Latest news with #Bismarck
Time of India
2 days ago
- Business
- 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.
Business Recorder
3 days ago
- Business
- Business Recorder
The ‘Soft Power Brigade'
Soft Power. Hard Power. America is master of both. America's soft power flows from Hollywood, Brands, Corporations, Universities, etc. Hard power comes from the Pentagon. Till recently soft power ascendant. However, President Donald Trump disagrees. He 'and his followers' believe only financial and military power matters. Earlier on in history Count Bismarck stated 'the current problems facing Europe cannot be resolved by democracy. Only by blood and iron'. Hence the sobriquet way: The Iron Chancellor. As of now the whole world is obsessed with soft power and branding. We have 8.2 billion people, each an individual brand. We have brand ambassadors, influencers, IG followers, TikTokers, etc. The great success story in our part of the world is the UAE, and especially Dubai. How a desert backwater, within 70 years, rose to be a great financial, tourist and vacation destination. Great strategic thinking has gone into 'Project UAE'. Soft power projection has played a major role. In the 1960s/70s, Sheikh Zayed al-Nahayan and Sheikh Rashid al-Maktoum understood that along with other elements soft power would play a major role. Sheikh Zayed Al-Nahayan, in the early 1960s, would visit Karachi and enjoy a dinner at the Karachi Boat Club with his hosts (a famous business family of Karachi). Today the Al- Nahayan brothers, led by MBZ, have a vast fortune, estimated at USD 1.7 trillion. They are probably the richest family in the world. Their imprimatur appears all over the world – especially in the Middle East, the Levant, Africa and South Asia. Pakistan had a good soft power launch in 1947. The legacy colonial culture was a good help. In the 1950s/60s Pakistan was projecting a good image – safe streets, imported and local entertainments, clubs, night clubs, ladies entering the work force, Karachi as an airline hub. To the west, Iran was projecting money, power and glamour to the world. In Afghanistan, King Zahir Shah was also projecting soft power. Then things went awry. The region was plunged into a cocktail of revolution and counter-revolution. Since 1988 Pakistan has been making erratic attempts to regain 'Soft power'. Back and forth. Tug of war. The soft power industry 'of Pakistan' has been trying to play a national role, but impediments arise with remarkable frequency. Across the eastern border, the Indian soft power industry is super charged. I am not talking about the current venom spewing out of the media and talk shows. The Pakistani models, actors and other showbiz personalities are doing a great job. Despite the harassment they face, they solider on. YouTube is prefaced with headlines like 'Bold', 'Sharamnak', 'Vulgar'. Whenever I scroll down, it's pretty ordinary stuff. Malaika Auora, the Bollywood diva, exhibits more skin in one episode than our starlets do in a whole drama series. The corporate women of Pakistan are writing a glorious new chapter in management. The ladies in parliament and politics are doing well. This is all part of soft power. The recently concluded 10th PSL unleashed tremendous soft power for the world to see. Great sports, great event execution, great branding. Kudos to HBL and all the other advertisers that participated. Pakistan's leadership team, both in uniforms and mufti, must understand that the Pakistan's armed forces can deal with any military threat. As recently demonstrated it is the soft power that is lacking. Perhaps the Field Marshal can commit a brigade to safeguard vulnerable people that are working to develop soft power for Pakistan. Hence, the title of this article. All actions have some unintended consequences. After the recent clash with India, I see a certain power shift in the senior ranks of our military establishment. The second most sought-after job (after the Chief) may well be the Director General of ISPR. This job gives a brand, face and name recognition and identity to the chief of ISPR. This is a very good asset to senior Generals about to retire and looking at post-retirement options. Let us see how the dynamic works out. The godfather of the Soft Power strategy, Joseph Nye, passed away on 7th May 2025. I had attended two lectures delivered by him. R.I.P. Mr. Nye. Copyright Business Recorder, 2025
DW
4 days ago
- Business
- DW
Retirement in Europe: How long will we have to work? – DW – 05/28/2025
Beginning in 2040, Danes will not be eligible for retirement until they reach the age of 70. While European pension systems are difficult to compare directly, some fear this may signal a broader trend. 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 she would be open to reviewing the system once the official retirement age reached 70. In Denmark, more elderly people are returning to work To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 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' 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. At least, Merz warned that "the way things are today can only last for a few more years at most." In Belgium, a recent attempt to introduce the age of 67 as retirement age was accompanied by nationwide protests Image: Yves Herman/REUTERS 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 strong cohort of people born at the end of the 1950s and early 60s, who are currently retiring in huge numbers. Raffelhüschen said that because one million Germans are 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. Bismarck introduced the German pension system which was a huge social achievement at his time Image: Portrait, Otto von Bismarck, Fürst von Bismarck, Holzschnitt, Reichskanzler 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. Today, elderly people are healthier than in the past, thus living on pension payments much longer Image: Julian Stratenschulte/dpa/picture alliance 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. Wealthy country, poor pensioners: Old age poverty in Germany To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 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. This article was originally written in German.
