< Contents >
Abstract
Acknowledgments
Abbreviations and Glossary
1 Aging Will Define the Evolution of Pensions and Social Insurance in the Coming Years
2 Aging Will Affect All Regions of the World, Many at a Rapid Pace
3 Contributory and Social Pensions as Instruments for Income Protection in Retirement
4 Pension Expenditures Are Significantly Affected by the Level of Aging
4.1 Mature, Well-Established Pensions Show the Largest Expenditures, but Special Regimes Constitute Significant Pension Costs in Less-Developed Countries
4.2 Expenditure on Non-Contributory Pensions Mirrors Their Coverage Target
5 Coverage of Pensions and Social Insurance
5.1 Coverage in Working Age Is Determined by Extent of Formal Employment
5.2 Beneficiary Coverage
5.3 Expanding Coverage to the Informal Sector through Voluntary Pension Schemes
5.4 Coverage Tends to Increase with Income for Contributory Pensions and Decrease for Social Pensions
6 Adequacy of Pension Benefits
6.1 The Generosity of Contributory Benefits Tends to Be Larger in Less Developed Countries and in Special Regimes
6.2 Pension Benefits Are an Important Component of Recipient Households’ Welfare in Most Regions
6.3 The Poverty Impact of Pensions Is Largest for Contributory Pensions in Europe and Central Asia and Social Pensions in the Few Sub-Saharan African Countries where they are Present
7 Sustainability of DB Schemes: Parametric Imbalance in Most Regions Increases the Need for Reforms
8 Conclusions
Annex 1 | Inventory of Earnings-Related Pension Programs, by Target Population and Type
Annex 2 | Country Examples of Voluntary Pension Programs for the Informal Sector
References
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Title : Riding the Demographic Wave—Pensions and Retirement Income in an Aging World
Publication : World Bank, 2025 March (63 pages)