I have to start with an apology to the citizens of Manhattan and Washington. You see, I have a problem. I am a serial eavesdropper and quite an accomplished busybody. I love other people's conversations no matter how mundane they may seem and I am good at it. I can hear an extraordinary amount of conversations simultaneously and keep track of them, I can ignore the boring ones and zero in on the saucy ones and, as the ultimate entertainment, I can relay all this to my dinner companions whilst also offering fictional backstories for the people whose privacy I am invading. Yep, I am that girl.
Anyway, after almost a month of not grasping the native language well enough to practice my above mentioned skill I WENT CRAZY in NYC and Washington! I offered advice to strangers, I made inane conversation with bagel sellers, I smiled knowingly after I listened to teenage girls describe their teenage angst in their teenage way (and then watched them scowl at me with their teenage attitude), I gave money to the destitute which I'm sure they would have preferred I just took back because then I asked them all about their lives. I was painful and I offer a humble apology but gee it felt good.
On the topic of retirement equity though, not having a language barrier also made for some really interesting meetings. I was able to built better rapport and get a lot out of each encounter.
The US political scene is so interesting at the moment and not only did I devour other people's supposedly private conversations, I also devoured the newspapers. The broad issue of gender equality is having a really polarising effect on the country as a whole but also within both major parties.
I had the unforgettable honor of attending an Emily's List function with some truly incredible women who are running for Senate seats. Their insight added a lot to my research but the function itself was interesting also to observe the tone that EL sets in the US, the way they describe their mission and how they fund raise. It was a great learning opportunity.
In Washington I spent a great afternoon with researchers from AARP and then we celebrated International Day of the Older Person (it frightens me how comfortable I felt) where I was honored to meet Professor Muhummud Yunus, the father of micro-finance. I got so much from him, including a business card and a promise to talk more.
Latin America now - big changes afoot here as the pension reform committee has just handed a report to the President. But no more conversations to eavesdrop on so I am getting a little homesick!
Wednesday 7 October 2015
Wednesday 30 September 2015
Brussels
OK, back to Starbucks for reliable WiFi!
The meetings in Brussels were extraordinary. The European Commission (The Executive Arm of the EU) has a team of talented professionals who put together a regular report on European retirement systems and apply a gender lense to the idea of "fairness". They kindly spent time with me, shared their data and their knowledge. It has given me a great deal to think about as we begin a process of examining the system in Australia. Of course, while I was in Brussels we got a new PM. It was really interesting to hear how that was reported and then discussed from an overseas perspective, more than once I had to explain how this could happen and more than once we were compared to Italy, good coffee aside I think this might be a little unfair!
One focus of the next report release from the European Commission will be the gender fairness of retirement age. The group makes recommendations about using this lever as a means of ensuring a consistent approach to the financial viability of social schemes but also examines the impact of this on different genders.
Their data was fascinating but so too was the process by which legislation is proposed through the Commission. I was completely distracted by how the whole of Brussels seems to run on these type of reports being generated, in the hope that they impact legislation.
Having come from a conference of industry professionals where there was a lot of high level discussion about the need for one European pension solution to meeting with the data professionals who are completely entrenched in the detail of the different systems it was really obvious that there is a huge gulf between the parties. Many believe this will be bridged by moving to a defined contribution system like ours - of course that would solve a portability issue but probably open up a tax arbitrage one! I do wonder though if our system is to be replicated how do the Europeans hold on to the premise of fairness? How do they account for time out of the workforce and what will become of their robust social pillars?
More to come ...!
The meetings in Brussels were extraordinary. The European Commission (The Executive Arm of the EU) has a team of talented professionals who put together a regular report on European retirement systems and apply a gender lense to the idea of "fairness". They kindly spent time with me, shared their data and their knowledge. It has given me a great deal to think about as we begin a process of examining the system in Australia. Of course, while I was in Brussels we got a new PM. It was really interesting to hear how that was reported and then discussed from an overseas perspective, more than once I had to explain how this could happen and more than once we were compared to Italy, good coffee aside I think this might be a little unfair!
One focus of the next report release from the European Commission will be the gender fairness of retirement age. The group makes recommendations about using this lever as a means of ensuring a consistent approach to the financial viability of social schemes but also examines the impact of this on different genders.
Their data was fascinating but so too was the process by which legislation is proposed through the Commission. I was completely distracted by how the whole of Brussels seems to run on these type of reports being generated, in the hope that they impact legislation.
Having come from a conference of industry professionals where there was a lot of high level discussion about the need for one European pension solution to meeting with the data professionals who are completely entrenched in the detail of the different systems it was really obvious that there is a huge gulf between the parties. Many believe this will be bridged by moving to a defined contribution system like ours - of course that would solve a portability issue but probably open up a tax arbitrage one! I do wonder though if our system is to be replicated how do the Europeans hold on to the premise of fairness? How do they account for time out of the workforce and what will become of their robust social pillars?
More to come ...!
Sunday 13 September 2015
The Netherlands
After some great meetings in Denmark I made my way to The World Pension Summit in The Hague. It was a fascinating insight into the inner workings of the European pension system - the concept of solidarity in the design of these systems is a reoccurring theme. I am worried that the more we focus on moving away from the social pillar, the more we loose sight of this progressive ideal.
