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Is it time to do away with the retirement age? And what about gig economy players?



The lead author of the Mercer CFA Institute Global Pension Index says it's time to overhaul the retirement savings system because it doesn't work for many anymore. Photo: Getty

The lead author of the Mercer CFA Institute Global Pension Index says it’s time to overhaul the retirement savings system because it doesn’t work for many anymore. Photo: Getty

  • As more people live longer, retiring at 60 or 65 means that some are running out of money at retirement.
  • But working a little longer and abolishing the retirement age could solve this.
  • The lead author of the Mercer CFA Institute Global Pension Index says it’s time to overhaul the retirement savings system because it doesn’t work for many any more.

The lead author of the Mercer CFA Institute Global Pension Index says it’s probably time to rethink the concept of retirement age.

Whereas retirement is often sold using pictures of people sailing their yachts on pristine ocean water, the reality is that more and more people, especially in the developing world, battle to make ends meet at retirement. In South Africa, fewer than one in ten people who were formally employed save enough to retire comfortably.

David Knox, the lead author of the Mercer CFA Institute Global Pension Index, thinks the rigid system which assumes that people will work and save for retirement uninterrupted for 40 years is clearly not working for everyone.

In Australia, where Knox is based, there is no official retirement age.

“We have an official state pension age so that if you’re poor, you can get a pension from a certain age. But there is no retirement age,” he said during Allan Gray’s first retirement benefits conference on Thursday.

Of course, there has to “gradually retire people” to make way for young people to move into those jobs, said Knox. But he said if the government wants to encourage people to take up some work beyond the age of 60 to sustain themselves instead of depending on the state if they can’t, he said they should think about “removing the retirement age altogether”.

“We are not suggesting people have to work as compulsorily over the age of 60 to 65. But if you work a little bit longer, not only can you save a little bit more, but you’re shortening your retirement years,” added Knox.

Bring the gig economy under the retirement net

The other reason Knox thinks the world needs to overhaul the pension system is because an increasing number of people don’t work full-time salaried jobs, as was the case when the idea of retirement savings was first conceptualised.

The rising number of people participating in the gig economy don’t enjoy the retirement fund membership that full-time employed people do. The current system also leaves self-employed individuals to their own devices when it comes to choosing whether they want to buy retirement annuities or not. The argument has always been that entrepreneurs build businesses that they will one day sell and live off the proceeds in their golden years.

“Well, I’m sorry, but most self-employed people can’t do that … I think we need a system which captures everybody that’s working. And the obvious way to do this, I think, is through the tax system,” said Knox.

He said if a person has an income that is being taxed, then the government already has a framework to include them in some form of pension contribution. He said several Scandinavian countries have found a way to work around this system. They ask everyone who has fluctuating income to estimate what they’ll earn in a year and then set up a pension contribution rate based on that. If a person earned less than they estimated, they get a credit towards their retirement contributions for the following year.

Knox said while this is not a perfect system because of the moving target, it’s still better than leaving a big part of the working population out of the pension system, knowing that they’ll become the state or someone else’s problem down the line.

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Universal Basic Income can provide support for people in gig economy




Income supports encourage people to not work? Duh, June 4

In an era of self-regulation, it is presumed that all employers will follow all protocols to ensure the safety of their staff during COVID-19, but perhaps this is not the case, and some employees might prefer to stay at home, instead of facing an unprotected workplace.

Who could blame them?

As far as the Universal Basic Income, in the Ontario trial, is concerned, weren’t most of the participants already working at two jobs in the gig economy and these did not generate enough income to provide stable support to them?

Margaret Perrault, North Bay, Ont.

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New regulations to improve safety in the gig economy




New regulations requiring online platforms to provide food delivery riders with personal protective equipment and induction training have been announced by NSW Minister for Better Regulation Kevin Anderson.

A new penalty system for riders will also be introduced as part of the reforms “to crackdown on repeated unsafe practices”.

The NSW Government intends to finalise the regulations by November 2021. Public consultations on the proposed laws are expected in September 2021.

The reforms follow a safety blitz conducted by SafeWork NSW, which found 9 out of 10 food delivery riders were not wearing safe, high-visibility clothing. Forty percent of the riders observed were also riding in an unsafe manner.

The measures reflect the recommendations of the final report of the Joint Taskforce into Food Delivery Rider Safety (the Taskforce), which was released on 5 June 2021. The Taskforce was setup in November 2020 to investigate the deaths of 4 food delivery riders in 2020, and to identify safety improvements for the industry.

Other recommendations in the Taskforce’s final report include:

  • further compliance monitoring of the food delivery sector by SafeWork NSW
  • ongoing enforcement activities by NSW Police to ensure food delivery riders comply with road rules
  • finalisation of the Guide to Managing WHS in the Food Delivery Industry, as well as the development of supporting factsheets in multiple languages
  • the provision of reported incident data to food delivery platforms to assist continual improvement of compliance within the industry, and
  • development of guidance on delivery bag standards by Transport for NSW.

