The Age Management and Wage Peak System of Korean Firms
|
|
- Gabriel McLaughlin
- 6 years ago
- Views:
Transcription
1 The Age Management and Wage Peak System of Korean Firms So-Yeong Kwon (School of Management, Ewha Womans University). Introduction Korea has entered into an aging society and its aging rate has been increasing at an exceptionally high speed. It results from the longer average life span and low birth rate. UN has categorized aging society into three base of the proportion over 65 years old against its whole population. 7 percent is categorized as an aging society, 14 percent is an aged society and 20 percent is a super-aged society. There are differences of population aging between countries, but it is still obvious that they will have a common problem in the near future. <Table 1> Comparison of Aged Population Rate in Major Countries. country Population ratio of over 65 years old Time spent from Entry of 7% Entry of 14% 7% to 14% Japan U.S.A (E) 69 UK France West Germany Sweden Korea (expected) 18 Source: KCCI(The Korea Chamber of Commerce & Industry) As shown in the table 1, Korea faced faster growing aging society compared to other countries and it seems entry to aging society will be faster than we expected.
2 According to 2011 Korea censuses, 5,420,000 people is over 65 years old and it makes 11.3 percent out of the whole population. The number obviously showed that Korea is entering into an aged society. Aging society leads to aging workforce. It is expected to reach 40 percent of total Korean workforce is over 50 years old by 2020 and 50 percent by 2050 (Hanam Bang et al. 2005). <Table 2> Change of Internal Employee Age Year Average age Source: Korean Ministry of Employment and Labor, 2009 Aging society and the workforce require some major changes in Korean firm s human resource management system. Increased number of older workers gives bigger labor cost burden to Korean firms due to their seniority based pay system. Thus many Korean firms have been trying to control labor costs through encouraging various types of early retirement programs. To cope with aging workforce issue, three options are generally considered in Korean enterprises: 1) restructuring of an organization (i.e. early retirement program or lay-off), 2) performance-based compensation system, and 3) wage peak system. While the restructuring and the performance-based compensation system drive immediate cost reduction impact, they can harm the company s long-term success by decreasing employees loyalty toward the company and moral. Companies need to prepare more realistic solutions for aging workforce. Adopting flexible retirement program, which allows workforce changes one s roles and work hours in line with one s life stage changes, can be a good realistic solution
3 for the company. One option for flexible retirement program is Gradual retirement program. Another option can be providing Second career program that helps employees prepare life after retirement in advance. Company can provide profound second career consulting for employees in their late thirty. Third option can be re-hiring process which is hiring experienced retirees back and transferring their knowledge to younger generation workforce. Last option we can consider is Wage peak system. Wage peak system is the most popular program in Korea to mitigate aging workforce issue.. Wage Peak System in Korea 1. Definition of Wage Peak System Wage peak system is defined as providing guaranteed job security to employees with a reduced wage after a certain age. But there has not yet been a strong consensus among stakeholders of Korean firms on introducing wage peak system as one of the major tools for human resource management. Wage peak system can be explained by Lazear s Agency theory. Seniority based system which is the base of Wage peak system pays young workers lower wage than their productivity, but pays more when they reaches middle, old-age according to their age and years of service. However, Lazear pointed that companies cannot take the salary burden as the payment become bigger than the productivity. Lazear argued that it is more reasonable to decide retirement time when the portion of lower salary than the productivity (A) becomes equal to the portion of higher salary than the productivity (B).
