Millions of people globally will have no choice but to work into their seventies to ease increasing pressure on pension systems as life expectancy rates continue to rise, the Organisation for Economic Co-operation and Development has said.
OECD countries are moving to increase statutory retirement ages, curb early retirement and offer employees incentives to work longer to boost the sustainability of their pension systems, the Paris-based organisation said in its Pensions at a Glance 2023 report.
“Governments have several tools available to further promote the employment and employability of all workers, at first by boosting support for reskilling and upskilling,” OECD secretary-general Mathias Cormann said on Wednesday.
“[But] older workers still struggle to keep their skills up to date, have limited access to good-quality jobs and risk having an inadequate old-age pension because of short and unstable working careers.”
In a post-pandemic world, older workers and retirees are also facing risks to their pension funds because of continuing inflation and higher interest rates, consultancy Mercer said in its CFA Institute Global Pension Index report in October.
This increases the cost of existing government debt and the ability of some countries to continue with their current level of services. Growing geopolitical uncertainty, including the Russia-Ukraine war and the Israel-Gaza conflict, is also affecting retirement investment returns, Mercer said.
Earlier this month, the UAE’s General Pension and Social Security Authority increased monthly pension contributions to 26 per cent, from 20 per cent previously, for Emirati employees who joined the workforce from October 31.
The increase in retirement contributions follows the GPSSA’s announcement in November that a new Federal Decree Law, No 57 on Pension and Social Security, had been introduced.
The new law aims to “benefit from an Emirati’s experience for the longest period of time in order to serve public interest and reconsider calculating the retirement pension, so that its value increases as the employment years increase”, said Hind Al Suwaidi, acting executive director of the GPSSA's pensions sector benefits management department.
Emiratis working in government and private sectors are eligible for pensions and other benefits after reaching the retirement age of 49 or having worked for a minimum of 20 years, according to the UAE government.
In the OECD, normal retirement ages are set to increase in 23 of the 38-member countries, reaching an average age of 66.3 years for men and 65.8 years for women who are starting their careers today, the OECD said.
However, in Denmark, Estonia, Italy, the Netherlands and Sweden, the retirement age will rise to 70 years or more if life expectancy gains materialise as projected and legislated links with life expectancy are applied, it added.
By 2050, the average share of the population aged 65 and over across all OECD countries is expected to increase by 10 percentage points to 27 per cent, from 18 per cent in 2022.
The labour force participation of older workers in OECD countries has also increased sharply, with the employment rate of 55 to 64 year olds reaching a record 64 per cent in the second quarter of 2023, almost eight percentage points higher than a decade ago.
Addressing the challenges of a rapidly ageing population requires promoting the employment and employability of older workers, an issue that has become more urgent since the pandemic as most OECD countries are facing labour shortages, the report said.
Unfilled job vacancies in the OECD reached record levels in 2022 and remain high in 2023, it added.
“With large numbers of baby boomers retiring in the coming years, it is becoming even more important to promote the labour market participation of underrepresented groups in general, and older workers in particular,” the report said.
However, pension reform alone cannot fully address the impact of population and increased life expectancies on the sustainability of pension systems, Mr Cormann said.
“By providing targeted support for training and ensuring healthy working conditions, countries can improve the employment prospects of older workers,” he added.
“This will help ensure that pension systems remain financially sustainable, while delivering decent incomes in retirement.”
The%20specs
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Schedule:
Pakistan v Sri Lanka:
28 Sep-2 Oct, 1st Test, Abu Dhabi
6-10 Oct, 2nd Test (day-night), Dubai
13 Oct, 1st ODI, Dubai
16 Oct, 2nd ODI, Abu Dhabi
18 Oct, 3rd ODI, Abu Dhabi
20 Oct, 4th ODI, Sharjah
23 Oct, 5th ODI, Sharjah
26 Oct, 1st T20I, Abu Dhabi
27 Oct, 2nd T20I, Abu Dhabi
29 Oct, 3rd T20I, Lahore
UAE%20Warriors%2033%20Results
