October 2025

2025 Global Retirement Index

Por Natixis Investment Managers International Noruega ha recuperado la primera posición en el Global Retirement Index de Natixis 2025, impulsada por su sólido desempeño en resultados de salud, bajo desempleo y alta igualdad de ingresos. Irlanda se eleva al segundo lugar, gracias a las mejoras en la inflación y a un entorno económico que apoya la seguridad de la jubilación. Desde su lanzamiento en 2012, el Global Retirement Index de Natixis ha ofrecido un análisis de la evolución de la seguridad de...

The U.S.-Born labor force will shrink over the next decade

By Josh Bivens It is often underrecognized how much population aging is currently reducing the growth rate of the U.S. labor force and will continue to pull it down in coming decades. The share of the population that is over the age of 65 (when labor force participation tends to take a steep fall on average) is rising rapidly. This share was 12.4% in 2007, 17.9% in 2024, and will hit 21.2% by 2035 (CBO 2025b). A recent EPI report...

Empleo informal en América Latina: grupos más propensos

Por Ramón Pineda Salazar, Sonia Albornoz, Claudio Aravena, & Tomás Gálvez Entre 2013 y 2022, las economías de la región han registrado la menor tasa de crecimiento del número de ocupados desde 1950. Pero no sólo se están creando cada vez menos empleos, sino que la mayoría de los empleos que se crean son informales. El menor crecimiento del PIB sin duda constituye una de las razones detrás de estos hechos, pero más allá del impacto que el bajo crecimiento...

Envejecimiento poblacional y geriatría en el Perú: un análisis de la fuerza de trabajo y sus desafíos

Por José Francisco Parodi García, Karla Patricia Contreras Riojas, Trizia Shantal Paredes Ruiz & Jesús Demetrio Enrique Galarreta Abanto Objetivo: Establecer la capacidad de la fuerza laboral geriátrica en Perú considerando su distribución etaria, geográfica y por subsistemas de salud; asimismo, determinar la razón entre número de geriatras y la población adulta mayor (PAM) en cada departamento y subsistema: Seguro Social de Salud (EsSalud) y Sistema Integral de Salud (SIS). Materiales y métodos: Estudio observacional, descriptivo y transversal, basado en datos del Instituto...

A systematic review and meta-analysis of air pollution and increased risk of frailty

By Zahra Jafari, Melissa Andrew & Kenneth Rockwood Background Environmental air pollution is increasingly recognised as a potential contributor to frailty. This systematic review and meta-analysis aimed to synthesise existing evidence on the associations between environmental air pollution and frailty in middle-aged and older adults, providing insights into the impact of air pollution on public health. Methods The systematic review and meta-analysis were conducted according to the Preferred Reporting Items for Systematic Reviews and Meta-Analyses Statement 2020. Four electronic databases were searched without...

Venture & growth capital in Europe – mapping pension funds’ attitudes

By Pensions For Purpose Across Europe, pension funds manage over €3tn in assets, yet only roughly 0.12% is allocated to venture and growth capital (VC). Meanwhile, VC investment in Europe totalled €15bn in 2023. These numbers together highlight two persistent questions: can allocation to VC be compatible with the fiduciary duties of pension funds? If so, why has the historical aggregated allocation of pension funds to this asset class been so modest? To address these questions, we embarked on a journey...

Pension Design and General Public Finances: Beyond Baseline Actuarial Neutrality

By Didier Blanchet & Gilbert Cette The design of pension benefits cannot be considered in disconnection from the constraints related to the general public finances. A change in the average retirement age has an impact not only on pension funding, but also on resources available for other public spending. Incorporating this externality implies penalties/bonuses for earlier/later retirement that are much higher than those designed to balance the pension system alone. Source SSRN

Part-Time Penalties and Heterogeneous Retirement Decisions

By Kanta Ogawa Older male workers exhibit diverse retirement behaviors across occupations and respond differently to policy changes, influenced significantly by the part-time penalty—wage reduction faced by part-time workers compared to their full-time counterparts. Many older individuals reduce their working hours, and in occupations with high part-time penalties, they tend to retire earlier, as observed in data from Japan and the United States. This study develops a general equilibrium model that incorporates occupational choices, endogenous labor supply, highlighting that the...

Population Aging in ASEAN+3: But is 60 the New 40?

By Aruhan Rui Shi & Hongyan Zhao Population aging is becoming a significant concern, particularly as its pace accelerates, especially in emerging market economies. However, labeling all individuals aged 65 and above as elderly can be misleading and inaccurate when life expectancy is increasing. Therefore, using the prospective old-age dependency ratio to define what is elderly would allow for more precise measurements and facilitate research into the impact of aging on economic growth. Our findings suggest that while a negative...

September 2025

Aligning your pension scheme with the Taskforce on Climate-Related Financial Disclosures recommendations

By Department for Work and Pensions This guide aims to help trustees evaluate the way in which climate-related risks and opportunities may affect their strategies. Trustees should consider how different investments and strategies could be impacted by transition and physical risks, at an asset class, sector and firm level where appropriate. Schemes should set out what risks and opportunities they consider to be relevant or material to them over the short/medium/long term time horizons for their scheme. They should use scenario analysis...