March 2026

Ukraine Discusses Pension Reform, Payment Indexation With IMF Delegation

That is according to the ministry's press service, Ukrinform reports. During the meeting, the parties discussed next steps in social sector reform, including pension reform, pension indexation, and the implementation of basic social assistance. They agreed to intensify cooperation, particularly regarding pension reform and improvements to the social benefits system. "Reforms in the social sector, including pension reform, are often perceived as simply increasing payments. In reality, the focus is on changing the system itself to make it truly sustainable and...

Ageing like China: China’s pension reform debate enters a new phase

China is undergoing a sharp demographic transition: rapid population ageing, a shrinking labour force, persistently low fertility, and continued urbanisation. Using an overlapping-generations framework, this column shows that the demographic transition is a joint growth and fiscal headwind: the economy slows just as ageing-related spending pressures intensify. A recent retirement age reform mitigates some of the economic and fiscal pressures. However, a credible long-run strategy likely needs a comprehensive approach: sustainability levers, targeted adequacy improvements, and continued efforts to...

The Impact of Pension System Reforms on Elderly Labor Force Participation: A Comparative Study of Germany, the United States, and Brazil

By Amos Kupaza Objective: This study provides the first harmonized, micro‑level comparative analysis of pension reform effects on elderly labor force participation in three paradigmatic welfare regimes: Germany (coordinated market economy, conservative‑corporatist welfare), the United States (liberal market economy, liberal welfare), and Brazil (dualistic economy, conservative‑informal welfare). We test the institutional mediation hypothesis: that reform effects are systematically shaped by labor market structures, social protection arrangements, and production regimes. Methods: We employ harmonized microdata from IPUMS-CPS (USA) and IPUMS-International (Germany, Brazil) , comprising 495,000 person‑year observations spanning 2000–2023....

Reform unlocks China’s sil­ver dividend

In a tech­no­logy park in Shang­hai’s Xuhui dis­trict, 58-year-old Zhang Wei is fine-tun­ing a drone used for agri­cul­tural inspec­tion. With 35 years of exper­i­ence as an air­craft mech­anic, he remains one of the most reli­able tech­ni­cians in the fact­ory. Under China’s pre­vi­ous retire­ment frame­work, however, Zhang would soon be expec­ted to step aside, begin draw­ing a pen­sion and leave the work­force. But Zhang is not ready to hang up his boots. “This is when exper­i­ence mat­ters most,” he says. “If...

Voluntary pensions are launched in Moldova

This event launches the private pension savings market, which was previously virtually non-existent in the country, despite a number of previous unsuccessful attempts to introduce voluntary pensions in Moldova. With the appearance of the first private pension fund, citizens have the opportunity to save for their old age on their own, in addition to the state pension. Contributions are exempt from taxation and will be capitalized to generate additional income in the future. Until now, Moldova’s pension system relied solely on...

February 2026

Population Aging and Pension Reforms in China

By Boele Bonthuis, Yongquan Cao & Christoph Freudenberg China is experiencing rapid population aging and a declining workforce, posing significant economic and fiscal challenges, especially to the pension system. This paper examines the evolution of China’s pension system, assesses its gaps relative to international peers, and evaluates the macro-fiscal implications of population aging and various pension reforms. Using a calibrated overlapping generations model that explicitly incorporates the rural–urban disparities, we project that population aging alone can slow annual GDP growth by...

Germany’s retirement savings shake-up: What banks need to know

Germany is overhauling its state-subsidised retirement savings framework, and financial institutions have a firm deadline to prepare for. The federal government approved a pension reform law in late 2025, with parliamentary proceedings underway in 2026. If passed — which appears near-certain — the legislation will bring the Altersvorsorgedepot (AVD), or retirement provision depot, into force from 1 January 2027. From that date, no new contracts under the old Riester model will be permitted. fincite, which offers an end-to-end digital asset...

Nigeria. Ogun introduces fresh pension benefit to boost CPS confidence

The Ogun State Government has introduced an Additional Pension Benefit (APB) to address stakeholder concerns following the full implementation of the Contributory Pension Scheme (CPS) in the state. Approved by Governor Dapo Abiodun, the initiative was announced after consultative meetings with organised labour, the State and Local Government Pension Administration Committees, and the Commissioner for Finance and Chief Economic Adviser, Dapo Okubadejo. The CPS became fully operational in Ogun State on July 2, 2025. The APB is a one-off payment at retirement designed to...

Retirement Under Policy Uncertainty

By Piera Bello, Vincenzo Galasso & Alessandro Izzo This paper examines how policy uncertainty influences retirement decisions. We develop a simple model in which individuals face a one-time choice between immediate retirement and continued employment until the statutory retirement age. In the absence of policy uncertainty, retirement decisions depend solely on the standard income–leisure trade-off. When future pension reforms are uncertain, however, individuals also take into account the perceived risk of increases in the retirement age or reductions in benefit...

What Trump’s Australian-style retirement program would look like in the US

Although pensions have largely disappeared thanks to tax code changes in the 1970s, today individuals have more options than ever to save for retirement with a variety of IRA and employer-sponsored plans to choose from. But Americans may soon have another account option for to retirement savings. In early December, CNN reported that President Donald Trump's administration is considering implementing an Australian-style retirement program in the U.S. Put simply, an Australian-type retirement program comprises an employer-sponsored retirement plan, which in Australia is commonly known...