%3Cp%3E%3Cstrong%3EFeatherweight%20title%3C%2Fstrong%3E%3Cbr%3EAli%20Al%20Qaisi%20by%20Jesse%20Arnett%20by%20submission%2C%20round%203%3Cbr%3E%3Cstrong%3EWelterweight%20title%3C%2Fstrong%3E%3Cbr%3EJosh%20Togo%20bt%20Tahir%20Abdullaev%20by%20unanimous%20decision%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%3Cbr%3EIago%20Ribeiro%20bt%20Juan%20Puerta%20by%20unanimous%20decision%3Cbr%3E%3Cstrong%3EMiddleweight%3C%2Fstrong%3E%3Cbr%3EYerkin%20Darmen%20bt%20Tyler%20Ray%20by%20TKO%2C%20round%203%3Cbr%3E%3Cstrong%3EWelterweight%3C%2Fstrong%3E%3Cbr%3EAbdulla%20Al%20Bousheiri%20bt%20John%20Adajar%20by%20submission%2C%20round%201%3Cbr%3E%3Cstrong%3ECatchweight%20232lb%3C%2Fstrong%3E%3Cbr%3EAsylzhan%20Bakhytzhanuly%20bt%20Hasan%20Yousefi%20by%20submission%2C%20round%202%3Cbr%3E%3Cstrong%3ECatchweight%20176lb%3C%2Fstrong%3E%3Cbr%3EAlin%20Chirila%20bt%20Silas%20Robson%20by%20KO%2C%20round%201%3Cbr%3E%3Cstrong%3ECatchweight%20176lb%3C%2Fstrong%3E%3Cbr%3EArvin%20Chan%20bt%20Abdi%20Farah%20by%20TKO%2C%20round%201%3Cbr%3E%3Cstrong%3ELightweight%3C%2Fstrong%3E%3Cbr%3EOle-Jorgen%20Johnsen%20bt%20Nart%20Abida%20by%20TKO%2C%20round%201%3Cbr%3E%3Cstrong%3EBantamweight%3C%2Fstrong%3E%3Cbr%3EOtar%20Tanzilov%20bt%20Eduardo%20Dinis%20by%20TKO%2C%20round%203%3Cbr%3E%3Cstrong%3EStrawweight%3C%2Fstrong%3E%3Cbr%3EColine%20Biron%20bt%20Aysun%20Erge%20via%20submission%2C%20round%202%3Cbr%3E%3Cstrong%3EWelterweight%3C%2Fstrong%3E%3Cbr%3ESoslan%20Margiev%20bt%20Mathieu%20Rakotondrazanany%20by%20unanimous%20decision%3Cbr%3E%3Cstrong%3EBantamweight%3C%2Fstrong%3E%3Cbr%3EBakhromjon%20Ruziev%20bt%20Younes%20Chemali%20by%20majority%20decision%3C%2Fp%3E%0A
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
RESULT
West Brom 2 Liverpool 2
West Brom: Livermore (79'), Rondón (88' )
Liverpool: Ings (4'), Salah (72')
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
What%20is%20Dungeons%20%26%20Dragons%3F%20
%3Cp%3EDungeons%20%26amp%3B%20Dragons%20began%20as%20an%20interactive%20game%20which%20would%20be%20set%20up%20on%20a%20table%20in%201974.%20One%20player%20takes%20on%20the%20role%20of%20dungeon%20master%2C%20who%20directs%20the%20game%2C%20while%20the%20other%20players%20each%20portray%20a%20character%2C%20determining%20its%20species%2C%20occupation%20and%20moral%20and%20ethical%20outlook.%20They%20can%20choose%20the%20character%E2%80%99s%20abilities%2C%20such%20as%20strength%2C%20constitution%2C%20dexterity%2C%20intelligence%2C%20wisdom%20and%20charisma.%20In%20layman%E2%80%99s%20terms%2C%20the%20winner%20is%20the%20one%20who%20amasses%20the%20highest%20score.%3C%2Fp%3E%0A
Pakistan T20 series squad
Sarfraz Ahmed (captain), Fakhar Zaman, Ahmed Shahzad, Babar Azam, Shoaib Malik, Mohammed Hafeez, Imad Wasim, Shadab Khan, Mohammed Nawaz, Faheem Ashraf, Hasan Ali, Amir Yamin, Mohammed Amir (subject to fitness clearance), Rumman Raees, Usman Shinwari, Umar Amin
The biog
Name: Dr Lalia Al Helaly
Education: PhD in Sociology from Cairo
Favourite authors: Elif Shafaq and Nizar Qabbani.
Favourite music: classical Arabic music such as Um Khalthoum and Abdul Wahab,
She loves the beach and advises her clients to go for meditation.
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
Results
5pm: Handicap (PA) Dh80,000 (Turf) 1,600m; Winner: Nadhra, Fabrice Veron (jockey), Eric Lemartinel (trainer)
5.30pm: Maiden (PA) Dh80,000 (T) 1,400m; Winner: AF Dars, Tadhg O’Shea, Ernst Oertel
6pm: Handicap (PA) Dh80,000 (T) 1,400m; Winner: AF Musannef, Tadhg O’Shea, Ernst Oertel
6.30pm: Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Taghzel, Malin Holmberg, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m; Winner: M’Y Yaromoon, Khalifa Al Neyadi, Jesus Rosales
7.30pm: Handicap (TB) Dh100,000 (PA) 1,400m; Winner: Hakeem, Jim Crowley, Ali Rashid Al Raihe
RACE CARD
6.30pm: Baniyas Group 2 (PA) Dh 97,500 (Dirt) 1,400m.
7.05pm Maiden (TB) Dh 82,500 (D) 1,200m
7.40pm Maiden (TB) Dh 82,500 (D) 1,400m
8.15pm Handicap (TB) Dh 82,500 (D) 1,400m
8.50pm Rated Conditions (TB) Dh 120,000 (D) 1,600m
9.25pm Handicap (TB) Dh 95,000 (D) 1,200m
10pm Handicap (TB) Dh 85,000 (D) 2,000m
SCHEDULE
Thursday, December 6
08.00-15.00 Technical scrutineering
15.00-17.00 Extra free practice
Friday, December 7
09.10-09.30 F4 free practice
09.40-10.00 F4 time trials
10.15-11.15 F1 free practice
14.00 F4 race 1
15.30 BRM F1 qualifying
Saturday, December 8
09.10-09.30 F4 free practice
09.40-10.00 F4 time trials
10.15-11.15 F1 free practice
14.00 F4 race 2
15.30 Grand Prix of Abu Dhabi
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
MATCH INFO
Champions League last 16, first leg
Tottenham v RB Leipzig, Wednesday, midnight (UAE)
MORE ON IRAN'S PROXY WARS
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
more from Janine di Giovanni
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Palestine and Israel - live updates
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
WandaVision
Starring: Elizabeth Olsen, Paul Bettany
Directed by: Matt Shakman
Rating: Four stars
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.