June 22, 2024

Columbus Post

Complete News World

Swiss pension benefits are modest

Iceland has the best pension system in the world. This is the result of the “Global Pension Code 2021” released on Tuesday by consulting firm Mercer, industry association CFA and Monash University. The Netherlands and Denmark took second and third place, respectively.

With eleventh place, Switzerland is still in the top three of the 43 countries tested. The authors of the study evaluate the integrity of the Swiss model as good. For example costs and administration. Teachers, on the other hand, see consistency and a lot of catch to do in relevant areas.

So they propose several improvements: for example, raising the retirement age, higher housing entitlement rate and lower home loan.

In politics, a number of pension reforms are currently pending: Parliament is currently bending over to raise the retirement age for women from 64 to 65. The second pillar is reforming – the conversion rate should be reduced there. But both reforms will be difficult in front of the people.

The pension system in Thailand ended badly. Below are Argentina, India, Japan, South Korea, Mexico, the Philippines and Turkey. In the middle are Belgium, France, Hong Kong, Uruguay and the United States.

There are significant gender differences in pension benefits in all regions of the world, the authors write in a press release. They see many reasons for this, many of which are well known: women work more part-time, accept responsibility for raising children more often, and have lower average wages.

According to the authors of the study, these problems are exacerbated by pension schemes. In the case of Switzerland, they are proposing the removal of restrictions on joining the pension fund due to low incomes and the reduction of integration for part-time employees.

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