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  #531  
Old 06-14-2018, 05:44 AM
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FIJI

http://fijisun.com.fj/2018/06/09/pol...ent-age-at-55/
Quote:
Poll Favours Civil Servant Retirement Age At 55

Spoiler:
Majority of Fijians want the retirement age for civil servants to remain at 55, the Fiji Sun-Razor weekly poll reveals.

Sixty (60) per cent of those polled said they preferred that civil service retirement age remained at 55.

One thousand people, 500 in the Central Division, 300 in the Western Division and 200 in the Northern Division, were interviewed face to face.

In a major nod to Government’s decision to revert the retirement age of civil servants from 60-years to 55, more people think it should remain at 55.

Of those polled 21 per cent want the retirement age to be increased to 60, while 19 per cent were unsure.

Political parties such as SODELPA, National Federation Party and Unity Fiji have all stated that they intend to increase the retirement age of civil servants to 60 years.

The poll also further reveals that FijiFirst continues to command a good lead over other political opponents, who are trailing far behind.

Of those polled 64 per cent would vote for FijiFirst if elections were held today while 62 per cent say they want to see Prime Minister Voreqe Bainimarama re-elected as Fiji’s Prime Minister.

NFPs Biman Prasad increased his popularity by two per cent. Sitting at 10 per cent he joins the double digit club again after a dismal performance (8 per cent) last week.

Fiji Labour Party’s Aman Ravindra Singh remains on 3 per cent.

It is no surprise that Attorney-General Aiyaz Sayed-Khaiyum’s popularity and running for Deputy Prime Minister continues to increase.

Of Fijians polled 84 per cent think he is most suitable as Deputy Prime Minister of Fiji.

SODELPA MP Niko Nawaikula is emerging as the second popular candidate for the post of Deputy Prime Minister. He was at 11 per cent.

NFP’s Pio Tikoduadua’s popularity continues to decline with only 5 per cent thinking that he would make a suitable number two.


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  #532  
Old 06-14-2018, 05:46 AM
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this is more about expectations, but.... what?

http://www.wmtw.com/article/millenni...-says/21347881

Quote:
Millennials expect to retire at age 56, study says

Spoiler:
Omaha-based brokerage firm T.D. Ameritrade asked 1,500 millennials, age 21 to 37, when they expect to retire. The respondents, on average, expected to retire at age 56.

That may be wishful thinking for multiple reasons. Currently, the average age of retirement is 63 in the U.S., according to Census figures. But that number has been rising since a low in the 1980s. According to MarketWatch, the retirement age has increased to levels not seen since the 1960s — and it's only expected to get higher.

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About half of working households today are at risk of not having "enough" to maintain their living standards in retirement, The Center for Retirement Research at Boston College found.

According to Acorn's Money Matters Report, out of near 2,000 millennials surveyed, 41 percent of them spent more money on coffee than investing in their retirement last year.

The dreary outlook for future retirees is a result of rising health care costs, increased life expectancy (the more years you live, the more money you must save), and a Social Security reserve lacking in funding. Forecasters predict the Social Security reserve to be depleted between 2030 and 2034, according to the Brookings Institute. This may incentivize legislators to raise the full retirement age beyond 66, the age at which it is currently set.

The same T.D. Ameritrade survey-takers also reported having immense debt. Nearly half reported credit card debt, 40 percent said they have car loans and 36 percent are still paying student loans. And buying a house is becoming even more difficult. One study estimated millennials to pay more than double what their parents paid in rent.

According to the survey, the average millennial expects to become completely financially independent from his or her parents by age 25, the same year they secure a job in their chosen field. Five years later, they expect to buy a house.


So, they don't actually expect to be financially independent until age 25... and assume they'll be able to retire at 56? What?

That's more delusional than my buddies during the dot-com boom who thought they'd get to cash out and retire at age 30. I tried telling them $1 million at 30 wasn't all that much.

Anyway, the crash took care of that "problem"
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  #533  
Old 06-17-2018, 04:51 PM
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RUSSIA

https://www.bloomberg.com/news/artic...alue-added-tax

Quote:
World Cup Gives Russia Cover for Unpopular Pension-Age Increase
Government proposes gradual retirement-age increase from 2019
Medvedev also announces plan to raise value-added tax rate

Spoiler:
With Russia gripped by World Cup fever and the national soccer team preparing for the opening game, the government moved ahead with an announcement the public has been dreading for a decade.

The country that has one of the lowest retirement ages in the developed world will next year start to gradually push back the time people will be allowed to leave work, if the cabinet’s proposal is accepted by lawmakers. Prime Minister Dmitry Medvedev said in Moscow on Thursday that a draft bill will be sent to parliament “in the nearest future” so it can be voted on before a summer break -- putting it on track to be adopted before the World Cup ends on July 15.

