One of the key megatrends affecting the UK and most other developed countries is an ageing population. Harnessing the potential of older workers will therefore become an increasingly important source of competitive advantage for both nations and businesses.
To explore how the UK compares with other OECD economies in this regard, PwC has developed a new ‘Golden Age index’ comparing how well they are utilising workers aged 55 and over. The index includes relative employment, earnings and training rates for older workers for 34 OECD countries over the period since 2003.
The 2016 Strategic Hospital Priorities Study examines the current direction of the industry and, in particular, how Medtech companies can capitalize on the many needs of hospital administrators.
While the healthcare market has steadily evolved since L.E.K. Consulting issued its first hospital study in 2010, many of the same trends remain in place — among them consolidation, non-acute care integration, accountability, technology enhancements and novel pricing schemes.
This Executive Insights addresses a number of key topics, including:
Hospital administrator’s chief priorities
Most valuable medtech services
Focus on IT spending
Outlook for outsourcing
EY's European Banking Barometer – 2015 identifies the views of 226 senior European bankers across 11 markets regarding their views of the macro-economic outlook and the impact they think it will have on the banking industry in 2015.
For further information visit: www.ey.com/ebb
MAPS2018 Keynote address on EY report: Life Sciences 4.0 – Securing value thr...EY
Summary: This keynote address presented by Pamela Spence, EY Global Life Sciences Leader (pspence2@uk.ey.com) at MAPS 2018 – the annual meeting for Medical Affairs Professional Society – discusses our latest life sciences report and the industry demands for a customer-focused, data driven approach to health care. We describe the accelerating pace of change as technological advances and the escalating expectations of payers, physicians and patient consumers are combining to disrupt the life sciences business model. Data and algorithms that maximize health outcomes based on individual needs and preferences are becoming the ultimate health care consumable. To create value now and in a future that we call Life Sciences 4.0, life sciences companies must build – or participate in – interoperable information systems that collect, combine and share data. For more on our report, Progressions 2018 – Life Sciences 4.0, please go to www.ey.com/progressions
Booz Allen Hamilton and Market Connections: C4ISR Survey ReportBooz Allen Hamilton
Booz Allen Hamilton partnered with government market research firm Market Connections, Inc. to conduct the survey of military decision-makers. The research examined the main features of Integrated C4ISR through Enterprise Integration: engineering, operations and acquisition. Two-thirds of respondents (65 percent) agree agile incremental delivery of modular systems with integrated capabilities can enable rapid insertion of new technologies.
18th Annual Global CEO Survey - Technology industry key findingsPwC
Tech CEOs are optimistic about the global economy and both near term and future revenue growth. They view strategic alliances, including partnering with competitors, as a primary means to grow their businesses. We invite you to explore the analysis and contact us to discuss how we can help your business capitalise on the new - but challenging - opportunities for growth. Learn more http://pwc.to/1DaolqY
Website: http://www.pwc.com/gx/en/ceo-survey/2015/industry/technology.jhtml
Right Cloud Mindset: Survey Results Hospitality | Accentureaccenture
Looking two years ahead: Functional objectives along with technology related challenges and top five areas of investment for hospitality companies. Learn more: https://accntu.re/3uB9LL1
The Diversity Imperative: 14th Annual Australian Chief Executive StudyPwC's Strategy&
This report provides insight into the 2013 Australian Chief Executive Study findings, compares the results to the global market and identifies trends. Our analysis looks at trends relating to performance and tenure; reasons for CEO turnover; and the number of insider appointments versus outsider appointments.
The Fourth Annual Global Mobility Study [hyperlink] by L.E.K. Consulting, Vision Mobility and CuriosityCX highlights that there is a much greater uptake of ride-hailing and other new mobility options in India and China than in mature western economies. With relatively low levels of car ownership and less developed public transport systems in these Asian countries, new mobility use is now comparable with and set to overtake traditional transport for a segment of the population.
The 2016 Strategic Hospital Priorities Study examines the current direction of the industry and, in particular, how Medtech companies can capitalize on the many needs of hospital administrators.
While the healthcare market has steadily evolved since L.E.K. Consulting issued its first hospital study in 2010, many of the same trends remain in place — among them consolidation, non-acute care integration, accountability, technology enhancements and novel pricing schemes.
This Executive Insights addresses a number of key topics, including:
Hospital administrator’s chief priorities
Most valuable medtech services
Focus on IT spending
Outlook for outsourcing
EY's European Banking Barometer – 2015 identifies the views of 226 senior European bankers across 11 markets regarding their views of the macro-economic outlook and the impact they think it will have on the banking industry in 2015.
For further information visit: www.ey.com/ebb
MAPS2018 Keynote address on EY report: Life Sciences 4.0 – Securing value thr...EY
Summary: This keynote address presented by Pamela Spence, EY Global Life Sciences Leader (pspence2@uk.ey.com) at MAPS 2018 – the annual meeting for Medical Affairs Professional Society – discusses our latest life sciences report and the industry demands for a customer-focused, data driven approach to health care. We describe the accelerating pace of change as technological advances and the escalating expectations of payers, physicians and patient consumers are combining to disrupt the life sciences business model. Data and algorithms that maximize health outcomes based on individual needs and preferences are becoming the ultimate health care consumable. To create value now and in a future that we call Life Sciences 4.0, life sciences companies must build – or participate in – interoperable information systems that collect, combine and share data. For more on our report, Progressions 2018 – Life Sciences 4.0, please go to www.ey.com/progressions
Booz Allen Hamilton and Market Connections: C4ISR Survey ReportBooz Allen Hamilton
Booz Allen Hamilton partnered with government market research firm Market Connections, Inc. to conduct the survey of military decision-makers. The research examined the main features of Integrated C4ISR through Enterprise Integration: engineering, operations and acquisition. Two-thirds of respondents (65 percent) agree agile incremental delivery of modular systems with integrated capabilities can enable rapid insertion of new technologies.
