The gap between women and men in expected years of retirement varies from 2.0 years in Ireland to 7.5 years in Cyprus.
By 2020, European women typically can expect to live 4.3 years more than men after they exit the labour market.
While the EU average is 4.6 years, in France, the gender gap stands in favour of women by a total of 3.6 years.
Interestingly, life expectancy in retirement for both highly varies across Europe. For men, it ranges from 14 years in Latvia to 24 years in Luxembourg.
For women, it varies from 18.9 years in Latvia to 28.4 years in Greece. Women are expected to have 26 years or more to spend while retired in Belgium, France, Greece, Italy, Luxembourg and Spain.
China has one of the lowest retirement ages among major economies. Under a policy unchanged since the 1950s, it allows women to retire as early as at age 50 and men at 60. Now, local governments are running out of money just as a wave of retirees hits. That is leaving Beijing with little choice but to ask people to work longer—a move economists say is long overdue but one still likely to meet with resistance.
China’s version of “baby boomers”—those born after China emerged from devastating starvation in the early 1960s—are retiring in droves. Even with government subsidies, by 2035 China’s state-led urban pension fund will run out of money accumulated over the previous two decades, leaving it to rely entirely on new workers’ contributions, according to projections made in 2019 by the Chinese Academy of Social Sciences, a government think tank.
Former central bank Gov. Zhou Xiaochuan warned in a February speech that China must address its pension shortfall and communicate that many Chinese may need to rely on private pension savings
At 6 p.m. yesterday, France’s Constitutional Council ruled that President Emmanuel Macron’s pension cuts are constitutional, removing the last legal obstacle to their adoption as law. The Elysée presidential palace announced 15 minutes later that Macron will promulgate the pension cuts as law within 48 hours.
The Council’s predictable approval of a law opposed by 80 percent of the French people, which Macron rammed through without even a vote in parliament, again tears the “democratic” mask off the capitalist state. It imposes the diktat of the banks, which plan amid the NATO-Russia war in Ukraine to massively divert social spending into strengthening the military-police machine. The struggle against the pension cuts can only be waged as a political struggle directed against the entire capitalist state machine.
The Council’s decision also exposes the forces in the union bureaucracy and the pseudo-left parties who, warning of “violence” by protesters, told workers to place their hopes in trade union “mediation” with Macron. Everyone involved, including masses of workers and youth, knew very well that Macron would ignore the “mediation.” On the other hand, two-thirds of the French people supported a general strike to block the economy and bring down Macron.
Joe Biden: “I guarantee you I will protect Social Security and Medicare without any change. Guaranteed,” the president said in March.
Donald Trump: “I will do everything within my power not to touch Social Security, to leave it the way it is.” A pro-Trump super PAC launched an ad attacking Florida Gov. Ron DeSantis for his efforts as a member of Congress to restructure benefits.
While Trump promised to not touch SS, Biden said he would protect SS “without any change“.
Biden’s “guarantee” is impossible, by existing law.
The pledge to not change a thing means automatic benefit cuts starting in 2033 according to the bipartisan Congressional Budget Office (CBO).
The June 30, 2022 actuarial reports for the New Jersey Retirement System are now all out and there are a few numbers therein that can be taken seriously (none involving liabilities or even the market value of assets considering all those self-valued alternative investments). The main purpose of these official actuarial reports is to determine the ‘required’ contributions which practically all parties have a vested interest in understating so we get a bunch of fanciful numbers where possible. However, these numbers you can’t pretty up:
Figure 2 shows the incidence of cardiovascular disease and stroke in the male population.
This was derived from Gen Re’s Dread Disease experience study covering the period 2012–2015 and 2015–2019 for Hong Kong, Singapore and Malaysia. As per the analysis from the leading insurance companies of the respective market, 43% of men in Singapore, 40% of men in Malaysia and 26% of men in Hong Kong had critical illness claims due to cardiovascular disease and stroke between 2015 and 2019. When compared with the 2012–2015 analysis, it was noted that there is an increase in claims by 3% in Singapore, 10% in Malaysia and 1% points in Hong Kong, which may be associated with overweight and obesity or simply an older portfolio.
Due to increases in body weight and medical complications, insurance companies may be confronted with increasing claims which will impact their profitability. To mitigate this cost, insurance companies may have to increase the premium so as to commensurate with this rising claim cost. This increase in price will impact on the healthy population.
Health insurance premium has doubled in the past 10 years, but it is unclear how much of this premium is sufficient to cover the financial burden of the obesity pandemic. The evaluation of existing and developing new health coverages related to obesity-related conditions is an important consideration for the profitability of the health insurance providers.14
Chicago is in line for casino gaming soon, but its success is dwindling as video gaming machines and sports betting rise.
The casino industry for decades has been a significant contributor to the Illinois economy, but from 2012 to 2022 its seen a $200 million decline, according to data from the Illinois Gaming Board.
One of the reasons for the decline is the emergence of other forms of gaming which weren’t available to Illinoisans in 2012. Video gaming terminals, for example, have nearly doubled from $395 million in revenue during 2019 to $762 million in 2022.
They allow players to place bets on video poker and slot machines in local bars and restaurants, providing a more accessible and convenient experience than casinos.
Pension spending increased in all of the 10 largest American cities over the last decade, with a few cities experiencing a doubling or even tripling of their expenditures in 2021 dollars.
Almost all cities saw an increase in pension spending per employee.
There is large variation in the amount per employee that American cities are spending on pensions.
To respond to rising pension demands, some cities have reduced employment, often in the area of public safety.
A worsening market environment for pension funds will necessitate increased pension expenditures by cities in 2023 and beyond, exacerbating pressures to limit or reduce employment and, thus, city services.
