Search Results (46)

As China’s population ages and the sustainability of the public pension system is at risk, personal savings become crucial. As such, the quality of financial planning for retirement (FPR) has been recognized as a key to safeguarding financial well-being during retirement. This study examines the relationships of two predictors (future time perspective and risk tolerance) and a mediator (subjective financial literacy) in shaping financial planning for retirement, with particular attention to potential gender differences. Using survey data retrieved from respondents aged between 23 and 60 years old, overall sample and gender-based multigroup analysis were used to examine whether gender moderates these relationships. The results reveal that both future time perspective and subjective financial literacy positively influence financial planning for retirement across all gender groups. Notably, we found no significant gender gap in retirement planning behavior. Subjective financial literacy serves as a significant mediator linking both future time perspective and risk tolerance to retirement planning, though the indirect effect of risk tolerance through financial literacy differs significantly between genders. Academically, theoretical propositions related to retirement planning can be accounted for by both genders. Practically, standardized policy can be tailored to address retirement issues across genders. The study emphasizes that financial planning for retirement in China shows no gender gap, and this provides meaningful guidance to policymakers and financial institutions to develop measures to encourage individuals to take financial actions in retirement planning. Finally, the combined interpretation of a strong effect of subjective financial literacy and an insignificant effect of risk tolerance raises concern that adult income earners in China are affected by financial literacy bias when practicing financial retirement planning. Full article

This study addresses the critical challenge of designing retirement savings systems that effectively balance liquidity needs and long-term accumulation in contexts characterized by high unemployment and labor market instability, with a focus on South Africa. Traditional pension schemes often assume uninterrupted careers and stable incomes, assumptions frequently violated in low- and middle-income countries, leading to inadequate retirement security and consumption volatility during working life. Motivated by this gap, we develop a stochastic two-pot retirement savings model that explicitly integrates labor market uncertainty using a Markov chain-based Monte Carlo simulation. The model allocates annual contributions between an accessible savings pot and a locked retirement pot, with individuals optimizing consumption and withdrawal decisions to maximize expected lifetime utility under Constant Relative Risk Aversion (CRRA) preferences. Our findings, derived from calibration to South African labor data, reveal that high unemployment and career uncertainty significantly increase the welfare-maximizing preference for liquidity. This result challenges conventional policies prescribing fixed contribution allocations, such as the one-third/two-thirds split in the new two-pot system, and underscores the importance of flexible retirement savings designs. We conclude that tailoring pension design to labor market realities can enhance both retirement security and welfare in volatile economies. Full article

As the Buddhist monastic community in Korea has entered an era marked by aging demographics, the issues surrounding the welfare of the order’s monastics in their retirement years have become increasingly pressing. In response, in 2011, the Jogye Order enacted the Monastic Welfare Act and established the Monastic Welfare Society with the aim of enabling monks to fully devote themselves to their religious duties by assuming institutional responsibility for their healthcare, pension, residential welfare, and end-of-life needs. Over a decade since the system’s implementation, the Jogye Order has achieved notable progress towards achieving the Monastic Welfare Act’s aims. However, while the order has stabilized medical coverage for its clergy, there remain considerable gaps in its provisions for income and housing for elderly monastics. This article surveys the Jogye Order’s efforts to establish systemic care for its elderly monastics, with a particular focus on the Jogye Order’s 2011 Monastic Welfare Act and subsequent activities of the Monastic Welfare Society. It then critically examines the current state of eldercare within the order, along with its strengths and weakness, before engaging in a comparative discussion regarding the clerical eldercare and welfare systems provided by both the Korean Catholic Church and the Thai Buddhist community. Full article

We use partial life expectancy to show the existence in the UK of an asymmetric relationship between life span and health span in five-year age brackets over the life course. Using comparable data from other advanced economies, we investigate why years of improvement in life expectancy after 2010 have come to a halt, and what would have happened if austerity and the COVID pandemic had not occurred. We find that the UK does worse than other countries except for the US. We show that deprivation is a major source of disparities between health and life span and is a key contributing factor. A one-year decrease in life expectancy leads to a 2.5-year reduction in health expectancy, resulting in a 21-year disparity between health and life span in the most deprived area. The resultant gap places a considerable burden on public finances and slows economic growth. Impacts include lower economic activity rates, higher healthcare costs, greater immigration, and upward financial pressures on the state pension. The unresolved policy issue is how to slow the current trend, given the rapidly ageing UK population. Full article

