'Not A Schoolchild': Slovakia PM Robert Fico Bashes Merz Over EU Fund Cut Threat
After German Chancellor Friedrich Merz threatened European Union states resisting the power bloc's policies on Russia with "financial consequences", Slovakia's prime minister Robert Fico hit back. In a fierce counter to Merz, Fico said that Slovakia was not a "schoolchild" and its sovereign position stemmed not from vanity but based on national interests.
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Time of India
27 minutes ago
- Time of India
Retirement in Europe: How long will we have to work?
Representative image (AI) On May 22, the Danish parliament passed legislation raising the retirement age. The law, approved by 81 lawmakers with 21 voting against, sets the retirement age at 70 for all citizens born after December 31, 1970. Currently, the retirement age in Denmark is 67. By 2030, it will rise to 68, and by 2035 to 69. Last year, 47-year-old Social Democratic Prime Minister Mette Frederiksen stated that she would be open to reviewing the system once the official retirement age reached 70. International comparisons show just how differently retirement ages are regulated. In some countries, people continue to work even longer than they are legally required to. Will Germany follow Denmark's lead? Germany's new government is still trying to figure out how to deal with the country's struggling statutory pensions system. At a party convention of the ruling Christian Democratic Union (CDU) in Stuttgart recently, Germany's new chancellor, Friedrich Merz, praised himself and his Social Democratic coalition partner for having "written many good things into the coalition agreement" — the key issue of how to shore up the finances of the chronically underfunded pension system, however, isn't among them. Merz warned that "the way things are today can only last for a few more years at most." For Bernd Raffelhüschen, a former government economic advisor, the Danish reform effort is worth emulating. "We should raise the retirement age to 70 quickly so we can still catch at least part of the baby boomer generation," the economist told the Augsburger Allgemeine newspaper recently, referring to the large cohort of people born at the end of the 1950s and early 60s, who are currently retiring in huge numbers. Raffelhüschen said that because 1 million Germans will be leaving the workforce every year until 2035, this would push pension contributions higher for younger generations. Beveridge vs. Bismarck Pension financing in Europe follows two main models named after their founders: the Bismarck model, based on social legislation introduced by German Chancellor Otto von Bismarck in the 19th century, and the Beveridge model, developed in the 1940s. The Beveridge system is a welfare model that provides universal coverage and is tax-funded. It was devised by British economist William Henry Beveridge, a member of the UK Liberals' parliamentary faction. The Bismarck model, on the other hand, is an insurance-based system in which both workers and employers pay into a fund. In simplified terms, it's a so-called pay-as-you-go system where the working population finances the pensions of retirees through their contributions. This is why comparing pension systems across Europe is difficult — even more so as many countries use hybrid models combining aspects of both. The specifics, often complex, also vary widely between nations. Demographics, and the benefits of working longer — or shorter Germany's Bismarck-based system is increasingly under strain due to demographic changes. As the population ages and the workforce shrinks, there are more retirees and fewer people to fund the social insurance schemes. At the same time, people are living longer due to rising life expectancy, which means they draw pensions for more years. This puts mounting pressure on pay-as-you-go pension funds, with the result that either contributions must keep rising, or pension benefits may stagnate, failing to keep up with inflation. Alternatively, the overall pension level may have to drop Of course, a shorter working life and earlier retirement are appealing for most people as they can leave work before their physical capabilities decline and use the final third of their lives for meaningful activities or more time with family. There are also economic benefits, as more leisure time creates more opportunities to spend money, thus stimulating consumer demand and the broader economy. But working longer can also have advantages. Many people feel fit and engaged well into their 60s so that they may enjoy continuing to work, pass on their knowledge, and value interaction with younger colleagues. Employers benefit from retaining experienced staff and established routines, which may also help to mitigate the skilled labor shortage in Germany. Retiring a personal decision Looking at international statistics reveals that legal retirement age rarely aligns with when people actually stop working. In most cases, people retire earlier because their bodies can't keep up, or in creative professions, because of burnout. In a few countries like New Zealand, Japan, Sweden, or Greece, people often work beyond the official retirement age. Whether they do so voluntarily is unclear. The reasons are often too personal to be captured by statistics.\ The so-called gross replacement rate — the ratio of pension benefits to the final salary — plays a major role in people's decisions. If that gap is too wide, some workers can't afford to retire. The threat of old-age poverty could be reduced if pensions were high enough to provide financial security after a long career. But that would require money that the pension system currently lacks. On the other hand, raising contribution levels too much would limit workers' ability to save privately for retirement.
