Towards Improved Retirement Savings Outcomes for Women
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Labour market inequalities are well-known to be the main drivers of the gender pension gap. This publication focuses on helping governments find solutions for retirement savings arrangements that do not further exacerbate these inequalities. This study first analyses why the gender pension gap exists and sheds light on some of the behavioural and cultural factors that contribute to these inequalities. Country case studies assess how demographics, labour markets and other factors may affect gaps in pension coverage, assets and entitlements. The study then explores how the design of retirement savings plans affects men and women differently. Finally, it provides policy options to improve retirement savings outcomes for women and to help close the gender pension gap.
Executive summary
The gender pension gap observed today is mainly the result of past work history differences between men and women. Differences in labour market participation, part-time employment, wages, and career length translate into different pension outcomes down the road. The transmission mechanism from the labour market to the pension system is direct with retirement savings arrangements, which depend upon putting aside part of individuals’ total earnings to finance their retirement. Given the growing importance of these arrangements in the provision of retirement income, policy settings should at least ensure that their design does not increase the gap, putting women at a further disadvantage.
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