POLICY BRIEF ON PENSIONS July 2019 – www.oecd.org/els/public-pensions Pension systems went through major reforms Retirement ages are slowly increasing while gender gaps are being eliminated – Eligibility age for a full pension for male workers entering the labour market at age 20 and having a full career 1956 (cohort retiring on average about today) 1940 (~ past) 1996 (~ future) 75 73 71 69 67 65 63 61 59 57 45 55 Rising share of adult life spent in retirement – Difference between men and women, full-career workers entering the labour market at age 20 1956 (cohort retiring on average about today) 1940 (~ past) Years 8 7 6 5 4 3 2 1 0 Large impact of systemic reforms and of big changes in retirement ages – 1996 (~ future) For men of three selected birth cohorts 1956 (cohort retiring on average about today) 1940 (~ past) 1996 (~ future) 57 55 % 50 45 40 35 30 25 20 15 10 5 0 – Full-career average earners retiring at the normal retirement age of the respective cohort, men 1956 (cohort retiring on average about today) 1940 (~ past) 1996 (~ future) 1940 (~ past) 1996 (~ future) % 100 80 60 40 20 0 1956 (cohort retiring on average about today) % 100 Increasing replacement rate Stable replacement rate 80 60 40 20 0 – Other* References Citation Authors Contacts Endnotes Financial support and disclaimer – POLICY BRIEF ON PENSIONS Will future pensioners work for longer and retire on less? www.oecd.org/els/public-pensions –
