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Asia’s pension systems need modernising urgently to deliver secure, sustainable and adequate retirement incomes for today’s workers in the context of the rapid population ageing that will occur over the next two decades, according to a new OECD report.
The theme of this fourth edition of Pensions at a Glance is pensions, retirement and life expectancy. Many countries have increased pension ages in the face of population ageing and longer lives. Some have introduced an automatic link between pensions and life expectancy.
Pensions are a major component of public expenditure, and a target for governments looking to streamline budgets. What are countries doing to manage costs at a time when populations are ageing at an accelerated pace?
The key tables on insurance and pensions comprise data on insurance premiums, national market share, and spending per capita. Tables on pensions will be added later.
In his remarks to the Central Bank of Greece, Mr. Gurría offered the OECD support, expertise, and policy experience to help Greece modernise its economy and put it on a path of sustained growth.
Governments must continue reforms to ensure that public and private retirement income provision is socially as well as financially sustainable, according to a new OECD report.
What impact has the crisis had on pensions?
Who is affected?
What can be done?
Policy makers are now facing the challenge of providing a short-term response to the crisis without losing sight of the longer-term structural reforms needed to put pension and healthcare systems on a solid footing in light of population ageing. According to Mr. Gurría, we need pension funds to be more transparent and better regulated but we also need structural reforms in the public pension policies and health care systems.
Mr. Gurría underlined that business ethics should be at the center of any new road-map for the global economy. Markets should not only be more stable, but morally acceptable as well. He said that it is time to reunite ethics and economics through a solid, transparent and updated set of rules.
China needs to make wide-ranging changes in the way it runs its public and private sectors if it is to continue on a stable growth path leading to full integration into the world economy, according to a new report from the OECD.