Greece spends more on pensions than UK
23 December 2014
The latest figures from the OECD reveal how much the UK spends on pensions compared to other countries.
Many thanks to the Daily Telegraph for this report:
State pensions are one of the biggest expenses for the British government. However, new figures from the Organisation for Economic Cooperation & Development (OECD) show that the UK spends less on pensions than most other developed countries.
In 2011 Britain spent less than 12% of its total government budget on state pensions, putting it below the 18% average across OECD countries.
The countries spending the highest proportion of their public money on pensions are Italy (31.9%), Greece (28%) and Portugal (26.4%). This is down to these nations’ ageing populations and the economic meltdown they have suffered since the financial crisis, which has caused other state spending to shrink.