Just as governments struggle to simultaneously address obesity and hunger, the world’s population continues to grow ... and shrink. The United Nations estimates that between 2015 and 2050 49 countries will experience population declines even as the total world population reaches 9.77 billion. Moreover, in all but two countries the ratio of old population to working-age population will increase by 2050, and an estimated 135 countries will experience fertility rates below replacement rates. While demographic changes usher in consequences for businesses and governments alike, in today’s Viz of the Day we explore the implications for government-supported pension programs and related policies. The ratio of retired persons to labor force determines the pressure on pension funds and government budgets. If the contributions to pension funds collected from employees are insufficient to pay benefits to the retired, the pension fund goes into deficit, a deficit generally financed by the government.
A prime example of government efforts to address shortfalls in pension financing is unfolding now in Russia. On June 14, Moscow proposed gradually increasing the official retirement age from 55 to 63 for women by 2034 and from 60 to 65 for men by 2028, adding approximately 10 million workers to the pension contribution base. The draft plan has already been introduced for consideration by the State Duma and the first reading is planned for July.
While in the long run, increasing the size of the labor force by adjusting the official retirement age may stabilize pension benefits and even contribute to Russian economic growth, the Russian public is skeptical and protests have broken out around the country. Approximately 50 applications for public protests were submitted in different regions of Russia in the days after the planned reforms were made public, with one taking place as recently as June 25 in Irkutsk, according to Vedomosti.
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Millenials have overtaken Babyboomers by nearly 4 million to become the largest generation in the United States. With a current population of around 79 million, the Millenial generation is expected to grow to 81 million over the next 20 years because of migration, according to the US Census Bureau's latest estimates. The boundaries that define generations are not universally agreed, and yet these boundaries carry important implications in business and government. The size, financial security, and general health of each generation shapes everything from marketing campaigns to insurance and social welfare benefits to transportation and health...
Between 1970 and 2015, the median age of the World's total population grew substantially from 21.54 to 29.6 years rising at an increasing annual rate that reached 3.90 % in 2015. By 2100, the median age is expected to further grow to 41.6 years.
HelpAge International has created the Global AgeWatch index to give voice to older people in defining the post-2015 UN sustainable development goals. This index assesses 96 countries worldwide on how well they provider their aging populations with decent, active, and healthy lives and enable policymakers to make the necessary steps to improve the well-being of older people. The welfare of older people globally is important not only because of the expected growth of this age group in the decades to come but because people do not stop developing when they reach ago 60. Older population have the same rights as younger people to live in...