Russia’s aging population is weighing on the economy and the federal budget, which faces an increasing burden as the labor force shrinks. Calls by some officials over the past decade to raise the retirement age have been met with strong public opposition, even though pensions are low and many choose to continue work during their retirement. The timing of the announcement may help keep the reaction muted this time.

“The chosen moment is good: the start of the summer, minimal social activity and a ban on mass gatherings during the World Cup,” Sergey Aleksashenko, economist who was a central bank deputy chairman in 1995-1998, said on Twitter. “From all the possible options to increase the retirement age, the government has chosen the toughest one.”

‘Live Longer’
Under the proposal, the retirement age for men will rise to 65 from 60 by 2028 and for women to 63 from 55 by 2034, Medvedev said. The move was needed to boost the living standards of pensioners and to balance the labor market, he said. At-birth life expectancy is forecast by the Federal Statistics Service to rise to 74 years for men and to 82 years for women in 2034, when the pension-age increases should be fully imposed.

“People now don’t just live longer, they remain active,” Medvedev said. “Many at this age are full of energy and desire to work, many still have small kids.”

Read More: The Kremlin Thinks Five Years of Retirement is Plenty


As part of a package of budget measures, the government also proposed increasing the value-added tax from 2019. The VAT will rise to 20 percent from 18 percent if the government’s plan is approved. Medvedev suggested to complete a so-called “tax maneuver” in the oil industry over a six-year period starting in 2019. The shift would include abolishing export duties for crude and oil products, and raising a production levy.

All these tax changes should boost economic growth, Medvedev said.

The increase in the retirement age may add 0.5 percentage point to economic growth in the medium-term, according Oleg Kouzmin, an economist at Renaissance Capital in Moscow. Gross domestic product will rise less than 2 percent a year through 2020, according to a Bloomberg survey.

The decisions on raising the pension age and the VAT were made on Thursday because that was when the positions of all interested parties “were agreed on,” Medvedev’s spokeswoman Natalya Timakova said by phone.

The measures, taken together, may be a risk to the living standards of people close to retirement, who won’t have the option of collecting a pension and part-time wages at the same time, according to Natalya Zubarevich, head of regional studies at Moscow’s Independent Institute for Social Policy.

Poverty Effect
“Usually people get a small pension and also a salary -- in Russia a pension is additional income and now it will be gone,” she said by phone. “An increase in VAT is a tax on final consumption and means an acceleration in inflation, so prices for goods will rise, but incomes will be reduced.”

President Vladimir Putin aims to cut poverty by half during his new term, which will run through 2024. More than 19 million people , or 13.2 percent of the population, were recorded as living in poverty in 2017, according to official statistics.

“What is encouraging is that the government is moving ahead with the changes at the time when oil prices are rising, which has taken away the urgency to change the fiscal framework,” said Liza Ermolenko, an economist at Barclays Capital in London. “In the past, the government often opted to delay reforms during periods of high oil prices.”


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  #534  
Old 06-18-2018, 09:32 AM
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RUSSIA

https://www.express.co.uk/news/world...ease-putin-tax

Quote:
World Cup gives Putin cover for Russia pension-age increase amid protest fears
RUSSIAN President Vladimir Putin’s government has pushed for a bill for an unpopular retirement age increase to go ahead in the wake of the World Cup 2018, amid fears of protest backlash.
Spoiler:
In a hugely unpopular move which has been met with strong public opposition for over a decade, Russian Prime Minister Dmitry Medvedev said in Moscow on Thursday that a draft bill to raise the national pension age will be delivered to parliament “in the nearest future”.

The announcement was made immediately after Russia’s 5-0 victory over Saudi Arabia on Thursday evening.

Sergey Aleksashenko, an economist and a former central bank deputy chairman, thinks the clash with the World Cup may help keep reaction to the announcement muted.

He said on Twitter: “The chosen moment is good: the start of the summer, minimal social activity and a ban on mass gatherings during the World Cup.

“From all the possible options to increase the retirement age, the government has chosen the toughest one.”

The Russian government approved and submitted a draft law raising the retirement age to the State Duma, and is pushing for the bill to be voted to be adopted before the end of the World Cup on July 15.

Mr Medvedev signed the bill and proposed the retirement age should rise from 55 to 63 for women, and from 60 to 65 by 2034, according to a report from the government’s press service.

The Russian prime minister said: “The bill "proposes to introduce a sufficiently long transition period - to start from 2019 to gradually reach retirement age of 65 for men in 2028 and 63 years for women in 2034."

But the Russian government is considering “mitigating parameters of the reform” due to fears of protests, Russian newspaper Vedomosti reported.

