How technology is pushing forward pension reform

  • Date: 12-Mar-2023
  • Source: Gulf Business
  • Sector:Technology
  • Country:UAE
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How technology is pushing forward pension reform

Ageing is a simple fact of life. Those of us who work a regular job will at some point need to take a step back, retire and enjoy our older years in peace. In order to do so comfortably, retirees need savings to live on, to provide financial security and stability. As universal as this need may be, the world also faces equally universal challenges. Not enough working people are saving for their retirement globally. People are living longer, and the number of people working is falling while the number of individuals in retirement is going up. The Middle East is no exception. People in the region work hard, but many don’t have adequate savings for when they want to finish working. In the UAE, 45 per cent of residents say they have not started saving for retirement, yet 63 per cent say they want to retire before they turn 60, according to At the same time, the size of the working-age population in Arab countries is expected to fall by over 25 per cent by 2060. This means governments and public pension funds have started to urgently think about how they need to adapt and modernise to provide better