18th Annual Global CEO Survey - Technology industry key findingsPwC
Tech CEOs are optimistic about the global economy and both near term and future revenue growth. They view strategic alliances, including partnering with competitors, as a primary means to grow their businesses. We invite you to explore the analysis and contact us to discuss how we can help your business capitalise on the new - but challenging - opportunities for growth. Learn more http://pwc.to/1DaolqY
Website: http://www.pwc.com/gx/en/ceo-survey/2015/industry/technology.jhtml
Right Cloud Mindset: Survey Results Hospitality | Accentureaccenture
Looking two years ahead: Functional objectives along with technology related challenges and top five areas of investment for hospitality companies. Learn more: https://accntu.re/3uB9LL1
The Diversity Imperative: 14th Annual Australian Chief Executive StudyPwC's Strategy&
This report provides insight into the 2013 Australian Chief Executive Study findings, compares the results to the global market and identifies trends. Our analysis looks at trends relating to performance and tenure; reasons for CEO turnover; and the number of insider appointments versus outsider appointments.
The Fourth Annual Global Mobility Study [hyperlink] by L.E.K. Consulting, Vision Mobility and CuriosityCX highlights that there is a much greater uptake of ride-hailing and other new mobility options in India and China than in mature western economies. With relatively low levels of car ownership and less developed public transport systems in these Asian countries, new mobility use is now comparable with and set to overtake traditional transport for a segment of the population.
Summary: Even in a time of high biopharma valuations, adopting an activist mentality adds rigor to capital allocation and strategic decision-making, improving not just returns to shareholders but long-term value creation. Therefore, biopharma management teams and boards of directors should proactively assess the “fitness” of their capital allocation strategies and their alignment with operational performance goals by taking an outsider’s view of the business even when times are good — and before a material stumble provides a compelling reason for an outsider to act. For more on this topic, go to http://www.ey.com/GL/en/Industries/Life-Sciences/EY-vital-signs-how-fit-is-your-capital-allocation-strategy.
EY Price Point: global oil and gas market outlook, Q2 | April 2022EY
The theme for this quarter is rearrangement. The loss, or potential loss, of Russian oil and gas supplies is forcing producers, refiners and traders to rethink the flow of crude oil and refined products from the wellhead to the gas pump in light of sanctions, potential sanctions and the risk of reputational damage. Countries, companies and consumers will all be searching for ways to adapt, and the outcome of the race to bring alternatives to market could alter the global energy landscape for years to come.
It is likely crude oil and LNG prices will remain elevated for some time. The process of diverting Russian oil through countries unwilling to sanction it will take time and there is little indication OPEC members are willing (or able) to increase production to make up for the loss of Russian crude. Spare capacity sat at 3.7 mbpd at the end of 2021, just above where it was in January 2020. Currently, sanctioned Venezuelan and Iranian production (about 3 mbpd below their peak) could fill the gap, but political and commercial obstacles remain. At today’s prices, US shale production is attractive, but the fastest the industry has been able to grow is between 1mbpd and 2mbpd per year. The LNG infrastructure was already stretched before the war in Ukraine and there is little prosect of finding new supplies soon.
As the largest buyer of Russian energy, Europe will be the epicenter. There is a deeply embedded bias there in favor for renewable energy, and the current crisis is certain to result in an all-out effort to accelerate the build-out of wind and solar power. The capacity to add new green energy is limited though by the project pipeline and supply chains for solar panels and wind turbines, and it is likely that much of the shortfall will be made up with the new LNG infrastructure.
A.T. Kearney 2017 State of Logistics Report: Accelerating into UncertaintyKearney
2017 could be a pivotal year for logistics. Demand patterns are shifting, technological advances are altering industry economics, and new competitors are challenging old business models. This year could bring significant moves that reshape individual sectors and even the industry as a whole. Major business combinations, large-scale shifts in distribution flows, deep capacity cuts, massive infrastructure investments–anything is possible. Here are the ten key takeaways from the 2017 State of Logistics report, as well as the four potential scenarios for the future of logistics.
When, Where & How AI Will Boost Federal Workforce Productivityaccenture
Accenture developed an economic model to understand how AI will impact the U.S. federal workforce, through automation and augmentation. Learn more: https://accntu.re/3hsRG8O
China Exit or Co-Investment Opportunities for German PE InvestorsL.E.K. Consulting
L.E.K.'s Karin von Kienlin recently presented at BVK on a study conducted by L.E.K. Munich and Shanghai. They wished to:
- Understand developments in Chinese equity investments in both the domestic China / pan-Asian market and cross-border investments between China and Germany / Europe
- Identify trends in likely future investment behavior and its drivers
- Defining success factors both for Chinese and German investors / corporates as to how to benefit from the potential opportunities of cross-border investments and cooperation
Learn more in the presentation here.
Since last year ended on such a strong note, many of us were optimistic about the prospects for Q1. Though not as strong as the fourth quarter of 2014, the first quarter of 2015 kicked off on a positive note, with 23 technology companies raising US$6.1billion* in proceeds from their IPOs. That’s the second highest first quarter proceeds in the past five years and impressive given the increased US market volatility and consistent with the high pre-IPO valuations we’ve seen recently. Granted, if you look at the year over year comparison, offerings were down 12% and proceeds declined 11%. And sequentially, the number of technology IPOs declined 32% while proceeds fell by 19%. Still, it’s a promising start for 2015. Learn more at www.pwc.com/globaltechipo
*Deal size greater than US$40 million
Shaping the Sustainable Organization | Accentureaccenture
Accenture helps companies unlock the business and environmental value of organizational sustainability by strengthening their sustainability DNA. Read more.
Lifting the Barriers to Retail Innovation in ASEAN | A.T. KearneyKearney
Rising incomes and growing demand for consumer goods and services in ASEAN create rich opportunities for retailers in the region, which is especially significant as member nations join forces to become an economic powerhouse. Yet ASEAN retailers have been slow in terms of Innovation and as this market opens up, stepping up innovation is required to capitalize fully on the opportunities.
On June 21st, PwC’s Health Research Institute (HRI) released its annual Medical Cost Trend: Behind the Numbers 2017 report. PwC’s HRI anticipates a 6.5% growth rate for 2017—the same as was projected for 2016. The report identifies the key inflators and deflators as well as historical context to better understand the medical cost trend for 2017. Increases in the trend due to utilization of convenient care access points and an uptick in behavioral healthcare benefits for employees are being offset by more aggressive strategies by pharmacy benefit
A.T. Kearney Consolidation of the US Banking IndustryKearney
More and more banked consumers are migrating from small to large banks, flagging the accelerated consolidation of the retail banking industry in the years to come.
L.E.K. Consulting recently surveyed more than 200 U.S. brand managers and packaging stakeholders at consumer packaged goods companies to understand their packaging needs and views on trends driving demand.
