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In Asia-Pacific, Filipinos enjoy pension amounts that are closest to their pay before retiring, according to the Organization for Economic Cooperation and Development (OECD). In its Pensions at a Glance Asia/Pacific 2024 report published on Dec. 6, the OECD said that at 72 percent, the Philippines has the region's highest future gross replacement rate. The report defines the future gross replacement rate as "the level of pension benefits in retirement from mandatory public and private pension schemes relative to earnings when working," usually computed using the last five years of career salaries. "For average earners with a full career from age 22, the future gross replacement rate at the normal retirement age averages 49.4 percent for men and 45.3 percent for women in Asian economies," the OECD noted. Retirement among employees in the Philippines starts at age 60. In the case of full-career Filipino male workers, the replacement rate is 72 percent, also topping the region. For "high earners" who get paid twice more than the country's wage average, they receive pensions with a replacement rate of 73 percent, exceeding the 59 percent in China and Vietnam. As for the net pension replacement rate, which, for the OECD, "matters more to individuals, as it reflects their disposable income in retirement in comparison to when working," Philippine pensioners also enjoy more than their regional peers. "The net replacement rate for workers earning 200 percent of the average is highest in the Philippines," the OECD report said. It helps that "in Hong Kong, Malaysia, the Philippines, Singapore, Sri Lanka and Thailand, pension income is neither liable for taxes nor social security contributions," the report pointed out. Filipino retirees' so-called gross pension wealth—which the OECD defines as "relative to individual earnings before retirement, measures the total discounted value of the lifetime flow of all retirement incomes in mandatory pension schemes at retirement age" -- at 10 times is comparable to those in Singapore, Thailand as well as Vietnam. However, the OECD cited that the Philippines has no valorization rule, wherein such a rate is applied to past earnings taking into account living standard changes between the time that pension rights accrued and when they are claimed. Also, "at the average-wage level, the highest future effective annual accrual rate of 1.9 percent is in the Philippines," the report added. Across Asia-Pacific, the report cited that only the Philippines has contribution-based basic and minimum pensions, with up to 56 percent of pensioner-recipients in the country regularly claiming their retirement benefits. Pension coverage in the country is also among the highest in the region. "Only the Philippines and Singapore along with Hong Kong have coverage above 50 percent for the population measure and over 80 percent for the labor force," the OECD noted, referring to the mandatory Social Security System (SSS) coverage for private-sector workers, which in 2021 had nearly 40.5 million members representing 55.5 percent of the population aged 15 to 65 and 92.4 percent of labor force. Based on 2024 estimates, life expectancy in the country stood at 77.6 years among men and a higher 80.4 years for women. Amid population ageing across the region, the OECD flagged the declining fertility rate in the Philippines, which at 1.9 this year from 3.53 in 2004 meant a 46-percent drop during the past two decades—the fastest fall in Asia-Pacific. "Low fertility rates have wider social and economic consequences. The old-age to working-age ratio will increase sharply, placing additional burdens on the working-age population to finance pay-as-you-go pensions and healthcare for older people. Moreover, the workforce will also age over time and so might be less adaptable to technological change," the OECD explained. In terms of the demographic old-age to working-age ratio, the report noted that "both Asian economies and OECD countries have seen prolonged increases in life expectancy that most analysts project to continue, implying an increasing number of older people and most likely of pensioners, too." The Philippines and Pakistan nonetheless have relatively young populations, with old-age to working-age demographic ratios of just 9.7 and 8.8, respectively, compared to Hong Kong's 36, Thailand's 24, China's 23.1, Sri Lanka's 20.9, and other Asia-Pacific nations' above 10. "In the second half of this century both of these countries are expected to remain considerably younger than the other economies, at 12.5 in Pakistan and 19.9 in the Philippines," the OECD said.NoneHeadline: 'GOP Senator Releases Shocking Report on Telework Abuse by Federal Employees'
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Gaetz withdraws as Trump's pick for attorney general, averting confirmation battle in the Senate WASHINGTON (AP) — Matt Gaetz has withdrawn as Donald Trump’s pick for attorney general following scrutiny over a federal sex trafficking investigation. The Florida Republican made the announcement Thursday. Gaetz’s withdrawal is a blow to Trump’s push to install steadfast loyalists in his incoming administration and the first sign that Trump could face resistance from members of his own party. Trump said in a social media post that Gaetz “did not want to be a distraction for the Administration.” Gaetz said “it is clear that my confirmation was unfairly becoming a distraction to the critical work" of the transition team. He added, “There is no time to waste on a needlessly protracted Washington scuffle.” Javascript is required for you to be able to read premium content. Please enable it in your browser settings. Get any of our free email newsletters — news headlines, obituaries, sports, and more.
