About this report
The Organization for Economic Co-operation and Development (OECD) has released the latest edition of Pensions at a Glance 2025, one of the most comprehensive comparative studies of retirement systems across OECD and G20 economies. The report examines how demographic change, labor market trends, and policy reforms are reshaping pension systems and retirement outcomes worldwide.
Population aging remains one of the central challenges highlighted in the report. Over the coming decades, the number of retirees is expected to grow significantly relative to the working-age population. By 2050, OECD projections suggest there will be around 52 people aged 65 or older for every 100 people of working age, compared with 33 in 2025 and just 22 in 2000.
The study provides a detailed set of indicators comparing pension design, retirement ages, benefit adequacy, and demographic trends. It also highlights recent reforms implemented across OECD countries as governments attempt to balance financial sustainability with adequate income in old age.
One of the most notable trends identified in the report is the gradual increase in statutory retirement ages. Based on current legislation, the average retirement age is projected to rise in more than half of OECD countries. For workers entering the labor market today, the average normal retirement age across OECD countries is expected to increase from 64.7 years for men and 63.9 years for women in 2024 to approximately 66.4 and 65.9 years respectively.
However, retirement ages vary significantly between countries. In some economies such as Denmark, Estonia, Italy, the Netherlands, and Sweden, retirement ages are projected to reach 70 years or higher, while in others they remain closer to the early 60s. These shifts reflect the pressure that longer life expectancy places on pension systems and public finances.
Demographic change is the fundamental driver behind many pension reforms. Across OECD countries, populations are aging rapidly due to lower fertility rates and longer life expectancy. The report shows that the old-age dependency ratio – the number of people aged 65 and older relative to those aged 20 to 64 – is expected to rise dramatically in the coming decades. This shift means fewer workers will be supporting a growing number of retirees.
Countries such as South Korea, Greece, Italy, Poland, and Spain are projected to experience particularly rapid increases in this ratio by mid-century. As a result, governments are exploring a combination of policy tools including retirement age increases, pension system adjustments, and incentives for longer working lives.
The report also highlights persistent gender disparities in retirement income. Women often receive lower pensions than men due to differences in employment patterns, lifetime earnings, and time spent in unpaid caregiving roles. Across OECD countries, pension reforms in recent years have increasingly focused on addressing these inequalities. Some countries have introduced measures such as minimum pension guarantees, credits for caregiving periods, and adjustments to contribution systems designed to improve retirement outcomes for women.
Despite improvements in many pension systems, the report indicates that income poverty remains a concern for some older populations. On average, 14.8 percent of people aged 65 and over in OECD countries live below the relative income poverty threshold, defined as having an income below half the national median.
Published every two years, Pensions at a Glance serves as one of the OECD’s key tools for monitoring retirement systems across member countries and major economies. By providing internationally comparable indicators on pension entitlements, demographic trends, and policy reforms, the report offers an important overview of how retirement systems are adapting to longer life expectancy and shifting population structures.
