USA
The US pension system consists of three main components: social (payments from the state), payments from the employer and personal savings. The Social Security pension is entirely dependent on government payments. The size of these payments depends on earnings and official work experience. The average pension in the country is 1.8 thousand dollars per month. Employer-Sponsored Plans: in the US, employer pension plans are usually called 401(k), after the clause number of the US Tax Code. This clause allowed employees to contribute a portion of their salary to their personal retirement savings accounts before paying income taxes. Employers can also voluntarily contribute funds to the same accounts, and such payments are also not taxed. The share of employer contributions varies widely, from 10% to 100% of wages. Personal Retirement Accounts (IRAs), such as traditional IRAs and Roth IRAs, allow people to save for retirement in a tax-advantaged manner.
Germany
The German pension system also consists of three following levels: public, professional contributions and private savings. State pension (Deutsche Rentenversicherung): participation in the state pension insurance program is compulsory and is financed by government subsidies and social security contributions made by the working population. The contributions are redistributed to benefit retirees and are not deferred or invested. The contributions are 18.6% of salary (equally divided between the employee and employer). Occupational pensions (Betriebliche Altersversorgung, bAV): supplementary pension schemes provided by employers. These schemes may be mandatory or voluntary and include both defined benefit and defined contribution plans. Private pension savings (Private Altersvorsorge): individual pension plans including Riester-Rente and Rürup-Rente. These plans allow people to make additional contributions and get tax benefits.
France
The French pension system also has three levels: State pension (Régime Général): the main level of the pension system is financed by contributions from employees and employers. The size of these contributions is 15% of salary. Occupational pensions (Régimes Complémentaires): accumulated pension plans are compulsory for most employees in France. Such savings are managed by the pension funds ARRCO and AGIRC. Contributions and pension amounts depend on salary levels. Private pension savings (Épargne Retraite) - individual pension plans - Plan d'Épargne Retraite (PER): these plans allow individuals to make additional contributions with tax incentives.
China
Not all Chinese receive pension: the state does not pay agricultural workers at all. The benefit is available only to government employees, managers at various levels, and employees of local industrial enterprises. The retirement age for men is 60 years old, female managers - 55 years old, the rest of Chinese women - 50. Until this age is reached, 11% of their salary is contributed to the pension fund.
Size of pension
The average state pension in Switzerland is about three thousand Swiss francs (1,506,564 tenge).
The average state pension in Germany is 1.3 thousand euros (626,517 tenge).
The average state pension in France is around 1.4 thousand euros (674,711 tenge).
The average US state pension is 1.9 thousand dollars (851,428 tenge) per month.
The average state pension in Australia is 1.4 thousand Australian dollars (417,520 tenge).
Source: https://prodengi.kz/post/nazvany-razmery-pensii-v-raznyx-stranax-mira
Photos are from open sources.
