Currently, the average life expectancy of Chinese people has reached over 78 years, yet the retirement age remains one of the lowest in the world -- 60 for men, 55 for women in white-collar jobs, and 50 for working-class women.
Finance Minister Nirmala Sitharaman has proposed in the 2024 Budget unveiled yesterday that a reduction in the TDS (Tax Deducted at Source) rate to 2% from 5% on payouts from life insurance policies.
Encouraging more Australians to access equity in their homes combined with changes to stamp duty and the Age Pension could give asset-rich, income-poor retirees a valuable income boost and help free up more housing for young families, a new paper published by the Actuaries Institute yesterday suggests.
A total of 13 insurance companies, including pension insurers, received approval from the National Financial Regulatory Administration in the first six months of this year for capital increases.
Five major A-share insurance companies in China have posted a combined premium income of CNY1.76tn ($242.92bn) for the first half of this year, a year-on-year increase of 3.03%, according to statements filed with the stock exchange.
More than half of Hong Kong employees (52%) are struggling with their finances, according to the new survey by WTW, a leading global advisory, broking and solutions company.
Saudi Arabia has made a breakthrough in pension reform with the recent announcement of comprehensive changes, aimed at enhancing income protection during old-age and promoting gender equality, according to a blog posted on the website of the World Bank.
The Financial Services Authority (OJK) launched the "Roadmap for the Development and Strengthening of Indonesian Pension Funds 2024-2028".
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) are calling on superannuation trustees to boost efforts to track and measure the impact of their strategies to improve retirement outcomes for members.
China's growing elderly population presents tremendous business opportunities to the financial services industry, Mr Michael Guo, co-CEO of Ping An Insurance (Group) Company of China, has said.