Social challenges

Measures to offset the impact of COVID-19 on old-age pensions and retirement savings

07/12/2020 PNG

COVID-19 ’s knock-on economic effects have hit public pension finances hard, adding to already existing pressures. The pandemic has also affected the ability of workers and employers to contribute to retirement savings plans.

Expanded job retention schemes and unemployment benefits in some countries have provided some income protection, and thereby pension protection, but risks of financial hardship may force people to put their short-term needs ahead of their long-term interests. In fact, some well-intentioned government measures to provide relief through deferring, reducing or stopping pension contributions, or otherwise permitting people to access their savings before they reach retirement age, may have a detrimental effect on future retirement incomes.

This visualisation allows you to explore the different measures countries have implemented.

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