According to the newspaper, Russia’s Internal Policy Department is gathering information about people’s reactions to the proposal from around the country, and is discussing ways to “minimise negative reaction”.

And authorities are considering amending and “softening” the proposals “depending on the severity of the reaction”, a government source claimed.

The source said: “The Presidential administration will now analyse how the bill will be perceived. It will be softened if there is a hugely negative reaction.

“If there is none however, they will then leave it as it is.”

world cup 2018 russia retirement age putin GETTY

The announcement was made immediately after Russia's 5-0 win
Russia world cup 2018 putin retirement ageGETTY

A recent opinion poll published by state media revealed that 92 percent of Russians are opposed to p
A recent opinion poll published by state media revealed that 92 percent of Russians are opposed to pension reform.

Russia has one of the lowest retirement ages in the developed world.

Mr Medvedev said retirement in Russia is currently “set in the middle of last century”, and that the move is needed to raise the living standards of pensioners and to balance the labour market.

He said: “We have been preparing for raising the retirement age for a long time, and we have approached this just now because conditions have been created to solve the task of increasing life expectancy within the framework of the 80+ program.“

The Russian government has also proposed to increase VAT to 20 percent from 18 percent, as part of a package of budget measures to boost economic growth.


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  #535  
Old 06-19-2018, 11:44 AM
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Quote:
Originally Posted by Numbers Nerd View Post
The Russian article should be in the innumeracy thread. To equate a life expectancy (at birth) of 70 to a five-year expected retirement is just wrong.
You think that one is bad?

Check out this horrible headline

http://www.newsweek.com/russia-propo...ectancy-980448

Quote:
RETIRE NEVER? RUSSIA SETS AGE OF RETIREMENT AFTER DEATH

Spoiler:
Dmitry Medvedev, the Russian Prime minister, announced Thursday a proposal that the Russian state pension age be raised for men from 60 to 65 by 2028 and for women from 55 to 63 by 2034.

The life expectancy for men at birth in Russia is 65.3 while for women it’s 77.1 according to 2017 data from the CIA World Factbook. Dmitry Peskov, a press secretary for Russian President Vladimir Putin told Interfax, “In the Russian Federation, there have been changes both in terms of demography and from the point of view of the level of economic development, changes in the international state of affairs. No country exists in a vacuum.”

Peskov added that changes in this area haven’t been made in “a fairly long period and during this period changes in any country are possible.”

The Russian government was criticized by citizens for trying to bury the announcement while people were distracted with the 2018 World Cup which the country is hosting. “While everyone was busy with the opening of the World Cup 2018, Medvedev announced the pension age in Russia should be increased,” one Russian citizen tweeted. “I remind you: 43% of males in Russia will not live until their retirement age!” he said in reference to data from The World Bank.

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President Wladimir Putin of Russia looks on prior to the 2018 FIFA World Cup Russia group A match between Russia and Saudi Arabia at Luzhniki Stadium on June 14, 2018 in Moscow, Russia.
TF-IMAGES/GETTY IMAGES

"Why do you need a pension if you won't live to see it?" another Russian citizen tweeted.

Medvedev has pushed back on criticism of the raise in age as a practical measure. “People these days not only live longer, they stay active longer too. A retirement-age person 30 years ago and today are simply different people,” he said in a cabinet session according to The Moscow Times. “Many in this age are full of strength and the desire to work.”

Keep Up With This Story And More By Subscribing Now
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He added, “We have long prepared for a higher retirement age and have only reached this point now.”

975072246
Russian President Vladimir Putin speaks during the opening ceremony prior to the 2018 FIFA World Cup Russia Group A match between Russia and Saudi Arabia at Luzhniki Stadium on June 14, 2018 in Moscow, Russia.
POOL/GETTY IMAGES

Aleksei Kudrin, the former Russian Finance Minister was appointed chairman of the Audit Chamber last month in a move that was seen by many as an indication changes were coming to pensions.

"The pension reforms' necessity has been obvious for a long time,” Kudrin said in a tweet after the changes were proposed. “At last, the decision is made. That decision is very profitable for citizens, it will allow to increase pensions.”


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  #536  
Old 06-21-2018, 07:14 AM
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Did a post on the Russian retirement age stuff:
http://stump.marypat.org/article/101...actuary-splain
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  #537  
Old 06-21-2018, 07:14 AM
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Here's a new graph:

Spoiler:


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  #538  
Old 06-24-2018, 10:01 AM
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https://www.marketwatch.com/story/wh...ges-2018-06-18

Quote:
Opinion: What explains the widening gap in retirement ages?
Published: June 20, 2018 11:19 a.m. ET

30
Working longer is the best way to increase retirement security


Spoiler:
Today, male college graduates retire about three years later than high school graduates. While the story is more complicated for women, because of the dramatic change in their labor-force participation rates over the latter half of the 20th century, the pattern is similar.


