Basic, Targeted and Minimum Pensions
Retirement‐income programmes designed to ensure adequacy of old‐age incomes make up the first tier of the OECD's taxonomy of pension systems, which was set out in the previous indicator of the architecture of national pension schemes. Safety‐net retirement benefits are worth 21.6% of economy‐wide mean earnings on average. Eleven countries provide a minimum pension above this safety‐net level. For full‐career workers, the average retirement income ‐ including these contributory minimum pensions ‐ is 24.4% of economy‐wide average earnings. About a third of older people receive some support from basic, targeted or minimum pensions on average.
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Document Type: Review Article
Publication date: 2011-03-01