Good News Pensions: A Global Snippet

How are pensions looking these days in different parts of the world? For some, it seems there is quite good news. In early March, Irish pensioners got some good news as their incomes were set to increase by €260 annually. The elderly have been reported to have been quite pleased by this measure set in place by Fine Gael Finance Minister, Michael Noonan and his government. And it seems like this means that Minister Leo Varadkar’s promises for pension system reformation have been fulfilled. He pointed out: “for many of these groups it represents the first increase since 2009. I appreciate that the increase is modest but it is a permanent increase and certainly a step in the right direction.”

Pakistani pensioners might be just as pleased. There, the Dearness Allowance (DA) (the living adjustment allowance paid to Government employees, Public sector employees (PSU) and pensioners in Pakistan, Bangladesh and India) increased from 2 to 4 percent, backdated to January 1, 2017. But for pensioners it’s even greater. According to a statement in The Tribune, backdated from July 2016, there will be an increase of 3 per cent DA for regular employees and pensioners.

And then in Holland as well, Dutch pensioners are reaping some quite attractive benefits. It has been noted by the CBS that within the last two decades, pensioner income has increased more than average (globally) and that in Holland, the elderly population are more likely to be home owners. However, they are dealing with greater debts. Still, with around 30% greater pension than at the end of the 21st century, things are pretty good. According to Peter Hein van Mulligen, Chief Economist at CBS, “pensioners have never had it as good as they do now and poverty among this group is at a historic low.”