Adequacy Archives - Page 15 of 28 - Pension Policy International

18MayMay 18, 2023

Hong Kong: Older people are increasingly choosing to work longer

People nearing or past age 65 are increasingly choosing to work longer. Between 2011 and 2021, the share of labour force participants aged 55 to 64 years rose from 49% to 59%, and that of people aged 65 and over more than doubled, from 6.2% to 12.5%, according to a report released by Prudential plc. Financial need is a major motivator in Hong Kong in the decision to prolong one’s working life, as lifespans in Hong Kong grow longer, says...

May 18, 2023

NewsAdequacy, Hong Kong, Labor Market, Retirement Age

17MayMay 17, 2023

The whys and wherefores of pension adequacy in India

While a pension of 50% of last salary may seem reasonable in view of the fact that some expenses such as on commuting, housing and dining get reduced after retirement, other expenses, such as on health care, travelling and insurance increase and offset savings to some extent. Some financial planners speak of the 80% rule, which states that one needs 80% of last salary to have a reasonably comfortable life after retirement. There is some merit in this argument There...

May 17, 2023

NewsAdequacy, India

09MayMay 9, 2023

India’s pension scheme returns ‘exceedingly good’ versus benchmarks – regulator

India's national pension scheme offers "exceedingly good" returns of 9-12%, compared to most benchmarks, a top official at the pension fund regulator said on Tuesday. The National Pension Scheme, adopted in 2004, has recently come under criticism for inadequate returns, leading to a few state governments reverting to an earlier pension plan considered fiscally unviable. Following this, the federal government set up a committee to review the country's pension system. "The equity scheme, since inception, has given an annual return of close...

May 9, 2023

NewsAdequacy, India, Pension design

05MayMay 5, 2023

International Comparison of Pension Systems: An Investigation from Consumers’ Viewpoint

By Hongmu Lee, Gianni Nicolini & Man Cho A secure and adequate pension system is central to establishing a welfare state. Given that, this book aims to document a set of diverse Public policy issues on the financial consumers standpoint that are observed in different countries. In this introductory chapter, we attempt to summarize those policy issues that emerged from the survey of the countries included with respect to each of the three dimensions- adequacy, coverage, and sustainability. Book "here"

May 5, 2023

Books, Books, System CharacterizationAdequacy, Colombia 2022, Coverage, Sustainability

05MayMay 5, 2023

Pensioners in South Africa, Kenya, and Nigeria are among the poorest globally- report

A new report by Allianz, an international financial services provider, has revealed that retirees in several African countries are among the poorest globally. The report, which surveyed 75 countries, including five in Africa, cites an ineffective pension system and a lack of adequate retirement benefits as the major reasons for the alarming trend. In Egypt, for instance, the report notes that the gross benefit level is merely 18 per cent, leaving many senior citizens struggling to make ends meet. Similarly,...

May 5, 2023

NewsAdequacy, Africa, Income

21AprApril 21, 2023

Reforming against the demographic clock

By Allianz Research The Covid-19 pandemic erased life-expectancy gains of almost a decade, pushing population aging and pension reform into the background. In fact, to alleviate the financial burden on private households and companies, governments not only put together aid packages worth billions of euros that drove up national debt, but also postponed already agreed upon reform measures, lowered contribution rates and allowed early withdrawals from retirement plans. As a result, the build-up of future pension entitlements and retirement savings slowed,...

April 21, 2023

Reports, System Characterization, System Sustainability2023, Adequacy, Pension Reform

20AprApril 20, 2023

South Africa ranked bottom in global pensions rankings

The South African pension system has been ranked at the bottom of a global ranking of 75 countries by financial services company Allianz. The Allianz Pension Index, published in the firm’s Global Pension Report, ranked countries based on three pillars: analysis of basic demographic and fiscal conditions; determination of the sustainability (eg funding and contribution periods) and adequacy (eg degree of diffusion and pension level) of the pension system. “With an overall score of 4.2, the South African pension system is...

April 20, 2023

NewsAdequacy, Coverage, South Africa

18AprApril 18, 2023

15 Cheapest Countries for Retirement

The Costs of Living in Retirement On average, a comfortable retirement in the USA costs an estimated $1 million. With Americans spending $50,220 annually post-retirement, 25% have already begun delaying their retirement plans. A 40-year high inflation, rising interest rates, and pandemic-led supply-chain disruptions are all notable factors causing this delay. CNBC notes that one million dollars in a retirement account two years ago are worth $120,000 less when accounted for inflation today. As a result, 77% of people have...

April 18, 2023

NewsAdequacy, Retirement Planning

14AprApril 14, 2023

Swedish retirees demand fairer pensions for women

"Old ladies need more money!" a group of grey-haired women chants in front of Sweden's parliament, as their recurring protest against the country's pension system enters its 10th year. During the warmer months, members of the red-hatted "Tantpatrullen" (The Old Lady Patrol) gather every Thursday on the cobble streets of Stockholm's Old Town, right across from Sweden's parliament. They have just begun their 2023 protest season. In a country that prides itself on being a champion of feminism and gender equality,...

April 14, 2023

NewsAdequacy, Sweden

31MarMarch 31, 2023

The cost of living

We first took evidence on the cost of living crisis in February 2022, when inflation was forecast to peak at 7.25% in April 2022. Since then, we have seen the invasion of Ukraine compound the difficult economic picture and inflationary pressure seen internationally and domestically after the COVID-19 pandemic, and inflation now looks set to top 11% in October—the highest in 40 years. However, the context for the cost of living crisis and its impact on the poorest in...

March 31, 2023

Adequacy, Books, Books2022, Adequacy, Income, Inflation, savings, UK

May 2023

Hong Kong: Older people are increasingly choosing to work longer

The whys and wherefores of pension adequacy in India

India’s pension scheme returns ‘exceedingly good’ versus benchmarks – regulator

International Comparison of Pension Systems: An Investigation from Consumers’ Viewpoint

Pensioners in South Africa, Kenya, and Nigeria are among the poorest globally- report

April 2023

Reforming against the demographic clock

South Africa ranked bottom in global pensions rankings

15 Cheapest Countries for Retirement

Swedish retirees demand fairer pensions for women

March 2023

The cost of living