By KAREEM CHEHAYEB BEIRUT (AP) — In 2006, after a bruising monthlong war between Israel and Lebanon’s powerful Hezbollah militant group, the United Nations Security Council unanimously voted for a resolution to end the conflict and pave the way for lasting security along the border. But while there was relative calm for nearly two decades, Resolution 1701’s terms were never fully enforced. Now, figuring out how to finally enforce it is key to a U.S.-brokered ceasefire deal approved by Israel on Tuesday. In late September, after nearly a year of low-level clashes , the conflict between Israel and Hezbollah spiraled into all-out war and an Israeli ground invasion . As Israeli jets pound deep inside Lebanon and Hezbollah fires rockets deeper into northern Israel, U.N. and diplomatic officials again turned to the 2006 resolution in a bid to end the conflict. Years of deeply divided politics and regionwide geopolitical hostilities have halted substantial progress on its implementation, yet the international community believes Resolution 1701 is still the brightest prospect for long-term stability between Israel and Lebanon. Almost two decades after the last war between Israel and Hezbollah, the United States led shuttle diplomacy efforts between Lebanon and Israel to agree on a ceasefire proposal that renewed commitment to the resolution, this time with an implementation plan to try to bring the document back to life. In 2000, Israel withdrew its forces from most of southern Lebanon along a U.N.-demarcated “Blue Line” that separated the two countries and the Israeli-annexed Golan Heights, which most of the world considers occupied Syrian territory. U.N. peacekeeping forces in Lebanon, known as UNIFIL , increased their presence along the line of withdrawal. Resolution 1701 was supposed to complete Israel’s withdrawal from southern Lebanon and ensure Hezbollah would move north of the Litani River, keeping the area exclusively under the Lebanese military and U.N. peacekeepers. Up to 15,000 U.N. peacekeepers would help to maintain calm, return displaced Lebanese and secure the area alongside the Lebanese military. The goal was long-term security, with land borders eventually demarcated to resolve territorial disputes. The resolution also reaffirmed previous ones that call for the disarmament of all armed groups in Lebanon — Hezbollah among them. “It was made for a certain situation and context,” Elias Hanna, a retired Lebanese army general, told The Associated Press. “But as time goes on, the essence of the resolution begins to hollow.” For years, Lebanon and Israel blamed each other for countless violations along the tense frontier. Israel said Hezbollah’s elite Radwan Force and growing arsenal remained, and accused the group of using a local environmental organization to spy on troops. Lebanon complained about Israeli military jets and naval ships entering Lebanese territory even when there was no active conflict. “You had a role of the UNIFIL that slowly eroded like any other peacekeeping with time that has no clear mandate,” said Joseph Bahout, the director of the Issam Fares Institute for Public Policy at the American University of Beirut. “They don’t have permission to inspect the area without coordinating with the Lebanese army.” UNIFIL for years has urged Israel to withdraw from some territory north of the frontier, but to no avail. In the ongoing war, the peacekeeping mission has accused Israel, as well as Hezbollah , of obstructing and harming its forces and infrastructure. Hezbollah’s power, meanwhile, has grown, both in its arsenal and as a political influence in the Lebanese state. The Iran-backed group was essential in keeping Syrian President Bashar Assad in power when armed opposition groups tried to topple him, and it supports Iran-backed groups in Iraq and Yemen. It has an estimated 150,000 rockets and missiles, including precision-guided missiles pointed at Israel, and has introduced drones into its arsenal . Hanna says Hezbollah “is something never seen before as a non-state actor” with political and military influence. Israel’s security Cabinet approved the ceasefire agreement late Tuesday, according to Prime Minister Benjamin Netanyahu’s office. The ceasefire is set to take hold at 4 a.m. local time Wednesday. Efforts led by the U.S. and France for the ceasefire between Israel and Hezbollah underscored that they still view the resolution as key. For almost a year, Washington has promoted various versions of a deal that would gradually lead to its full implementation. International mediators hope that by boosting financial support for the Lebanese army — which was not a party in the Israel-Hezbollah war — Lebanon can deploy some 6,000 additional troops south of the Litani River to help enforce the resolution. Under the deal, an international monitoring committee headed by the United States would oversee implementation to ensure that Hezbollah and Israel’s withdrawals take place. It is not entirely clear how the committee would work or how potential violations would be reported and dealt with. The circumstances now are far more complicated than in 2006. Some are still skeptical of the resolution’s viability given that the political realities and balance of power both regionally and within Lebanon have dramatically changed since then. “You’re tying 1701 with a hundred things,” Bahout said. “A resolution is the reflection of a balance of power and political context.” Now with the ceasefire in place, the hope is that Israel and Lebanon can begin negotiations to demarcate their land border and settle disputes over several points along the Blue Line for long-term security after decades of conflict and tension.
