Corrigendum. Page 41, Table 1.A1.1. Details of pension reforms, September 2013-September 2015 : Columns on Portugal should read as follows:
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1 Pensions at a Glance: OECD and G Indicators DOI: ISBN (print) ISBN (PDF) OECD 5 Corrigendum Page 4, Table.A.. Details of pension reforms, September 3-September 5 : Columns on Portugal should read as follows: Country Coverage Diversification and security Portugal Pension benefits Taxes and defined benefit contributions In 5 the pension-income threshold for the CES (extraordinary solidarity surcharge) was changed and applied just to the highest pensions. Indexation Work incentives Administrative efficiency The determination of the sustainability factor, which links the level of pensions to increasing life expectancy, was changed. It will be computed as the ratio between life expectancy in and life expectancy in the year prior to retirement. The sustainability factor will be used to increase the retirement age rather than to reduce retirement pension and applies only to people claiming old-age pension s before the normal retirement age. The retirement age was increased from 65 to 66 in 4. Long-term unemployed can retire at 57. Retirement age will be linked to life expectancy. Other Page 43, United States, the column Coverage should read: My retirement accounts (myras) were announced in January 4 to encourage more to save for their retirement. Contributions will be invested in government bonds and the principal is guaranteed. Final regulations were announced by the US Treasury in December 4, with the programme available from November 5.
2 Page 49, first paragraph under Minimum pension title, thirs sentence should read: In France, to be eligible for the contributory minimum benefit, being aged at least 6 years and months (6 from 7) and having 4.5 years of contributions, or being aged 65 and over (increasing to 67 by ), are required. However, there is a slightly higher minimum pension in France if more than 3 years of contributions have been made. Page 5, Figure. Years required for minimum pension : the bar for France has been moved as follows: Years 5 Minimum eligibility Full benefit Page 54, Figure.6. Value of first-tier benefits as a percentage of average : data for Switzerland have been changed as follows: % of average 6. Basic (residence) Safety-net Minimum
3 Page 97, Figure 3.4. The gross pension entitlements of low-, average-, and high-earning workers with unemployment-related career breaks versus workers with unbroken careers : data for Germany have been changed as follows: Panel A. Three-year break for unemployment 5% AW.5 AW AW Relative gross pension entitlement, % % 95% 9% 85% 8% 75% Baseline: % Chile Turkey Hungary Estonia Iceland Mexico Italy Israel Austria Portugal herlands Japan Poland Finland Slovak Republic Switzerland Korea Sweden OECD Belgium Greece Denmark Australia Germany Czech Republic Slovenia Canada Ireland New Zealand Spain United Kingdom United States Norway Luxembourg France Panel B. Five-year break for unemployment AW.5 AW AW Relative gross pension entitlement, % 5% % 95% 9% 85% 8% 75% Baseline: % Chile Turkey Hungary Iceland Estonia Mexico Italy Portugal Israel Austria Poland Finland herlands Japan Switzerland Korea Slovak Republic Belgium Sweden OECD Germany Denmark Greece Luxembourg Australia Czech Republic Canada Ireland New Zealand Spain United Kingdom United States Slovenia Norway France Page 4, Table for Brazil : Baseline scenario: Legislation scenario (wage indexation of minimum pension), the last figure on the right-hand side of the second line of the table should read 44. instead of.44. 3
4 Page 39, the data for Germany, Greece, Sweden, the United Kingdom and OECD average in Table 6., Figure 6. and Figure 6.3 should read as follows: 6.. Gross pension replacement rates by Individual, multiple of mean for men (women where different) Pension age.5.5 Pension age.5..5 OECD members OECD members (con'd) Australia (75.7) 44.5 (4.9) 3.9 (9.3) Norway Austria Poland Belgium Portugal Canada Slovak Republic Chile (36.7) 3.8 (8.8) 3.9 (8.9) Slovenia (46.8) 38.4 (4.4) 36. (37.9) Czech Republic Spain Denmark Sweden Estonia Switzerland 65 (64) 55.7 (55.) 4. (39.9) 6.8 (6.6) Finland Turkey France United Kingdom Germany United States Greece OECD (65.4) 64.5 (64.) 