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Business Standard
38 minutes ago
- Business Standard
All-party team in Latvia to affirm India's zero tolerance on terrorism
An all-party parliamentary delegation led by DMK MP Kanimozhi Karunanidhi has arrived in Latvia to convey India's resolute and proactive policy of zero tolerance towards terrorism. The delegation members were received by Indian Ambassador to Latvia Namrata S. Kumar on their arrival at the Riga International Airport on Thursday. On Friday, Ambassador Namrata briefed the all-party delegation on India-Latvia relations and Latvia's role in the Baltics, the European Union, and the United Nations, the Indian Embassy in Riga said in a post on X. The delegation, which arrived here from Greece, will meet members of the parliament of the Republic of Latvia 'Saeima', high officials of the Ministry of Foreign Affairs, think tanks, academia and other stakeholders, the embassy said in a statement. The delegation is one of the seven multi-party delegations India has tasked to visit 33 global capitals to reach out to the international community on Pakistan's designs and India's response to terror, especially in view of the April 22 Pahalgam terror attack that killed 26 people. Besides Kanimozhi the group includes Rajeev Kumar Rai of SP, Brijesh Chowta of BJP, Prem Chand Gupta of RJD, Ashok Mittal of AAP and Manjeev Singh Puri, Former Ambassador of India to EU and Nepal. The delegation's visit is part of India's broader outreach with key international partners, including Latvia, to build an international alliance for cooperation in addressing terrorism. India carried out precision strikes as part of Operation Sindoor on terror infrastructure in Pakistan and Pakistan-occupied Kashmir in the early hours of May 7, following which Pakistan attempted to attack Indian military bases on May 8, 9, and 10. The Indian side responded strongly to the Pakistani actions. The on-ground hostilities ended with an understanding of stopping the military actions following talks between the directors general of military operations of both sides on May 10.
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First Post
an hour ago
- First Post
US-China trade talks stalled, businesses wait for Trump and Xi to intervene
Since the mid-May agreement, the Trump administration has shifted focus toward negotiating tariffs with other major trading partners including India Japan, and the European Union. Last week, Trump threatened to impose 50% tariffs on EU products but later postponed the move. read more US President Donald Trump hailed a "total reset" in US-China trade relations, ahead of a second day of talks Sunday between top officials from Washington and Beijing aimed at de-escalating trade tensions sparked by his aggressive tariff rollout. File Image / Reuters Trade discussions between the United States and China have reached a standstill, and moving forward may now depend on direct engagement between President Donald Trump and Chinese President Xi Jinping. Speaking with Fox News, US Treasury Secretary Steven Mnuchin said on Thursday that progress has slowed since the breakthrough talks he led two weeks ago, which resulted in a temporary halt to escalating tariffs between the two economic giants. Despite the slowdown, he expressed hope that more negotiations would resume in the coming weeks. STORY CONTINUES BELOW THIS AD 'I think there's a chance we'll see a call between President Trump and Chairman Xi at some point,' Bessent said. Highlighting the complexity and scale of the issues at hand, he added, 'This process is likely to require both leaders stepping in. They have a strong rapport, and I'm confident that China will engage once President Trump signals his direction.' The temporary truce, which paused triple-digit tariffs for 90 days, sparked a surge in global markets. However, the underlying concerns that led to the tariffs—particularly U.S. grievances over China's state-controlled, export-centric economic practices—remain unresolved and are expected to be tackled in future discussions. Since the mid-May agreement, the Trump administration has shifted focus toward negotiating tariffs with other major trading partners including India Japan, and the European Union. Last week, Trump threatened to impose 50% tariffs on EU products but later postponed the move. Meanwhile, a U.S. trade court ruled on Wednesday that Trump exceeded his authority when applying most of the tariffs on Chinese and other foreign imports using emergency powers. However, a federal appeals court reversed that ruling the following day, placing a temporary hold while it reviews the government's appeal. The court directed the plaintiffs to respond by June 5, with the administration's reply due by June 9. Despite the legal uncertainties, Bessent noted that countries like Japan remain committed to negotiations. He reported no shift in their negotiating positions following the court developments and confirmed plans to meet with a Japanese delegation in Washington on Friday.