The survey focused on topics that include:
- Brand trends and their effect on packaging demand
- Shifts within packaging (e.g., new materials, packaging innovations)
- Perspectives on packaging demand (including forecast spend on packaging for their brands)
This Executive Insights analyzes key findings from this proprietary research
Unleashing Competitiveness on the Cloud Continuum | Accentureaccenture
Accenture reports how the cloud continuum creates a seamless technology & capability foundation that meets business needs now and in the future. Read more.
PwC’s Trends in People Analytics report highlights our recently published 2015 PwC Saratoga US benchmark data, as well as the implications for people analytics functions and key trends for consideration.
Summary: Even in a time of high biopharma valuations, adopting an activist mentality adds rigor to capital allocation and strategic decision-making, improving not just returns to shareholders but long-term value creation. Therefore, biopharma management teams and boards of directors should proactively assess the “fitness” of their capital allocation strategies and their alignment with operational performance goals by taking an outsider’s view of the business even when times are good — and before a material stumble provides a compelling reason for an outsider to act. For more on this topic, go to http://www.ey.com/GL/en/Industries/Life-Sciences/EY-vital-signs-how-fit-is-your-capital-allocation-strategy.
EY Price Point: global oil and gas market outlook, Q2 | April 2022EY
The theme for this quarter is rearrangement. The loss, or potential loss, of Russian oil and gas supplies is forcing producers, refiners and traders to rethink the flow of crude oil and refined products from the wellhead to the gas pump in light of sanctions, potential sanctions and the risk of reputational damage. Countries, companies and consumers will all be searching for ways to adapt, and the outcome of the race to bring alternatives to market could alter the global energy landscape for years to come.
It is likely crude oil and LNG prices will remain elevated for some time. The process of diverting Russian oil through countries unwilling to sanction it will take time and there is little indication OPEC members are willing (or able) to increase production to make up for the loss of Russian crude. Spare capacity sat at 3.7 mbpd at the end of 2021, just above where it was in January 2020. Currently, sanctioned Venezuelan and Iranian production (about 3 mbpd below their peak) could fill the gap, but political and commercial obstacles remain. At today’s prices, US shale production is attractive, but the fastest the industry has been able to grow is between 1mbpd and 2mbpd per year. The LNG infrastructure was already stretched before the war in Ukraine and there is little prosect of finding new supplies soon.
As the largest buyer of Russian energy, Europe will be the epicenter. There is a deeply embedded bias there in favor for renewable energy, and the current crisis is certain to result in an all-out effort to accelerate the build-out of wind and solar power. The capacity to add new green energy is limited though by the project pipeline and supply chains for solar panels and wind turbines, and it is likely that much of the shortfall will be made up with the new LNG infrastructure.
A.T. Kearney 2017 State of Logistics Report: Accelerating into UncertaintyKearney
2017 could be a pivotal year for logistics. Demand patterns are shifting, technological advances are altering industry economics, and new competitors are challenging old business models. This year could bring significant moves that reshape individual sectors and even the industry as a whole. Major business combinations, large-scale shifts in distribution flows, deep capacity cuts, massive infrastructure investments–anything is possible. Here are the ten key takeaways from the 2017 State of Logistics report, as well as the four potential scenarios for the future of logistics.
When, Where & How AI Will Boost Federal Workforce Productivityaccenture
Accenture developed an economic model to understand how AI will impact the U.S. federal workforce, through automation and augmentation. Learn more: https://accntu.re/3hsRG8O
China Exit or Co-Investment Opportunities for German PE InvestorsL.E.K. Consulting
L.E.K.'s Karin von Kienlin recently presented at BVK on a study conducted by L.E.K. Munich and Shanghai. They wished to:
- Understand developments in Chinese equity investments in both the domestic China / pan-Asian market and cross-border investments between China and Germany / Europe
- Identify trends in likely future investment behavior and its drivers
- Defining success factors both for Chinese and German investors / corporates as to how to benefit from the potential opportunities of cross-border investments and cooperation
Learn more in the presentation here.
Since last year ended on such a strong note, many of us were optimistic about the prospects for Q1. Though not as strong as the fourth quarter of 2014, the first quarter of 2015 kicked off on a positive note, with 23 technology companies raising US$6.1billion* in proceeds from their IPOs. That’s the second highest first quarter proceeds in the past five years and impressive given the increased US market volatility and consistent with the high pre-IPO valuations we’ve seen recently. Granted, if you look at the year over year comparison, offerings were down 12% and proceeds declined 11%. And sequentially, the number of technology IPOs declined 32% while proceeds fell by 19%. Still, it’s a promising start for 2015. Learn more at www.pwc.com/globaltechipo
*Deal size greater than US$40 million
Shaping the Sustainable Organization | Accentureaccenture
Accenture helps companies unlock the business and environmental value of organizational sustainability by strengthening their sustainability DNA. Read more.
Lifting the Barriers to Retail Innovation in ASEAN | A.T. KearneyKearney
Rising incomes and growing demand for consumer goods and services in ASEAN create rich opportunities for retailers in the region, which is especially significant as member nations join forces to become an economic powerhouse. Yet ASEAN retailers have been slow in terms of Innovation and as this market opens up, stepping up innovation is required to capitalize fully on the opportunities.
On June 21st, PwC’s Health Research Institute (HRI) released its annual Medical Cost Trend: Behind the Numbers 2017 report. PwC’s HRI anticipates a 6.5% growth rate for 2017—the same as was projected for 2016. The report identifies the key inflators and deflators as well as historical context to better understand the medical cost trend for 2017. Increases in the trend due to utilization of convenient care access points and an uptick in behavioral healthcare benefits for employees are being offset by more aggressive strategies by pharmacy benefit
A.T. Kearney Consolidation of the US Banking IndustryKearney
More and more banked consumers are migrating from small to large banks, flagging the accelerated consolidation of the retail banking industry in the years to come.
L.E.K. Consulting recently surveyed more than 200 U.S. brand managers and packaging stakeholders at consumer packaged goods companies to understand their packaging needs and views on trends driving demand.
The survey focused on topics that include:
- Brand trends and their effect on packaging demand
- Shifts within packaging (e.g., new materials, packaging innovations)
- Perspectives on packaging demand (including forecast spend on packaging for their brands)
This Executive Insights analyzes key findings from this proprietary research
Unleashing Competitiveness on the Cloud Continuum | Accentureaccenture
Accenture reports how the cloud continuum creates a seamless technology & capability foundation that meets business needs now and in the future. Read more.