4 Wage peak system is a compensation scheme in which employee s payment is adjusted according to the level of stabilization of employment (retirement-security model or retirement- extension model). In Korea, a similar policy has been operated, as an alternative for early retirement for middle-aged and elderly employees with high payment demands primarily by financial institutions, such as a policy of work sharing, since IMF crisis and wage peak officially has been applied by KODIT (Korea Credit Guarantee Fund), in July The policy has recently been revived as a buffer for employment conflicts among the baby-boomers (seven million and twelve thousand people from 1955, right after the Korean War, to 1963). According to KCCI(The Korea Chamber of Commerce and Industry), the implementation rate of the wage peak system has been increasing from 3.3 percent (2006), 4.4 percent (2007) to 11.2 percent (2010). Yet, percentage of adoption of wage peak system is not high (11.2%). The KCCI- Surveys represent that the adopting the wage peak system by Korean companies has increased every year since <Table 3> Adoption rate of wage peak system
5 !!! The employees expressed 71.4 percent of favor on wage peak system based on KCCI survey. Those firms that are adopting wage peak system experienced positive effects such as greater employment security and reduced labor cost. 2. The Effects of Wage Peak System First, the policy increases job security for middle-aged and elderly employees and renders less layoff for firms by adjusting payments according to reduced productivity. Second, firms can keep skillful human resources with lower cost which can create new jobs. Third, the mental and economic well-being of middle-aged and elderly employees expects be increased, as they can meet their desire to work and have economically stable life in relatively longer period. Forth and finally, the policy can solve the issue of a shortage of economically valuable workers, reduce youth unemployment, and mitigate costs of social security. 3. Types of Wage Peak System in Korea Wage peak system operated in Korea is divided into two models: retirement- security model and employment-security model. The former adjusts wages after a certain age is reached to ensure the retirement age established by collective
6 agreement or by employment rules. The latter adjust wages instead of extending employment after retirement and sub-categorizes into retirement-extension model and employment-extension model. Retirement-extension model adjusts the wage level for extended retirement age or an extended period of retirement, based on the precondition of extending companies current retirement age. Employment-extension model refers to a system in which an employee retires and is extended of the employment as a temporary worker. The report of KLI (Korea Labor Institute) in 2008 says that among the companies surveyed, 105 companies introduced wage peak system, in which 31 brought in retirement-security model, 52 retirement-extension, and 22 employmentextension, demonstrating the higher proportion of retirement-security model than the others. <Figure 1> Three models for wage peak system in Korea (Company Survey) Source: Korea Labor Institute (2008). The KLI reports showed that the policy has been introduced mostly in the manufacturing sector in Korea. So far, larger firms with closer cooperation with labor unions are more readily accepting such policy. As for the purpose of the introduction of wage peak system, 59.4 percent of respondents said for easing the burden of labor costs, 50 percent for utilizing the experiences and know-hows of elderly employees, 35.4 percent for relieving middleaged and elderly employees concern on job insecurity, 22.6 percent for boosting employees morale, 18.6 percent for tackling a personnel congestion, and 18.4
7 percent for an alternative for restructuring. For retirement-security, easing the burden of labor costs occupies the highest proportion while employment-extension utilizing the experiences and know-hows of elderly employees, indicating the differential objectives for different types of the system. 4. Cases of Korean Companies A. LG Electronics - Overview : Foundation in 1958, A global leader of technological innovation worldwide with more than 120 businesses and 93,000 employees electronic, mobile communication & home appliances. - Wage peak system background : In 2007, adopted wage peak system to secure employment stabilization and competitiveness by using highquality workers(retirement- extension model). - Wage peak system characteristic : retirement extension(55! 58), calculate severance pay at the age of 55 and 10% of wage cut down every year. Rehire competent workers age of more than 58! B. POSCO - Overview : Korea s the most representative steel company found in POSCO became the world s top steel company in 1998, and privatized in Wage peak system background : : Initiated wage peak system in Jan Current average age of workers is 47. Percentage of workers more than 53 years old will reach 30% in Wage peak system characteristic : Extended retirement age from 56 to 58(retirement-extension model). Wage freezes form 52 to retirement.
8 C. KT(Korea Telecom) - Overview : Foundation in Privatized form government in The largest information and communications service company in Korea. - Policy for Aged- workers : NO wage peak system, but retirement age is 58 and provide re-entry and business start-up assistance program. D. KOLON INDUSTRIES - Overview : Found in 1957, leading company of industrial, electronic materials and fashion business. - Policy for Aged- workers: Deferred retirement and wage peak system is under consideration based labor union request. Retirement age is 56, but after specialized jobs Tech, Elec, Machine, Environment relate to can be extended after 56.. Conclusion In case of Korea, aging has not been perceived as a critical issue yet both in the enterprise and in the government. However, the speedy transformation of Korean society into an aged society requires special attention from the government, company owners and from the unions. Wage peak system should be introduced to guarantee income for a secure and healthy elderly life.
9 The biggest challenge of spreading wage peak system is that there is no clear success stories both in company and employee side yet. From the firm s perspective, they should focus on developing a process that can transfer experience of old skillful resource into company productivity increase. With the knowledge transfer process in place, companies see the direct business impact from keeping old experienced employees with wage peak system and it will make them more aggressive on its implementation. At government level, it is required to increase aids for companies and parties involved and to promote good examples of the system to dispel prejudice toward middle-aged and elderly employees and create atmosphere conducive to employment extension.
