China Expands It’s Pension Program to Cover 60% of Rural Areas

china rural area

China launched a pilot pension program as part of efforts to narrow the standard-of-living gap between rural and urban residents.

China plans to expand a piloted pension program to 60 percent of its rural areas this year, an increase from the original target of 40 percent, Chinese Vice Premier Zhang Dejiang said Friday.

 

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UK Abolishes Mandatory Retirement at 65

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British employees will not be forced to retire at 65.

British employers will no longer be allowed to force people to retire at 65 years old, unless they can justify the dismissal, the government said Thursday in a bid to lessen pension payouts as Britons live for longer.The move was welcomed by nonprofit organizations campaigning against age discrimination. Others, however, complained that the move will make it expensive for employers to continue to provide benefits such as health or life insurance to employees over 65.

 

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Pension Fund Crisis Looming

cops

Pension funds for police officers and other public employees have been battered and face a long recovery

The financial crisis has blown a hole in the rosy forecasts of pension funds that cover teachers, police officers and other government employees, casting into doubt as never before whether these public systems will be able to keep their promises to future generations of retirees.

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