The world of international pension and savings plans is expanding at a breakneck pace, with both the demand for these plans and the assets they manage skyrocketing. In fact, the latest survey conducted by advisory firm WTW has revealed that a whopping quarter of the 1,023 plans included in the study were established within the last five years alone. And that’s not all – the total assets under management of these plans have surged to an impressive $19.3 billion, a staggering 5% increase from the previous year.
It’s not hard to see why so many are flocking to these plans. For many expatriate workers, international pension plans offer a lifeline they simply can’t do without. In fact, the WTW survey revealed that nearly half of these plans were set up specifically for workers who couldn’t remain on their home country’s pension plan, and who either weren’t eligible for a host plan or couldn’t secure one. It’s clear that these plans are filling a vital need for those who might otherwise be left without the financial security they need.
With skills shortages in many hotspots across the world, employers are redefining their employee experience and benefits packages to stay competitive.
The world of business is in the midst of a major shakeup, with companies everywhere struggling to find employees with the right skills to meet their needs. In response, savvy employers are redefining their approach to the employee experience, recognizing that they need to offer top-notch benefits if they hope to stay competitive. That’s according to Tony Broomhead, managing director of integrated and global solutions for WTW, who recently shared his insights in a news release.
But it’s not just about attracting the best talent – many organizations are also grappling with how to offer sufficient pension and savings plans to their employees around the world. For multinationals, charities, and international governmental organizations, the challenge is clear: how do you provide the minimum yet sufficient levels of benefits to staff across the globe? It’s a question that has many turning to international pension and savings plans as a solution.
But there’s more to the story than just meeting the needs of global workers. In fact, the latest survey from WTW has revealed that some employers are offering these plans to employees in countries with unstable economic or political climates. Thirteen percent of plans, in fact, were created specifically for local workers in such areas, offering a measure of security and peace of mind in otherwise uncertain times. And the top countries for workers on these plans? Egypt, Argentina, Lebanon, Sri Lanka, and Ecuador. It’s clear that international pension and savings plans are playing a critical role in the global marketplace, helping employers and employees alike navigate the complex challenges of our rapidly-changing world.
In the fast-paced world of global business, it’s not always easy to ensure that every employee has access to the benefits they need to thrive. For expats, the situation can be especially challenging – often, they’re excluded from local pension schemes, leaving them with limited options and uncertain prospects for the future. But according to Tony Broomhead, managing director of integrated and global solutions for WTW, there is a solution: international pension plans.
These plans offer a flexible and efficient way for employers to provide vital benefits to their workers, no matter where they may be located. For local staff in countries with limited options or unstable economies, international plans can be a lifeline, providing the security and stability they need to build a better future. And for expats, the benefits are equally clear – with international plans, they can rest easy knowing that their retirement savings are secure, even if they can’t access local pension schemes.
In a world where the global workforce is more mobile than ever before, international pension plans are becoming an essential tool for businesses everywhere. By offering these plans to their employees, companies can attract and retain top talent, demonstrate their commitment to their workers’ wellbeing, and ensure that everyone has access to the benefits they need to thrive. As Broomhead notes, “International plans are a flexible way for employers to offer these vital benefits in a secure and efficient way.” It’s clear that these plans will continue to play a critical role in the years ahead, as businesses and workers alike navigate the ever-changing landscape of the global marketplace.