World: Pension: Global Action on Aging

Report: Canada: Is Inflation Higher for Seniors? (2010)
This analytical paper demonstrates how the Consumer Price Index does or does not affect senior citizens. This Canadian study looks at how inflation impacts senior spending.

Japan: Japan May Increase its Pension Age, Permanent Chinese Residents Respond Aggressively (October 21, 2011)
(Article in Chinese)
Permanent Chinese residents who live in Japan responded aggressively against Japan’s consideration of raising of its pension age. The Democratic Party, highly supported by the Chinese, has failed to fulfill most of its promises since it came into power. In the 2009 elections, the Democratic Party proposed that all pensioners should receive a payout of at least 70,000 yen. However, the Party’s recommendation threatens to make Japan a country in which senior citizens cannot claim an adequate pension claims.

China: Beijing Develops Pension Scheme in Next Five Years to Make Senior Citizens Financially Independent (October 21, 2011)
(Article in Chinese)
Beijing will develop its pension scheme over the next five years, experimenting with the home-for-pension concept. Senior citizens may obtain loans through reverse mortgages, so that cash is released from their assets to finance their expenses. Beijing will also provide monthly allowances for senior citizens aged 80 and above in 2015.

Canada: Markets Slam Canadian Pension Plans: Survey (October 21, 2011)
RBC Dexia Investor Service released a report that showed that Canadian pension plans were severely hit by the volatile stock markets in the 2011 third quarter. Canadian equities took the hardest hit. asset type Though the worsening economy does not immediately affect pension payouts, it could require companies to cut benefits or put more money into plans.

China: Qingdao’s Laoshan District to Expand Pension Coverage and Raise Pension Payouts (October 18, 2011)
(Article in Chinese)
Qingdao will invest 630 million yuan to fund its increased pension payouts to 5,400 senior citizens. This move indicates that the district government is taking concrete actions to fulfill its 12th five-year aging development plan. This move is also intended as a gift from the district government to senior citizens in celebration of the upcoming senior citizens’ day.

China: Shanghai’s Multi-Dimensional Approach to Address Aging Challenge (October 18, 2011)
(Article in Chinese)
As the city experiencing the most severe aging in China, Shanghai is looking into corporate pension and personal pension plans to address its aging problem from multiple dimensions. Although Shanghai presently has a comprehensive pension plan in place, its government will increasingly be financially burdened in the years to come. Shanghai wants to implement alternative ways to reduce this burden.

Hong Kong: New Retirement Plans Run into Opposition (October 17, 2011)
Legislative Council welfare panel chairman Cheung Kwok-che commented that the Mandatory Provident Fund plan and citizens’ personal savings do not provide sufficient protection for retirees. Central Policy Unit head Lau Siu-Kai responded that it is difficult to establish a retirement protection plan, as some citizens do not believe that they should set aside their money to subsidize the retirement of others. However, he recognized that the government could strengthen current welfare plans to help the less fortunate.

Korea: Elderly Becoming More Financially Independent (October 14, 2011)
Statistics Korea released a survey that showed that more than one-third of senior citizens support themselves financially. It also revealed that the number of seniors entirely dependent on their children is decreasing. The results imply a correlation between education and financial independence in old age.

China: Release of the 2011 Melbourne Mercer Global Pension Index: China has made Improvements (October 13, 2011)
(Article in Chinese)
The 2011 Melbourne Mercer Global Pension Index revealed that China’s has improved its social security network. However, China still has to enhance its pension system to ensure that its citizens have sufficient retirement savings and to relieve pressure that its citizens face due to the aging crisis.

Japan: The Japanese Government Discusses the Possibility of Increasing Pension Age (October 10, 2011)
(Article in Chinese)
To ameliorate its aging crisis, the Japanese Ministry of Health, Labour and Welfare may consider increasing its pension age to 68 or 70. The government has already decided to increase its pension age for men and women to 65 before 2025 and 2030 respectively.

Thailand: Defusing the Population Bomb (October 10, 2011)
Thammasat University economists collaborated with the National Transfer Accounts project to launch a survey in 2006 on Thai population behavior by age group. The survey results showed that people had less capacity to take care of family members, while no safety net exists to help the aging population. Dr. Mathana urged the government to look at promoting personal savings, making the economy more competitive and enhancing economic growth potential.

