Pension Replacement Rate: 64.5%
Male/Female Retirement Age: 44.9/41.0
Male/Female Life Expectancy: 75/78.8
Sovereign Debt as percentage of GDP: 42.9%
Employment Rate: 46.8%
The retirement age above isn’t a typo — men retire at 44.9 in Turkey and women at 41. Despite the early retirement age, the country still pays out 64.5% of a person’s salary for retirement, which on average lasts for more than 30 years for men and nearly 38 years for women. Net replacement rates are even better. Turkey’s 93.1% payout is better than all countries except for Greece and Luxembourg.
Fortunately for Turkey, the generous pensions haven’t taken a significant toll on the government. The country’s debt is only about 43%, far better than countries such as Greece and Italy. Furthermore, only 7.3% of GDP is spent on pensions, the 10th lowest out of the 31 countries for which the OECD provided data, which is more remarkable given the early retirement age. The country also spends $7,960 per person on health care, the best out of any country the OECD measured.
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