Norway ranks sixth among the best pension systems in the world

Older married couplesOlder married couples on the trip. Photo Norway Today Media

Norway is in sixth place in a survey of countries with the best pension systems in the world. The Netherlands and Denmark top the list.

It is on the Melbourne Mercer Global Pensions Index survey of pension systems in 37 countries around the world that Norway ranks sixth, Bloomberg reports.

The countries included in the survey comprise about two-thirds of the world’s population and are measured on 40 criteria, if the pension system leads to better financial outcomes for pensioners, whether the system is sustainable and whether the system has confidence in the population. In addition to the countries in the first two places, Australia is in third place, followed by Finland and Sweden. Just behind Norway come Singapore, New Zealand, Canada and Chile.

Countries are ranked on a scale where A is the best score for the level of financial security. Only the Netherlands and Denmark are awarded top marks. Norway’s pension system is given a B. The UK and the US are given a C plus and are placed in 14th and 16th place. Japan ranks 31st with a D minus. At the bottom of the list is Thailand.

Older people around the world are healthier and live longer than before. Countries all over the world must relate to how an aging population should be cared for. According to the UN, a fifth of the world’s population will be pensioners by 2070, compared to about 9 percent today.

© NTB Scanpix / #Norway Today

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