STRUCTURAL REFORM REFORMING THE PENSION SYSTEM IN KOREA. Table 1: Speed of Aging in Selected OECD Countries. by Randall S. Jones
STRUCTURAL REFORM REFORMING THE PENSION SYSTEM IN KOREA by Randall S. Jones Korea is in the midst of the most rapid demographic transition of any member country of the Organization for Economic Cooperation
More informationCASE STUDY. Seoul 50+ policy Republic of Korea
CASE STUDY Seoul 50+ policy Republic of Korea Technological progress, globalisation and demographic changes have a pronounced effect on labour markets. 130 Ageing and the automation of jobs megatrends
More informationIs the Aging of Society a Threat to Japan?
May, 2010 NIRA Report Is the Aging of Society a Threat to Japan? -Increasing Productivity in the Next Decade is the Key- [Executive Summary] The decline of Japan s birthrate and the aging of its population
More informationGlobal Aging and Financial Markets
Global Aging and Financial Markets Overview Presentation by Richard Jackson CSIS Global Aging Initiative MA s 16th Annual Washington Policy Seminar Cosponsored by Macroeconomic Advisers, LLC Council on
More information"Opportunities and Challenges of Demographic Change in Europe"
SPEECH/10/385 László Andor EU Commissioner Employment, Social Affairs and Inclusion "Opportunities and Challenges of Demographic Change in Europe" Economic Council Brussels Brussels, 13 July 2010 Ladies
More informationThe impact and implication of the 2016 pension legislative revision in Japan
The impact and implication of the 2016 pension legislative revision in Japan Kenji Kusakabe Mizuho Trust & Banking Co.,Ltd. 1-17-7, Saga, Koto-ku, Tokyo 135-0031 E-mail: kenji.kusakabe@mizuhotb.co.jp Abstract
More informationPUBLIC PENSION SYSTEMS AND THE ELDERLY POVERTY IN KOREA
PUBLIC PENSION SYSTEMS AND THE ELDERLY POVERTY IN KOREA Hyeok Chang Kwon (GNTECH) The Joint World Conference on Social Work, Education and Social Development 2016. COEX, Seoul Korea 28 June 2016 Today
More informationJapan Stares into a Demographic Abyss
The Asia-Pacific Journal Japan Focus Volume 4 Issue 5 May 06, 2006 Japan Stares into a Demographic Abyss Hisane MASAKI Japan Stares into a Demographic Abyss By Hisane MASAKI TOKYO - Japan's population
More informationU.S. Industry Development and Current Personnel Implications: An Update. James Stockard Senior Technical Consultant Fisher Arnold Engineering
U.S. Industry Development and Current Personnel Implications: An Update James Stockard Senior Technical Consultant Fisher Arnold Engineering DISCUSSION OUTLINE Review of the Global Paper Industry s Historical
More informationWORKING PAPER. How to Improve Older Workers Job Security and Increase Demand for Their Labor WORKING PAPER I.
WORKING PAPER 2017-12 KLI Working Paper October 30, 2017 WORKING PAPER For Inquiry: Address: Author(s): KLI International Cooperation & Information Office 370, Sicheong-daero, Sejong-si, 30147, Korea www.kli.re.kr/kli_eng
More informationIssues linked to Settlement and population. The UK s ageing population; a contemporary geographical issue
Issues linked to Settlement and population The UK s ageing population; a contemporary geographical issue We are healthier, living longer and doing more than ever before. What is the problem? What is the
More informationResearch notes Basic Information on Recent Elderly Employment Trends in Japan
Research notes Basic Information on Recent Elderly Employment Trends in Japan Yutaka Asao The aim of this paper is to provide basic information on the employment of older people in Japan over the last
More informationThe labor market in South Korea,
JUNGMIN LEE Seoul National University, South Korea, and IZA, Germany The labor market in South Korea, The labor market stabilized quickly after the 1998 Asian crisis, but rising inequality and demographic
More informationUnemployment and its natural rate. Chapter 27
1 Unemployment and its natural rate Chapter 27 What we learn in this chapter? This is the last chapter of Part IX: the real economy in the long run In Chapter 24 we established the link between production,
More informationWealth and Welfare: Breaking the Generational Contract
CHAPTER 5 Wealth and Welfare: Breaking the Generational Contract The opportunities open to today s young people through their lifetimes will depend to a large extent on their prospects in employment and
More informationMaternity Protection and Its Effect on Employment
e-labor News No. 149 Issue paper Maternity Protection and Its Effect on Employment Jayoung Yoon I. Introduction Korea has well-structured maternity- and paternity-leave programs designed to protect the
More informationIntroduction to Korean Reverse Mortgage
Introduction to Korean Reverse Mortgage March 2016 YoonSu Kim Team Manager, Housing Finance Research Institute 1 Table of Contents Section 1 Background information on Korean aging society Section 2 Main
More informationPlenary III Fast Forward to 2050: Retirement Redefined
