Here’s how other countries financially support their retirees
BLOG: Governments around the world are worrying about their citizens’ retirement security. Some use different versions of a pay-as-you-go system, where current workers pay for the benefits of current retirees, while others have regulations that place most of the onus on either employers or employees. One out of 11 people around the world are 65 or older in 2019, but by 2050, that figure will jump to one out of every six people — or 1.6 billion, according to the United Nations —, and keeping their retirement secure and comfortable is a challenge.
Australia`s Social Security Program is restrictive and the country has a nationwide mandatory defined contribution plan. The U.K., on the other hand, mandates employers automatically enroll their... Read More