The accelerated growth of older adults (the over-65s) in Italy fits within the context of the complex, hybrid nature of the pension system and the welfare benefits financed by tax revenues, which often overlap. As a result, older adults are experiencing growing inequalities in living and health conditions across the three Italian macro-areas (the North, Centre, and South and Islands), as well as between genders. This study aims to examine the sustained growth of older adults in Italy, with a particular emphasis on their most vulnerable segment—i.e., the over-85s. Drawing on mortality trends and the consequent increases in life expectancy at advanced ages, through indicators of mortality and life expectancy, the analysis explores how variations in the structure and distribution of pension benefits have produced significant territorial disparities. These disparities have, in turn, contributed to widening inequalities in household living conditions, especially regarding access to social assistance and long-term care services. Full article

Background/Objectives: Population aging has become a common concern worldwide. At present, the aging rate of China far exceeds the international standard, and the rural population in China faces a more obvious aging problem. With the increasing number of the older population, the demand for elderly care services is constantly diversified, and the homogenized service supply in rural areas fails to effectively meet the service needs of older adults. Methods: This study employs a multi-stage stratified sampling method to survey rural older adults in Shaanxi, Hebei and Jiangsu provinces (n = 803, effective response rate > 95%). The dependent variable is categorized into four levels: no, mild, moderate and severe demands. Independent variables include demographic characteristics (age and gender), predisposing factors (education and marital status), enabling resources (income and family support) and need factors (health status). In the survey, the questionnaire survey method is adopted, and a multinomial logistic regression model is used to analyze the factors influencing the demand degree for elderly care services in rural areas. Results: Regression analysis indicates that pension level exerts a significant influence on the demand intensity for medical care, entertainment and spiritual comfort services. Family support is significantly associated with the demand intensity for medical care and spiritual comfort services. This study reveals that the pension level of elderly adults in rural areas is a key factor affecting the demand degree for elderly care services. The influence of family support on the demand for elderly care services should not be underestimated. Older adults in rural areas have a high demand for medical care services. Conclusions: A gap remains between elderly care service resources and the needs of older adults in rural areas of China. The government should pay attention to allocating and optimizing elderly care service resources to meet the needs of older adults. Full article

Chinese rural elderly care services face challenges such as low levels of pensions and social security, as well as high proportions of the elderly living alone and those who are incapacitated and lack assistance. The rural elderly surrounding megacities have been more significantly impacted by urbanization (with relatives moving away to the megacities for jobs) than in other areas, so the well-being of this particular group deserves even more attention. However, existing major studies in China are mainly limited to those in need in specific regions, and there is little research on the well-being of special age groups. To fill the research gap, this study constructs an indicator system for the well-being assessment with five dimensions and explores the well-being of the rural elderly surrounding Xi’an and its obstacles using questionnaire data. The results indicate that (1) the well-being index of the rural elderly surrounding Xi’an in each dimension, in descending order, are medical health, spiritual fulfillment (the pursuit of the spiritual world of the elderly and their desire for a better life), quality of life, social relationships, and economic income status; (2) the comprehensive well-being of the rural elderly varies considerably in the northern counties and districts of Xi’an, and is relatively low in the south; and (3) spiritual fulfillment and medical health are the main obstacles to the improvement of well-being of the rural elderly surrounding Xi’an. Based on these findings, corresponding policy implications are proposed on the five dimensions of well-being, such as improving the rural social old-age insurance and medical insurance systems, providing old-age support for the families of the rural elderly, establishing a model of village old-age care, and promoting the rural habitation renovation, to provide guarantees for the improvement of the well-being of the rural elderly surrounding megacities. Full article

