Italian public pension spending highest in OECD

(AGI) Rome, Dec 8 - Public pension costs in Italy account for32 percent of all public spending, the highest in theOrganisation for Economic Co-operation and Development (OECD).Average pension costs in developed countries was 18 percent ofpublic government spending in 2011, according to this year'sOECD Outlook. Iceland spends least, with 5 percent. The OECDpraised Italy for the financial sustainability of its pensionsreform, but criticised it for adequacy in terms of income. Itaccepted the impact of the reforms was substantial and affecteda large amount of the population. Germany's reforms werepraised for sustainability

(AGI) Rome, Dec 8 - Public pension costs in Italy account for32 percent of all public spending, the highest in theOrganisation for Economic Co-operation and Development (OECD).Average pension costs in developed countries was 18 percent ofpublic government spending in 2011, according to this year'sOECD Outlook. Iceland spends least, with 5 percent. The OECDpraised Italy for the financial sustainability of its pensionsreform, but criticised it for adequacy in terms of income. Itaccepted the impact of the reforms was substantial and affecteda large amount of the population. Germany's reforms werepraised for sustainability and slated for adequacy, while theirimpact was regarded as moderate and the amount of populationaffected as average. French pensions affected a large amount ofthe population, and Spanish reforms were slated forsustainability but praised for adequacy, with a moderate impacton a large amount of the population. Public pension expenditurein Italy will account for 14 percent of GDP next year, thefifth highest in the OECD. The average amount was 10 percent.In the long term, public pension expenditure in Italy willreach 16 percent of GDP, while the average OECD country willspend 12 percent. The figures also showed 10.6 percent ofover-65s in Italy were living in poverty, out of 12.6 percentof the total population. In Germany, they accounted for 8.9percent, out of a total 8.7 percent, and in France theyaccounted for 4.5 percent out of a total 8 percent. The U.S.fared worse than the European countries, with 18.8 percent ofover-65s in poverty, out of a total 17.4 percent. In Korea,over-65s in poverty accounted for 48.6 percent of the total14.6 percent, the highest percentage in the world. (AGI) . .