China: Xi’an Province Launches “Respect the Elderly Month”; 14,200 Older Persons Will Receive Aid (October 9, 2011)
(Article in Chinese)
Xi’an celebrates its “Respect the Elderly Month” until October 31, during which 14,200 older persons will receive monetary aid. The provincial government will also sponsor 50 rural organizations to enhance developments in rural aging.

Malaysia: Civil Servants Now Allowed To Serve Until They Reach 60 (October 8, 2011)
The retirement age for civil servants in Malaysia is extended by two years to age 60. Older civil servants are also entitled to higher remuneration as a reward for achieving national development goals.

Singapore: Government Reviewing CPF Policies for Older Workers: Tharman (October 3, 2011)
The government is reviewing its policies on Central Provident Fund contribution rates, particularly where older workers are concerned. It is also consulting unionists and employers to see how the review can be performed. Currently, employer and employee contribution rates are cut at age 50, 55, 60 and 65 in order to make older workers more employable.

India: India Takes up Old Challenge (October 2, 2011)
Government officials in Delhi will discuss funding for a project spanning 25 years to study how various socio-economic issues affect India’s senior citizens. Seniors aged 60 and above are often neglected in policy discussions although the burgeoning population of seniors threatens to alter dramatically the existing economic policies. One part of the study will focus on the feminization of the aged. The International Institute of Population Sciences will undertake the study.

China: The Pain of the Pension System in China (October 1, 2011)
(Article in Chinese)
The central government has been transferring increasingly larger amounts of funding to top-up pension payments each year. The government will have to transfer more funds as China’s older population grows. Clearly, the government needs to modify its pension system to make it more sustainable.

Japan: Japan’s Challenge : How to Activate the Potential of the Silver Workforce in an Ageing Society (September 2011)
Japan is facing the issues implied by an ageing society : its ever increasing percentage of people over 65 years old and low fertility rate are a challenge that authorities are trying to meet. For example, the question of how pensions will be funded in the future remains unanswered. But at the same time, it encourages older people to go back to work. The phenomenon called the “Silver Workforce” is valuable to both retirees who stay active, and companies who benefit from a skilled workforce that can pass its know-how on to the younger generation.

China: There is Hope that Seniors Aged 80 and Above Can Claim Supplementary Income, 800 Thousand Seniors in Liaoning Province Might Receive This Benefit (September 30, 2011)
(Article in Chinese)
The supplemental income initiative for older persons may be broadened to include those aged 80 and above. If the initiative is approved, the number of eligible seniors in Shenyang will increase from 10,000 to 180,000. Sociologists claim that this move represents a policy shift towards protecting the seniors instead of merely catering to their needs.

China: Problems in Implementing Pension (September 29, 2011)
(Article in Chinese)
China faces an aging population crisis that challenges what its systems can provide. To ensure old-age security for all senior citizens, individuals must adopt rational family planning strategies while the government must thoroughly develop its pension system.

China: Beijing’s Population Aging Much Faster than the National Average (September 28, 2011)
(Article in Chinese)
The Beijing Times issued a report on Beijing’s aging population census in 2010, which revealed that 26% of the city consists of older people. Experts claim that Beijing’s aging statistics are much higher than the national average. Since 2007, the number of seniors in the city has been increasing every year. Each Beijing resident aged 90 and above is entitled to a monthly allowance.

Malaysia: EPF Wish List: Raise Retirement Age to 60 (September 27, 2011)
The Employees Provident Fund hopes that the government will consider raising the retirement age to 60 from 55 years old. The current long retirement period contributes to inadequate retirement savings, which could snowball into a future social issue.

China: Experts Doubt that China Can Offer Full Pension Coverage by 2015 (September 27, 2011)
(Article in Chinese)
China’s State Council issued a report stating that China’s pension plan will be offered to all seniors residing in agricultural and urban areas by 2015. Some experts and academics doubt the contents of the report because the Chinese government has exceeded its budget on expenditures.

China: Jilin Province Launched Third Stage of Pilot Test on Pension in Agricultural Communities, Providing More Holistic Protection for the Elderly (September 20, 2011)
(Article in Chinese)
The Jilin province residents’ committee launched the third stage of pilot testing its new agricultural pension. The participation rate in the Jilin province greatly surpassed that of the national average, showing that Jilin province has achieved full pension coverage at the administrative level.