Explore further on CCH Pinpoint® — Topic Guide: Gig economy.


Minister for Better Regulation and Minister for Transport and Roads, New laws to drive safety outcomes in the gig economy, [media release], 5 June 2021, accessed 7 June 2021.

SafeWork NSW and Transport for NSW, Joint Taskforce: Food Delivery and Rider Safety (Final Report), 1 April 2021, 7 June 2021.

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Gig Economy Market to Grow with Sustainable CAGR During 2021 – 2026




Gig Economy  Market to Grow with Sustainable CAGR During 2021 – 2026

The business intelligence report of Gig Economy market accurately predicts the industry’s performance for the upcoming years to aid stakeholders in making beneficial decisions. Important data points like the growth catalysts, restraints, and lucrative prospects molding the market dynamics are deeply analyzed in the report.

Moreover, the study identifies the major challenges for businesses and offers insights into the opportunities that will help the industry progress in unexplored territories. Moreover, the report factors in the effect of the COVID-19 pandemic for stronger realization of the growth trajectory of this domain.

Key highlights from the COVID-19 impact analysis:

  • An overview of the pandemic’s effect on the global economy
  • Supply and demand changes in the industry
  • Current and future market trends in relation to the pandemic

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An overview the regional landscape:

  • As per the report, the geographical landscape of the Gig Economy market is divided into North America, Europe, Asia-Pacific, South America, Middle East & Africa, South East Asia.
  • An overview of the growth patterns of each regional industry over the stipulated timeframe is cited.
  • Sales, revenue, and growth rate of each regional contributor is included in the report.

Other highlights from the Gig Economy market report:

  • The product segment of the Gig Economy market is classified into Asset-Sharing Services,Transportation-Based Services,Professional Services,Household & Miscellaneous Services (HGHM) andOthers.
  • The revenue and sales volume predictions of each product type is incorporated in the document.
  • Other important aspects like growth rate, market share, and production patterns of each product type over the analysis period are provided.
  • The application segment of the Gig Economy market is divided into Traffic,Electronic,Accommodation,Food and Beverage,Tourism,Education andOthers.
  • Market share and growth rate of each application segment over the assessment timeframe are enumerated as well.
  • The competitive landscape of the Gig Economy market is defined by key players such as Prosper,Lime,Etsy,BlaBlaCar,VaShare,Envato Studio,Fon,BHU Technology,Didi Global,Snap,,Zipcar,Uber,Toptal,Stashbee,Eatwith,Lyft,Couchsurfing,PeoplePerHour,Spotahome,Care.como,E-stronger,Silvernest,Upwork,Fiverr,Steam,Hubble,Home Away,Omni,Airbnb,JustPark andAirtasker.
  • The report also consists of information regarding the industry share held by every company, along with their pricing models and gross margins.
  • The report evaluates the competition trends and their business implications.
  • Industry value chain analysis with respect to top manufacturers, vendors, and buyers are incorporated in the document.
  • The Gig Economy market report also provides Porter’s five forces analysis and SWOT assessment to determine the feasibility of new project.

Reasons to access this Report:

  • Get to know opportunities and plan strategies by having a strong understanding of the investment opportunities in the Gig Economy Market
  • Identification of key parameter driving investment opportunities in the Gig Economy Market
  • Facilitate decision-making based on strong historic and forecast data
  • Position yourself to gain the maximum advantage of the industry’s growth potential
  • Develop strategies based on the latest reports.
  • Identify key partners and business development avenues
  • Respond to your competitors’ business structure, strategy and prospects
  • Identify key strengths and weaknesses of important market participants

The key questions answered in this report:

  • What will be the market size and growth rate in the forecast year?
  • What are the key factors driving the Global Gig Economy Market?
  • What are the risks and challenges in front of the market?
  • Who are the key vendors in the Global Gig Economy Market?
  • What are the trending factors influencing the market shares?
  • What are the key outcomes of Porter’s five forces model?
  • Which are the global opportunities for expanding the Global Gig Economy Market?

Table of Contents for market shares by application, research objectives, market sections by type and forecast years considered:

Gig Economy Market Share by Key Players: Here, capital, revenue, and price analysis by the business are included along with other sections such as development plans, areas served, products offered by key players, alliance and acquisition and headquarters distribution.

Global Growth Trends: Industry trends, the growth rate of major producers, and production analysis are the segments included in this chapter.

Market Size by Application: This segment includes Gig Economy market consumption analysis by application.

Gig Economy market Size by Type: It includes analysis of value, product utility, market percentage, and production market share by type.

Profiles of Manufacturers: Here, commanding players of the global Gig Economy market are studied based on sales area, key products, gross margin, revenue, price, and production.

Gig Economy Market Value Chain and Sales Channel Analysis: It includes customer, distributor, market value chain, and sales channel analysis.

Market Forecast: This section is focused on production and production value forecast, key producers forecast by type, application, and regions

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