Despite the compulsory superannuation guarantee being over 30 years old in Australia, a worrying majority of Australians (2 in 3) fear they will not have sufficient financial resources to retire, according to the findings of a survey commissioned by Findex, one of Australasia's leading providers of integrated financial advisory and accounting services.
Retirees continue to face significant upward pressure on their household budgets amid historically high consumer price inflation, says the Association of Superannuation Funds of Australia (ASFA), which is the peak policy, research and advocacy body for Australia's superannuation industry.
The new personal pension system has grown since its launch in November 2022 with the number of participants in it reaching 33.2m as of the end of March 2023, according to the data disclosed by the Ministry of Human Resources and Social Security.
The General Pension and Social Security Authority (GPSSA) has said that it would advise against subscribers opting to retire after 20 years of service because they would have a pension rate of only 70%.
China's five biggest listed insurers saw their combined premium income continue to pick up in the first four months of this year, at a pace of 4.97% compared to a growth rate of 0.3% for the corresponding period in 2022.
People nearing or past age 65 are increasingly choosing to work longer. Between 2011 and 2021, the share of labour force participants aged 55 to 64 years rose from 49% to 59%, and that of people aged 65 and over more than doubled, from 6.2% to 12.5%, according to a report released by Prudential plc.
A slew of economic policies instituted by the authorities have promoted the release of pent-up consumer demand, including for insurance.
Insurance customers needs are shifting from passive post-incident claims to pre-medical services and active health management, according to Ping An Insurance (Group) Company of China.
The regulator, Pension Fund Regulatory and Development Authority (PFRDA), now allows pension fund managers to keep securities as margin with the Clearing Corporation of India Limited (CCIL) for the purpose of margin requirements for investments in Government Securities (G-Secs) and Treasury Bills Repurchase (TREPS).
Taikang Insurance Group plans to increase the capital of Taikang Pension by CNY1bn ($144m).