Plenary III Fast Forward to 2050: Retirement Redefined Speakers: Yves Carrière, Université de Montreal Bernard Morency, Gestion Bernard Morency Moderator: Louis-Bernard Désilets, Normandin Beaudry Demography,
More informationThe Aging Population and Political Participation in Japan
Challenges to Developing Country The Aging Population and Political Participation in Japan Name: Wilda Fatma Apsari Student Number: 20120510255 International Program of International Relations Faculty
More informationMaintaining the sustainable development within the global aging
Maintaining the sustainable development within the global aging Forum: Economic and Social Council Student Officer: SiHoo Lee, President Introduction Global aging is a worldwide phenomenon and one of the
More informationCritical Demographics: Rapid Aging and the Shape of the Future in China, South Korea, and Japan
Critical Demographics: Rapid Aging and the Shape of the Future in China, South Korea, and Japan Briefing for Fast Forward Scenario Planning Workshop February 27, 29 DIFFERENT SHAPES, DIFFERENT REALITIES
More informationOverview of Public Pension Systems in Emerging Asia
Overview of Public Pension Systems in Emerging Asia Gemma Estrada Asian Development Bank Regional Expert Forum on Population Ageing Bangkok, Thailand, 12-13 July 2016 Introduction Old-age income support
More information$ALL ABOUT THE MONEY WHERE IT GOES AND WHY IT MATTERS FOR YOU
$ALL ABOUT THE MONEY WHERE IT GOES AND WHY IT MATTERS FOR YOU Every person alive has the potential to learn and grow AND to contribute their unique creativity toward making the world a better place. JOHN
More informationPRODUCTIVE AGEING ROBERT BUTLER MEMORIAL LECTURE ILC GLOBAL ALLIANCE
PRODUCTIVE AGEING ROBERT BUTLER MEMORIAL LECTURE ILC GLOBAL ALLIANCE Dr. Ros Altmann, CBE Business Champion for Older Workers 29 October 2014 Dr Ros Altmann Twitter: @rosaltmann Website: www.rosaltmann.com
More informationKazumasa Iwata: Japan s economy under demographic changes
Kazumasa Iwata: Japan s economy under demographic changes Summary of a speech by Mr Kazumasa Iwata, Deputy Governor of the Bank of Japan, at the Australia- Japan Economic Outlook Conference, Sydney, 7
More informationPopulation Projections for Korea (2015~2065)
Population Projections for Korea (2015~2065) Ⅰ. Results 1. Total population and population rate According to the medium scenario, the total population is projected to rise from 51,010 thousand persons
More informationStudy on the Global Trends of Delay Retirement and Potential Demand in China
Human Resource Management Research 2014, 4(2): 27-32 DOI: 10.5923/j.hrmr.20140402.03 Study on the Global Trends of Delay Retirement and Potential Demand in China Huang Lu School of Management Studies,
More informationOverview of Life Insurance Industry in Japan
FALIA Invitational Seminar in Japan Risk Management Course Overview of Life Insurance Industry in Japan September 6, 2017 Hirofumi Kurata Chief International Affairs Dept. The Life Insurance Association
More informationWhat questions would you like answered?
What questions would you like answered? Define the following: Globalisation an expansion of world trade leading to increased international interdependence GDP The value of goods and services produced in
More informationDo demographics explain structural inflation?
Do demographics explain structural inflation? May 2018 Executive summary In aggregate, the world s population is graying, caused by a combination of lower birthrates and longer lifespans. Another worldwide
More informationSTRUCTURAL REFORM PROSPECTS FOR INCREASING LABOR MARKET FLEXIBILITY IN KOREA
STRUCTURAL REFORM PROSPECTS FOR INCREASING LABOR MARKET FLEXIBILITY IN KOREA By Kim Sung-teak Introduction The importance of having an efficient labor market is growing because of recent trends such as
More informationJapanese social security measures to support the retiring aged: From employment insurance and public pension
The Year 2000 International Research Conference on Social Security Helsinki, 25-27 September 2000 Social security in the global village Japanese social security measures to support the retiring aged: From
More informationBeyond Lifetime Employment
The Geneva Papers on Risk and Insurance Vol. 26 No. 4 (October 2001) 642±655 Beyond Lifetime Employment by Atsushi Seike 1. Introduction The industrial world is now rapidly aging. Figure 1 shows the past
More informationAgeing and the Changing Nature of Intergenerational Flows in Thailand
Ageing and the Changing Nature of Intergenerational Flows in Thailand Suphannada LOWHACHAI Office of the National Economic and Social Development Board, Thailand September 30, 2015 1 1 Demographic and
More informationComments on THE CURRENT STATE OF LITHUANIAN PENSION SYSTEM AND DISCUSSIONS ON IT S REFORM
Romas Lazutka Comments on THE CURRENT STATE OF LITHUANIAN PENSION SYSTEM AND DISCUSSIONS ON IT S REFORM Research Report P98-1023-R This research was undertaken with support from the European Union s Phare
More informationKOREA S EXPERIENCE WITH UNEMPLOYMENT INSURANCE IN THE 1998 ASIAN FINANCIAL CRISIS AND ITS ADJUSTMENTS IN THE CURRENT CRISIS.
