November 30, 2023

The Queens County Citizen

Complete Canadian News World

Global comparison: Canada’s retirement system is highly ranked

No QPP pension from 60 years?

The Canadian retirement system rose from 13th to 12th in the annual rankings by consulting firm Mercer, which analyzed 47 retirement systems around the world.

The Netherlands tops the ranking published on Wednesday, followed by Iceland and Denmark, which have held the top spot for two consecutive years. All three countries received an A rating and overall scores of 85, 83.5 and 81.3 respectively.

Canada retained its B rating, but its score dropped slightly from 70.6 to 70.2 in 2023. The country is now ranked 12th.

“Canada’s pension system continues to rank among the highest in the world […]. However, an environment of inflationary pressures, high interest rates, labor shortages, an aging population and some signs of recession present unprecedented risks to employers, employees and the long-term effectiveness of our pension and health care systems. said F. Hubert Tremblay, partner member and senior advisor to Mercer Canada’s assets practice.

According to the organization, an increase in the number of employees benefiting from the pension plan, an increase in the level of household savings in assets and a reduction in the level of household debt will make it possible to strengthen Canada’s retirement system. .

According to Mercer’s analysis comparing the adequacy, stability and integrity of different pension systems, Argentina received the lowest value (D rating; 42.3).

For comparison, the United Kingdom ranks 10th (B rating; 73), the United States 22nd (C+ rating; 63), France 25th (C+; 61.7), Japan 31st (C rating; 56.3) and South Africa 38th (C rating; 54).

READ  Nice chalet sold furnished for $225,000

See also:

About The Author