PwC’s Trends in People Analytics report highlights our recently published 2015 PwC Saratoga US benchmark data, as well as the implications for people analytics functions and key trends for consideration.
#hbg44 är 113 föreläsningar och workshops på fyra dagar - allt med fokus på "digitala lärverktyg". Arrangeras under höstlovet 2013 i fantastiska Helsingborg.
Den här sessionen med Joakim Jardenberg handlar bland mycket annat om Internet påverkan på det dagliga skollivet.
Extrainsatt: LEDA för smartare välfärd
Torsdagen den 26 maj arrangerar SKL ett informationsmöte på Offentliga Rummet om det nystartade förändringsledningsprogrammet: LEDA för smartare välfärd. Programmet riktar sig till de kommuner som vill leda utveckling i en föränderlig värld. Syftet med programmet är att öka hastighet, nytta och kvalitet i införandet av digitala lösningar. Det ska bidra till ökad förmåga att leda och genomföra innovationsarbete, att strategiskt kunna nyttja rollen som beställare samt att implementera, sprida och skala upp lösningar för ett smartare och mer resurseffektivt välfärdssverige. Programmet är indelat i två områden:
Skola och lärande i en digital värld
Hälsa och omsorg i en digital värld
Vad betyder det att vara bäst i världen på internet, varför bestämmer en stad sig för det? Och hur går egentligen till? Nedan kan du se en sändning från seminariet.
20151103 kvalitetsmassan
Luxembourg is an advanced economy with the highest per capita income in the OECD, reflecting the dynamic services sector, notably in banking and other financial services.
Longer-term forecastings - David Turner, Economics Department, OECDOECD Governance
This presentation was made by David Turner, Economics Department, OECD, at the 11th Meeting of OECD PBO & IFIs held in Lisbon, Portugal, on 4-5 February 2019
New research by the International Longevity Centre, the UK’s leading think tank on the impact of longevity on society, highlights deep-seated inequalities in the UK’s changing labour market and the critical condition of the current economy.
The recently publicised increase in the number of economically inactive adults due to long term sickness brings to the fore deep seated problems in the UK labour market, according to newly completed research by the International Longevity Centre and Bayes Business School (formerly Cass).
The ILC’s analysis over a 30-year period identifies four strategic concerns:
• A shortage of active workers: There are now only 1.7 economically active workers for each inactive adult aged 16+. Despite pension reforms and the removal of the default retirement age at 65, this level is the same as it was 30 years ago in 1992.
• Too many inactive workers are ill: Of the 8.9m inactive adults under 65, 2.5 million are long term sick, almost a 0.5m increase since 2019.
• Numbers in work have increased but men much less than women: The population has grown by 18% since 1992. But while the number of economically active women has increased by 30.6%, the number of economically active men has increased by only 11.3%. Meanwhile the number of women working full-time has increased by 49.2%, the number of men working part-time is up by 130%.
• The gap between jobs and skills is growing: The UK population is expected to grow to 72m by 2040. Since 1992, jobs in manufacturing have declined by 37%, while jobs in service sectors are up by 74%. Previous ILC research estimates a shortfall of 2.6m workers by 2030 – yet economic activity rates among 18-24 years olds are almost 50% of the level in 1992 exacerbating labour shortages elsewhere in the economy.
Health inequalities are a major limiting factor in preventing people from working. In the unhealthiest local authorities, like Blackpool or Hull, health expectancy is less than 57 years compared with over 70 years in the healthiest such as Wokingham. If health expectancy increased by one year this would increase working lives by 3.4 months and significantly reduce the burden on the NHS and welfare costs.
Keeping people healthy is clearly beneficial to the economy given the inequalities highlighted above. But there is a double cost represented by a loss of income plus increases in the cost of health care and sickness and disability benefits.
For example, spending on working-age health and disability benefits is over £45bn a year and accounts for about 1.6% of GDP, higher than the previous peak in 1992 when it was 1.5%. Spending on healthcare is also far greater than it needs to be.
Similar to PwC’s new Golden Age Index – how well are countries harnessing the power of older workers? (20)
This publication includes the deal activity in the insurance sector such as overall highlights, key announced transactions, and the outlook ahead. Read our full report to learn more.
Chain Reaction: How Blockchain Technology Might Transform Wholesale InsurancePwC
With the goal to identify where blockchain technologies have the greatest potential, this research report sponsored by PwC and conducted by Z/Yen, is based on 50+ interviews with brokers, insurers, reinsurers, regulators and trade bodies from across the global wholesale insurance market.
In depth: New financial instruments impairment modelPwC
On June 16, 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments – Credit Losses (Topic 326) (the “ASU”). The ASU introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new model will apply to: (1) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (2) loan commitments and certain other off-balance sheet credit exposures, (3) debt securities and other financial assets measured at fair value through other comprehensive income, and (4) beneficial interests in securitized financial assets.
Many internal audit departments are investing in data analytics, but are struggling to fully realize the anticipated benefits. By avoiding common pitfalls and implementing data analytics holistically throughout the department, stalled analytics programs can be restarted, or new programs more successfully implemented.
Apache Hadoop Summit 2016: The Future of Apache Hadoop an Enterprise Architec...PwC
Hadoop Summit is an industry-leading Hadoop community event for business leaders and technology experts (such as architects, data scientists and Hadoop developers) to learn about the technologies and business drivers transforming data. PwC is helping organizations unlock their data possibilities to make data-driven decisions.
Stepping into the cockpit- Redefining finance's role in the digital agePwC
Insurance finance functions have been refining their
operating models to better align with business partner
demands, as well as adopting leading practices on how
to best utilize people, process and technology. The
challenge is that the business landscape is continuously
shifting and the pace of change is rapidly accelerating.
In spring 2016, PwC investigated the current state and
future direction of stress testing. We surveyed 55 insurers
operating in the US about their stress testing framework and
the specific stresses that they test. We also engaged in more
detailed dialogue with a number of insurers in the US and
globally, as well as with some North American insurance
regulators.
International Capital Standard (ICS) Background PwC
PwC US risk & capital management leader Henry Essert and PwC global insurance regulatory director Ed Barron
recently sat down to discuss the proposed International Capital Standards (ICS) for insurers. They addressed at
length what the ICS is and what it could mean to insurers. The following pages contain their thoughts on the
standard, as well as some background information on capital management and related issues in the
insurance industry.
