What is a pension in different countries of the world

2024 Author: Seth Attwood | [email protected]. Last modified: 2023-12-16 15:55

Recently it became known that the deduction of a part of earnings to the individual pension capital (IPC) will not be practiced in Russia. Instead, the voluntary pension system will be overhauled.

Today, it is difficult to come up with something new in this area - there are a huge number of pension schemes in the world, among which there are many that can be adopted in our country.

Pension in the USA

Americans can receive two types of pensions - state and employer. The state, as a rule, pays a pensioner about $ 1,400 a month (about 93 thousand rubles). This amount may vary slightly from state to state. The employer pays 6.2% of his retired employee's wages and also deducts 1.45% on his health insurance.

The military and police officers have their own pension system, which takes into account several other factors. The retirement age in the United States is 67, but you can retire earlier. However, both types of payments will proportionally decrease.

In the event that a US citizen does not live up to retirement, his spouse receives part of the money. For those who have not earned a pension, that is, do not have the 10 years of experience required for this, a special allowance is provided - 40% of the average wage in the country.

The second type of pension is funded. They are received by participants in voluntary insurance programs. The most popular of these are the IRA (Individual Retirement Account) and the 401K plan. The 401K insurance system is not opened by the employee himself, but by his employer. The company in which the future pensioner works can make contributions to the future pension with him.

Pension contributions in the United States are completely tax-free and protected by the Pension Benefit Guaranty Corporation's special insurance against various economic shocks. A pension account is managed by its owner - he can make contributions to investment funds, bonds or stocks. Savings can also be spent on tuition fees or loans.

Pension in New Zealand

Residents of this country retire at 65. The pension in New Zealand does not depend on the length of service, or on how much the employee contributed to the account. The main thing for a New Zealand pensioner is to be a citizen of the country and have lived in its territory for at least 10 years.

The amount depends on the average wage in the country, the marital status of the person and whether his other half receives some kind of social benefits and compensation. Single pensioners have the highest payments - they receive an average of 1400 to 1800 New Zealand dollars (60 to 76 thousand rubles).

The state takes care of pensioners in other ways, for example, by providing free travel and discounts on participation in various events. Citizens themselves can participate in endowment insurance systems, the most popular of which is KiwiSaver. New Zealanders can save 3 to 10% of their earnings at will.

The employer makes a contribution to the insurance system in the amount of 3% of the salary, and in addition, the state also makes contributions. The amount of the country's contribution depends on how much the citizen himself and his employer make. You can also invest in various funds with different strategies.

Pension savings can be used to purchase a first home if a pensioner is in a difficult life situation. In order not to make contributions to systems like KiwiSaver, but to rely only on the state pension, a New Zealand resident must write a special letter of waiver.

Pension in Japan

Japan is a rapidly aging country. Almost a third of its citizens are pensioners. On average, a Japanese person receives a pension of $ 1,500 (100,000 rubles), but there are also those who are entitled to only a minimum of $ 600 (40,000 rubles).

Today the retirement age in the Land of the Rising Sun is 65, but due to the large number of elderly people, it is planned to increase it to 70 in the near future. At the same time, no one forces the Japanese to work until a certain age - they can retire earlier. In this case, the pension is also reduced by about a third.

The country's authorities are especially concerned about the future well-being of their residents. From the age of 20, everyone is obliged to make pension contributions, including foreigners and students. Depending on the area in which the future pensioner works, he deducts a part of the money earned to the state or professional fund.

The State Pension Fund of Japan (GPIF) pays basic pensions to all residents of the country, including farmers and private entrepreneurs. In order to receive a pension, you need to comply with the only condition - to deduct $ 150 monthly. The minimum length of service in Japan is 25 years.

Employed Japanese are entitled to a labor (occupational) pension. They are required to pay 18.3% of their monthly earnings to the fund, but the employer pays half of this amount for their employee.

Pension in Switzerland

Switzerland has one of the most efficient pension systems in the world. The minimum pension in this country is 1200 dollars (80 thousand rubles). But most Swiss retirees earn much more - their monthly income is between 60 and 80% of their previous salary.

