Earnings-replacement rate of old-age benefits, 1965-75, selected countries

This study is about the earnings-replacement rate of the old-age benefit for the average worker in manufacturing who had average earnings throughout his career. It updates previously published data for earlier years and compares the replacement rate of the combined social security and private pension benefits for selected countries, in an attempt to show what a more complete benefit package might be. The study also traces what has happened to the replacement rate during the decade beginning in the mid-1960's. In several countries the intent has been to raise social security benefits over a period of time to a level sufficient to permit a retired worker to maintain his previous standard of living. The study looks to see if such policies have succeeded in reaching these goals, especially in view of the economic turbulence--recession and inflation--during the 1970's.