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 Geplaatst: 25-07-2018 08:07:32 Onderwerp: "The threat |
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David Dodge puma suede heart satin rose pas cher , former governor of Bank of Canada and former deputy finance minister, speaks at a panel of "Talking Economics" at the Canadian Embassy in Beijing on Nov. 18, 2015. (Photo: ECNSQian Ruisha)
By the year 2050, the population aged 60 or over is projected to reach nearly 2 billion, or more than 1 in every 5 persons. The ratio of working force to the retired will drop to under 2 in Europe, 3 in Northern America and under 4 in Asia puma suede heart satin rose , according to United Nations statistics.
As the world's aging problem intensifies, a revamp of the retirement income and health care systems is urgently needed to save enough for retirement, said David Dodge, Canadian economist, former governor of Bank of Canada and former deputy finance minister.
Dodge was invited by the Canadian Embassy in Beijing to speak at a panel of the "Talking Economics" series on Wednesday.
A multi-pier retirement income system is key to securing enough for old age
"A pure pay-as-you-go system will create social tension and impede growth as it requires very high payroll taxes when the dependency ratio becomes high," Dodge said. "If we rely entirely on saving for funded systems puma suede heart satin noir pas cher , however, that would discourage consumption and restrain growth."
Canada has a four-pier retirement income operatus, namely the public pension system, Canada Pension Plan and the Quebec Pension Plan, employer-sponsored pension plans and private savings.
The first pillar is mainly for the poor. Canadian citizens or legal residents who have lived in Canada for more than 10 years after turning 18, and who are 65 or older may be eligible to receive Old Age Security.
The second pillar is a monthly benefit plan for those who contribute based on earnings to the Canada Pension Plan puma suede heart satin noir , and is mainly for low and middle income earners. The third pillar of funded private plans is for middle income earners alone.
China is trying to transition the defined benefit, pay-as-you-go system to a multi-pillar model, while incorporating all enterprise and self-employed workers in cities and towns. But the system still suffers from a low contribution rate, low coverage and low return on investment.
"To encourage higher contribution we need to make people fear that if they don't save enough, they won't have enough money when they get old," Dodge said puma suede heart satin gris , adding that it took Canada a decade to reform its retirement income system in 1997.
China's second-child policy may have little immediate impact
In its 13th Five Year Plan released in late October, China removed restrictions on having a second child for all couples. The move is seen as an effort to counter the aging population. But Dodge said he's not sure if the policy could yield a much higher fertility rate.
"China is having policies like Western countries did, but I don't think they could have much impact," Dodge said. "Fertility will still be lower than the replacement rate. History tells us that when we're rich and we create opportunities for women, the fertility rate lowers."
Dodge said it's important that China mulls later retirement ages.
"People are healthier and need to work longer, so facilitating employment in the 60s or even 70s is important both for employers and skilled workers."
Nations will need a health care overhaul
Population aging will contribute to a rise in health care and long-term care spending over the next 30 years. According to Dodge puma suede heart satin gris pas cher , among major economies, the rise would be largest for China.
"When you have a young population, what you need is mostly acute care – how to get them back to work quickly. When you have a large fraction of population over 70 you have to deal with chronic care," Dodge said.
He added that many countries including Canada and China will thus need an overhaul in the health care sector.
"The sort of facility we need, where we locate them and how we train health care providers – these mean enormous change in health care infrastructure. Today the doctor of the specialist is king, but in the future the ordinary personal workers like nurses will be most important."
In Canada puma suede heart satin gris femme , elderly care consists of nearly half the country's total health care spending. Dodge said that China has more time than Canada but would face exactly the same problem in years.
Dodge also urges more emphasis on "care at home," such as accessible housing and home care services.
U.S. President Barack Obama speaks about counter-terrorism and the United States fight against Islamic State during an address to the nation from the Oval Office of the White House in Washington
WASHINGTON - President Barack Obama vowed on Sunday to hunt down anyone plotting militant attacks against the United States as he sought to reassure Americans after a deadly California shooting rampage that has raised new questions about U.S. defences against homegrown extremism.
In a rare Oval Office address, Obama tried to counter mounting criticism he has not acted decisively enough to keep the United States safe from the Islamic State militant group, but he stopped short of offering any major shift in his strategy.
"The threat from terrorism is real but we will overcome it," Obama said in a nationally televised speech.
Obama spoke just four days after U.S.-born Syed Rizwan Farook, 28 puma suede heart satin femme pas cher , and his Pakistani wife, Tashfeen Malik, 29, opened fire on a holiday party for civil servants in San Bernardino, California, killing 14 people. The pair were killed hours later in a shootout with police.
Obama condemned the attack as "an act of terrorism designed to kill innocent people puma suede heart satin pas cher ," but also called it a "new phase" in the fight against Islamist militancy.
The FBI is investigating the paramilitary-style attack as inspired by Islamic State, which controls swaths of Syria and Iraq and has shown an expanded reach beyond its Middle East stro
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