KOREA S EXPERIENCE WITH UNEMPLOYMENT INSURANCE IN THE 1998 ASIAN FINANCIAL CRISIS AND ITS ADJUSTMENTS IN THE CURRENT CRISIS 2009. 9. 29 Kim, Sung-Teak KLI Background Paper for Conference on the " The Impact
More informationAustralian International Education Conference
www.pwc.com.au Australian International Education Conference China: Danger, Crisis or Opportunity? October 2016 Danger Crisis Opportunity 危险 危机 机会 Our future is Asia 1 2 3 4 economic modeling is predicting
More informationRetirement Income Scenario Matrices. William F. Sharpe. 1. Demographics
Retirement Income Scenario Matrices William F. Sharpe 1. Demographics This is a book about strategies for producing retirement income personal income during one's retirement years. The latter expression
More informationI Overview of the System and the Basic Statistics [1] General Welfare and Labour
I Overview of the System and the Basic Statistics [1] General Welfare and Labour Population Structure Overview The Population Pyramid in Japan Age 100 or over Age 76: the number of births decreased in
More informationOld Age Crisis Worldwide How Does it Affect Hong Kong. by Michael Sze December 10, 2003
Old Age Crisis Worldwide How Does it Affect Hong Kong by Michael Sze December 10, 2003 Agenda Worldwide perspective Fundamental theory of social security Pension reforms in various countries Some older
More informationTHE BABY BOOM CHART BOOK 1996
Deutsche Morgan Grenfell C.J. Lawrence Established Portfolio Strategy Service #5 The High-Tech Revolution In The US of @ # The US Economy s Mega-Trends #7, In # Liquidity Story Is Wildly Bullish Topical
More informationIntroduction. Taxation
Introduction In this paper we form an opinion about the ways taxation could motivate the savings and investments of the country in question. The Minister of Finance s policy aims at boosting the economy
More informationChanges in the Japanese Pension System
Changes in the Japanese Pension System Takayama Noriyuki Japan Echo, October 2004 The administration of Prime Minister Koizumi Jun ichirō submitted a set of pension reform bills to the National Diet on
More informationStatement of Donald E. Fuerst, MAAA, FSA, FCA, EA Senior Pension Fellow American Academy of Actuaries
Statement of Donald E. Fuerst, MAAA, FSA, FCA, EA Senior Pension Fellow American Academy of Actuaries To the Committee on Ways and Means Subcommittee on Social Security U.S. House of Representatives Hearing
More informationAging and Labor Market of Older Workers in Korea
Aging and Labor Market of Older Workers in Korea Kyungsoo Choi Fellow, Korea Development Institute 1. Introduction One can easily expect that the share of older workers will rise and that of young workers
More informationGOVERNMENT PAPER. There are some signs that these views are changing with new generations.
Older people on the labour market in Iceland Public policy and measures within continuing education Gissur Pétursson Directorate of Labour 1. Conditions on the labour market Employment participation among
More informationThe impact of an ageing world on our society and economy
Presentation to: Food Matters Live Independent Economics The impact of an ageing world on our society and economy Ben Combes 18 November 2014 www.llewellyn-consulting.com The fundamentals of ageing Populations
More information1 learningenglish.voanews.com Voice of America
How should countries prepare for the world s aging population? A United Nations report is urging countries to answer that question. Japan has the world s oldest population. Thirty percent of Japanese are
More informationIntelligent Business. Before you read, discuss. Comprehension. 1) Reading a graph. Working age shift Worksheet
Working age shift Worksheet A Before you read, discuss Share experiences and discuss the questions the questions below. 1) Do your age group have larger or smaller families than the previous generation?
