Magazine article European Social Policy

Pensions : Increasing Retirement Age Not Enough, Says Oecd

Magazine article European Social Policy

Pensions : Increasing Retirement Age Not Enough, Says Oecd

Article excerpt

Recent reforms of pension systems are not enough to guarantee a decent lifestyle for all citizens after they retire, says the Organisation for Economic Cooperation and Development (OECD). The OECD report Pensions at a glance 2013' shows that the measures implemented in the 34 OECD countries will mean that most workers entering the labour market today will get lower pensions than previous generations.

Pensions at a glance 2013' is a biannual OECD publication, released with the support of the European Commission. The report, released in Brussels on 28 November, examines the redistributive effect of recent pension reforms - with a whole host of indicators for public policies for pensions. It also summarises pension systems in all OECD and G20 countries. It shows that the increase in retirement age will partially compensate for lower pensions, but that, overall, workers will not get as much pension for the years they have worked as they would now.

The report says that most OECD countries will have a retirement age for both men and women of at least 67 years by 2050. This represents an increase from current levels of about 3.5 years on average for men and 4.5 years for women. The Czech Republic is without doubt the most extreme case, with an unlimited increase in retirement age of two months each year. …

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