May 2023
18May

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
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15May

Germany. Retirement Workers: The Solution To The Skills Shortage?

Kurt Marx repairs and maintains heating systems. He started as an apprentice almost 50 years ago. Actually, he could soon retire free of deductions. However, the service technician plans to continue working. Not for financial reasons: he likes the daily challenge of finding technical errors, he says. Above all, Marx wants to keep in touch with people. And he knows how difficult it is for his boss to find staff. “I’m probably not the exception, after all, specialists are...

May 15, 2023
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April 2023
27Apr

US Senate panel advances Biden’s labor secretary choice, opposed by gig worker apps

A U.S. Senate committee on Wednesday voted along party lines to advance President Joe Biden's nominee for U.S. labor secretary, Julie Su, to the full Senate for what will be a close vote due to heavy opposition by Republican lawmakers and business groups worried about regulation of the gig economy. The Democrat-led Senate Health, Education, Labor and Pensions Committee voted 11-10 to approve Su, a civil rights lawyer and former California labor commissioner who has served as a deputy labor...

April 27, 2023
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25Apr

‘Aging population holds economic prosperity for Nigerians, others’

Individuals across the globe, especially in developed countries, are aging at an unprecedented pace, making many countries increasingly reliant on migration to realise their long-term growth potential, says a new report from the World Bank. The ‘World Development Report 2023: Migrants, Refugees and Societies’ identifies this trend as a unique opportunity to make migration work better for economies and people. Conversely, Nigeria, Ghana and other developing countries that have rising youthful populations are set to benefit from the global aging population...

April 25, 2023
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24Apr

India. National Pension System likely to get a facelift

The recently-formed committee on the National Pension System (NPS) will review the nearly two-decade-old scheme with an intent to enable it to provide higher pensionary benefits, with higher contributions from both the government and employees. According to a source, the panel, headed by finance secretary TV Somanathan, might suggest guaranteeing a certain pension similar to the Old Pension Scheme (OPS), but without reverting to the non-contributory system. The proposal is to usher in the guaranteed component “in a graded manner”,...

April 24, 2023
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21Apr

Thailand: Pensions and Farmers’ Subsidies Top Election Agenda

With the kingdom’s population ageing and the debt-ridden farmers becoming restless, Thailand’s political parties are gearing up for the May 14 elections offering populist policies to woo the votes of both sectors of the population. Over 52 million people are eligible to vote for electing 500 members to the House of Representatives. With campaigning for the election gathering momentum since December 2022, Thai political parties have announced a range of attractive policies to win their votes. These include subsidies for...

April 21, 2023
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20Apr

‘Big news’ is India’s population growth is below replacement level: UN expert

While India's population at 1.4 billion has surpassed that of China's, the "latest big news" is that the population growth is below the replacement fertility rate in India and it has a "window of opportunity", according to Rachel Snow, the lead demographer of the UN Population Fund (UNFPA). The continued trajectory for India is that while the young population entering the reproductive phase will boost overall fertility, "given the fertility pattern already evident, we can start to anticipate the decline,...

April 20, 2023
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19Apr

U.S. workers want government to require employers to offer retirement plans

American workers favor government mandates requiring employers to offer retirement plans and make matching contributions, according to a new survey released Tuesday by Natixis Investment Managers. More than 4 in 5 workers (81%) said that employers should be required to offer workplace retirement savings plans, with millennials voicing the greatest support for such a mandate (88%) followed by Generation X (79%) and baby boomers (70%). More than 3 in 5 workers (78%) also said they support requiring employers to make matching...

April 19, 2023
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19Apr

India to overtake China as world’s most populous country this year

India has surpassed China as the world’s most populous country, according to new UN data, marking a historic crossover moment for the two Asian rivals that are set to shape business and world affairs in years to come. According to the UN Population Fund’s World Population Dashboard, released on Wednesday, India’s population has surpassed 1.428bn, just overtaking China’s more than 1.425bn people. The update in population estimates came as the world body’s main agency that tracks demographic trends, the UNFPA, released...

April 19, 2023
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18Apr

One in five Korean workers are over 60: Statistics

One out of five Korean workers are over 60 years old, in an aging society with plunging birth rates. The number of elderly still working and the on-year increase in the number of elderly working both reached all-time highs last year. The number of people over 60 who were working last year stood at 5.86 million, hitting the highest figure since data compilation began in 1963, according to Statistics Korea and the Ministry of SMEs and Startups on Monday. The number was...

April 18, 2023
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