Faced with ballooning and unsustainable public pension liabilities, Taiwan’s government was forced to make a tough decision. In 2017, the country’s ruling Democratic Progressive Party passed a bill to dramatically cut retirement benefits for the country’s civil servants, public school teachers, police officers, firefighters and private sector workers. The changes were unpopular, but necessary. Underfunded […]
A new paper is evaluating how global retirement systems are faring in the wake of the coronavirus pandemic and what reforms will be required to facilitate the retirements of future generations. The paper, ‘Building better retirement systems in the wake of the global pandemic,’ by Olivia Mitchell, a professor and executive director of the pension research council […]
Defined contribution pension plan sponsors may face workforce planning challenges coming out of the coronavirus pandemic as older plan members whose account balances were hard hit by this year’s market volatility delay their retirements. “We saw a lot of presenteeism coming out of the [global financial crisis] — are we going to see that again?” asks […]
With Canada ranking only ninth out of 37 countries on the Melbourne Mercer Global Pension Index, more can be done to move it up the list, said Keith Ambachtsheer, director emeritus at the International Centre for Pension Management, speaking at the Canadian Investment Review’s Plan Sponsor Exchange conference in February. Canada has an aging demographic […]
While Canadians said they plan to retire, on average, at age 62, 59 per cent said they can’t estimate how much money they’ll need to enjoy a comfortable retirement, according to a new survey by BMO Financial Group. The survey of 1,500 Canadians also found only half of respondents are hopeful they’ll have enough money […]
Half (50 per cent) of pre-retirees said they plan to work in retirement but only 11 per cent of retirees reported they actually had returned to full- or part-time work, according to a new survey by Royal Bank of Canada. Its retirement myths and realities poll found pre-retiree respondents cited staying active mentally (64 per […]
More than half (56 per cent) of people in the world’s 10 fastest growing economies have retirement goals at roughly twice the size of what they’re actually likely to have accumulated by age 60, according to a new report by multinational financial services company Standard Chartered. In the top 10 fastest growing economies — which include China, […]
Government flat out declines Liberals' economic advisory council suggested age raise.
Retirement age also raised to 67.