zuounyeinsojosia olqSOCIALPROTECTIONDISCUSSIONPAPERNo.2512|MARCH2025StateofSocialProtectionReport20251The 2-Billion-Person Challenge,Background Paper#5Riding the Demographic Wave:Pensions and RetirementIncome in an Aging Worldpezwoupny aunsopsia olandGonzaloRevesHartlevMiglena AbelsWORLDBANKGROUP
02025 Internationad Bank for Reconstrution and Development / The World Bank1818HStret MW.Wishington DC20433This work is podut f te sof f The Woalk Bonk with exten d comt tbutions. Th finding, intepretofos, ond condusions expesed in this wark do no The Worb Buk dbes nof ournte th couce f the o in ud d in his wotk Th bourdaris, obos denoninaions, and ath r intamatian shownon mny mop in this work do not imnply any judgment on te part of The Wold Bank concening th legal stotus f any frftry ar the endosement onThe motein in tis wok s sbe t opight ecouse The Warl Bank ncouroges isrintion f it aowledge, this work mog be repoduced, inAny pueries on rights and icenses, nduding subsidoy ights, should e dessed to Worl Bank Publicton, The Wold Bonk Grou, 818 H Steet MW,Woshinaton. DC 20433. USA: fox: +1(202) 522 2625: e-mail: pubrichts @worldbonk ord
Riding the Demographic Wave;Pensions andRetirementIncome in an Aging WorldGonzaloRevesHartleyMiglenaAbels**#mabels@worldbank.org)WORLDBANKGROUP
AbstractThis eport examines the state of pension and social insurance systemns globally,focusing on old-ageincome protection.It analyzes cxpenditur, aoverage, adecquacy of benerits,and sustainabiltof both contrilbutory and non-contributory pension schemes. The report highlights the impacof population aging on pension systerms, emphasizing the need for refomms to ensure fiscalsustainability and adequate benefits. It also explores the chalenges of extending coverage t informal sector workers and the importance of gender cquity in pension prvision. The meport concludes with recommendations for adapting persion systemns to cevolving economic and demographic realities, ermphasizing the need forinchusive and sustainable solutionsJELCodes:H55,/14,/26.138.015.017Keywords Pension system, sustainability, overage, aging, non-contributory pension, socialpernsion, socialinsunc, rctirement polices,
AcknowledgmentsThis paper was witten as part of the preparation of the SiateofSocialProtationRetor2025The 2-Bilion-Peron Challenge(World Bank 2025). We would like to thank the cntirc ASPIRI team for providing the data for the report spcialy Vikesh Mahboobani Ingrid Mutica.OmanNicto, Veronica Lope,UJama Zafir,Ana Sofa Matincz Cordow, Chauia Paria RodigezAlas, and Exmil Tesiuc, for ensuring completencssand pnoviding guidance and analysis of data. We would like to thank Ruben Castro for the analys and caldulations used in sction 7 othis report,and Gus tavo Demarco and Jamele Rigolini for their comments and guidance whilepreparingthis report,
Abbreviations and GlossaryADePTSoftware platfom for automated economic analysis developed by The World BanAFRAfr...