A recent study by my colleague Matt Rutledge identifies three factors that have encouraged later retirement — better health, changing labor markets, and Social Security incentives — and shows how these developments have primarily impacted those with a college education.

Health. Health is one of the most important factors contributing to the retirement decision; it certainly is the single most important factor in earlier-than-planned retirement. The problem is that less-educated individuals have not seen the same improvement in health and longevity enjoyed by those with more education. Most of the gains in life expectancy have gone to the better educated, as well as disability-free life expectancy, which suggests that the less-educated also have less remaining work capacity.

Changing labor markets. Two factors related to the labor market have also pushed retirement ages higher in general, but may have a smaller influence on less-educated workers. The movement away from defined benefit (DB) plans has eliminated plan incentives to retire early and the shifting of investment risk to workers encourages defined contribution (DC) plan participants to keep working. But the transition to DCs may have had little impact on less-educated workers, who were less likely to have had DB coverage in the first place.

Meanwhile, the shift from manufacturing to service-sector employment has made jobs less physically demanding in general, which should enable workers to postpone retirement. But working conditions among less-educated individuals remain relatively poor; the less-educated are more likely to report that their jobs involve moving heavy loads, repetitive movements, and needing to stand all or almost all of the time.

Social Security incentives. Since less-educated households are almost totally reliant on Social Security benefits, one would expect that they would respond most to changing incentives to work longer. Yet in the wake of the increase in Social Security’s Full Retirement Age (FRA), which reduces benefits at any given claiming age, the less-educated workers still make up the lion’s share of early retirees. One important reason is that less-educated workers stand to gain less from these incentives to work longer because of their shorter remaining life expectancy.

In short, although the overall average retirement age has increased by about three years over the last three decades, men with only a high school diploma have seen almost no change for several reasons. First, they have seen less of an improvement in their health and longevity than more-educated workers. Second, they were relatively unaffected by the shift from DB to DC plans and their working conditions still may not be conducive to extending careers. Third, delayed benefits may still not make sense for less-educated workers with shorter lifespans.

The fact is, however, that working longer is perhaps the most effective way for Americans to improve their retirement security and should Congress continue to cut Social Security benefits at age 62 (by further increasing the FRA) working longer will become imperative for less-educated workers.


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  #539  
Old 06-24-2018, 10:02 AM
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THE NETHERLANDS

https://www.dutchnews.nl/news/2018/0...nds-creeps-up/

Quote:
Work in progress: retirement age in the Netherlands creeps up
Spoiler:
People in the Netherlands retired on average five months later in 2017 than they did in 2016, as the state pension age continues to rise. Last year, the average retirement age was 64 years and 10 months, the national statistics agency CBS said on Wednesday.

At the beginning of this century, the average retirement age was 61. Just four in 10 workers retire before they reach the age of 65, compared with almost nine in 10 in 2006.

The state pension age has been increased steadily since 2013 and will reach 67 years and three months by 2022.

Education

The CBS figures also show people with a college or university degree are likely to retire 10 months earlier than manual workers. ‘This is all to do with affordability,’ CBS chief economist Peter Hein van Mulligen told the Telegraaf.

‘It costs a lot to be able to retire at 63 and people with lower levels of education cannot allow themselves to do this.’
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Old 06-24-2018, 10:45 AM
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RUSSIA

https://www.rferl.org/a/russians-ral.../29313448.html

Quote:
Russians Rally Against Pension Reform In Krasnoyarsk

Spoiler:
KRASNOYARSK, Russia -- About 1,000 people have rallied in the Siberian city of Krasnoyarsk against a government plan to raise pension ages.

The June 22 rally was allowed by the city authorities and was held on the outskirts of the city.

Demonstrators announced that they had started collecting signatures on a petition to the federal government, demanding the creation of at least 2 million new jobs across Russia before carrying out any pension reforms.

On June 16, the government submitted legislation that would raise the pension age from 60 to 65 by 2028 for men and from 55 to 63 for women by 2034. The increases would be gradual and begin in 2019.

The Krasnoyarsk protesters chanted that life expectancy for men in the region is 64.5 years.

After years of talk about raising the retirement age, Russian President Vladimir Putin's government set the politically risky process into motion shortly after he started his fourth presidential term on May 7.

Life expectancy in Russia is relatively low, and pension ages are the lowest, among developed countries.

The government's proposal has angered many Russians who would see their retirement recede into the future under the reform.

More than 2.3 million people have signed a petition against the reform on Change.org.


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