韩联社强调，韩国养老金领取年龄自1998年改革后持续延后，2023年由62岁提至63岁，"收入空白期"直 接催生了提前申领热潮。国民年金研究院调查显示，"筹措生活费"恰恰是多数申请者的核心诉求。 韩国医保制度调整的影响同样突出。2022年9月起，韩国医保补助资格的年收入门槛从3400万韩元降至 2000万韩元，月收入超167万韩元即失去资格，并需转为地区参保。为避免加重医保缴费负担，不少退 休者宁愿提前领取较低额度的养老金。 【环球时报驻韩国特约记者 黎枳银】据韩联社9日报道，韩国提前申领国民年金（养老金）的人数已破 100万，这一数据折射出退休群体正受"收入悬崖"、医保制度调整等因素冲击，被迫提前支取养老金筹 措生活费的现状。 韩国国民年金公团数据显示，2025年7月提前领取人数为100.07万人，系该制度自1988年落地以来首次 突破百万关口。从性别分布看，男性领取者达66万人，规模约为女性的两倍。按照韩国相关规定，提前 领取养老金最多可比法定年龄早5年，但每提前1年将扣减6%的额度，提前5年仅能领取原额度70%。尽 管存在权益损失，部分退休群体仍需要靠提前支取来缓解退休后的收入中断问题。 选择提前领取的 ...

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【12月5日，欧洲国家考虑缩短举债期限】因荷兰养老金系统改革，对较长期债券需求减少，欧洲国家 考虑缩短举债期限。若欧元区采用较短期融资策略，将效仿英国和日本做法。 潜在变化源于荷兰养老 基金未来两年转向固定缴款模式，超长期债券购买量或下降，因其无需再匹配资产与负债。欧洲央行数 据显示，荷兰养老金持有的主权债在地区养老金机构此类持仓中占比约65%。 ...

智利《三点钟报》11月27日报道，据经合组织最新报告，智利通过实质性养老金改革 使关键指标显著接近组织平均水平。在针对平均收入劳动者的净替代率排名中，智利 从2023年的第28位跃升至第19位。智利男性劳动者净替代率从2021年的38.5%升至当前 61.3%，女性从35.4%升至61.1%，与经合组织男性女性平均水平仅差2个和1个百分点。 改革通过大幅提高强制缴费率（从1.5%逐步增至2033年的8.5%）强化了普惠性保障， 既改善低收入群体和女性退休者待遇，又通过定义缴费制提升未来养老金水平。 （原标题：经合组织2025年报告肯定智利养老金改革成果） ...

Core Viewpoint - The reform of Germany's pension system is currently stalled, facing significant debate and opposition due to its implications for fiscal sustainability and intergenerational equity [1][4]. Group 1: Pension Reform Details - The new pension proposal includes measures for "welfare protection" and "labor incentives," with the core provision extending the "pension level floor" until 2031, ensuring that the replacement rate does not fall below 48% [2][3]. - The government estimates that maintaining this minimum replacement rate will cost federal finances significantly, starting at €3.6 billion in 2029 and escalating to €11 billion by 2031 [3]. - The "mother's pension III" provision extends childcare credits for parents of children born before 1992, resulting in an additional annual expenditure of approximately €5 billion, fully funded by the state [2]. Group 2: Economic Implications - The proposal's reliance on tax subsidies to maintain a fixed replacement rate is criticized for shifting the financial burden onto younger contributors and potentially creating long-term fiscal risks [4][5]. - The "active pension" policy allows retirees to work while receiving full pensions, with a tax exemption on earnings up to €2,000 per month, expected to reduce tax revenue by about €890 million annually [2][5]. - Critics argue that this policy may not effectively increase labor participation, as it primarily benefits those already inclined to work, rather than attracting new labor [5][6]. Group 3: Broader Context and Comparisons - Germany's demographic challenges are not unique, as the EU faces similar issues, with the old-age dependency ratio projected to exceed 50% by 2050 [7]. - Other European countries are implementing various strategies to address aging populations, such as raising retirement ages and linking pensions to life expectancy, with examples from Spain and France [8].

