In its latest report, headlined Social Protection for older persons: Key policy trends and statistics, the International Labour Organization (ILO) has warned that 48 per cent of the world’s pensionable population does not receive a retirement benefit while, for many of the 52 per cent who do, coverage tends to be inadequate. “Many developing countries are boldly expanding their pensions systems. But as important as expanding coverage is guaranteeing adequate pension benefits,” said Isabel Ortiz, Director of the ILO’s Social Protection Department, which produced the report.
“Older men and women have a right to retire in dignity, without falling into poverty. This is an issue worldwide.” According to ILO, although more than 45 countries have reached 90 per cent pension coverage and more than 20 developing countries have achieved or nearly achieved universal pension coverage, the trend of fiscal consolidation spurred by austerity has led to a contraction in social protection for older persons with consequent adjustments.
Author: UN News Centre