Ministers for Employment and Social Affairs today endorsed the conclusions of the Council on the adequacy of pension, after the publication of the 2024 report on pension adequacy, drawn up by the Commission and the Social Protection Committee.
The report says that the European pension system protects pensioners’ living standards against global challenges. The stability of public pensions as well as distribution mechanisms ensure pension adequacy during various crises.
Pensions: What are the changes in the way they are calculated
However, pensions are expected to decline, calling for stronger policies to promote longer working lives, healthy aging, inclusive labor markets and easier paths to retirement. .
The report calls for further reforms to ensure fair pensions for all and avoid increasing socio-economic inequality as people age, in the context of ongoing demographic change.
The Pension Adequacy Report consists of two volumes: the first analyzes the overall adequacy of EU pensions and the impact of recent crises on pensioners’ living standards, while the second provides detailed profiles of the pension systems in each of the 27 Member States and Norway.
Ensuring an adequate income for older people contributes to the EU’s 2030 target of reducing the number of people experiencing poverty and social exclusion by at least 15 million.
The EU supports national policies to tackle poverty and inequality between genders and caregivers, as well as access to quality care and the provision of adequate social protection for those old man
The implementation of the Council Recommendation on access to social protection and the Council Recommendation on affordable and high-quality long-term care are essential to maintain a decent standard of living for older citizens in Europe.
The 2024 Pension Adequacy Report and the 2024 Aging Report will be discussed at the next Longevity in Europe conference on 27 June 2024.