Pensions at a Glance: Public policies across OECD countries
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1 Pensions at a Glance: Public policies across OECD countries Edward Whitehouse Tokyo, September 2005
2 Comparing pension systems Microeconomic approach modelling future pension entitlements of today s workers Income-distribution analysis comparing incomes of older people and the population as a whole Fiscal approach projections of pension expenditure
3 Microeconomic approach Covers all mandatory pensions Includes effect of personal income tax and social security contributions Full-career workers Across the earnings distribution All currently legislated reforms fully in place Common macroeconomic and financial assumptions
4 Net replacement rate: average earner Luxembourg Italy Germany France OECD average Japan Canada Australia United States United Kingdom Ireland Net replacement rate, per cent
5 Net replacement rate: low earner Luxembourg France Canada Italy OECD average Japan United Kingdom Australia Ireland Germany United States Net replacement rate, per cent
6 The pension/earnings link 2.5 Gross relative pension levels New Zealand Ireland Individual earnings, proportion of average
7 The pension/earnings link 2.5 Gross relative pension levels United Kingdom Australia 0 Canada Individual earnings, proportion of average
8 The pension/earnings link 2.5 Italy Gross relative pension levels Luxembourg NL Individual earnings, proportion of average
9 The pension/earnings link 2.5 Gross relative pension levels Japan United States Individual earnings, proportion of average
10 Older people s relative incomes United States Canada Netherlands Luxembourg Japan Germany France OECD average Italy New Zealand Ireland United Kingdom Australia Net income of year olds, per cent of overall average income
11 Old-age poverty Ireland Australia United States Japan Italy United Kingdom OECD average France Germany Canada Luxembourg Netherlands New Zealand Percentage of year olds with income below half median population income
12 Fiscal approach Italy France Germany OECD average Japan Netherlands Canada New Zealand United States United Kingdom Australia Current old-age pension spending, per cent of GDP
13 Fiscal projections Italy France Germany OECD average Japan Netherlands Canada New Zealand United States United Kingdom 0 Australia Current and 2050 old-age pension spending, per cent of GDP
14 The Japanese pension system compared Current public-pension spending is around the OECD average Pension reforms have succeeded in controlling the growth of pension spending Old-age incomes of middle and high earners are in the upper range, but, old-age poverty may be of concern The pension promise is below the OECD average, reflecting these reforms, but is still more than adequate
15 Sources and further reading Pensions at a Glance: Public Policies across OECD Countries, OECD, 2005 Income distribution and poverty in OECD Countries in the second half of the 1990s, by Michael Förster and Marco Mira d'ercole, Social, Employment and Migration working paper no. 22, OECD, 2005 Fiscal implications of ageing: projections of age-related spending, by Thai Thanh Dang, Pablo Antolín and Howard Oxley, Economics Department working paper no. 305, OECD, 2001 Ageing and Income Financial Resources and Retirement in Nine OECD Countries, OECD, 2001
16 Contact information Edward Whitehouse edward.whitehouse@oecd.org ELS/SPD OECD 2 rue Andre Pascal Paris France Internet:
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