Only a third of Kenyans are adequately prepared for retirement, with the majority of them hoping to retire at the age of 58, said Association of Kenya Insurance executive director Tom Gichuh.
China's Ministry of Finance is continuing its efforts to boost the country's pension system by transferring its stakes in financial state-owned enterprises (SOEs) to the social security fund.
The federal government is commissioning an independent review of the retirement income system.The review will look at the three pillars of the existing retirement income system: the government backed Age Pension, compulsory superannuation and voluntary savings.
China's Ministry of Finance will transfer around CNY115bn ($16.1bn) worth of shares it holds at two state-owned banks to the National Council for Social Security Fund in the government's latest effort to stem a looming pension shortfall.
Employers and manufacturers are against raising the retirement age to 65, arguing that the move would limit the recruitment of younger workers into the workforce.
People in mainland China aren't saving enough for retirement, running the risk of outliving assets during their golden years, according to Franklin Templeton's 2019 Retirement Income Strategies and Expectations (RISE) survey.
More Chinese millennials are saving for retirement with increased awareness of retirement planning, while barriers remain for them to get financially prepared for their golden years, according to the China Retirement Readiness Survey 2019 released yesterday.
The growing number of single people in China has led to the creation of the "solo" economy.
Prime Minister Narendra Modi has launched national voluntary pension schemes for farmers, small traders and the self employed. The terms of the schemes are largely similar.
The CBIRC has issued a notice aimed at improving the interest rate mechanism for life insurance liability reserves.