Almost half the world's older persons lack pensions ILO report says 52 per cent of older persons receive a pension, but levels are inadequate and the trend has been worsened by fiscal consolidation.
ILO News (30.09.14)
GENEVA (ILO News) -- Nearly half – 48 per cent – of all people over pensionable age in the world do not receive a pension, and for many of the 52 per cent who do coverage is not adequate, says a new report by the International Labour Organization (ILO).
As a result, the majority of the world’s older women and men have no income security, have no right to retire and must keep working as long as they can – often in poorly paid, precarious conditions.
The ILO policy paper “Social Protection for older persons: Key policy trends and statistics” shows that in recent years many middle and low-income countries have been rapidly expanding pension coverage through a mix of contributory and non-contributory, tax-financed social pensions.
The report looks at pension systems in 178 countries. It finds that more than 45 countries have reached 90 per cent pension coverage and more than 20 developing countries have achieved or nearly achieved universal pension coverage.