This is how ageing populations are affecting pensions

Jun 6, 2018

Elderly Venezuelan citizens depart after casting their votes at a polling station during the presidential election in Caracas, Venezuela, May 20, 2018. REUTERS/Carlos Garcia Rawlins

The economic burden of an ageing population is set to increase even further as developed countries experience a demographic shift. Image: REUTERS/Carlos Garcia Rawlins

Hervé Boulhol

Senior Economist, Directorate for Employment, Labour and Social Affairs, OECD

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Based on working age defined as the 20-64 age group. Unweighted OECD country averages, projections after 2015. Image: Vox/Authors’ calculation based on United Nations (2017).

Unweighted OECD country averages, 2015-2050, base year 2015. The normal retirement age is defined as the age at which a full-career worker entering the labour market at age 20 can receive a full pension, averaged across genders. Image: Vox/Authors’ calculation based on United Nations (2017).

Base year 2015. The normal retirement age (NRA) is defined as the age at which a full-career worker entering the labour market at age 20 can receive a full pension. Image: Vox/Authors’ calculation based on United Nations (2017).

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On average among OECD countries, the old-age support ratio is projected to fall by 47% between 2015 and 2050, while between 1980 and 2015 it already dropped by 25%. When computing the support ratio based on normal retirement ages according to legislated rules instead of age 65, the projected drop is reduced from 47% to 40%. In countries such as Sweden, there is currently no legislated change in the NRA, which is equal to 65 from 2015 onwards. Image: Vox/Authors’ calculation based on United Nations (2017).

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