Core Insights - Traditional defined benefit pensions are declining, with employers shifting the responsibility of saving and investing onto employees [1] - An increasing number of public-sector pension plans are adopting risk-sharing designs, with approximately half of state and local government workers covered by such plans [2] Summary by Sections - **Evolution of Pension Plans** - Risk-sharing features in pension plans gained traction after funding declines post-financial crisis, with a notable increase from 34 plans in 2007 to 80 plans by 2014 [3] - As of 2025, 108 state and local pension plans incorporate risk-sharing, covering about 55% of active members, although this may overstate the actual impact on workers [4] - **Methods of Risk Sharing** - A plurality of plans utilize COLA-based risk sharing, adjusting cost-of-living increases based on pension performance and funded ratio [5] - Some plans only provide COLAs from "excess return" accounts, while others link increases directly to the funded ratio or recent investment returns [6] - Variable employee contributions are another common method, allowing worker contributions to fluctuate based on funding needs, which can affect take-home pay [7] - A hybrid approach is also prevalent, combining a smaller traditional pension with defined contribution or cash balance plans to limit employer exposure to risks [8]

Core Viewpoint - OMERS is restructuring its private equity division by eliminating its Asian acquisition team, indicating a strategic reassessment of its operations in the region [1] Group 1: Strategic Changes - The decision to dissolve the Singapore-based private equity team will take effect on December 31 [1] - OMERS maintains that the Asia-Pacific region remains a core geographical area in its global investment strategy [1] Group 2: Commitment to the Region - Despite the adjustments to the local team, OMERS has reaffirmed its commitment to pursuing suitable opportunities in the Asia-Pacific region [1]

Core Viewpoint - The UK government announced the formation of an investment alliance called "Sterling20," consisting of 20 major pension funds and insurance institutions, aimed at promoting economic growth across England, Scotland, Wales, and Northern Ireland [1] Investment Initiatives - The investment alliance will mobilize billions of pounds into the UK's "Build Back Better" plan, focusing on affordable housing, improving broadband in remote areas, supporting high-growth industries such as artificial intelligence and fintech, and playing a key role in infrastructure and regional business expansion [1] Institutional Commitments - Legal General Group has committed to invest approximately £2 billion (about 191 billion RMB) by 2030 to support the construction of around 10,000 affordable housing units and create approximately 24,000 jobs [1] - The UK National Employment Savings Trust has pledged to invest £500 million (about 47 billion RMB) in the UK private market, with £100 million (about 9.5 billion RMB) expected to be allocated for domestic investments in the coming years, alongside increased funding for broadband projects in Scotland and Northern England [1] Government Perspective - The UK Chancellor of the Exchequer, Reeves, stated that this initiative is a crucial step in revitalizing construction in the UK by bringing together savings, investors, and regional strengths to expand housing, infrastructure, and industries nationwide, thereby creating quality jobs [1] Economic Strategy - Analysts view this action as a significant step in the UK government's "regional economic rebalancing" strategy, opening new long-term investment channels for pension funds and providing new infrastructure construction and investment opportunities for various regions, which is expected to boost local employment, enhance regional development levels, and strengthen the overall economic recovery of the UK [1]

Core Points - The German federal cabinet approved a draft law to introduce an "active pension" plan starting January 1, 2026, aimed at addressing the shortage of skilled workers in Germany [1][2] - The plan allows employees to earn up to €2,000 per month tax-free if they continue working past the standard retirement age, which is gradually increasing to 67 years [1] - The government estimates that approximately 168,000 employees will benefit from this policy [1] Financial Implications - The annual tax exemption cost of the "active pension" plan is estimated at €890 million, to be shared equally between the federal and state governments, with the remaining portion allocated to municipal governments [2] - The German Institute for Economic Research (DIW) suggests that the policy could generate additional revenue for the state amounting to several hundred million euros annually as it develops [2] Industry Reactions - The German Employers' Association (BDA) criticized the plan, stating that the government is simultaneously encouraging longer work hours while allowing for early retirement without penalties [2] - The German Trade Union Confederation (DGB) expressed concerns that the plan could cost billions without effectively addressing existing issues [2] - Despite criticisms, both the coalition parties and the Social Democratic Party are optimistic about the draft law's approval and its potential implementation by early 2026 [2]

