EU Pushes Member States to Do More to Ensure Adequate Pensions

(Bloomberg) -- The European Union said “more needs to be done” by EU member states to ensure adequate pensions across the bloc.

“Member states pay more and more attention to sustainable, adequate pensions in their reforms, but further measures will be needed in the future,” according to the latest Pensions Adequacy Report, published on Monday.

“Our priority must to be to pursue ongoing reforms that encourage adequate pensions for everyone,” Marianne Thyssen, Commissioner for Employment, Social Affairs, Skills and Labour Mobility, said in a statement. “Adequate pensions are essential in preventing poverty and social exclusion among older people in Europe, especially women. And we need to make that sure that people in non-standard work or self-employment are not left out,” she said.

The report analyzes how current and future pensions “help prevent old-age poverty and maintain the income of men and women for the duration of their retirement,” the EU said.

“To ensure the adequacy and sustainability of current and future pensions, pension systems need to promote longer working lives, in accordance with continuously increasing life expectancy,” the EU said.

To contact the reporter on this story: Jones Hayden in Brussels at jhayden1@bloomberg.net.

To contact the editor responsible for this story: Fergal O'Brien at fobrien@bloomberg.net.

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