5.9 (5.5) 47.8 (47.4) Hungary Iceland Other major economies Ireland Argentina 65 (6) 8.8 (88.) 7.6 (7.5) 68.3 (65.9) Israel 67 (64) 8.7 (74.7) 6. (54.) 4.7 (36.) Brazil 55 (5) (5.9) 69.5 (5.9) Italy China 6 (55) 94. (86.5) 74. (69) 67.4 (63.) Japan India (9.3) 96.5 (9.3) 96.5 (9.3) Korea Indonesia (.8) 3. (.8) 3. (.8) Luxembourg Russian Federation 6 (55) 75. (64.) 75. (64.) 75. (64.) Mexico (3.6) 4. (.4) Saudi Arabia herlands South Africa New Zealand EU8 65. (65) 69.9 (69.7) 59. (58.8) 54.4 (54.) 6.. Gross pension replacement rates: average earners 5 grr at retirement age grr at age Grey bars: other major eeconomies Gross pension replacement rates: low and high earners 5 GRR Low GRR High Grey bars: other major eeconomies. 4
5 Page 4, data for Germany, Greece, Sweden, the United Kingdom, the United States and OECD average in Table 6.4 should read as follows: 6.4. Gross pension replacement rates from public, mandatory private and voluntary private Percentage of individual Mandatory priv ate Mandatory Public (DB & DC) Total mandatory Voluntary DC Total with voluntary Australia Austria Belgium Canada Chile Czech Republic Denmark Estonia Finland France Germany Greece Hungary Iceland Ireland Israel Italy Japan Korea Luxembourg Mexico herlands New Zealand Norway Poland Portugal Slovak Republic Slovenia Spain Sweden Switzerland Turkey United Kingdom United States OECD Other major economies Argentina Brazil China India Indonesia Russian Federation Saudi Arabia South Africa EU DB = Defined benefit; DC = defined contribution. Source : OECD pension models. 5
6 Page 45, the data for Germany, Greece, Sweden, the United Kingdom and OECD average in Table 6.7, Figure 6.8 and Figure 6.9 should read as follows: 6.7 pension replacement rates by Individual, multiple of mean for men (women where different) Pension age.5.5 Pension age.5.5 OECD members OECD members (con'd) Australia (84.6) 58. (53.4) 45.9 (4.9) Norway Austria Poland Belgium Portugal Canada Slovak Republic Chile (45.3) 37.7 (33.) 38. (33.4) Slovenia (6.6) 57.4 (6.4) 55. (57.6) Czech Republic Spain Denmark Sweden Estonia Switzerland 65 (64) 6.4 (6.7) 46.9 (46.5) 3.5 (3.) Finland Turkey France United Kingdom Germany United States Greece OECD (65.4) 74. (73.7) 63. (6.7) 58.5 (58.) Hungary Iceland Other major economies Ireland Argentina 65 (6) 96.4 (4) 87.5 (87.3) 8.8 (78.4) Israel 67 (64) 85.7 (77.4) 68.8 (6.9) 5.3 (45.) Brazil 55 (5) (58.) 76.4 (58.) Italy China 6 (55). (94) 8.5 (75) 73.6 (69) Japan India (3.8) 9.7 (3.8) 9.7 (3.8) Korea Indonesia (.5) 3.8 (.5) 3.9 (.6) Luxembourg Russian Federation 6 (55) 86.4 (73.7) 86.4 (73.7) 86.4 (73.7) Mexico (6.) 8. (6) Saudi Arabia herlands South Africa New Zealand EU8 65. (65) 8.7 (8.4) 7.9 (7.7) 66.4 (66.) 6.8. pension replacement rates: average earners G ross Grey bars: other major economies Low NRR High NRR 6.9. pension replacement rates: low and high earners Grey bars: other major economies. 6
7 Page 47, the data for Germany, Greece, Sweden, the United Kingdom and OECD average in Table 6. should read as follows: 6.. Gross and net pension replacement rates from mandatory (public and private) and voluntary pension schemes Percentage of individual Gross mandatory public and private mandatory public and private Total gross with voluntary Total net with voluntary Australia Austria Belgium Canada Chile Czech Republic Denmark Estonia Finland France Germany Greece Hungary Iceland Ireland Israel Italy Japan Korea Luxembourg Mexico herlands New Zealand Norway Poland Portugal Slovak Republic Slovenia Spain Sweden Switzerland Turkey United Kingdom United States OECD Other major economies Argentina Brazil China India Indonesia Russian Federation Saudi Arabia South Africa EU Source : OECD pension models. 7
