Spanish state pensions at top of OECD pile
3 May 2005, PARIS — State retirement pensions in Spain are among the most generous within the Organisation for Economic Cooperation and Development countries, according to a study.
3 May 2005
PARIS — State retirement pensions in Spain are among the most generous within the Organisation for Economic Cooperation and Development countries, according to a study.
The report, by the Paris-based OECD, found pensions in Spain provided 75 percent of an employee's after tax earnings. The same was true in Austria, Hungary, Italy and Turkey.
Most British employees could face retirement on incomes below almost all other developed nations unless the pensions crisis is addressed, the report claims.
In contrast, the study said the UK has one of the "least generous" pension systems in the world.
Researchers place Britain 26th out of 30 in terms of the proportion of post-tax income a worker on average earnings could expect to receive in retirement.
It found that a person in full-time work on the average wage of EUR 32,300 a year would collect a state pension equivalent to 48 percent of their after-tax earnings.
Luxembourg offers the best rates — with an employee on average earnings able to look forward to a rise in income to 110 percent of their working wage.
Across all the countries looked at in the study the average was 69 percent.
[Copyright EFE with Expatica]
Subject: Spanish news