December 2019

02Dec

UK. Life expectancy advice risks turning savers into spenders

Online calculators that tell people their life expectancy may be having the perverse effect of discouraging them from choosing a guaranteed income in retirement, according to academic research. The study of 2,000 people found that they were less likely to buy an annuity — a guaranteed income for life — after using official life expectancy calculators such as that on the government’s Pension Wise service. People appeared to be making decisions that conventional economics could not explain when confronted...

December 2, 2019
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November 2019

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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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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20Nov

Ageing population a threat to Australian economy: Treasurer

Australia's Treasurer Josh Frydenberg has warned that the nation's ageing population is an "economic time bomb". Read also US. Longevity Project explores the nuanced implications of longer life According to The Australian Financial Review on Tuesday, Frydenberg said in a speech that the population is ageing and this will place new demands on health, aged care and pension systems. Read also The human face of pension management According to data cited in his speech, the ratio of working-age Australians to every...

November 20, 2019
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08Nov

Philippines. Social pension and our senior citizens

A hallmark of Filipino culture is how we treat our elderly with respect and utmost care. Indeed, it is normal for a family to have at least one grandparent living with them—and if not living with them, then frequently visiting to make sure the children and grandchildren are doing well. With this in mind, the government recognizes that the welfare of senior citizens can be a challenge for many families. That is why there is a need for...

November 8, 2019
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October 2019

30Oct

Can migrants, robots and retirees help to combat the demographic crisis in an ageing Japan?

Turning 100 is no longer a novelty in Japan. Itsuko Inoue recently celebrated her 100th birthday, joining the ranks of Japan’s 71,000 centenarians. A native of Tokyo, Inoue survived both the earthquake of 1923 and the Second World War before going on to have five daughters. She will soon receive a certificate from Japan’s Ministry of Health, Labour and Welfare, which is responsible for congratulating the new centenarians who grow in number every year. Read also What Is The...

October 30, 2019
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29Oct

What Is The Future Of Aging Populations?

Across much of the world, life expectancy is on the rise, and while this represents a tremendous achievement in science and healthcare, it also presents a significant challenge for societies as populations not only age, but for whom older people represent an ever growing proportion of society. I've written previously about the challenges of an aging society, with people such as London Business School's Lynda Gratton and Airbnb's Chip Conley among the foremost thinkers on the topic. An aging...

October 29, 2019
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22Oct

Japan. No excuse for inaction on pension reforms

In Japan, which faces an accelerated aging of the population with ever fewer births, a vague sense of anxiety over the public pension system is spreading. Generally speaking, future pension finance greatly fluctuates depending on demographic composition and changes in socio-economic conditions. Accordingly, the government examines the health of pension finance every five years to assess its condition. The result of the latest checkup, disclosed at the end of August, shows that the level of pension benefits about 20...

October 22, 2019
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16Oct

South African study shows how unhealthy ageing takes its toll on health and income

Population ageing is often associated with health-related challenges. But its effects also reach other spheres of life. In particular, an ageing population has a big impact on countries’ economies. Research shows how it can influence a country’s economic growth. And a similar effect can be found at the household level. Read also UK. Queen’s Speech: Govt announces Pensions Bill This is of greater relevance given there is a greater share of the population reaching older age across the world. This...

October 16, 2019
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