scholarly journals The Effect of Retirement Age Extension on the Old-age Income and Policy Recommendation

2015 ◽  
Vol 42 (2) ◽  
pp. 87-111
Author(s):  
Kim Jin-Soo ◽  
남재욱 ◽  
정창률
2019 ◽  
Vol 8 (1) ◽  
pp. 53
Author(s):  
Putri Wijayanti ◽  
Lina Miftahul Jannah

This writing discusses the implementation of the Old Age Insurance (JHT) benefit policy in Gorontalo Province. JHT membership in Gorontalo Province is still low. JHT is a social security needed by workers and can be enjoyed when entering retirement age. This writing uses descriptive qualitative methods with data collection techniques through the study of literature. The result of this paper is that the implementation of JHT benefits policy in Gorontalo is influenced by the content and context of the policy itself. One context is the existence of community needs which are seen as not having placed JHT as an important thing in social security for workers. This emphasizes the need for BPJS Employment to improve socialization, education and expand partnerships for better JHT sustainability. Penulisan ini membahas mengenai implementasi kebijakan manfaat Jaminan Hari Tua (JHT) di Provinsi Gorontalo. Kepesertaan JHT di Provinsi Gorontalo masih rendah. JHT merupakan jaminan sosial yang diperlukan oleh tenaga kerja dan dapat dinikmati ketika memasuki usia pensiun. Penulisan ini menggunakan metode kualitatif deskriptif dengan teknik pengumpulan data melalui studi literatur. Hasil dari penulisan ini yakni implementasi kebijakan manfaat JHT di Gorontalo dipengaruhi konten dan konteks kebijakan itu sendiri. Salah satu konteksnya ialah adanya kebutuhan masyarakat yang dipandang belum menempatkan JHT sebagai hal penting dalam jaminan sosial bagi pekerja. Hal ini menekankan perlu BPJS Ketenagakerjaan untuk meningkatkan sosiallisasi, edukasi dan memerluas kemitraan untuk keberlangsungan JHT yang lebih baik  


Author(s):  
Л. Аникеева ◽  
L. Anikeeva ◽  
Александра Митрофанова ◽  
Aleksandra Mitrofanova

The article deals with issues related to the change in the situation on the labor market in connection with the new pension reform. The mechanism of the impact of the conditions and standards of pensions on the state of the labor market is revealed. Special attention is paid to increasing tension in the labor market due to the increase in the retirement age. The procedure for raising the retirement age is revealed, categories of workers are identified that will not be affected by raising the retirement age or who are entitled to receive an old-age insurance pension of a higher retirement age. Consideration is given to aspects related to changes in the conditions and procedure for granting unemployment benefits, including new conditions for granting benefits to persons in pre-retirement age. Particular attention is paid to the disclosure of the factors that determine the possibility of raising the retirement age, and the justification of measures that contribute to leveling the negative effects of the increase.


2018 ◽  
Vol 8 (2) ◽  
pp. 139
Author(s):  
Susannash Limunga Esowe ◽  
Michael Nkam Cho ◽  
Alain Vilard Ndi Isoh

Poverty in most cases is measured taking into consideration the financial wellbeing of the individuals concern. Financial wellbeing on the other hand does not only depend on accumulation of financial resources but as well on the acquisition of knowledge on financial sustainability.This study seeks to analyze the contribution of financial literacy to poverty alleviation in Cameroon, taking into consideration the financial literacy level of workers and the households in general.The study that was conducted in Yaoundé- Cameroon made use of both qualitative and quantitative research methods with the aid of questionnaires and interviews. Through a purposive sampling technique, a sample of some 100 respondents made up of workers was administered questionnaires, and the views of some 20 retired persons were sampled on their knowledge on the available financial instruments, and how these instruments were used to enhance their financial wellbeing and sustainability at retirement age.The data collected was analyzed with the use of SPSS, and the results were presented in the form of descriptive statistics. The findings showed that a significant proportion of workers in Cameroon are not familiar with the available financial instrument, and were greatly engaged in reckless borrowing without knowing the consequences of such actions.; Result from the interview revealed that a great majority of workers only think of retirement provisions when they approach retirement age. Based on this study, the need for sustainability in financial literacy to Cameroon workers with the intention to alleviate poverty remains a top policy recommendation.