To adapt to the new demographic trends and foster high-quality and sustainable population growth, this study analyzes the synergistic development of the pension industry and pension career based on the data of 31 provinces in China from 2016 to 2022, using a distance coordination model, the latest Vague set similarity measure method, new grey relational analysis, kernel density estimation, and Markov chain. The findings indicate that (1) the development levels of China’s pension industry and pension career have shown a steady upward trend, with the gap between them gradually narrowing, though the overall development of the pension career remains higher than that of the pension industry. (2) The synergistic degree of China’s pension industry and pension career is high, with the degree of synergy fluctuating but generally increasing. (3) The synergistic development degree of the pension industry and pension career has continued to rise. The increase in the synergistic development degree shows a spatial distribution pattern of “Central > East > West”. (4) The spatial distribution of synergistic development of China’s pension industry and pension career is uneven, and in the long term, regions with higher synergistic development levels tend to positively influence less developed regions. Full article

Slip, trip, and fall (STF) accidents cause high rates of absence from work in many companies. During the 2022 reporting period, the German Social Accident Insurance recorded 165,420 STF accidents, of which 12 were fatal and 2485 led to disability pensions. Particularly in the traffic, transport and logistics sector, STF accidents are the most frequently reported occupational accidents. Therefore, an accurate detection of near-falls is critical to improve worker safety. Efficient detection algorithms are essential for this, but their performance heavily depends on large, well-curated datasets. However, there are drawbacks to current datasets, including small sample sizes, an emphasis on older demographics, and a reliance on simulated rather than real data. In this paper we report the collection of a standardised kinematic STF dataset from real-world STF events affecting parcel delivery workers and steelworkers. We further discuss the use of the data to evaluate dynamic stability control during locomotion for machine learning and build a standardised database. We present the data collection, discuss the classification of the data, present the totality of the data statistically, and compare it with existing databases. A significant research gap is the limited number of participants and focus on older populations in previous studies, as well as the reliance on simulated rather than real-world data. Our study addresses these gaps by providing a larger dataset of real-world STF events from a working population with physically demanding jobs. The population studied included 110 participants, consisting of 55 parcel delivery drivers and 55 steelworkers, both male and female, aged between 19 and 63 years. This diverse participant base allows for a more comprehensive understanding of STF incidents in different working environments. Full article

The rapid growth of the elderly population is a major global demographic and social issue. Unfortunately, there is a shortage of pension plans and social security programmes for this population in developing countries, which has severe consequences for their quality of life and well-being. In this article, we aim to better understand the pension systems in developing country contexts such as Ghana, Pakistan, and Myanmar by reviewing official government materials (for example, pension reports) and the published literature to suggest relevant policy recommendations. We observed several policy implementation gaps and inequities in pension schemes for older people, specifically for informal and private sector workers. Considering the size of formal versus informal economies and the level of development index of each country, we suggest a wide variety of options for pension policies, financing, designing cash benefits, and pension payments to cover all older citizens. This article addresses the unmet needs of the elderly and their wider economic sustainability to ensure social justice and resource utilisation. Governments in developing countries should embrace and establish unique, inclusive, and friendly policies encompassing the informal sector to warrant older adults’ functional and social well-being with dignity and honour. Full article

With the aging of China’s population, the problem of pension security has become more and more prominent, and whether delayed retirement can effectively alleviate the pension fund gap and ensure the sustainability of the pension fund has become the focus of social concern. This study predicts the income and expenditure of urban workers’ basic pension insurance fund from 2021 to 2050 by constructing an actuarial model of pension insurance fund income and expenditure, and simulates the effect of delayed retirement policy. The prediction results show that under the existing system, the basic pension insurance fund for urban workers will have a shortfall for the first time in 2027, and the shortfall will expand year by year. Compared with the non-implementation of delayed retirement policy, the simulation of the implementation of a delayed retirement program delayed the emergence of the fund gap until 2029, and the forecast period of the pension fund gap significantly narrowed, indicating that delayed retirement policy has a certain positive impact on alleviating the pressure of pension payments, but delayed retirement cannot completely eliminate the pension fund gap. In view of this, this paper suggests that a progressive and flexible delayed retirement policy should be introduced as soon as possible to better adapt to the needs of different groups. At the same time, differentiated policies should be formulated for different groups of people and a pension incentive mechanism for delayed retirement should be set up to improve public acceptance of delayed retirement policy. In addition, delayed retirement policy should be combined with other measures, such as lowering the corporate contribution rate and enhancing the value-added capacity of the pension fund, so as to ensure the sustainability of the pension fund. Full article