8 Page 49, the data for Germany, Greece, Sweden, the United Kingdom and OECD average in Table 6., Figure 6. and Figure 6.3 should read as follows: 6.. Gross pension wealth by Individual, multiple of mean Individual, multiple of mean OECD members Women Women Australia Norway Austria Poland Belgium Portugal Canada Slovak Republic Chile Slovenia Czech Republic Spain Denmark Sweden Estonia Switzerland Finland Turkey France United Kingdom Germany United States Greece OECD Hungary Iceland Other major economies Ireland Argentina Israel Brazil Italy China Japan India Korea Indonesia Luxembourg Russian Federa Mexico Saudi Arabia herlands South Africa New Zealand EU Figure 6.. Gross pension wealth for lower earners by gender men BRA (55,5) LUX (6) DNK (67) NLD (67) CHN (6,55) NZL (65) ARG (65,6) ESP (65) IND (58) GRC (6) ICE (67) AUT (65) DEU (65) SAU (45) ISR (67,64) AUS (67) PRT (66) IRL (68) TUR (65) CZE (68) ITA (67) NOR (67) OECD34 RUS (6,55) FRA (63) KOR (65) CHE (65,64) SVN (6) FIN (65) SVK (67) EST (65) SWE (65) JPN (65) HUN (65) CAN (67) BEL (65) USA (67) GBR (68) POL (67) CHL (65) MEX (65) ZAF (6) IDS (55) women Grey bars: other major economies. Figure 6.3. Gross pension wealth for average earners by gender men wom en LUX (6) NLD (67) ESP (65) IND (58) CHN (6,55) AUT (65) DEU (65) SAU (45) ARG (65,6) BRA (55,5) TUR (65) GRC (6) ITA (67) PRT (66) ICE (67) RUS (6,55) DNK (67) FRA (63) FIN (65) ISR (67,64) SWE (65) OECD34 NOR (67) SVN (6) SVK (67) HUN (65) BEL (65) NZL (65) CHE (65,64) EST (65) CZE (68) KOR (65) AUS (67) POL (67) JPN (65) IRL (68) CAN (67) USA (67) CHL (65) MEX (65) GBR (68) IDS (55) ZAF (6) Grey bars: other major economies. Source: OECD pension models 8
9 Page 5, the data for Germany, Greece, Sweden, the United Kingdom and OECD average in Table 6.4, Figure 6.5 and Figure 6.6 should read as follows: Table 6.4. pension wealth by OECD members Multiple of individual annual gross Multiple of individual annual gross Women Women Australia Norway Austria Poland Belgium Portugal Canada Slovak Republic Chile Slovenia Czech Republic Spain Denmark Sweden Estonia Switzerland Finland Turkey France United Kingdom Germany United States Greece OECD Hungary Iceland Other major economies Ireland Argentina Israel Brazil Italy China Japan India Korea Indonesia Luxembourg Russian Federa Mexi co Saudi Arabia herlands South Africa New Zealand EU Figure 6.5. Gross versus net pension wealth, men, average earner ne t pension we alth gross pension wealth BRA (55,5) IND (58) SAU (45) LUX (6) CHN (6,55) TUR (65) ESP (65) DEU( 65) NLD (67) AUT (65) PRT (66) GRC (6) ARG (65,6) ISR (67,64) RUS (6,55) ITA (67) FRA (63) ICE (67) SVK (67) HUN (65) SVN (6) OECD34 FIN (65) AUS (67) NOR (67) CZE (68) SWE (65) NZL (65) KOR (65) DNK (67) EST (65) IRL (68) CAN (67) CHE (65,64) BEL (65) JPN (65) POL (67) USA (67) CHL (65) MEX (65) GBR (68) IDS (55) ZAF (6) Grey bars: other major economies. 5 Figure 6.6. Gross versus net pension wealth, women, average earner ne t pension we alth gross pension wealth 5 5 IND (58) LUX (6) CHN (6,55) SAU (45) BRA (55,5) ESP (65) TUR (65) ARG (65,6) DEU (65) NLD (67) RUS (6,55) PRT (66) AUT (65) GRC (6) ITA (67) FRA (63) SVN (6) ISR (67,64) SVK (67) HUN (65) ICE (67) FIN (65) OECD NOR (67) CZE (67) KOR (65) EST (65) AUS (67) SWE (65) NZL (65) DNK (67) CHE (65,64) IRL (67) CAN (67) BEL (65) JPN (65) POL (67) USA (67) CHL (65) MEX (65) GBR (68) IDS (55) ZAF (6) Grey bars: other major economies. 9
10 Page 7, the data for Australia, Austria, Chile, Estonia, Iceland, Italy, Mexico, Poland, Portugal, Slovak Republic, Slovenia, Spain, Turkey and OECD in Table 8.3 and Figure 8.4 should read as follows: 8.3. Income poverty rates by age and gender or latest availbale Older people (aged over 65) Older people (aged over 65) By age By gender Whole Whole By age By gender population population All Women All Women Australia Korea Austria Luxembourg Belgium Mexico Canada herlands Chile New Zealand Czech Republic Norw ay Denmark Poland Estonia Portugal Finland Slovak Republic France Slovenia Germany Spain Greece Sw eden Hungary Sw itzerland Iceland Turkey Ireland United Kingdom Israel United States Italy or latest availbale Japan OECD Income poverty rates by age 5. Korea 4. Old more likely to be poor Australia 3. Mexico Israel Switzerland United States. Japan Old less likely to be poor Chile Turkey Slovenia United Kingdom. Austria Belgium Germany Estonia Italy Finland Portugal Ireland Greece Canada Denmark Spain Slovka R. Cech R. Luxembourg. Icelandthe herlands Source: OECD Income Distribution Database,