Insurers are upgrading their technology to support more complex
products, lower operating costs, and get closer to their customers.
But they can do more harm than good when they make changes
that alienate their independent agents. We’ve identified five steps
that can help insurers engage agents early and create a
transition plan that meets agents’ needs—converting these
important stakeholders into enthusiastic advocates.
On February 25, 2016, the FASB issued the new standard, Leases (ASC 842). There are elements of the new standard that could impact almost all entities to some extent, although lessees will likely see the most significant changes. Lessees will need to recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and lease liability.
The IASB issued its new standard, IFRS 16, Leases, earlier this year. There are significant areas of divergence between guidance applicable under US GAAP and that required by IFRS.
On June 21st, PwC’s Health Research Institute (HRI) released its annual Medical Cost Trend: Behind the Numbers 2017 report. PwC’s HRI anticipates a 6.5% growth rate for 2017—the same as was projected for 2016. The report identifies the key inflators and deflators as well as historical context to better understand the medical cost trend for 2017. Increases in the trend due to utilization of convenient care access points and an uptick in behavioral healthcare benefits for employees are being offset by more aggressive strategies by pharmacy benefit
Putting digital technology and data to work for Tech CMO'sPwC
Tech Company CMOs are uniquely positioned to successfully leverage digital technologies and data to significantly impact business performance. At PwC, we're helping to change the goal of digital marketing from clicks and views to customer experiences designed to generate business performance. Explore how.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
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Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
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PwC’s new Golden Age Index – how well are countries harnessing the power of older workers?
1. PwC Golden Age Index
How well are OECD economies adapting to an older workforce?
June 2015
Visit our blog for periodic updates at:
pwc.blogs.com/economics_in_business
2. PwC
Contents
1. Executive summary Page 3
2. PwC Golden Age Index – Key results Page 7
3. Potential boost to UK GDP Page 10
4. Implications for public policy and businesses Page 14
5. Comparison of individual labour market indicators Page 17
6. Comparison with other measures Page 26
Annex: Methodology Page 31
Contacts Page 35
2
June 2015PwC Golden Age Index
4. PwC
PwC Golden Age Index – Executive Summary
Headlines
Our new Golden Age Index measures how well countries are doing in harnessing the potential of
their older workers. The index is a weighted average of seven indicators that reflect the labour market
impact of workers aged over 55 in 34 OECD countries, including employment, earnings and training.
The UK fell three places in the index rankings from 16th in 2003 to 19th in 2007,
retaining this 19th position in 2013. The UK improved its absolute performance over this period,
but other OECD countries on average improved by a greater amount. Compared to other EU countries
in our sample, however, the UK scored relatively well (7th out of 21 in 2013).
Scandinavian countries perform strongly on the Golden Age Index, similar to the results of
the PwC Women in Work index. Iceland leads the way on our index, having retained its top position
since 2003, followed by New Zealand and Sweden. Israel, Norway and Chile also do well.
Chile and Israel showed the most significant improvement from 2003 to 2013, driven by
their increased employment rate for older workers. Greece and Turkey fell the most in the rankings since
2003, while Eurozone members performed relatively poorly with only 3 in the top half of the rankings.
Government policy measures to boost index scores could include: offering tax rebates for
companies taking on older workers; increasing spending on retraining of older workers including
digital skills and apprenticeships; and enforcing age discrimination laws more strictly.
Businesses could gain from job redesign and role shifts to enable longer careers and manage the
health issues facing older workers. Training and development should not stop at 50. Family crisis
leave, career breaks and alumni programmes could all help to utilise the skills of older workers at a
time when customer bases are also ageing. Age should be included in diversity audits for companies.
If the UK’s employment rate for workers aged 55-69 was equal to that of Sweden, which is the best
performing EU country, then UK GDP would be around 5.4% higher, equivalent to around £100
billion at today’s GDP values. This would also help to meet the fiscal costs of an ageing population.
4
June 2015PwC Golden Age Index
5. PwC
The UK has improved its Golden Age Index score over time,
but still sits near the middle of the pack as the OECD average
has also risen
PwC Golden Age Index
1. Iceland
2. New Zealand
3. Sweden
.
.
.
19. UK
.
.
.
.
33. Slovenia
34. Turkey
5
June 2015PwC Golden Age Index
Sources: PwC analysis, OECD
44
46
48
50
52
54
56
58
60
2003 2007 2013
PwCGoldenAgeIndex
UK
OECD average
6. PwC
Potential £100bn boost to UK GDP by increasing older
worker employment rates to Swedish levels
0%
10%
20%
30%
40%
50%
60%
70%
80%
UK Sweden
55-64FTEemploymentrate
Part-time
Full-time
If the UK had Sweden’s older worker
employment rates, GDP could be around
5.4%, or c.£100bn, larger
6
June 2015PwC Golden Age Index
Sources: PwC analysis, OECD. Part-time shown on full-time equivalent basis (0.5 FT) in chart.
8. PwC
About the PwC Golden Age Index
8
June 2015PwC Golden Age Index
Labour Market Indicators
The PwC Golden Age Index combines
national performance on the following
labour market indicators (with
relative weights shown in brackets):
• Employment rate 55-64 (40%)
• Employment rate 65-69 (20%)
• Gender gap in employment, 55-64:
ratio men/women (10%)
• Incidence of part-time work 55-64
(10%)
• Full time earnings 55-64 relative to
25-54 (10%)
• Average effective exit age from the
labour force (5%)
• Participation in training 55-64
(5%)
Process
These indicators are normalised,
weighted and aggregated to
generate index scores for each
country.
The index scores are on a scale from
0 to 100, with the average OECD
value in the base year of 2003 set to
50. However, the average index
values for 2007 and 2013 can be
higher or lower than this 2003
baseline.
See Annex for more details of
the methodology.
Data
All data are taken from the
OECD.
We focus mostly on the 55-64
age group as this is the only one
where standardised data are
available for a broad range of
OECD countries.
We do, however, include total
employment rates for 65-69 year
olds in the index.
The latest data available across
the broad range of countries
covered are for 2013.