More informationFiscal Policy: Government Spending &Taxation
Lecture Notes for Chapter 1 of Macroeconomics: An Introduction Fiscal Policy: Government Spending &Taxation Copyright 1999-28 by Charles R. Nelson 2/28/8 In this chapter we will discuss - What is Fiscal
More informationEmployment and social protection in the new demographic context
Employment and social protection in the new demographic context The 11th ASEAN & Japan High Level Officials Meeting on Caring Societies December 2013 Keiko Kamioka Director, ILO Office for Japan ILO Report
More informationPolicies Designed to Secure Employment for Older and Disabled Workers
3 Policies Designed to Secure Employment for Older and Disabled Workers Measures for Older Workers With the labor force forecast to decline as a result of the rapid aging of society and a decline in the
More information16. Social Security crndf Medicare
16. Social Security crndf Medicare Social Security and Medicare constitute almost one-third of total federal spending and over half of federal domestic spending. Therefore, any effort to reduce the deficit
More informationTessa Conroy, Matt Kures, and Steven Deller
WIndicators Labor Shortage: Signs and Symptoms Volume 1, Number 5 Tessa Conroy, Matt Kures, and Steven Deller In Wisconsin, the labor market has been the focus of recent public and political discourse,
More informationPension reforms. Early birds and laggards
Pension reforms Early birds and laggards Reforming pensions has loomed large over the policy agenda of OECD countries. It is often said in the United States and elsewhere that reforming public pensions
More informationThe Korean Economy: Resilience amid Turbulence
The Korean Economy: Resilience amid Turbulence Dr. Il SaKong Special Economic Advisor Adviser to the President Republic of Korea November 17, 17, 2008 November 17, 2008 1. Recent Macroeconomic Developments
More informationSocial Security Viewed from a Demographic Perspective: Prospects and Problems
Social Security Social Security Viewed from a Demographic Perspective: Prospects and Problems JMAJ 45(4): 161 167, 22 Naohiro OGAWA Deputy Director, Population Research Institute, Professor, College of
More informationTHE LONG-TERM SUSTAINABILITY OF PUBLIC FINANCE IN JAPAN. Yukihiro Oshika *
THE LONG-TERM SUSTAINABILITY OF PUBLIC FINANCE IN JAPAN Yukihiro Oshika * Introduction Compared to other advanced countries, the public finance of Japan is in the worst position in terms of debt level.
More informationPolicy Reponses to Low Fertility and Population Aging in Korea
20th Annual NEAEF Conference Honolulu, Hawaii 7-9 August 2011 Policy Reponses to Low Fertility and Population Aging in Korea Nam-Hoon CHO Chair Professor, School of Public Policy Director,, Korea Contents
More information2 Characteristics of Recent Labor Issues
2 Characteristics of Recent Labor Issues Trends in the Japanese Economy and Employment Since the Bubble s Collapse After the collapse of the late 1980s asset price bubble in 1991, Japan fell into prolonged
More informationAGING, ECONOMIC GROWTH, AND OLD-AGE SECURITY IN ASIA
AGING, ECONOMIC GROWTH, AND OLD-AGE SECURITY IN ASIA DR. DONGHYUN PARK, ASIAN DEVELOPMENT BANK, dpark@adb.org, 13 th International Longevity Risk and Capital Markets Solutions Conference, Taipei, 21 and
More informationApril 7, 2011
/ / / with Sally Hass sallychass@yahoo.com April 7, 2011 Life Planning At every life stage, our task is to peer out into our own future and deliberately choose to invest in those thing today what will
More informationPerspectives JAN Market Preview: U.S. Economy
Perspectives JAN 2019 2019 Market Preview: U.S. Economy THE VIEW FROM THE TOP? 2018 saw another positive year of economic growth, and for some the Great Recession is slowly becoming a distant memory. The
More informationGrowth and change. Australian jobs in Conrad Liveris conradliveris.com
Growth and change Australian jobs in 2018 Conrad Liveris conradliveris.com +61 430 449 116 Executive Summary The labour market is more complex than month-to-month statistical releases. A more meaningful
More informationDeloitte report: the dynamics of a $7.6 trillion superannuation system
Media Release FOR IMMEDIATE RELEASE Deloitte report: the dynamics of a $7.6 trillion superannuation system 23 September 2013: Using a comprehensive demographic and financial analytic tool to model the
More informationEconomic Outlook. William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago
Economic Outlook Chicago Association of Spring Manufacturers, Inc Des Plaines, IL January 15, 215 William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago The Great Recession
More informationIncome Security for Older Persons in the Republic of Korea
SDD-SPPS PROJECT WORKING PAPERS SERIES: INCOME SECURITY FOR OLDER PERSONS IN ASIA AND THE PACIFIC Income Security for Older Persons in the Republic of Korea BANGKOK, 2015 PROJECT WORKING PAPERS SERIES:
More informationChallenges on Dutch and Finnish roads towards extending citizens working life: The current debates.