Core Insights - The Chinese Securities Regulatory Commission (CSRC) is accelerating investment reforms to establish a "long money long investment" policy framework, with significant achievements in promoting long-term capital into the market as of August 2023 [1][4] Group 1: Investment Reforms - The CSRC has implemented a comprehensive fee reduction reform in the public fund industry, achieving a significant breakthrough with a three-phase fee reduction plan that has been fully rolled out [2] - The third phase of the fee reduction reform is expected to save investors approximately 30 billion yuan annually, with an overall reduction of about 34% in sales fees [2] - Cumulatively, the three phases of the public fund fee reform are projected to save investors around 51 billion yuan each year, exceeding the initial reduction targets [2] Group 2: Public Fund Industry Growth - The public fund industry in China has reached a record high, surpassing 35 trillion yuan by the end of August 2023, indicating its growing importance in the capital market [3] - The successful implementation of the fee reduction reform marks a new phase of high-quality development for the public fund industry [3] Group 3: Long-term Capital Investment - Long-term capital plays a crucial role in stabilizing the market and mitigating short-term volatility, with a reported increase of 6.4 trillion yuan in the A-share market's circulating value held by various long-term funds, representing a year-on-year growth of 42.7% [4] - As of August 2023, various long-term funds collectively held approximately 21.4 trillion yuan in A-share circulating market value [4] Group 4: ETF Development - The CSRC has proposed establishing a fast-track approval process for ETF index funds to enhance the scale and proportion of equity funds, with ETF assets exceeding 5 trillion yuan by August 2023 [5] - The development of innovative ETF products has catered to diverse investment needs, contributing to the high-quality growth of the industry [5] - Central Huijin has significantly increased its holdings in ETFs, with a total value of 1.28 trillion yuan by mid-2025, accounting for nearly 30% of the total ETF market [5]

Group 1: Market Reactions - The European financial market experienced a significant crisis on September 2, with the British pound dropping 1.52% and the German DAX index falling over 2% [1][2] - The UK 30-year government bond yield surged to 5.69%, the highest since 1998, while France's 30-year yield exceeded 4.5%, marking a peak not seen since 2011 [2] - The US market also faced pressure, with major indices declining and the 30-year Treasury yield approaching 5%, indicating a sharp drop in investor risk appetite [3] Group 2: Fiscal Sustainability Concerns - The core driver of the market turmoil is deep concern over fiscal sustainability, with proposals for a windfall tax on bank reserves and new tax measures raising doubts about the UK's fiscal outlook [2] - Analysts warn of a vicious cycle where debt concerns lead to rising yields, further deteriorating debt dynamics [2] - The challenge for European countries is to balance spending pressures from geopolitical security and economic recovery with maintaining debt sustainability [2] Group 3: Structural Changes and Policy Challenges - Structural factors, such as the reform of the Dutch pension system, are reshaping the European bond market, with younger members directed towards riskier assets and older members shortening their duration hedges [4] - The European Central Bank faces limited policy space due to rising inflation, with August's inflation rate in the Eurozone at 2.1%, exceeding market expectations [4] - ECB Executive Board member Schnabel indicated that inflation risks are skewed to the upside, complicating the central bank's response to economic growth and inflation pressures [4] Group 4: Long-term Market Volatility - The current financial market turmoil reflects the fiscal policy dilemmas faced by European countries and highlights the limitations of traditional monetary policy tools amid increasing global economic uncertainty [5] - As debt burdens rise and geopolitical risks escalate, the global financial market may face prolonged volatility, necessitating investor preparedness for this "new normal" [5]