From the memory lane: Plans to increase retirement age in Japan and many European countries

@ptrikha_2 (9659)
India
October 13, 2017 12:39pm CST
I remembered this news, which I had watched on a TV channel(AlJazeera) an year back. Coutries like Japan and many countries in Europe have increasing life expectancy. Many people are living beyond 80 now, much more than average number of such people earlier. The working population as a % of whole has been shrinking. In some countries, the absolute numbers too are decreasing in the working age population. So, countries like Japan, Germany, Sweden, Finland etc are providing support in various terms to people beyond 55 years of age in terms of means to support their work. Also, many have now made plans to ask the people to work beyond 60- 65 years. For e.g- Germany is planning to increase the retirement age to 70, Japan to 67 or 68 and a few countries more are expected to do so. Increasing pension burdens on the Governments is a big factor. Also, Governments have to think as to how the Pension Funds can give more return without investing all of them in equities and Mutual funds. What do you say?
4 people like this
4 responses
@LadyDuck (171236)
• Switzerland
14 Oct
I say that I am happy that I was able to retire at 65, because now the age is 67. My cousin in Italy was less lucky, the age there is now 68, it will be 70 in a near future.
2 people like this
@YrNemo (14396)
14 Oct
At 70, one will spend more time groaning from muscle, back, etc pains than really work.
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@LadyDuck (171236)
• Switzerland
14 Oct
@YrNemo The reality is that they have no more money to pay pensions, I suspect they hope that you die before getting it.
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@YrNemo (14396)
14 Oct
@LadyDuck OMG, that is so funny and cruel! I never thought of it that way, since I simply didn't know much about the pension business. THAT makes me want to find a corner and cry, seriously! (Think of all the years those people work and pay tax, and now they get to that age of retiring, they find out that there is no money for their pension!)
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@Corbin5 (113290)
• United States
13 Oct
In the USA, I do know more and more people are working past the usual retirement age. The problem is that the jobs they hold are not available to the young ones who enter the job market, thus making it very difficult for young workers to get a good start in life.
2 people like this
@ptrikha_2 (9659)
• India
13 Oct
@Corbin5 but in some sectors, seniors and older guys are being replaced by younger guys who are paid lesser. And that is due to a problem of skills mismatch- the reskilling/cross-skilling/up-skilling issues!
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@ptrikha_2 (9659)
• India
14 Oct
@YrNemo somehow we have to figure out how to get the balance- may be more self-employment opportunities for all!
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@JudyEv (130542)
• Bunbury, Australia
14 Oct
Australia used to be 60 for women and 65 for men but it's now 65 1/2 for everyone. It is going to be staged to 67 by July 2023 and perhaps 70 by 2035 depending on whether current proposals are accepted.
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@ptrikha_2 (9659)
• India
14 Oct
@JudyEv may be we will see some changes in India as well. However, here, scenario is a lot different, and changes in retirement age will not happen soon.
1 person likes this
@dodoazo (21035)
• Philippines
15 Oct
They are doing that because of the longer life expectancy of the people in their country. In our country, the government employee has the option to retire early by the age of 55. Now this issue on retirement to lengthen it because of pension issue and the retirees' age.
1 person likes this
@ptrikha_2 (9659)
• India
18 Oct
Yes I agree