9. PwC
Figure 1: PwC Golden Age Index – Key results
UK falls
three
places
from 16th
to 19th
between
2003 and
2013
Scandinavian
countries
take 2 of the
top 5 places
Sources: PwC analysis, OECD
9
June 2015PwC Golden Age Index
Rank
Country
Index
2003 2007 2013 2013 2007 2003
1 1 1 Iceland 93.4 93.7 94.1
9 2 2 New Zealand 79.7 71.6 61.2
3 4 3 Sweden 78.2 70.8 68.1
12 11 4 Israel 77.1 65.7 58.9
2 7 5 Norway 74.5 69.8 69.0
14 13 6 Chile 74.4 65.0 56.2
4 5 7 United States 73.4 70.4 68.0
6 6 8 Korea 72.9 70.3 64.8
5 3 9 Japan 71.8 71.0 67.6
13 8 10 Estonia 71.2 69.0 56.8
7 10 11 Switzerland 71.1 65.7 63.7
10 14 12 Denmark 67.1 62.5 60.4
8 12 13 Mexico 65.1 65.4 63.5
15 15 14 Canada 64.3 58.2 53.7
20 17 15 Australia 63.2 55.3 46.9
17 16 16 Finland 62.0 58.0 49.9
11 9 17 Portugal 60.9 66.3 60.2
25 21 18 Germany 58.7 47.3 37.0
16 19 19 United Kingdom 58.1 53.6 50.3
27 26 20 Netherlands 53.4 42.4 35.3
23 23 21 Czech Republic 53.3 46.1 42.8
28 24 22 Austria 50.9 44.5 33.4
22 20 23 Spain 49.4 48.1 43.1
24 25 24 France 48.9 44.3 42.4
18 18 25 Ireland 47.8 55.1 47.9
29 30 26 Italy 42.7 35.4 32.0
33 29 27 Belgium 42.5 36.5 30.2
34 34 28 Slovak Republic 42.4 31.1 22.4
19 22 29 Greece 42.2 46.7 47.1
26 33 30 Poland 42.1 32.0 35.7
30 28 31 Hungary 41.8 37.6 31.9
31 31 32 Luxembourg 41.0 33.9 31.7
32 27 33 Slovenia 39.2 38.1 30.3
21 32 34 Turkey 36.7 33.0 43.6
Average 59.2 54.5 50.0
11. PwC
Potential £100bn boost to UK GDP by increasing older
worker employment rates to Swedish levels
We break down GDP in the following way:
Key assumptions
• Total employment in the economy is equal to employment within the 15-69 age group.
• A full-time (FT) worker is twice as productive on average as a part-time (PT) worker.
We took Sweden as a benchmark country as it is the best performing in the EU and calculated the
impact on UK GDP if the 55-64 and 65-69 FT and PT employment rates in the UK were equal to
Sweden’s.
Result
If the UK’s employment rates had been equal to Sweden’s in 2013, GDP could have been around 5.4%
higher, equating to around £100 billion at today’s GDP values. Since 2013, both countries have seen
rising older age employment rates, but the gap between the two remains similar.
Higher GDP of this magnitude would boost tax revenues and reduce benefit payments significantly,
helping to meet the long-term health, social care and state pension costs of an ageing population
(which were recently estimated by the OBR to be over 4% of GDP in the long term).
GDP
15-54 FT
* GDP per
FT worker
15-54 PT
* GDP per
PT worker
55-64 FT
* GDP per
FT worker
55-64 PT
* GDP per
PT worker
65-69 FT
* GDP per
FT worker
= + + + + +
65-69 PT
* GDP per
PT worker
11
June 2015PwC Golden Age Index
12. PwC
More older workers should add to total employment and
output, rather than just displacing younger workers
12
June 2015PwC Golden Age Index
The total number of jobs in the economy should therefore ultimately rise to match the
increased supply of labour, with a corresponding rise in output. This is the basis for our
calculations of the potential boost to UK GDP from raising older worker employment rates to
Swedish levels.
This process will be eased, however, if companies can move away from linear seniority-based
career paths. This would allow older workers, where appropriate later in their careers, to shift
down into part-time or advisory roles, avoiding any possible blockage to the career
progression of younger workers.
From the perspective of an individual company at a point in time, it might seem that more
older workers could just block progression and new job opportunities for younger workers.
However, from a longer term macroeconomic perspective, as we are adopting in this study,
this should not be the case. This is because people working for longer will have more income
to spend, and this extra spending will feed through into increased demand for labour to
produce the additional goods and services that these older workers want to buy.
13. PwC
Possible lessons from Sweden to promote employment
among older workers
13
June 2015PwC Golden Age Index
A new state pension regime introduced in the 1990s provided incentives to keep working
beyond 65, supported by tax incentives for both individuals and employers. An evaluation by
Laun (2012) estimated that this boosted employment rates for over-65s by 1.5 percentage
points.
Eligibility criteria for disability pensions have also been tightened significantly since the
1990s, reducing a major incentive for early retirement.
Policies to keep women in the workforce after maternity (e.g. generous state-funded childcare
and parental leave) also seem to be reflected in longer working lives for women. This may also
be influenced by evolving social norms.
Sweden has one of the OECD’s highest employment rates for older workers, particularly
amongst women.
This reflects a series of policy measures since the early 1990s to counteract early retirement
and support older workers.
14. PwC Golden Age Index
Implications for public policy and
businesses
PwC 14
15. PwC
Implications for public policy
The PwC Golden Age Index provides a high level assessment of OECD countries’ labour markets and an
overview of their progress over time relative to other countries. This analysis can help to identify countries
with high scores (e.g. Sweden as discussed above) where there may be useful policies in place that other
countries (e.g. the UK or the Eurozone economies) could consider to boost employment of older workers.
Governments could consider further reforms of state pension systems to encourage later retirement.
Some countries, including the UK and Sweden, are already phasing in future rises in state pension ages, while
in others (including Sweden but not the UK) state pension entitlements are adjusted on the basis of expected
life expectancy at the time of retirement. The financial benefits of deferring both state and private pensions
should be communicated more widely.
Boosting employment rates for older women is also particularly important in some countries, which
could include measures to allow flexible working around caring responsibilities (whether for elderly parents or
grandchildren).
Governments could create greater financial incentives for older workers to remain in or re-enter the labour
force. For example, as in Sweden, there could be national insurance or payroll tax deductions for employers
that take on older workers (as exists for NICs in the UK for younger workers). There could also be higher
income tax allowances for workers over 65, as in Sweden, or ‘wage top-ups’ for 60-64 year olds who continue
to work beyond retirement, as in Japan. Many pensioners may continue to work (at least) part-time in future.
