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OECD countries have to change pension systems to comply with labor market

According to a new OECD report, governments should urgently reform pension systems so that a growing share of freelancers could make pension savings, according to Modern Diplomacy.
OECD countries have to change pension systems to comply with labor market

According to official statistics, there are three times more freelancers among women than men, and self-employment is especially common among older workers.

“Governments need to quickly introduce more inclusive and coherent pension laws,” says OECD Secretary General Ángel Gurría. – The pension policy reform in OECD countries should narrow the gap in savings between standard and non-standard workers.” The latter includes freelancers and self-employed, who save the least money on retirement.

Most pension reforms have been focused on easing age requirements for retirement, increasing retirement benefits or expanding retirement benefits over the past two years intensifying long-term pressure on the financial sustainability of many pension systems. According to the report, the rejection of reforms aimed at satisfying long-term needs may make pension systems less resilient to future economic shocks.

Source: https://moderndiplomacy.eu/2019/11/28/countries-should-strengthen-pension-systems-to-adapt-to-changing-world-of-work/

Photos are from open sources.

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