The Korea Times (14.06.2023) Income inequality in Korea is likely to accelerate due to a rapidly aging population, according to a report released by the Bank of Korea (BOK) on Wednesday. The report revealed that income inequality among households has worsened by 30 percent over the past 25 years, largely as a result of the aging population. "The aging population is expected to have a significant negative impact on the Korean economy, not only by lowering labor productivity and increasing the burden of care, but also by widening economical inequality," the report noted.
un.org (2023) Population ageing is a defining global trend of our time. People are living longer, and more are older than ever before. Spectacular improvements in health and survival and reductions in fertility have driven this momentous shift, which has begun or is expected to begin soon in all countries and areas. This change brings both challenges and opportunities as countries strive to achieve the Sustainable Development Goals (SDGs). In 2022, the world marked the twentieth anniversary of the adoption of the Madrid International Plan of Action on Ageing.
The Social Security Administration (SSA) in the United States of America launched its redesigned website, ssa.gov. The new site leveraged human-centered design concepts to build out self-service capabilities and improve accessibility. SSA analyzed customer data and conducted user research to inform where the gaps were, test designs and implement iterative changes on the site.
SaltWire (20.09.2022) Ireland will offer anyone over 66 a higher state pension the longer they stay in work, sidestepping a recommendation by a government-appointed commission to gradually increase the retirement age to 68 to help fund the ageing population. Under the proposed flexible model agreed by ministers on Tuesday, people will have the option from 2024 to continue working up until the age of 70 in return for a higher pension for each additional year they work.
Asian Development Bank (May 2022) This report shares insights on capacity building for long-term care in six countries at different stages of population aging: Indonesia, Mongolia, Sri Lanka, Thailand, Tonga, and Viet Nam. It explores these countries’ long-term care systems and their particular circumstances and challenges. It also examines what they have in common and highlights good practices that may be helpful to other countries facing similar issues.
Xinhua (21.02.2022) China's State Council has released a plan for the development of the country's elderly care services system during the 14th Five-Year Plan period (2021-2025), in its latest step to implement a national strategy to address population aging. The plan specifies major goals and tasks for the five-year period, including expanding the supply of elderly care services, improving the health support mechanism for the elderly, and advancing the innovative and integrated development of service models.
china.org.cn (30.09.2021) The number of people of retirement age in Germany will rise by 22 percent by 2035, the Federal Statistical Office (Destatis) said on Thursday. The number of people aged 67 or over in the country will go up to 20 million, a 22 percent increase from 2020, the first medium-term population projection conducted by Destatis showed. The head of the Federal Employment Agency, Detlef Scheele, was quoted in the media as saying in August that Germany needed 400,000 new workers per year to replenish its labor force.
The government decided to increase the monthly transfer of their universal social pension by 20 per cent. This is another bold step from the government, which follows on from becoming in 2016 the first country in the Eastern African region to offer social pensions to older people.
Social Security Agency (25.02.2021) On December 11, Québec's government approved a law introducing the Target Benefit Pension Plan (TBPP), an occupational pension plan that combines certain features of existing defined contribution (DC) and defined benefit (DB) plans. Like a DC plan, a TBPP is funded with employee and employer contributions paid at fixed rates and does not provide guaranteed benefits. However, by pooling its members' assets and setting a target benefit level, a TBPP can provide workers with a predictable periodic pension at retirement like a DB plan.
Social Security Administration (25.02.2021) Singapore Introduces Government Match for Provident Fund Catch-up Contributions In January, Singapore's Central Provident Fund (CPF) Board introduced the Matched Retirement Savings Scheme, a program that provides a dollar-for-dollar government match of up to S$600 (US$450.56) per year in catch-up contributions for qualifying CPF members from 2021 to 2025.