MUTUAL LEARNING PROGRAMME: PEER COUNTRY COMMENTS PAPER FINLAND Challenges on Dutch and Finnish roads towards extending citizens working life: The current debates. Peer Review on Activation of elderly:
More informationHealth and Labor Force Participation among Older Singaporeans
Health and Labor Force Participation among Older Singaporeans 21 October 2011 Singapore Economic Policy Forum Young Kyung DO and Treena WU Program in Health Services and Systems Research Duke-NUS Graduate
More informationIntergeneration Transfers and Retiring Farmers
Intergeneration Transfers and Retiring Farmers Authors: John Caldwell David Culver Agriculture & Agri-Food Canada Selected paper prepared for presentation at The Canadian Agriculture Economics Society
More informationSPECIAL REPORT. TD Economics THE WORRISOME DECLINE IN THE U.S. PARTICIPATION RATE
SPECIAL REPORT TD Economics THE WORRISOME DECLINE IN THE U.S. PARTICIPATION RATE Highlights The U.S. participation rate has declined significantly over the last few years, dragging the U.S. the labor force
More informationThe Outlook for Israel s Economy in Light of Current Global Developments
The Outlook for Israel s Economy in Light of Current Global Developments Dr. Leonardo Leiderman Professor of Economics, Tel-Aviv University and Chief Economic Advisor, Bank Hapoalim To be presented in
More informationECONOMIC GROWTH. Objectives. Transforming People s Lives. Transforming People s Lives. Transforming People s Lives CHAPTER
ECONOMIC 30 GROWTH CHAPTER Objectives After studying this chapter, you will able to Describe the long-term growth trends in Canada and other countries and regions Identify the main sources of long-term
More informationDemographic Changes and Macroeconomic Challenges
January 17, 2019 Bank of Japan Demographic Changes and Macroeconomic Challenges Keynote Speech at the G20 Symposium in Tokyo Haruhiko Kuroda Governor of the Bank of Japan Introduction I would like to express
More informationAssisting the disadvantaged groups Statements and Comments. Introduction. 1. Context and background ESTONIA
Assisting the disadvantaged groups Statements and Comments Kaia Philips University of Tartu, Institute of Economics Introduction In 2004, the Estonian Ministry of Social Affairs, in cooperation with various
More informationTHE BABY BOOM CHART BOOK 1997
Deutsche Morgan Grenfell US Equity Research Portfolio Strategy Service # The Economic Consequences Of The Peace #3 Conference Call With Alan Blinder #37 New Era Recession? #3 Fed s Stock Market Model Finds
More informationDr. Lee Jang Yung Senior Deputy Governor Financial Supervisory Service Korea
Bank of Indonesia and IMF Joint Conference on Coping with Asia s Large Capital Inflows in a Multi-Speed Global Economy How Should Emerging Market Countries Respond? Korea s Experience March 11, 2011 Dr.
More informationTexas: Demographically Different
FEDERAL RESERVE BANK OF DALLAS ISSUE 3 99 : Demographically Different A s the st century nears, demographic changes are reshaping the U.S. economy. The largest impact is coming from the maturing of baby
More informationReasons for China's Changing Female Labor Force Participation Rate Xingxuan Xi
7th International Conference on Education, Management, Information and Mechanical Engineering (EMIM 2017) Reasons for China's Changing Female Labor Force Participation Rate Xingxuan Xi School of North
More informationGeneration Indebted Jobless
Generation Indebted Jobless Tito Boeri Fondazione RODOLFO DEBENEDETTI Università Bocconi Istanbul, May 9th, 2013 Outline A global rise but not uniform across the board Should we worry about it? The key
More informationFor much of the last half century, public. The Real. Too Few Working, Too Many Retired
The Regional Economist April 25 The Real Too Few Working, Too Many Retired B Y W I L L I A M POOLE AND DAVID C. WHEELOCK For much of the last half century, public discussion of population issues has focused
More informationJapan s Economic Recovery from the Disaster. Taiji Furusawa (Hitotsubashi University and Harvard University)
Japan s Economic Recovery from the Disaster Taiji Furusawa (Hitotsubashi University and Harvard University) 1 Earthquake, Tsunami, and Nuclear Crisis Damage on infrastructure, houses, factories, and others
More informationTax Reform for Aging Societies in Korea. Joosung Jun (Ewha Womans University)
Tax Reform for Aging Societies in Korea Joosung Jun (Ewha Womans University) 1 Organization of Talk Population Aging and Related Facts Policy actions, fiscal conditions, etc. Current Korean Tax System
More informationMost advanced economies face shrinking workforces. The U.S. is an exception.