Governments could remove the barriers to continued employment and encourage recruitment of older
workers by reviewing current legislation around age discrimination, flexible working and private pensions so
they do not incentivise early retirement. Past UK governments have taken steps in this direction, but the
Altmann review argues they need to do more to enforce age discrimination legislation and in other areas.
Governments could also introduce new training initiatives to improve the employability of older workers.
This could include training in digital skills, adult learning loans and some form of retraining-based
apprenticeships for older workers of the kind that are commonplace for younger workers in the UK and
elsewhere. Job centres should focus on helping with online job search and self-marketing skills.
15
June 2015PwC Golden Age Index
16. PwC
Implications for businesses
Opportunities and challenges
Our Golden Age index covers a range of labour market indicators that businesses could take into account
when identifying potential business locations. The index also highlights the growth potential for
businesses in some countries where employment rates are relatively low for older workers but populations
are steadily ageing.
Businesses who make better use of the skills and experience of older workers could gain a competitive
advantage at a time when their customer bases are also ageing. This will, however, require more flexibility in
areas such as job design, role shifts and allowance for the health issues that older workers may face.
Companies would benefit from doing a comprehensive audit of their age profile that covers
recruitment, retention, training, reward and performance. Age should be treated as an important element in
wider diversity audits.
Employers may also need to rethink their attitudes to training and development for older workers, so
that this does not ‘stop at 50’. This may also include giving senior staff better training in how to manage older
workers, which may involve cultural shifts where there is no longer a strict seniority-based hierarchy.
Changes in employment legislation for older workers may have significant business implications in
relation to issues such as age discrimination and laws around temporary and flexible working for older
workers.
An ageing workforce may also demand different approaches to reward in terms of the balance between
salaries, pension benefits, holiday entitlements, health insurance and other benefits (e.g. allowing career
breaks for long-serving older workers).
16
June 2015PwC Golden Age Index
17. PwC Golden Age Index
Comparison of individual labour
market indicators
PwC 17
18. PwC
Figure 2: Employment rate of 55-64 year olds
Employment increased in the majority of OECD countries (including the UK)
with the rate in Germany rising particularly rapidly between 2003 and 2013.
However, rates fell in Portugal and Greece over this period.
Sources: PwC analysis, OECD
18
June 2015PwC Golden Age Index
0
10
20
30
40
50
60
70
80
90
Employmentrate55-64(%)
Employment rate 55-64 (%)
2013 2007 2003
19. PwC
Figure 3: Employment rate of 65-69 year olds
The employment rate of this age group varies significantly across the OECD
countries from 50% in Iceland to only 3% in Slovak Republic. The UK has
shown a clear upward trend over time, but is still below the top performers.
Sources: PwC analysis, OECD
19
June 2015PwC Golden Age Index
0
10
20
30
40
50
60
Employmentrate65-69(%)
Employment rate 65-69 (%)
2013 2007 2003
20. PwC
Figure 4: Gender gap in employment for 55-64 year olds
(ratio men/women)
The gender gap in employment has decreased in most of the OECD countries
with the steepest falls occurring in Slovak Republic and Spain (but only modest
progress in the UK on this measure).
Sources: PwC analysis, OECD
20
June 2015PwC Golden Age Index
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Gendergapinemployment,55-64(ratio)
Gender gap in employment, 55-64 (ratio)
2013 2007 2003
21. PwC
Figure 5: Incidence of part-time work for 55-64 year olds
The UK has the 4th highest incidence of part-time work for this age group
amongst the OECD countries (though this will be what some workers want)
Sources: PwC analysis, OECD
21
June 2015PwC Golden Age Index
0
5
10
15
20
25
30
35
40
45
Incidenceofpart-timework,55-64(%)
Incidence of part-time work, 55-64 (%)
2013 2007 2003
22. PwC
Figure 6: Full-time earnings of 55-64 year olds relative to 25-
54 year olds
Relative full-time earnings across age groups has remained broadly constant
since 2003 in most countries. The UK has one of the lowest ratios here.
Sources: PwC analysis, OECD
22
June 2015PwC Golden Age Index
0.7
0.8
0.9
1.0
1.1
1.2
1.3
1.4
1.5
Full-timeearnings55-64relativeto25-54(ratio)
Full-time earnings 55-64 relative to 25-54 (ratio)
2013 2007 2003
23. PwC
Figure 7: Average effective labour force exit age
The average effective labour force exit age increased in the majority of
countries from 2003 to 2013, including the UK, but Mexico and Ireland
experienced declines (the former from an exceptionally high level in 2007).
Sources: PwC analysis, OECD
23
June 2015PwC Golden Age Index
55
57
59
61
63
65
67
69
71
73
75
Averageeffectivelabourforceexitage(years)
Average effective labour force exit age (years)
2013 2007 2003
24. PwC
Figure 8: Participation in training of 55-64 year olds
Northern European countries tend to have a relatively high proportion of 55-64
year olds in training. The UK has seen a fall in training participation rates
amongst this age group since 2007, but remains above the OECD median rate.
Sources: PwC analysis, OECD
24
June 2015PwC Golden Age Index
0
5
10
15
20
25
30
'Participationintraining,55-64(%ofallemployedintheagegroup)
Participation in training, 55-64 (% of all employed in the age group)
2013 2007 2003
25. PwC
Overall UK performance on the Golden Age index is only
middling (19th from 34 OECD countries)
25
June 2015PwC Golden Age Index
01
02
03
04
Close to median performance on employment rates
for 55-64 year olds, relative male/female
employment rates and average workforce exit ages.
Somewhat above median
performance on employment rates
for 65-69 year olds and average
training rates for 55-64 year olds.
Below median performance on the
share of full-time working for 55-64
year olds and relative full-time
average earnings rates for 55-64 year
olds compared to younger workers.
Overall UK performance has improved since 2003
on most measures except training participation, but
by slightly less than the OECD average, resulting in
a ranking fall from 16th in 2003 to 19th in 2013.
