Austrians are among the European Leaders in Pension Duration

Politics ♦ Published: March 31, 2011; 00:50 ♦ (Vindobona)

Austrians currently spend an average of over 23 years in retirement; this is about twice as long as in 1970. Austria ranks second in Europe in this respect.

Austrians are among the European Leaders in Pension Duration / Picture: © Vindobona.org

"Global aging is a structural trend with potentially dramatic social and economic impact", said Wolfram Littich, CEO of the Allianz group in Austria.

This longevity phenomenon results in age-related government expenditure rising to nearly 30% of the GDP by 2060. In future, the Austrian pension system requires therefore a greater diversification of risks and income…

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