11 Pages 7 and 8, the graphs and tables for Canada should read as follows: CANADA Pension modelling results: Canada in 6, retirement at age 67 Gross relative pension level.5 Gross replacement rate.5 Earnings-related Basic Targeted Earnings-related Targeted Basic and gross relative pension levels.5 Gro ss.5 and gross replacement rates.5 Gro ss Baseline scenario: Legislation scenario (price indexation of targeted schemes) Individual, multiple of average Women (where different) Gross relative pension level (% average gross ) relative pension level (% net average ) Gross replacement rate (% individual gross ) replacement rate (% individual net ) Gross pension wealth (multiple of individual gross ) pension wealth (multiple of individual gross ) Assumptions: Real rate of return 3%, real grow th.5%, inflation %, and real discount rate %. Alternative scenario: Full-wage indexation of targeted schemes Individual, multiple of average Women (where different) Gross relative pension level (% average gross ) relative pension level (% net average ) Gross replacement rate (% individual gross ) replacement rate (% individual net ) Gross pension wealth (multiple of individual gross ) pension wealth (multiple of individual gross ) Assumptions: Real rate of return 3%, real grow th.5%, inflation %, and real discount rate %.
12 Pages 67 and 68, the graphs and tables for Greece should read as follows: Pension modelling results: Greece in 56, retirement at age 6 Gross relative pension level.5 Gross replacement rate.5 Earnings-related Basic Earnings-related Basic and gross relative pension levels and gross replacement rates.5.5 Gross Gross Baseline scenario: Legislation scenario (price indexation of safety-nets schemes) Individual, multiple of average Women (where different) Gross relative pension level (% average gross ) relative pension level (% net average ) Gross replacement rate (% individual gross ) replacement rate (% individual net ) Gross pension wealth (multiple of individual gross ) pension wealth (multiple of individual gross ) Assumptions: Real rate of return 3%, real grow th.5%, inflation %, and real discount rate %. Alternative scenario: Full-wage indexation of targeted schemes Individual, multiple of average Women (where different) Gross relative pension level (% average gross ) relative pension level (% net average ) Gross replacement rate (% individual gross ) replacement rate (% individual net ) Gross pension wealth (multiple of individual gross ) pension wealth (multiple of individual gross ) Assumptions: Real rate of return 3%, real grow th.5%, inflation %, and real discount rate %.
13 Pages 356 and 357, the graphs and tables for Sweden should read as follows: Pension modelling results: Sweden in 59, retirement at age 65 Gross relative pension level.5 Gross replacement rate.5 DC (OP) DC Earnings-related DC (OP) DC Earnings-related and gross relative pension levels and gross replacement rates.5.5. Gross. Gross Baseline scenario: Legislation scenario (price indexation of guarantee pension) Individual, multiple of average Women (where different) Gross relative pension level (% average gross ) relative pension level (% net average ) Gross replacement rate (% individual gross ) replacement rate (% individual net ) Gross pension wealth (multiple of individual gross ) pension wealth (multiple of individual gross ) Assumptions: Real rate of return 3%, real grow th.5%, inflation %, and real discount rate %. Alternative scenario: Wage indexation of guarantee pension Individual, multiple of average Women (where different) Gross relative pension level (% average gross ) relative pension level (% net average ) Gross replacement rate (% individual gross ) replacement rate (% individual net ) Gross pension wealth (multiple of individual gross ) pension wealth (multiple of individual gross ) Assumptions: Real rate of return 3%, real grow th.5%, inflation %, and real discount rate %. 3
14 Page 37: the graphs and table for the United Kingdom should read as follows: Pension modelling results: United Kingdom in 6, retirement at age 68 Gross relative pension level Gross replacement rate.5 Basic.5 Basic and gross relative pension levels and gross replacement rates.5 Gro ss.5 Gro ss Baseline scenario: Legislation scenario (wage indexation of basic pension benefits) Individual, multiple of average Women (where different) Gross relative pension level (% average gross ) relative pension level (% net average ) Gross replacement rate (% individual gross ) replacement rate (% individual net ) Gross pension wealth (multiple of individual gross ) pension wealth (multiple of individual gross ) Assumptions: Real rate of return 3%, real grow th.5%, inflation %, and real discount rate %. 4
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