Yahoo
5 days ago
- Entertainment
- Yahoo
Today in History: May 27, the Golden Gate Bridge opens
Today is Tuesday, May 27, the 147th day of 2025. There are 218 days left in the year. Today in history: On May 27, 1937, the newly completed Golden Gate Bridge connecting San Francisco and Marin County, California, was opened to pedestrian traffic (vehicles began crossing the next day). Also on this date: In 1896, 255 people were killed when a devastating F4 tornado struck St. Louis, Missouri, and East St. Louis, Illinois. In 1930, New York's Chrysler Building, at the time the world's tallest building, opened to the public. In 1941, the British Royal Navy sank the German battleship Bismarck off France, killing over 2,000 German sailors. In 1942, Doris 'Dorie' Miller, a cook aboard the USS West Virginia, became the first African-American to receive the Navy Cross for displaying 'extraordinary courage and disregard for his own personal safety' during Japan's attack on Pearl Harbor. In 1968, the U.S. Supreme Court, in United States v. O'Brien, upheld the conviction of David O'Brien for destroying his draft card outside a Boston courthouse, ruling that the act was not protected by freedom of speech. In 1993, a bomb set by the Sicilian mafia exploded outside the Uffizi Gallery in Florence, Italy; 5 people were killed and 48 wounded, and dozens of centuries-old paintings were destroyed or damaged. In 1994, Nobel Prize-winning author Alexander Solzhenitsyn returned to Russia to the emotional cheers of thousands after spending two decades in exile. In 1998, Michael Fortier, the government's star witness in the Oklahoma City bombing case, was sentenced to 12 years in prison after apologizing for not warning anyone about the deadly plot. (Fortier was freed in January 2006.) In 2006, a magnitude 6.4 earthquake struck the Indonesian island of Java near the city of Yogyakarta, killing more than 5,700 people. Today's Birthdays: Actor Lee Meriwether is 90. Actor Bruce Weitz is 82. Musician Bruce Cockburn is 80. Singer Dee Dee Bridgewater is 75. Football Hall of Famer Jackie Slater is 71. Actor Richard Schiff is 70. Singer Siouxsie Sioux is 68. Musician Neil Finn (Split Enz, Crowded House) is 67. Actor Peri Gilpin is 64. Comedian Adam Carolla is 61. Actor Todd Bridges is 60. Baseball Hall of Famer Jeff Bagwell is 57. Baseball Hall of Famer Frank Thomas is 57. Actor Paul Bettany is 54. Actor Jack McBrayer is 52. Rapper-musician Andre 3000 (Outkast) is 50. Rapper Jadakiss is 50. Celebrity chef Jamie Oliver is 50. Actor Ben Feldman is 45. Actor-singer Chris Colfer is 35. Actor Lily-Rose Depp is 26. Olympic gymnastics gold medalist Jade Carey is 25.
IOL News
5 days ago
- Entertainment
- IOL News
Did you know that famed English bard William Shakespeare died because of a Covid-19 vaccination? Neither did we
Bismarck sinks Hood Bismarck, the feared German battleship, sinks the pride of the Royal Navy, HMS Hood in the North Atlantic, near Greenland, during World War II. 1837 Wild West figure Wild Bill Hickok is born in Troy Grove, Illinois. A frontiersman, lawman, marksman and army scout, he was shot dead on August 2, 1876 during a poker game by a drunk in the Number Ten saloon in Deadwood, in Dakota. In his hand, was a pair of eights and a pair of aces, the 'dead man's hand'. 1931 Auguste Piccard and Paul Kipfer make the first flight into Earth's stratosphere, from Augsburg, Germany, in a pressurised gondola borne beneath a balloon designed by Piccard. It was also a precursor to manned exploration of the ocean depths, also by Piccard. 1941 The Germany navy's feared battleship Bismarck, is sunk. HMS Rodney becomes the only battleship to torpedo another. 1942 Sailor Dorie Miller gets the Navy Cross for his reckless fight back at Pearl Harbor (he manned anti-aircraft guns – as depicted in the movies, Tora! Tora! Tora! and Pearl Harbor). 1942 Reinhard Heydrich, the darkest figure in the Nazi elite – Hitler's 'man with the iron heart', is ambushed and killed in Prague. 1963 The son of Kikuyu farmers, Jomo Kenyatta becomes Kenya's first prime minister. 1966 The 55th West German air force F-104 interceptor crashes – 292 of the 916 Starfighter fleet crashed, hence the name Witwenmacher (The Widowmaker). 2017 Pitched battles between Islamic State-linked militants and Philippine government troops in and around Marawi, leave 43 dead. 2017 Arsenal wins the FA Cup making Arsène Wenger the most successful manager in FA Cup history with seven titles. 2020 'I can't breathe': a video of African-American George Floyd's arrest and murder, while restrained in Minneapolis police custody, shows that he was pinned to the ground by police officer Derek Chauvin's knee for 8 minutes and 46 seconds. Chauvin's action ignites global outrage. 2021 English playwright William Shakespeare reported by Argentine news channel Chanal 26 to have died after receiving the Covid-19 vaccine. The Bard died in 1616. 2021 French President Emmanuel Macron recognises France's role in the 1994 Rwandan Genocide after a meeting with Rwandan President Paul Kagame in Kigali, Rwanda. DAILY NEWS
