Progress of the Pension Systems No. 4 / June – July 2018
This edition highlights the following news items:
Crisis in the PAYGO systems worldwide. It is estimated that only 10% of Colpensiones affiliates will retire in Colombia in 2050. Denmark introduced stricter residence requirements for accessing a full pension. The Social Security Reserve Fund in the United States would be exhausted by 2034, whereas in Spain, the Pension Reserve Fund (“hucha,” or piggy bank) has shrunk by almost 88% since 2011. In Uruguay, the Social Security Bank estimated that it will double its deficit in the current five-year period.
Armenia: As of July 1, the government extended the coverage of the country’s mandatory individual accounts system to private sector workers (It was previously mandatory only for public sector workers).
China: Government launches a pilot voluntary pension program in 3 provinces of the country.
Turkey: Mandatory automatic enrollment in private pensions is extended to small employers.
Download the Progress of the Pension Systems in PDFhere.