China: Pension System Matters More than “Raising Children for Old Age” (September 1, 2011)
(Article in Chinese)
The pension system, as a complex social project, demands both the strength of the government and participation by the whole community, family and individual. China initially established a social pension system based on home care, with Chinese characteristics of community and institutional cooperation. It is now suggested that the system be defined by providing a supply system based on responsibilities taken on by different levels of government, family and market.

United Kingdom: Attitudes to the Pension (2010)
On behalf of the Department for Work and Pensions, researchers at the National Centre for Social Research examined UK residents’ attitudes toward pensions. They learned that citizens had both changed some of their ideas as well as kept long-held views. Read this report to learn more about UK attitudes toward savings and retirement, as differentiated among age groups.

Sweden: Sweden’s Pension Scheme: Three Pillars of Support to Provide Comprehensive Protection (October 27, 2011)
(Article in Chinese)
Sweden’s pension scheme is based on a collaboration between the government, corporations and individuals so that responsibility is shared among these three entities. While this system has proven to be effective historically, it may cease to be so in view of the growing number of older persons and increasingly low fertility rates. Residents are worried about the possible shortage of pension funds.

Bulgaria: European Court Rules in Favor of Bulgaria in Pensions Cap Claim (October 25, 2011)
The European Human Rights Court in Strasbourg has ruled in favor of the Bulgarian State regarding a cap on retirement pensions. The magistrates have decided that the cap is not discriminatory; thus the Court has ruled that Bulgaria has not committed any human rights violation.

France: UMP MPs Want to Exclude Foreigners from Minimum Pension (October 25, 2011)
(Article in French)
UMP deputy Philippe Meunier desires to distribute the solidarity allowance for the elderly (ASPA) only to "French, European and foreign nationals who fought for France.” This allowance, established in 1998, grants people over 65, whose contributions were too low, monthly financial assistance. Not giving this funding to the 22,803 beneficiaries who are not from the EU would save "over 200 million euros," says MP Philippe Meunier. To do so, he wrote an amendment that was cosigned by 67 other members.

France: Retirement at 62 to Raise 5 Billion Euros in 2015 (October 24, 2011)
(Article in French)
The pension reform passed in late 2010 is expected to raise 6 billion euros, reducing the deficit of the general scheme to 5.8 billion euros against 12 billion if the system had not been changed. Policymakers are minimizing the impact of the economic slowdown due to poor market conditions. Thanks to the gradual increase in the legal retirement age, the deficit will be reduced to 4.6 billion by 2015. This measure does not apply to beneficiaries of retirement pensions from hardship jobs, allowing them to retire at 60 with full rate, regardless of their contribution period.

Ireland: Gilmore Pledges to Address High Pension Fund Charges (October 21, 2011)
Tánaiste Eamon Gilmore said that Irish pension fund managers are the world’s worst performers but have some of the highest charges in the world. He added that the government would not put up with pension funds charging consumers too much, particularly when the State gives tax breaks to ensure pension provision. He wanted to ensure that the pension system should not make managers rich and pensioners poor.

Belarus: Belarusian Pensions to Rise by Almost 20% from Nov. 1 (October 21, 2011)
Belarus’ Deputy Prime Minister, Anatoly Tozik, said that the government is planning to increase pensions by approximately 20 percent starting November 1, 2011. He also stated that the Republic is studying the Ukraine experience and may raise the retirement age.

France: Retirement at 60: a "Detrimental" Idea for France According to Laurence Parisot (October 18, 2011)
(Article in French)
Laurence Parisot tried to minimize fears that arose after the rating agency Moody’s put France on notice about its triple-A rating. According to the French Business Confederation (MEDEF) President Laurence Parisot, the 2010 pension reform is a sign that the country is able to adapt to the market’s changing conditions. This comment echoes the Socialist candidate to the presidential election Francois Hollande’s proposal to lower retirement to age 60--a decision she said would be "very detrimental."

France: Slight Decrease in Number of Retirements Expected in 2012 (October 18, 2011)
(Article in French)
With baby boomers reaching retirement and the increase of life expectancy, the ratio of contributors to retirees tightens. However, it is expected that the number of retirements from the general system will decrease by 10.9% and 3.1% in 2011 and 2012, stabilizing at around 640,000 and 620,000. This is the consequence of the 2010 pension reform that increased the legal age of retirement, and the decreasing number of early retirements resulting from the change.

