Countries such as the US are looking towards the UK and Australia for ideas on how best to reform their social security programmes, according Watson Wyatt consultant David Harris.
Harris made this observation while delivering a testimony at the United States House Ways and Means Subcommittee on social security on parallels for US social security reform with the UK and Australian retirement models.
Australia and Britain are seen as doing something very brave in addressing their ageing population issues through encouraging individuals to save more effectively for their retirement,” he said.
In his testimony, Harris noted that when comparing globally the approach of many countries towards the reform of their mandated retirement provision, Australia, Chile, Sweden and the United Kingdom stand out as countries that have considered and implemented significant retirement reforms.
What these countries can demonstrate to public policy planners in the United States is that the individual is ideally placed to determine his or her own retirement needs,” he concluded.
By Janet Du Chenne
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