Such a high level of pensions is ensured by a three-tier system, consisting of three main pillars: the basic pension from the state, labor pension and private voluntary pension insurance.

The state provides citizens with a guaranteed minimum living wage upon reaching the retirement age. For men, it is 65 in this country, and for women - 64 years. People with disabilities, both from childhood, and those who have lost their ability to work at work or due to illness, also receive a pension. Pensions are indexed regularly.

All Swiss citizens over the age of 18 pay pension contributions to the state pension insurance system - AHV. The pension depends on the length of service and the amount of contributions. The state takes part in the financing of pensions, making its own contribution.

In the professional insurance system BVG (Berufliche Vorsorge), contributions to the fund are paid by both the employee himself and his employer, and in equal proportions. But there are also restrictions - only those citizens whose annual income exceeds $ 21,700 (1,440,000 rubles) can count on a professional pension.

The third level is completely voluntary. The Swiss can contribute up to 20% of their income to funds by choosing the most suitable pension schemes. Such services are offered by many organizations: private funds, large insurance companies, banks. Some of them additionally provide life and health insurance. The accumulated funds can be used to purchase housing, study or start your own business.

Pension in Norway

This country is a great example of the fact that retirement benefits can be high even without any deductions from wages. The minimum pension in Norway is $ 1,500 (100,000 rubles), and the average is $ 2,300 (150,000 rubles).

This is achieved by exporting oil, which is rich in this Scandinavian country. The Norwegian sovereign wealth fund (Government Pension Fund Global, GPFG) profits from the sale of oil and gas, which is used for investment.

The fund has the right to invest money at its discretion in real estate and securities, not only in Norway, but also abroad. At least 70% of the funds at the disposal of the fund are always invested in shares. GPFG's assets exceed $ 1 trillion, with yields ranging from 6 to 14% in recent years.

Citizens of the country with at least 40 years of experience have the right to full retirement benefits. Norwegians can retire at 67, regardless of gender. Contributions to the state insurance system range from 8% to 11.5%. Their size depends on whether the person is employed or self-employed.

Norwegian citizens can make their own retirement savings or participate in professional retirement plans. In this case, the employer participates in the financing together with his employee.

Pension in Italy

Italy is one of the few countries that have realized their mistake in the pension reform and made a step towards their citizens. The stringent requirements adopted in 2011 have been relaxed. Italians can retire at 67 years and 7 months, but recently an amendment to the law came out, allowing you to go on a well-deserved retirement earlier.

Social pension in Italy is 448 euros (32 thousand 900 rubles). Those with 25 years of experience can already count on 542 euros (39 thousand 800 rubles). For men who have worked 42 years and 10 months, and for women who have given work a year less, there is an opportunity to receive a retirement pension. Its average size is 71% of the average earnings.

The 2011 pension reform implied a transition to a funded system. Employees make monthly contributions to the National Institute of Social Security (INPS) or professional funds. The funds from these funds go not only to pension payments, but also to sick leave, as well as to a job loss benefit, which can be paid for 2 years.

These monthly payments are calculated using complex formulas that change frequently. If a person is employed, the employer makes contributions for him. Often the monthly payment is 35-40% of the employee's salary.

Pension in Poland

Polish men can expect to retire from 20, and women with 15 years of work experience. The Social Insurance Fund (ZUC) is paid 19.2% of wages, but half is paid by the employer. The size of the pension is determined on the basis of the amount of savings and the age of the pensioner, with indexation taking place annually.

In 2017, the retirement age in Poland was lowered and now it is 65 for men and 60 for women. A social pension is assigned in the amount of $ 277 (18,500 rubles), and at the end of this year, pensioners will also receive a “13th pension”.

The state pension works on a distribution basis and its share in the income of a Polish pensioner is 75%. Additionally, many companies have their own corporate plans, and in addition, there are many individual pension programs from private funds in the country. A big disadvantage of the system is that independent choice of a pension strategy is not available to Poles. All they can count on is tax breaks.