In Finland for example, they hold dear to the seemingly impossible defined benefit scheme, they speak of ideology in the same sentence as investment returns - we don't do this in Australia. In Finland, if you contribute to the country through work (including periods of leave from this work) then you earn rights to a pension. Doesn't matter if you are employed casually, if you move in and out of the workforce. If you build the nation, it will look after you. This appeals to my inner communist but also it means that women are not financially disadvantaged for raising the next generation of workers.
We also heard from some emerging nation's schemes. The work done in Nigeria has been phenomenal, the system looks a lot like Australia and coverage remains a problem with a large informal labour force - the same issues exist in Latin American Countries. This means that when statistics are gathered on replacement rates (the amount that the pension compensates for the amount earned before retirement), it gives a skewed picture. Replacement rates look very high - which is great - but they are only counting those who are eligible, those who have been in formal employment for long enough to meet the high hurdles and therefore receive a pension.
Of course, women are over-represented in the informal labour force and therefore subject to higher rates of poverty in old age.
I have arrived in Brussels now, heaps of meetings over the next few days in buildings where I am required to carry my passport - exciting!
M
In Finland for example, they hold dear to the seemingly impossible defined benefit scheme, they speak of ideology in the same sentence as investment returns - we don't do this in Australia. In Finland, if you contribute to the country through work (including periods of leave from this work) then you earn rights to a pension. Doesn't matter if you are employed casually, if you move in and out of the workforce. If you build the nation, it will look after you. This appeals to my inner communist but also it means that women are not financially disadvantaged for raising the next generation of workers.
We also heard from some emerging nation's schemes. The work done in Nigeria has been phenomenal, the system looks a lot like Australia and coverage remains a problem with a large informal labour force - the same issues exist in Latin American Countries. This means that when statistics are gathered on replacement rates (the amount that the pension compensates for the amount earned before retirement), it gives a skewed picture. Replacement rates look very high - which is great - but they are only counting those who are eligible, those who have been in formal employment for long enough to meet the high hurdles and therefore receive a pension.
Of course, women are over-represented in the informal labour force and therefore subject to higher rates of poverty in old age.
I have arrived in Brussels now, heaps of meetings over the next few days in buildings where I am required to carry my passport - exciting!
M
Friday 4 September 2015
Denmark
Spent yesterday meeting with researchers from the Danish Centre for Social Research (SFI).
The Danish pension system has four parts and is, I think, much harder to figure out than the Australian one.
There is a public basic scheme. A means-tested supplementary pension benefit paid to the most financially disadvantaged. There is also a scheme based on individuals’ contribution records called the ATP. And also ... a compulsory occupational scheme negotiated as part of collective agreements.
When people take time off to have children contributions continue and are payable on the maternity / paternity leave.
Women do suffer greater instances of lower income in retirement but according to the researchers at SFI this is linked to the wage gap - sitting at 17% on average. In the case of low paid workers the pension calculations give them around 100% replacement value of their earnings pre-retirement.
It is apparently VERY unusual for women to take more than 12 months out of the workforce when having a child and most will come back to work full-time.
I can feel this in the city streets, there are as many Dads with kids and school bags on bikes as Mums. The SFI researchers were shocked at our labour force participation figures.
Over the next few days I meet with the Trade Union organisations and some journalists. Loving it so far!
M
Well done, you read through the ramblings on pensions. Your reward - photos ...
What's the story here? I had a sausage and then tried to find Princess Mary. She wasn't home at any of the castles. I thought I saw the curtains flicker at one of them but I yelled "Aussie Aussie Aussie" and didn't get a response. I'll give her a call today - maybe she was out looking for me?!
The Danish pension system has four parts and is, I think, much harder to figure out than the Australian one.
There is a public basic scheme. A means-tested supplementary pension benefit paid to the most financially disadvantaged. There is also a scheme based on individuals’ contribution records called the ATP. And also ... a compulsory occupational scheme negotiated as part of collective agreements.
When people take time off to have children contributions continue and are payable on the maternity / paternity leave.
Women do suffer greater instances of lower income in retirement but according to the researchers at SFI this is linked to the wage gap - sitting at 17% on average. In the case of low paid workers the pension calculations give them around 100% replacement value of their earnings pre-retirement.
It is apparently VERY unusual for women to take more than 12 months out of the workforce when having a child and most will come back to work full-time.
I can feel this in the city streets, there are as many Dads with kids and school bags on bikes as Mums. The SFI researchers were shocked at our labour force participation figures.
Over the next few days I meet with the Trade Union organisations and some journalists. Loving it so far!
M
Well done, you read through the ramblings on pensions. Your reward - photos ...
What's the story here? I had a sausage and then tried to find Princess Mary. She wasn't home at any of the castles. I thought I saw the curtains flicker at one of them but I yelled "Aussie Aussie Aussie" and didn't get a response. I'll give her a call today - maybe she was out looking for me?!
Thursday 27 August 2015
Getting ready to go!
Head is spinning at the moment with 'to do' lists, thoughts of packing, questions on weather and all important duty free orders.
I'll get serious soon and this is the spot I will keep you up to date on my research into the campaigns that have lead to greater equity for women in retirement.
Please follow / like / tweet / #hashtag / pin and whatever else is appropriate to say at this point (maybe ask someone under 12).
Mary
I'll get serious soon and this is the spot I will keep you up to date on my research into the campaigns that have lead to greater equity for women in retirement.
Please follow / like / tweet / #hashtag / pin and whatever else is appropriate to say at this point (maybe ask someone under 12).
Mary
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