Across OECD countries, 12.6 percent of people aged 65 and over are living in relative income poverty according to a new report. That term is defined as an income below half the national median equivalised household income. It is most prevelant in South Korea where just under 50 percent of retirees are living in poverty. The report cites a pension system that has not fully matured as one of the reasons for this alarmingly high figure. Australia and the United States also have high levels of poverty among pensioners – 35.5 and 21.5 percent respecitively. The Netherlands is at the very opposite end of the scale with only 2 percent of its retirees struggling financially.
This chart shows the percentage of people aged 65+ living in relative income poverty in selected OECD countries.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
You will find more statistics at Statista