The question of how to effectively alleviate the financial pressure on pension insurance due to the increase in life expectancy has become an important issue in the reform of China’s social security system. This paper introduced two life expectancy-related delayed retirement schemes, namely the fixed expected retirement residual life and the fixed life burden ratio. We modeled the financial balance of the employee pension fund and the pension wealth of employees with a dynamic retirement age according to pension policy. Using the population mortality data, the dynamic retirement age under the two schemes was estimated under the stochastic mortality model. Following this, the impact of the two delayed retirement schemes was quantitatively assessed from the perspectives of the financial sustainability of the pension fund and the pension wealth of employees using insurance actuarial methods. This study found that the two life expectancy-related delayed retirement schemes have obvious effects on reducing the gap between the income and expenditure of the pension fund and increasing the pension wealth of employees. Moreover, it found that the fixed expected retirement residual life program contributes more than the fixed life burden ratio program to improve the financial sustainability of the pension fund and the pension wealth benefits of employees. Full article

This study examines the present and retrospective views of mothers who are nearing or are at retirement age regarding their economic status, pension planning, and perceptions of state pension policy. The paper addresses gaps in the literature on the cross-intersections of employment history, vulnerable economic retirement status, and marital and parental status, thereby adopting a life course perspective. Based on in-depth interviews of thirty-one mothers (ages 59–72) during the COVID-19 pandemic, the findings revealed five themes—economic abuse: an unequal distribution of pension funds following divorce; regrets over past choices; COVID-19 and pensions; the state’s responsibility for old-age economic security; and knowledge is important, and I can help others. The study concludes that the majority of women at these ages perceive their current economic situation as a product of insufficient familiarity with pension plans, while voicing opinions about the state’s irresponsibility regarding people of retirement age. Full article

Pension entitlements are influenced by individual career paths and labor market conditions, which often result in gender-based disparities. Women face several challenges during their working lives, such as late entry into the labor market, the gender pay gap, discontinuous working careers, and early retirement due to family caregiving, which lead to lower pension incomes. This paper investigates the gender pension gap in nine European Union countries from 2004 to 2020. Our study adopts a non-parametric estimation strategy that utilizes additively decomposable inequality measures to provide a more informative perspective on gender inequality. We aim to demonstrate that this approach surpasses the standard gender gap in pension index in capturing between-gender inequality in societies. Employing data from the SHARE database, we find that gender inequality in the studied countries is decreasing on average, with a convergence trend observed from 2011 onwards. This study contributes to a more comprehensive understanding of the gender pension gap phenomenon, which is crucial for developing effective policy responses in a welfare perspective. Full article

Ever since baby boomers started turning 65 years old in 2020, Korea is set to become a super-aged society by 2025. This makes it the world’s fastest-aging society. Aging in place (AIP) has become a policy direction to prepare for an aging society and improve older adults’ quality of life. It refers to the ability of older adults to remain in their homes and communities as they age, allowing them to reside in their place of preference and access the services they require to promote their quality of life. A cross-sectional study design was employed using data sampled from the 2020 National Survey of Older Koreans. In total, 9930 older adults (aged between 65 and 99 years old) participated. The results confirmed that the intention to pursue AIP is related to personal factors (education, income, house ownership, smoking, exercise, depression), interpersonal and communal factors (unmet healthcare needs, need for home care services, family contact), and policy level factors (basic pension beneficiary, long-term care services) using an ecological model. The findings may promote individual health behaviors and help fill the gap between unmet healthcare needs and community care services that positively influence older adults’ AIP. Full article