2021 ◽  
Vol 70 (99) ◽  
pp. 1-20
Author(s):  
Dagmar Pattloch

Zusammenfassung Die Rentenpolitik in Deutschland hebt das gesetzliche Rentenalter an und beschränkt gleichzeitig Optionen, die Altersrente vorzuziehen. Die Berichterstattung über die „rentenaufschiebende“ Wirkung dieser Regeln verwendet jedoch ungeeignete Kennzahlen. Um den Mangel zu beheben nutzt der Artikel die Sullivan-Methode, die die Lebenserwartung im Alter 60 aufteilt in Jahre innerhalb bzw. außerhalb von Altersrente. Diese Kennzahlen zeigen, dass der durchschnittliche Rentenaufschub zwischen 2012 und 2018 stark war (9 Monate bei Männern, 6 Monate bei Frauen) und sogar den Gewinn an Lebenserwartung (5 Monate bei Männern, 4 Monate bei Frauen) überstieg. Schlussfolgerung: Der Umbau des Rentenzugangs zeigt messbare, rasche Folgen für die Bevölkerung, und die Öffentlichkeit und Politik sollten dies zur Kenntnis nehmen. Die Sullivan-Methode wird zur Fortschreibung empfohlen. Abstract: Old Age Pension: Innovative Figures to Describe the Start and Duration of Pensions 2012–2018 Germany’s pensions policy has increased the statutory retirement age and discouraged early pensions. However, the monitoring of the respective postponing effect is weakened by inappropriate indicators. To remedy this, the paper uses the Sullivan method to divide life expectancy at age 60 into years with and years without old age pension. The results show that the average from 2012 to 2018 was large (9 months in men, 6 months in women) and even exceeded life expectancy gains (5 months in men, 4 months in women). In conclusion, the pension reform has a measurable and rapid impact on the population, and the public and politicians need to be aware of this. The Sullivan method is recommended for regular updates.


2020 ◽  
pp. 60-86 ◽  
Author(s):  
Jason Brown ◽  
Karen Dynan ◽  
Theodore Figinski

This chapter explores the likely prevalence of hardship in old age for individuals now nearing retirement. We use longitudinal data from the Health and Retirement Study to determine what observable demographic, socioeconomic, and financial factors in late middle age predicted economic hardship in old age for the cohort nearing retirement in the mid-1990s. These findings are then used to predict economic hardship in old age for the cohort nearing retirement age in the mid-2010s. Our analysis suggests that the more recent cohort is likely to realize higher economic insecurity, particularly among men.


2020 ◽  
pp. 1-25
Author(s):  
Isabel Baumann ◽  
Harpa Sif Eyjólfsdóttir ◽  
Johan Fritzell ◽  
Carin Lennartsson ◽  
Alexander Darin-Mattsson ◽  
...  

Abstract In response to the rising financial pressure on old-age pension systems in industrialised economies, many European countries plan to increase the eligibility age for retirement pensions. We used data from Sweden to examine whether (and if so, how) retirement after age 65 – the eligibility age for basic pension – compared to retiring earlier affects older adults’ (between ages 70 and 85) cognitive functioning. Using a propensity score matching (PSM) approach, we addressed the selection bias potentially introduced by non-random selection into either early or late retirement. We also examined average and heterogeneous treatment effects (HTEs). HTEs were evaluated for different levels of cognitive stimulation from occupational activities before retirement and from leisure activities after retirement. We drew from a rich longitudinal data-set linking two nationally representative Swedish surveys with a register data-set and found that, on average, individuals who retire after age 65 do not have a higher level of cognitive functioning than those who retire earlier. Similarly, we did not observe HTEs from occupational activities. With respect to leisure activities, we found no systematic effects on cognitive functioning among those working beyond age 65. We conclude that, in general, retirement age does not seem to affect cognitive functioning in old age. Yet, the rising retirement age may put substantial pressure on individuals who suffer from poor health at the end of their occupational career, potentially exacerbating social- and health-related inequalities among older people.


2016 ◽  
Vol 39 (1) ◽  
pp. 166-189 ◽  
Author(s):  
Julie Zissimopoulos ◽  
Barbara Blaylock ◽  
Dana P. Goldman ◽  
John W. Rowe

An aging America presents challenges but also brings social and economic capital. We quantify public revenues from, and public expenditures on, Americans aged 65 and older, the value of their unpaid, productive activities and financial gifts to family. Using microsimulation, we project the value of these activities, and government revenues and expenditures, under different scenarios of change to the Old Age and Survivors Insurance eligibility age through 2050. We find the value of unpaid productive activities and financial gifts are US$721 billion in 2010, while net (of tax revenues) spending on the 65 years and older is US$984 billion. Five-year delay in the full retirement age decreases federal spending by 10%, while 2-year delay in the early entitlement age increases it by 1.5%. The effect of 5-year delay on unpaid activities and transfers is small: US$4 billion decrease in services and US$4.5 billion increase in bequests and monetary gifts.