26. PwC Golden Age Index
Comparison with other measures
PwC 26
27. PwC
There is a positive correlation between the Golden Age Index
and life expectancy, implying that countries where people
live for longer also tend to have longer working lives
27
June 2015PwC Golden Age Index
Sources: PwC analysis, OECD, World Health Organisation
Australia
Austria
Belgium
Chile
Czech Republic
Denmark
Estonia
Finland
France Germany
Greece
Hungary
Iceland
Ireland
Israel
Italy
Japan
KoreaLuxembourg
Mexico
Netherlands
New Zealand
Norway
Poland
Portugal
Slovak Republic
Slovenia
Spain
Sweden
Switzerland
Turkey
United Kingdom
United States
74
75
76
77
78
79
80
81
82
83
84
85
20 30 40 50 60 70 80 90 100
Lifeexpectancyatbirth(years)
PwC Golden Age Index (2013)
Figure 9: PwC Golden Age Index and life expectancy
28. PwC
There is a wide variation in Golden Age index scores across
EU countries with similar state pension ages, although there
is some (fairly weak) evidence of positive correlation here
28
June 2015PwC Golden Age Index
Sources: PwC analysis, EU European Foundation for the Improvement of Living and Working Conditions (2012)
Austria
Belgium
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Ireland
Italy
Luxembourg
Netherlands
Poland
Portugal
Slovak Republic
Slovenia
Spain
Sweden
United Kingdom
59
60
61
62
63
64
65
66
30 40 50 60 70 80 90
EUaveragestatepensionage2012(years)
PwC Golden Age Index (2013)
Figure 10: PwC Golden Age Index and EU average state pension age
29. PwC
The Golden Age Index is positively correlated with GDP per
capita within developed economies, but the relationship is
relatively weak in statistical terms
29
June 2015PwC Golden Age Index
Sources: PwC analysis, OECD
AustraliaAustria
Belgium
Chile
Czech Republic
Denmark
Estonia
Finland
France
Germany
GreeceHungary
Iceland
Ireland
Israel
Italy Japan
Korea
Luxembourg
Mexico
Netherlands
New Zealand
Norway
Poland
PortugalSlovak Republic
Slovenia
Spain
Sweden
Switzerland
Turkey
United Kingdom
United States
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
30 40 50 60 70 80 90 100
GDPpercapita,2013(USD,currentprices)
PwC Golden Age Index (2013)
Figure 11: PwC Golden Age Index and GDP per capita
30. PwC
There is a strong, positive correlation between the PwC
Golden Age and Women in Work indices, perhaps reflecting
common labour market policies and social norms
30
June 2015PwC Golden Age Index
Sources: PwC analysis, OECD
Australia
Austria
Belgium
Canada
Czech Republic
Denmark
Finland
France
Germany
Greece
Hungary
Ireland
Israel
Italy
Japan
Korea
Netherlands
New Zealand
Norway
Poland
Portugal
Slovak Republic
Spain
Sweden
Switzerland
United Kingdom United States
20
30
40
50
60
70
80
90
20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0
PwCWomeninWorkIndex(2013)
PwC Golden Age Index (2013)
Figure 12: PwC Golden Age Index and PwC Women in Work Index
32. PwC
PwC Golden Age Index Methodology
Variables included in the index
Indicator Weight Factor* Rationale
Employment rate, 55-64 (%
of the age group) 40% 1
The proportion of 55-64 year old workers in employment is the most
important measure in our index and so has the highest weight of 40%.
Employment rate, 65-69 (%
of the age group) 20% 1
The proportion of 65-69 year old workers has half the weighting of
that of 55-64 year old workers assuming the 65-69 age group is
roughly half as large in terms of population.
Gender gap in employment,
55-64 (ratio men/women) 10% -1
Gender equality in employment is included here as lower employment
rates among older women tend to be a particular feature of many
OECD countries.
Incidence of part-time work,
55-64 (% of total
employment)
10% -1
Part-time employment may adversely affect earnings, pensions and
job security, but this is given a lower weight in the index since some
older workers may prefer part-time work.
Full-time earnings, 55-64
relative to 25-54 (ratio) 10% 1
Earnings equality would represent equal pay across age groups and
could also be an indicator of the relative labour productivity of older
workers.
Average effective labour force
exit age (years)
5% 1
This measures the length of time a worker stays in the labour force
before they become economically inactive. However, there is some
overlap with other variables such as employment rates so we do not
give it too high a weight in the index.
Participation in training of
55-64 age group (% of all
employed in the age group) 5% 1
This is an indication of how far older workers keep learning beyond
age 55, which will be important in keeping them employable and
renewing their skills. But data are lacking for several countries, so we
do not give this too high a weight in the index.
32
June 2015PwC Golden Age Index
*Indicates whether higher values of an indicator are positively or negatively scored in the index
33. PwC
PwC Golden Age Index Methodology
How does it work?
02
Apply positive/negative
factor
Positive/negative factors are applied so
each variable enters the index with the
correct sign (e.g. positive for
employment rates, negative for gender
gap in employment).
04
Scale the index
Scores are rescaled to values between 0
and 100 with the average value across all
34 countries set, by definition, to 50 in
2003.
Calculating
the PwC
Golden Age
Index
Normalise
Indicators are standardised using the z-
score method, based on the mean and
standard deviation of the sample of 34
countries in a base year of 2003, to allow
for comparisons both across countries
and across time.
03
Calculate the scores
The scores are constructed as a weighted
average of normalised labour market
indicator values.
01
We used a standard method to construct this index, similar to the one used in the PwC Women in Work and ESCAPE
indices, and by many other researchers constructing such indices.
33
June 2015PwC Golden Age Index
34. PwC
We also tested the robustness of our findings to using some
alternative variables and weights
We considered including unemployment rates as a variable either in absolute terms for the 55-64
age group, or relative to the rate for all age groups. However, this made the index more sensitive
to short-term cyclical trends whereas our focus here was more on longer-term structural issues,
so we decided not to include unemployment rates in the final index. This would not, however,
greatly change the UK’s relative ranking.
We also considered alternative weighting schemes, but these did not alter our key results such as:
• Scandinavian countries tending to come at the top of the index together with others such as
New Zealand, Israel and Chile.
• The UK having a middling rank of around 16-20th among the 34 OECD countries in the index
in 2013, generally with some decline over time, particularly in 2003-7.
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June 2015PwC Golden Age Index
35. PwC
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This study forms part of our wider Megatrends research programme: www.pwc.co.uk/megatrends
David Tran
david.n.tran@uk.pwc.com
John Hawksworth
john.c.hawksworth@uk.pwc.com
Conor Lambe
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Andrew Sentance
andrew.w.sentance@uk.pwc.com
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June 2015PwC Golden Age Index