Income Archives - Page 17 of 55 - Pension Policy International

14JunJune 14, 2023

South Korea. Rapid population aging to accelerate income inequity

Income inequality in Korea is likely to accelerate due to a rapidly aging population, according to a report released by the Bank of Korea (BOK) on Wednesday. The report revealed that income inequality among households has worsened by 30 percent over the past 25 years, largely as a result of the aging population. "The aging population is expected to have a significant negative impact on the Korean economy, not only by lowering labor productivity and increasing the burden of care, but...

June 14, 2023

NewsAging, Income, South Korea

08JunJune 8, 2023

New global report highlights older people’s risk of starvation and extreme poverty due to rising global costs

Older people selling assets or even begging on the street to survive: “We buy bread and cheese and feed the children while we do not eat.” “We get sick and we no longer go to the hospital due to high transportation costs …the only thing left is for us to die.” The global food, fuel and finance crisis is having a devastating impact on millions of older people across the world. It is leaving them struggling to afford food and...

June 8, 2023

NewsIncome, Inflation

08MayMay 8, 2023

502,855 workers paid GH₵500 or less a month in Ghana

Data made available by the Social Security and National Trust (SSNIT), has demonstrated that most Ghanaian workers are paid low salaries and wages. Crux of the low pensions This is the crux of the low pensions paid to majority of the over 230,000 pensioners currently in the country. 1.9m active contributors The records show that the total number of contributors as at April 2023 amounts to over 1.9 million (1,930,780). The data reveals that only 27.7% of active contributors earn between GH₵2,000 and GH₵5,000...

May 8, 2023

NewsGhana, Income

05MayMay 5, 2023

The Limited Role of Intergenerational Transfers for Understanding Racial Wealth Disparities

By John Sabelhaus & Jeffrey P. Thompson Transfers of wealth between generations—whether through inheritances or inter vivos gifts—are less important in explaining racial disparities in wealth than might be expected. While this factor looms large in the media’s discussions of racial inequality, it explains relatively little of the disparities evident in the data. One reason is that most people, regardless of race, receive no inheritance or other transfer of substantial value. In addition, most recipients of inheritances ultimately consume those...

May 5, 2023

Articles, Labor Market, Pension design2023, Equality, Income, savings

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

Retirement Savings Behaviours and Covid-19: Evidence from Thailand

By Paul Gerrans, Sunatharee Lhaopadchan & Sirimon Treepongkaruna This paper utilises administrative data from members of the Thai Government Pension Fund to examine voluntary contributions and investment plan change. We find low overall incidence of both behaviours which increased only modestly during the onset of COVID-19. While the major finding is that members are in the minority if they engage in the behaviour regardless of gender, salary, balance, or experience in the fund, the relative probability varies systematically by member...

April 21, 2023

Articles, Savings2023, Behavioral Science, COVID-19, Income, Retirement Planning, savings, Thailand

13AprApril 13, 2023

South Africa: Grandparents Spend Their Pensions to Feed Entire Families as Food Crisis Hits Hard in Eastern Cape

As Eastern Cape communities are hit by spiralling food inflation and unemployment rates of 42.4%, the province's elderly residents are using their state pensions to look after families in crisis and often have to rely on loans in the last weeks of the month. In Mthatha in the Eastern Cape, pensioners are selling scrap metal for food as whole families rely on their grants to survive and the cost of food often leaves their cupboards bare before the end of...

April 13, 2023

NewsIncome, Poverty, South Africa

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

28MarMarch 28, 2023

Key demographic trends that will impact the global economy

The global population is currently experiencing irreversible demographic shifts, from rapid urbanisation to low birth rates. A combination of economic, social, environmental, and political factors has accelerated this transition, as outlined below. The following demographic trends will significantly impact the global economy for decades to come. Urbanisation The United Nations (UN) estimates that over two-thirds of the world’s population will live in cities by 2050. Generally, urbanisation can be a positive phenomenon in improving national and individual economic performance, reducing poverty, and improving...

March 28, 2023

NewsAging, Income, Risk

17MarMarch 17, 2023

Longevity, Health and Housing Risks Management in Retirement

By Pierre-Carl Michaud & Pascal St-Amour Annuities, long-term care insurance and reverse mortgages remain unpopular to manage longevity, medical and housing price risks after retirement. We analyze low demand using a life-cycle model structurally estimated with a unique stated-preference survey experiment of Canadian households. Low risk aversion, substitution between housing and consumption and low marginal utility when in poor health explain most of the reduced demand. Bequests motives are found to be a luxury good and play a limited role....

March 17, 2023

Articles, Pension design2023, Adequacy, Income, Longevity, Risk

June 2023

South Korea. Rapid population aging to accelerate income inequity

New global report highlights older people’s risk of starvation and extreme poverty due to rising global costs

May 2023

502,855 workers paid GH₵500 or less a month in Ghana

The Limited Role of Intergenerational Transfers for Understanding Racial Wealth Disparities

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

April 2023

Retirement Savings Behaviours and Covid-19: Evidence from Thailand

South Africa: Grandparents Spend Their Pensions to Feed Entire Families as Food Crisis Hits Hard in Eastern Cape

March 2023

The cost of living

Key demographic trends that will impact the global economy

Longevity, Health and Housing Risks Management in Retirement