It’s official: the British state pension at a maximum £110.15 a week is the most miserable in Europe. Compared to average income, even Hungary and Slovenia better the pension benefits 12.3m British pensioners receive, according to a new OECD report.
British workers on average earnings typically get a state pension worth 32.6% of their working wage. A complete disgrace?
State safety net frays
If you compare bald state pension stats, it doesn’t look good. Italian workers, in contrast, can expect 70% of their working salary from the Italian government when they retire. In the developed world, only Mexicans receive less proportionately from the State pension than British workers.
Drilling into the data, the average European State pension is worth 40.6% of average earnings. If you want to retire comfortably on State coffers compared to those in work, one of the best countries is Austria, at 76.6% – or the Netherlands…
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