted from their wages without their knowledge or consent. While the mining companies sit pretty , ex-mineworkers continue to live hand to mouth with painful memories of a life made invisible. Now, they demand to be seen by a government they feel has betrayed them. Every Friday for the past decade, Sphiwo William Casiwe has made his...

November 29, 2019
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29Nov

Australia. Supporting upskilling of dispersed workforce

Leadership, communication and collaboration are consistently seen as the top three skills people managers want and online training can help foster these skills, writes Scott Cooper. Almost a quarter of a million people are employed as direct care providers in Australia’s aged care sector. The government has estimated this number needs to increase two to three times by 2050 to look after the ageing population. At the same time, there’s already an urgent shortage of skills and highly-trained people...

November 29, 2019
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29Nov

The Retirement Researcher Manifesto – Part One

As I have attempted to summarize the key messages and themes that have underscored my writing and research, I find that the following eight guidelines serve as a manifesto for my approach to retirement income planning. It is helpful to start with these guidelines because I will ultimately talk about how to implement these guidelines in practice. Play the long game Retirement income plan should be based on planning to live, not planning to die. A long life will...

November 29, 2019
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28Nov

Countries should strengthen pension systems to adapt to changing world of work

Governments should urgently reform their pension systems to ensure that the growing share of workers in temporary or part-time employment can contribute enough during their working lives to receive an adequate income in retirement, according to a new OECD report. Read also Pensions at a Glance 2019 Pensions at a Glance 2019 says that non-standard employment, such as self-employment, temporary or part-time work, now accounts for more than one-third of employment across OECD countries. Part-time work is three times more...

November 28, 2019
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