2016 ◽  
Vol 6 (1) ◽  
pp. 133 ◽  
Author(s):  
Roland Kadefors ◽  
Joseph Schaller ◽  
Per-Olof Thång ◽  
Elin Pestat

A study was undertaken in order to identify variables predicting the willingness of male and female university professors, and other employment categories, to work up to and beyond normal retirement age (65 years). Employees were asked by means of a questionnaire about their willingness to continue working to age 67, or to age 70, if they were given the chance. Hierarchical multiple regression analysis was carried out (N = 3,019; 59.8% women and 40.2% men). The interest to continue working into old age was significantly higher in men than in women (p<0.01). Among independent variables, age, position, and work satisfaction predicted women’s as well as men’s interest to work to age 67 and 70, whereas among women perceived health predicted the willingness to work to age 67. Professors and lecturers were the categories showing the highest interest to work to age 70, compared to administrative and technical personnel; men showed significantly higher interest than women among lecturers and administrative personnel. The study emphasizes the effects of position and gender on willingness to continue working into old age, but identifies in addition also work satisfaction and age as significant predictors.


2020 ◽  
pp. 147-159
Author(s):  
Elena Vasileva ◽  
◽  
Nataliya Nikolenko ◽  

This review discusses stratification models and empirical studies of the social status of people of retirement age in modern Russia. Our goal is to identify the social markings of the group and its status features, as well as the differences in managerial and scientific discourses of its assessment. The pension reform that began in 2019 significantly changes the group of pre-retirees: its number is increasing, it is getting older and differented by the age and generational cohorts. Moreover, the time of change is reflected in constructs "yuothful retired persons", "a working old-age pensioners", "youngest-old retirees" and "new pre-retirees". Differences approaches to status stratification, based on differences in managerial and scientific discourses are evident. The management approach is largely situational and related to the category of "pre-retirement time" as the period prior to the retirement of old age. This approach is focused, first, on the labor productivity, and, secondly, on the formal-legal definition of the status. The research approach is formed under the influence of global strategic discourse and differentiates the macro-social and organizational-social levels of social stratification. Within this framework, the social status of people of pre-retirement age is associated with socio-economic activity and human capital, employment and professional career. This group is related primarily to the category of "older workers", which combines employed pre-retirees and post-retirees and indicates the characteristics of the status associated with social attitudes to elderly. Publications on the social status of pre-retirees over the past five years indicate that the research tradition is dominated by a macro-economic rather than organizational approach. In addition, stratification models use mainly employment and human capital indicators as differentiating features, but not indicators of labor force and career potential. The research results revealed the following features of the status of pre-retirees: the growth of economic activity of older workers; the growth of employment of highly qualified workers in market and high-tech sectors of the economy; the significant impact of informal employment; the presence of age discrimination in wages and employment; insignificant representation in new institutional forms of economic activity and social entrepreneurship.


Author(s):  
Valentina Karginova Gubinova

Restriction of the rights of citizens is one of the tools to achieve national security of the territory. This work is aimed at analyzing the readiness of citizens to limit their rights to ensure economic security and taking into account this readiness by the authorities. As an object, the right to receive insurance old-age pension in the Russian Federation was chosen. The choice of this right is due to the demographic aging of the population in all macro-regions of the world and the almost universal increase in the retirement age. The main sources of data were statistical databases of the Federal State Statistics Service of the Russian Federation, as well as the results of sociological surveys conducted by public opinion centers and the Institute of Economics of the Karelian Research Center of the Russian Academy of Sciences. Data analysis was carried out using the case study method and econometric methods, in particular, panel and correlation analysis. The study showed that the willingness of a significant proportion of Russians to limit civil rights does not extend to the right to receive an old-age insurance pension. At the same time, the authorities poorly took into account the unreadiness of citizens to raise the retirement age. At the same time, the advantages and disadvantages of limiting the right to insurance old-age pensions make the formation of a “smart security” model for the territory, which involves a combination of soft and hard forces, topical.


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