Countries should enact immediate reforms to pension systems to ensure that the growing proportion of workers in temporary or part-time employment can receive an adequate income in retirement, the Organization for Economic Co-Operation and Development (OECD) said in its annual pension report, published on the organization's website
MOSCOW (Pakistan Point News / Sputnik - 27th November, 2019) Countries should enact immediate reforms to pension systems to ensure that the growing proportion of workers in temporary or part-time employment can receive an adequate income in retirement, the Organization for Economic Co-Operation and Development (OECD) said in its annual pension report, published on the organization's website.More than a third of jobs in OECD countries were now "non-standard," defined as self-employment, temporary or part-time work, the report stated. It also highlighted that women were three times more likely to conduct part-time work than men, which hindered their ability to contribute to both occupational and earnings-related schemes.
"Reforming pension policies in OECD countries to reduce gaps between standard and non-standard workers in terms of coverage, contributions and entitlements is essential," OECD Secretary-General Angel Gurria was quoted as saying in the report.
The need to suitably reform pension schemes is urgent given rising population ages across many OECD countries, the report stressed. The proportion of people older than 65 years per 100 people of working age is expected to double from 31 percent to 58 percent by 2060, which will put significant pressure on the financial suitability of many pension systems.
The OECD publishes an annual report on pension systems in member countries. In its 2018 annual report, the organization suggested that the design of pension systems was now more financially sustainable and that governments should put plans into practice. This report also warned of the financial risks of population aging and increased levels of non-standard employment.
