The number of our population currently older than 65 years is 5.6million and in year 2050 this will triple to 16million. Considering the stress this would put on our social security system, is our pension system robust enough to cater to this huge increase?
According to the report, very few countries such as Denmark, Sweden and Belgium have already made their pension system demography proof while most other countries pension systems is predicted to struggle, beset with high public deficits and an uneven balance sustainability and adequacy.
A close look at the African continent shows no country ranks among the 10 countries as Pension systems in most of these countries are still in the build up phase.
What does this result potend for a country like Nigeria?
It means there's a pressing need for the government to further reform the pension system such that pension funds will be available to the spike in number of retirees in the next decades.