The Impacts of Population Aging on China’s Economy

The Chinese economy had an extraordinary average GDP growth rate of 8.50 percent from 1980 to 2018. However, the implementation of one-child policy in the late 1970s has depressed the total fertility rate to below the replacement rate since 1992. China thus experienced an increasing composition of older populations in the past three decades, which puts pressure on Chinese economic growth and makes its eye-catching economic growth potentially unsustainable. This study develops an overlapping generations (OLG) model to investigate the impacts of this demographic transition in the Chinese economy. This study conducts six policy reform exercises to examine measures that could improve the sustainability of fiscal and pension systems. The simulation results indicate that a mild tax increase on either wage income or consumption does not improve the fiscal stance but creates distortionary effects on saving and consumption behaviors. Of the pension reform measures considered, the combination of extending the mandatory retirement age and cutting the replacement ratio offers the most significant improvement to pension sustainability. However, increasing the contribution rate of the working-age population has the least effect on pension sustainability and a noticeable distortionary effect on the consumption ratio and saving rate.

Job Quality in the Late Career in Sweden, Japan, and the United States

This paper examines job satisfaction and psychosocial and physical job quality over the late career in three contrasting national settings: Sweden, Japan and the United States. The data come from an ex-post harmonized dataset of individuals aged 50 to 75 years constructed from the biennial Swedish Longitudinal Occupational Survey of Health (SLOSH, 2006–2018, n=13936 to 15520), Japanese Study of Ageing and Retirement (JSTAR, 2006–2013, n=3704) and the United States Health and Retirement Study (HRS, 2006–2016, n=6239 and 8002). The job quality outcomes were physical labour, psychosocial working conditions (time pressure, discretion, pay satisfaction, job security) and job satisfaction. Random effects modelling was performed with age modelled with spline functions in which two knots were placed at ages indicating eligibility for pensions claiming or mandatory retirement. Interestingly, in each country, post-pensionable-age jobs were generally less stressful, freer, and more satisfying than jobs held by younger workers.

Key military appointment shores up Jokowi’s stability

Significance Andika is the son-in-law of AM Hendropriyono, a retired general and former head of the State Intelligence Agency who is an influential adviser to Jokowi. Andika's appointment will run to December 2022, when he will reach the mandatory retirement age of 58. Impacts Deployment of security personnel to Papua will increase. Jokowi will continue to rely heavily on Hendropriyono’s advice. As with Andika’s appointment, political calculations will be key in Jokowi’s next pick as TNI chief.

Do senior faculty members produce fewer research publications than their younger colleagues? Evidence from Ph.D. granting institutions in the United States

The aging of the professoriate throughout the end of the twentieth century and the early years of the 2000′s (both before and after the end of mandatory retirement in the United States, ca. 1994) has become a source of concern for some scholars and research administrators, who posit that the “greying” of the academy results in lower research activity and a decline in scientific advancement. Some published opinions concur that senior scholars’ research programs do not keep pace with those of their younger colleagues, but little quantitative evidence has been presented to evaluate that claim. In this study, we quantify senior faculty publication activity in six broad fields, comparing their publication rates to their younger colleagues across four modes of knowledge dissemination: journal articles, conference proceedings, books, and book chapters. Career publication activity does not follow the “peak and decline” pattern described in earlier studies. In most fields, journal article publication rates do not decline substantively with age (and in some cases article publication rates are higher among senior scholars), conference proceeding publication rates tend to decline with age, while book and chapter publication rates increase markedly with age. Overall, senior scholars maintain publishing activity levels and tend to shift their focus to the development and evolution of ideas through the publication of longer-format works as books and book chapters.

Does removing default retirement ages benefit individuals? A comparative empirical case study of the university sector

In 2011, the UK government abolished the national default retirement age. While this could support extended working lives and promote individual choice, it could also be a neoliberal ‘ploy’ to individualise the risks of old age. The question, then, is what impact does the removal of mandatory retirement have in practice: does it help to promote individual choice and autonomy? Or does it lead to work intensification and the individualisation of the risks of demographic change? Or both, perhaps simultaneously? Drawing on original qualitative and quantitative empirical data from UK and USA universities, this article considers the impact of removing mandatory retirement ages on individual workers in higher education. It argues that legal reform may have prompted or encouraged work intensification in universities, including through an increased focus and use of performance management. Thus, in practice, the consequences of removing retirement ages for individuals are mixed.

The Aging Physician

After decades of working in the medical field, physicians have gathered an extensive knowledge of human pathology as well as effective courses of treatment for illnesses. However, aging may also bring about cognitive deterioration, which may compromise the quality of care physicians provide to their patients. In 2015, 23 percent of physicians were above the age of 65. An estimated 25,000 to 50,000 active physicians are expected to suffer from mild cognitive impairment and up to 25,000 from dementia. Currently, physicians are not held to a mandatory retirement age and are not subject to oversight of their cognitive abilities and physical health as they age. However, the current system of self-regulation for cognitive impairment is insufficient for protecting patient safety; on the other hand, mandatory retirement or screening of aging physicians may be ethically or legally problematic. An optimal solution would balance the safety of patients and the dignity of aging physicians. It is likely to be multipronged and multifactorial, involving multiple screening steps and continued development to assess the quality of validation. Adoption of healthy lifestyle practices and financial literacy, as well as providing opportunities for retired physicians to stay involved with the medical profession, may encourage successful aging among physicians and ease the transition to retirement.

Ordnungspolitische Weichenstellungen für die anstehende Reform der Riester-Rente

The Riester pensions today face two main problems: First, life insurance industry in Germany faces the problem of inadequate solvency. Therefore, there is a need that we take the Riester pension not as a sole part of the life insurance sector and open it to the whole sector of financial services. Second, the previous regulation of the Riester pension is causing problems. Particularly the guarantee forces mandatory retirement with a life insurance company and the requirement of capital preservation. Therefore we have to review these two guarantee aspects. It is also important to limit costs and to simplify the funding system. The concept of the “Basisdepot-Vorsorge” solves these problems while it is based on promoting precisely those who want to save up for their retirement during their active career, no matter what kind of financial service is included in the accumulation or decumulation phase. To include all different financial service providers creates the needed economical competition to ensure better products for the Riester-Rente.