Report Code: A10021 | Pages: NA | Mar 2023 | 2108 Views | ||
Author(s) : NA | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Pension Funding Market
Request Now !The pension funding is a type of plans which are funded by the employers & employees for the retiring personnel. In addition, the employee receives a payment per month equal to the percentage of the average salary earned during the employment. Furthermore, the number of years worked with the retiring company calculates the pension fund which is accumulated during the term. The fund is collected by the employers and employees together and the employers pays the largest share of the total funds collected. Also, a minimum premium is charged from the salary of the employees to guarantee the workers retirement benefits in the near future.
The global pension funding market is segmented on the basis of types of pension funds, types of pension plan and region. Based on pension funds, the market is divided into employees provident fund, voluntary provident fund, public provident fund, mutual funds investment, national pension system and others. In terms of types of pension plan, the market is categorized into defined benefit (DB) and defined contribution (DC). Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global pension funding industry include Coca-Cola, Johnson & Johnson, ExxonMObile, JP Morgan Chase, Prudential, Merck, Eli Lilly & Co., Aflac, BB&T and NextEra Energy. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global pension funding market.
Market Scope and Structure Analysis
Report Metric | Details |
Market Size Available For Years | 2019–2027 |
Base Year Considered | 2019 |
Forecast Period | 2020–2027 |
Forecast Units | Value ($) |
Segments Covered | Types of Pension Funds, Types of Pension Plan, and Region |
Companies Covered | Major players analyzed include Coca-Cola, Johnson & Johnson, ExxonMObile, JP Morgan Chase, Prudential, Merck, Eli Lilly & Co., Aflac, BB&T and NextEra Energy. |
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COVID-19 Scenario Analysis
Rise in integration for the pension funding systems, increase in organisations providing pension funding across the globe and surge in consumer awareness about pension funding in developing countries are driving the growth of the market. However, data quality & security issues are expected to hamper the growth of the market. Contrarily, growing implementation of data analytics in the pension funding is becoming one of the major factors expected to provide lucrative opportunity to the market.
In order to overcome the time-consuming process for accumulating the pension, which is to be provided after the retirement, the implementation of data analytics has increased tremendously in the market. As it helps in simplifying the process by getting the information analyzed while assessing of the pension funding amount and setting the channels for the automatic account transfers. Furthermore, using data analytics for the pension funding also enhances the consumer to find the accurate pension plans which match the average salary for the time of employment.Â
For instance, in 2019, a survey conducted by the U.S. census board which projected that approximately 450 state-administrative funds and 9000 local benefit public pension systems have been set up using the data analytics, which total the amount of $5 trillion of funds. Therefore, the growing implementation of data analytics in the pension funding, will boost the growth for the global pension funding market during the forecast period.
The pension funding is gaining popularity due to increased awareness for the cash flow crisis which is faced by the retired personnel primarily in the developing countries. Moreover, with an increase in monetary costs worldwide, the consumers are concerned about the expenses which are necessary after the retirement process.Â
Furthermore, the employers & employees set up the funds on monthly bases for the individual on the retired personnel average salary of last 5 years and contribute to protect the employees from undue stress & other challenges. Therefore, the rise in consumer awareness about pension funding in developing countries, will boost the growth for the global market during the forecast period.
Key Benefits of the Report
Questions Answered in the Pension Funding Market Research Report
Pension Funding Market Report Highlights
Aspects | Details |
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By Types of Pension Fund |
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By Types of Pension Plans |
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By Region |
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Key Market Players | Coca-Cola, Johnson & Johnson, ExxonMObile, JP Morgan Chase, Prudential, Merck, Eli Lilly & Co., Aflac, BB&T, NextEra Energy. |
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