March 18, 2011
One of the most e-mailed articles on the New York Times webpage today is “Report Urges Even Higher Global Retirement Ages,” about a new OECD report, “Pensions at a Glance 2011.” The article summarizes the report:
Retirement ages in advanced economies will have to rise more than currently planned if countries hope to cover the increase in costs caused by aging populations, a global economic organization warned Thursday….
In a report, the organization said that by 2050, the average age in industrialized countries for drawing pensions would reach 65 for both sexes. This represents an increase of about 1.5 years for men and 2.5 years for women from current levels.
Question: When will the OECD bring their own pension scheme into accordance with their recommendations? According to the OECD’s salaries and benefits webpage, OECD staff can start receiving reduced pensions at the ripe old age of 51:
The maximum age for retirement is 65, but staff members are entitled from the age of 63, and after at least 10 years of service, to a pension amounting to 2% of the final basic salary per year of service up to a maximum of 70 per cent for 35 years of service. A reduced pension can be paid to retiring staff members from the age of 51.
