Come2Upper Austria’s Post

Populations age, and this results in a growing imbalance between workers and retirees. Too many people save too little for retirement. Labour markets evolve. In this context, how can we ensure a decent quality of life to all Europeans in retirement? The question is more urgent than ever. And it was the focus of #EuropeanRetirementWeek, which concludes today. During this fourth edition, I was delighted to welcome a delegation from the European Youth Parliament (EYP). It was especially meaningful to hear the perspectives of young people on this important topic.  In our discussions, we explored key recommendations from our #InsuranceMatters manifesto. This includes making sure that regulations help insurers play their role as protectors, raising awareness, and exploring the potential of tax incentives and auto-enrollment, where appropriate. We also exchanged on whether the Pan-European Pension Product or a European label are part of the way forward for Europe. Thank you to Petra Hielkema (she / her), European Insurance and Occupational Pensions Authority (EIOPA), Mario Nava and Marcel Haag, European Commission, for joining the launch event. And to Sara Gulbjørnrud Huseby, European Youth Parliament (EYP), Laurent Doubrovine, Chair of our Personal Insurance Committee and Fabiana Pierini, European Commission, who joined our Insurance Europe event. And thanks to all our participants and partner associations - until next year! AFME (Association for Financial Markets in Europe) AGE Platform Europe BETTER FINANCE - European Federation of Investors and Financial Services Users CBBA-Europe AEIP - European Association of Paritarian Institutions European Banking Federation EPRA (European Public Real Estate Association) EFAMA Invest Europe PensionsEurope ETS - European Tracking Service on Pensions Federation of European Securities Exchanges INREV PensionsEurope  If you missed it, read our joint pension policy recommendations: https://lnkd.in/ent_kEhZ

This should be an excellent and timely follow-up to EFAMA's Investment Management Forum last week. That raised a number of practices that deserve wider consideration: tax incentives is just one, along with educating people from an early age about the benefit of investing for their own retirements, supplementing public pensions ... otherwise we'll leave it to the finfluencers to hawk crypto speculation.

Our latest white paper delves into the pressing issues and potential reforms for Vietnam's pension system. Despite a robust working population of 51.7 million, there's a significant disparity in the number participating in the mandatory social insurance, with current pensions failing to provide for a comfortable retirement. We explore the introduction of Voluntary Supplemental Pension Funds as a solution to increase participation to the government's target of 60% by 2030. However, challenges such as limited tax incentives and mandatory low-yield investments hinder their potential. Drawing on international examples, the paper recommends enhancing tax benefits and investment flexibility to strengthen the pension framework, ensuring sustainable retirement security for Vietnam’s aging population. #PensionReform #VietnamEconomy #FinancialSecurity #DragonCapital

Propose to soon regulate pension benefits for people over 75 years old The National Assembly's Social Committee proposes regulating new social pension benefits, including monthly benefits, funeral cost support, and health insurance, for people over 75 years old who do not receive pensions. The proposed benefits are expected to be implemented from July 1, 2025, with the government adjusting the content in detail depending on economic conditions. The Social Committee also recommends periodic reviews and raises of the standard social allowance level to ensure a minimum living standard for people in difficult circumstances. The aim is to increase security coverage for the elderly, with a target of 55% coverage by 2025 and around 60% by 2030. #AsiaRisk #Regulation #Vietnam Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gzPFvqVP

Save the date in you agenda, the 8th of October in Brussels. Among the many topics related to employee benefits, we will be talking about mental health. Workplace Options #mentalhealth

Read this interesting article on SeraAI: Appeal Against Pension Reduction for a Retiring Senior Medical Officer https://lnkd.in/gA-CURvr #SeraphicAdvisors #SeraAI #SupremeCourt #India #appeal #pension #reduction

How to transform a blog post into coverage? Blog posts can be a great source of inspiration and information for your next Digital PR campaign. Here’s how you can turn them into coverage: 1. Identify quantitative data Look for interesting internal data provided by your client. Journalists are always on the lookout for data-driven stories. For example, our client’s internal data revealed there are €500 million in unclaimed pension benefits across Ireland. 💶 2. Tie it to current events Always ask yourself why a journalist should care about this story. Try to connect your story to a current event or trending topic. 📈 In our case, the new auto-enrolment pension system is a hot topic in the Irish media. We discussed the importance of not neglecting the pensions you have already set up in your previous job(s). New things pop-up all the time but it’s important to work with what you already have to maximise its return. 3. Offer a unique perspective Leverage your client’s expertise. During our chat with the client, we found that the main issue is the lack of a centralised platform in Ireland for tracing pension entitlements. We turned this finding into a compelling quote and offered practical tips for tracing pensions, which can be done in just an hour. The Result? We got our client a beautiful piece of coverage in The Irish Times. 👇🏼 #DigitalPR #DigitalPRtips

As we navigate the complexities of the modern workforce, the evolving nature of pensions is a critical topic that often gets overlooked in broader discussions. My colleague Joachim Schuller and I had the pleasure of interviewing Franz Schellhorn, Director of Agenda Austria, an independent Austrian think-tank which analysis economic and socio-political questions and develops appropriate solutions, to explore how Austria’s pension system is poised to face future challenges and how it can learn from the successes of other countries.   One of the striking points we discussed was the lack of dialogue around pension reform in the upcoming election campaigns. With demographic shifts and economic pressures mounting, it's more important than ever to address these issues head-on.   We also discussed the difference in pension structures between Austria and other European countries, highlighting key lessons we could adopt. The conversation expanded into the importance of company pension schemes, the potential benefits of a flexible retirement age, and how these could be aligned with the ongoing debate around a 4-day working week.   I’d like to extend my heartfelt thanks to Franz Schellhorn for sharing his invaluable insights with us. I encourage you all to read the full interview on our HORIZON platform, where we delve deeper into what these changes mean for the future of our society. #PensionReform #FutureOfWork #Leadership

Rethinking the approach to tackling Europe’s pressing #pension challenge, by Laurent Doubrovine Insurance Europe’s 2023 Pension Survey confirmed that over a third of Europeans are not saving for their retirement. Without sufficient savings, individuals may face financial insecurity during retirement resulting in a reduced quality of life or inability to afford healthcare costs. An excessive reliance on social welfare may put undue pressure on public finances, especially during a time of increasing ‘age dependency ratio’. With a new European Commission about to take office, now it is time for a critical reflection on how Europe can contribute to addressing the situation. The pension challenge has reached a critical juncture. In addition to demographic changes and the dwindling ratio of active population to retirees, the labour market is undergoing profound changes. Non-linear careers are becoming more frequent, linked to the clear shift towards more service-oriented economies and new types of employment. The demographic changes in combination with evolving labour market realities are having a strong impact on both pension contributions and the stability of funding sources. There is no silver bullet to solving the pension challenge, so it needs a range of different measures. One thing is clear: people will need to save more to have a comfortable living standard after retiring. The insurance industry can contribute to this objective as life insurers are major providers of both occupational and personal pensions, thereby complementing state-funded pensions. #InsuranceMatters #IDOP2024 #InternationalDayOfOlderPersons Read on for the full opinion piece: https://lnkd.in/emtYSdfJ

Something that has come up for a lot of our clients recently is how they can find out about their entitlement to the UK State Pension and how the voluntary NI contributions work. You should consider which option is the right move for you so it is worth having a discussion with a qualified advisor. Feel free to reach out to set up a consultation with one of our senior advisors. #UKPension #Financialplanning #Wealthmanagement