June 2023
12Jun

US. Social Security’s woes highlight need for holistic plan

Given Social Security's uncertain future, defined contribution executives say that it's important for plan sponsors to offer participants holistic retirement planning and encourage additional savings. The Old-Age and Survivors Insurance Trust Fund, which covers retirees and their families, is now set to reach depletion in 2033, according to an April report from the Social Security Board of Trustees. If that happens, the trust's income would be able to pay 77% of its scheduled benefits, the report states. A reduction in Social...

June 12, 2023
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09Jun

A Complaint Template for Legal Challenges to the Validity of the Statutory ‘Debt Ceiling’

By Robert C. Hockett The Statutory ‘Debt Ceiling’ appearing at 31 USC 3101(b), rooted in the Second Liberty Bond Act of 1917 aimed at expanding Treasury financing options during the First World War, is not valid in any application that would occasion default on U.S. sovereign debt, other contractual obligations, or Social Security or Veterans’ pension obligations. There are at least seven mutually reinforcing legal grounds for so saying. These include preemption of such application of the Ceiling by the...

June 9, 2023
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May 2023
26May

Save to Advance: Analysis and Recommendations on the Pension Reform in Colombia

By Manuela Restrepo, Camilo José Ríos, Andrés Mauricio Velasco & Andrés Zambrano  In March of 2023, the Government filed a Bill that seeks to modify the Colombian pension system. The Bill contemplates a four-pillar scheme: a social transfer pillar named Solidario, a semi- contributory pillar, a contributory pillar, and a voluntary savings pillar. This paper presents a summary of the Bill filled in Congress, followed by an analysis of its implications for fiscal sustainability and macroeconomic stability. As a result, we recommend that the...

May 26, 2023
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12May

Social Security of Labour in India

By Ishita Arora The social security of labour in India is a critical issue that needs to be addressed. The country's labour force is massive, and ensuring their protection and well-being is crucial to their quality of life and the country's economic development. This research paper aims to explore the current state of social security for workers in India, including policies and programs aimed at providing protection and support to individuals and families against social and economic risks such as...

May 12, 2023
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12May

“The Great Retirement Boom”: The Pandemic-Era Surge in Retirements and Implications for Future Labor Force Participation

By Joshua Montes, Christopher L. Smith & Juliana Dajon As of October 2022, the retired share of the U.S. population was nearly 1-½ percentage points above its pre-pandemic level (after adjusting for updated population controls to the Current Population Survey), accounting for nearly all of the shortfall in the labor force participation rate. In this paper, we analyze the pandemic-era rise in retirements using a model that accounts for pre-pandemic trends in retirement, the cyclicality of retirement, and other factors....

May 12, 2023
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April 2023
27Apr

Jamaica. Minister of Labor announces increases to NIS benefits

Minister of Labour and Social Security, Karl Samuda, has announced significant increases for National Insurance Scheme (NIS) pensioners and other contributors to the scheme. Samuda made the announcement on Wednesday during his contribution to the Sectoral Debate in the House of Representatives. He said the old age or retirement, the invalidity and the widows and widowers pensions will move from $3,400 to $4,200 per week, a 23 per cent increase for those receiving full-rate pensions. At the same time, pensioners who...

April 27, 2023
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05Apr

Priorities for social security Trends, challenges and solutions

By Raúl Ruggia-Frick The International Social Security Association (ISSA) draws its value, strength and dynamism from its global membership, which consists of national institutions that administer the main social security programmes in their countries. This gives the Association a unique and privileged vantage point from which to identify and analyse priority administration and policy challenges in social security, and the many innovative responses and creative solutions to these. The ISSA was looking to the future when it set the priorities of...

April 5, 2023
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05Apr

Aging, Inadequacy, and Fiscal Constraint: The Case of Thailand

By Phitawat Poonpolkul, Ponpoje Porapakkarm & Nada Wasi We use an overlapping generations model to study the challenge in developing countries with a large informal sector and aging populations. We use Thailand as a case study and incorporate its labor market structure and its public pension system into the calibrated model. Unlike developed countries, workers in developing countries commonly transit from the formal sector to the informal sector, which can be in the early stage of their working life. This...

April 5, 2023
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March 2023
31Mar

Chinese cities are so broke, they’re cutting medical benefits for seniors

China's government, strapped for cash after years of enforcing a costly zero-Covid policy, is cutting medical benefits and planning to raise the retirement age, in deeply unpopular moves that are fueling widespread public anger. Thousands of elderly people have been taking to the streets since January to protest big cuts to monthly medical benefit payments. They've gathered in four major cities across the country, demanding local officials reverse the decisions. The changes are part of a national overhaul mainly intended to...

March 31, 2023
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10Mar

Legal & General U.S. Gig Economy study

By Sir Nigel Wilson, John Godfrey & Edyta Borowy (Legal & General) The data was collected via online survey fielded to individuals sample sourced from YouGov’s US panel. The survey scripted and hosted on Gryphon, YouGov’s proprietary survey scripting platform and the field work took place between August 19 and 31, 2022. 1,044 surveys of freelancers and self-employed workers between 18 and 60 years old, non-student/non retired drawing 60% or more of their income from gig work were completed. Key...

March 10, 2023
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