For Most People in the World, Retirement Is Not an Option – By Joseph Chamie- Op-Ed

For Most People in the World, Retirement Is Not an Option

Saturday, 12 December 2015 – By Joseph Chamie, Inter Press Service | Op-Ed

Pensionable retirement ages and government pension programs have been established for men and women in countries around the world. Nevertheless, retirement remains an unlikely option for most people.

Nearly half – 48 percent – of all people above pensionable age do not receive a pension, according to the International Labour Organization. And for many who do, the pension levels are inadequate. Consequently, the majority of world’s elderly, especially women who more often work outside the formal labor force, lack income security, have to work as long as they can and in many instances are obliged to rely on family for support and assistance. 

Old age pensionable retirement is a relatively recent social institution. Throughout most of the past workers by and large continued to work until death or major disability. They were obliged to continue working to due to the absence of pension systems, little accumulated personal savings and low life expectancies.   [Read more]

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