UK: Pension Reform to Yield Saving Boost – Insurer (October 17, 2011)
Research by insurer Standard Life showed that pension reforms due to be phased in from 2012 could boost retirement saving by as much as 12.5 billion pounds per year. They explained that auto-enrolment of employees in corporate pension schemes could create up to 6 million additional savers.

France: Retirement at 60 : Aubry and Hollande Agree (October 12, 2011)
(Article in French)
Both Socialist candidates in the 2012 presidential election race, François Hollande and Martine Aubry, stated they want to restore the legal retirement age to 60 years during the televised debate in which they exchanged their ideas. However, for Mr. Holland, if 41 years have not been reached, the pension amount will be smaller. Ms. Aubry said she wanted to offer this option to those who had a difficult job as well. Finally, she reiterated her dissatisfaction with the decision of the government to push back the retirement age from 65 to 67 years when the assessment is not yet complete, mentioning that this weighs particularly on women.

France : A Provisional Pension for the Unemployed Persons Over 60 (October 4, 2011)
(Article in French)
While the retirement equivalent pension was abolished in January, Minister of Labour Xavier Bertrand announced its return for a short term. Indeed, the age of retirement is always pushed further ahead and creates the need to implement a policy for the unemployed aged over 60 and older, a group that is ever-larger. Renamed the provisory pension of solidarity, its payout will be about 1000 euros per month and should be extended until 2014.

Belgium: Pensioners Don’t Get Enough to Live, and Complain About It (September 28, 2011)
(Article in French)
About a hundred young and old persons demonstrated in Namur at the request of the socialist national trade union federation FGTB. They expressed their fear concerning changes in the pension system that could lead to the diminution of their purchasing power, which is already very low. The average pension is only 1000 euros a month. The concerned ministers have claimed they will defend the pensioners’ rights in forthcoming negotiations.

France : Retirement Age: Fillon Denounces “Scandalous Misinformation” (September 28, 2011)
(Article in French)
Prime Minister Francois Fillon has announced his wish to develop an economic and social convergence between France and Germany, which has enraged socialist deputies. Their leader, Jean-Marc Ayrault, sees a way to raise the legal age of retirement from 62 to 67. The Prime Minister immediately denied those claims and stated that they are “scandalous misinformation.”

UK: Pension Charges Still Too High, Finds Survey (September 23, 2011)
Money Management conducted an annual survey of personal pensions which revealed that companies continue to charge excessive fees.Holders of personal pensions will retire with up to 40% less than they could have had, aggravated by reduced retirement incomes and record low annuity rates. Many insurers are considering a ban on commission payments to advisers.

Retirement Savings: employees look more to their employer (September 20, 2011)
(Article in French)
Because of the ever growing uncertainty surrounding retirement and with the mistrust it implies, employers and employees are turning more towards solutions that are related to the company. Indeed, the number of those who abandon complementary systems for the benefit of individual solutions within the company is slowly growing. Employee ownership seduced for example more than 80% of respondents.

(Article in Chinese)
Other countries have enjoyed the home-for-pension scheme that China has now implemented. In the US, Chicago ‘s Department on Aging launched an initiative to connect senior citizens aged 60 and above who want to share a home. In Japan, the government formulated the Gold Plan in 1989, which urging municipal governments to develop facilities for the aging. In England, senior citizens choose to sell their property and move to other countries to enjoy a better quality of life. In Singapore, senior citizens can receive a pension from the Central Provident Fund, rent or mortgage their property to government-affiliated organizations.

Report: World: Melbourne Mercer Global Pension Index (October 2011)
The study aims to compare the provision of financial security in retirement in 16 countries deemed to be grappling with the socioeconomic effects of aging populations. It revealed that while no country had a pension system that was perfect or debilitating, every country can still improve their system. The report states suggestions for and challenges to implementing these improvements.

Report: The Four Pillars: Research on Social Security, Insurance and Retirement (September 2010)
This Geneva Association report looks at timely issues concerning old-age social security systems. It also contains a special feature on pension reforms. Four Pillars devotes much research to changes in the workplace and pension policies throughout the world. It also lists forthcoming events that will examine retirement and social security.

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