Why Population Aging Matters: A Global Perspective Briefing to the Senate Special Committee on Aging Labor Force Implications and Pension Vulnerabilities Adele Hayutin, Ph.D. Director, Global Aging Project
More informationThe Challenge of Global Aging
The Challenge of Global Aging Richard Jackson President Global Aging Institute Department of Work and Pensions February 11, 2015 Washington, DC The Demographic Transformation The developed world is being
More informationPopulations: an Introduction to Demography. Population Trends In Canada
Populations: an Introduction to Demography Population Trends In Canada Demography Demography is the study of populations over time and over place. The three major components of demography are: (1) mortality,
More information2010 OECD Economic Survey of Korea
2010 OECD Economic Survey of Korea 2 Korea had the largest fiscal stimulus among OECD countries 1 Announced or implemented over the period 2008-10 as a share of 2008 GDP Tax measures Spending measures
More informationUnemployment and the Labor Market
CHAPTER 7 Unemployment and the Labor Market Modified for ECON 2204 by Bob Murphy 2016 Worth Publishers, all rights reserved IN THIS CHAPTER, YOU WILL LEARN: about the natural rate of unemployment: what
More information2015 Economics. Advanced Higher. Finalised Marking Instructions
2015 Economics Advanced Higher Finalised ing Instructions Scottish Qualifications Authority 2015 The information in this publication may be reproduced to support SQA qualifications only on a noncommercial
More informationAGE OF OPPORTUNITY. What does an ageing society mean for your organisation? Susie Rabin. September 2014
AGE OF OPPORTUNITY What does an ageing society mean for your organisation? Susie Rabin September 2014 ABOUT THE COMMISSION ON THE VOLUNTARY SECTOR & AGEING Set up by NPC and ILC-UK Chair Lynne Berry OBE
More informationLIFE PLANNING IN THE AGE OF LONGEVITY
Stanford Center on Longevity A TOOLKIT SERIES BRIEF LIFE PLANNING IN THE AGE OF LONGEVITY Insights for Gen Xers Steve Vernon, FSA Research Scholar Stanford Center on Longevity Copyright 2017 Stanford Center
More informationTeetering on the brink: is the world heading for another financial crisis?
Teetering on the brink: is the world heading for another financial crisis? Adrian Cooper CEO & Chief Economist acooper@oxfordeconomics.com Peter Suomi Director petersuomi@oxfordeconomics.com October 2011
More informationThe Demographic Transition and the Global Economy
The Demographic Transition and the Global Economy Nelson C. Mark Alfred C. DeCrane Jr. Professor of Economics, University of Notre Dame and National Bureau of Economic Research (University of Notre Dame)
More informationCapitalizing on the Impending CRISIS
presents Capitalizing on the Impending CRISIS Charlie Herman Economic Trends Mixed Signs of Recovery The I-Think-I-Can Job Market Stock Market Economy... Spoiled Boomers Moving into High Consumption Years.
More informationHRI. Recent Global & Domestic Economic Trends. The self-employed competing with the self-employed
HMER 2012-07 HRI Recent Global & Domestic Economic Trends The self-employed competing with the self-employed The future image of unified Korea: Korea's emerging on to a global stage [Annex] Domestic and
More informationThe consequences for communities of rising unemployment David Blanchflower
The consequences for communities of rising unemployment David Blanchflower Employment peaked in April 2008; since then we have lost 540,000 jobs. ILO unemployment was also at its low point in April 2008
More informationChapter 12 Government and Fiscal Policy
[2] Alan Greenspan, New challenges for monetary policy, speech delivered before a symposium sponsored by the Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming, on August 27, 1999. Mr. Greenspan
More informationJob security in the EU: how confident are Europeans about keeping their jobs in these difficult economic times?
Think... Precise insights for European growth Job security in the EU: how confident are Europeans about keeping their jobs in these difficult economic times? Unemployment is the biggest concern of Europeans
More informationIncome Security for Older Persons in the Republic of Korea
SDD-SPPS PROJECT WORKING PAPERS SERIES INCOME SECURITY FOR OLDER PERSONS IN ASIA AND THE PACIFIC Income Security for Older Persons in the Republic of Korea 1 Acknowledgements This paper was drafted by
More informationAct Concerning Stabilization of Employment of Older Persons
Act Concerning Stabilization of Employment of Older Persons Noboru Yamashita Associate Professor, Kyushu University 1. Significance of the Act Concerning Stabilization of Employment of Older Persons (1)
More information