OECD: retirement age will rise to 70 in Italy. Active population will drop by more than 35% in 40 years
The 'Pensions Panorama 2025'
Key points
The average retirement age "in the OECD countries will rise from 63.9 years and 64.7 years for women and men who retired in 2024, to 65.9 years and 66.4 years for those who started their careers in 2024, respectively", reads the 'Panorama of Pensions 2025' published by the Ocse. "Based on current legislation," the document states, "the normal retirement age will increase in more than half of the OECD countries to settle in a range from 62 in Colombia (for men, 57 for women), Luxembourg and Slovenia, to 70 years or more in Denmark, Estonia, Italy, the Netherlands and Sweden.
Also according to the OECD, 'demographic ageing will experience a sustained pace over the next 25 years. In the OECD countries, per 100 people aged 20 to 64, the number of sixty-five-year-olds and over is expected to rise on average from 33 in 2025 to 52 in 2050, when it was 22 in 2000. 'The increase,' the report continues, 'is expected to be particularly strong in Korea at almost 50 points, but also in Spain, Greece, Italy, Poland and the Slovak Republic, where it is expected to reach over 25 points'.
In Italy, assets will fall by over 35% in 40 years
"The working population (20-64 years)," it is clarified, "is expected to decrease by more than 30 per cent over the next four decades in Spain, Estonia, Greece, Japan and the Slovak Republic, and by more than 35 per cent in Korea, Italy, Latvia, Lithuania and Poland
Social security expenditure at 16% of GDP
According to the report, 'public pension expenditure stands at around16% of GDP, second only to Greece in the OECD, at least a quarter of which is not financed by pension contributions'.
Gender gap higher than OECD average
In the fact sheet on Italy, it is highlighted that 'after falling from 34% in 2007 to 29% in 2024, the gender pension gap still remains substantially higher than the OECD average of 23%'.
