SPAIN has failed to make the top 20 places to retire in the world.
Despite the popularity among retirees and foreign expats, Spain slipped this year as the country continues to battle the economic fallout from the COVID-19 crisis.
According to the Mercer CFA Institute Global Pension Index for 2021, Iceland has the best pension system in the world while Spain occupies number 22.
The global study which analysed how nations are preparing their ageing populations said that Iceland cemented its position as having the best pension systems in the world.
The country was praised for being well-governed and providing strong benefits to retirees, including a generous state pension. They also did not allow citizens to drain their accounts during the crisis.
Meanwhile, Netherlands and Denmark came in second and third respectively after holding the top spots for the past decade.
Out of the 43 countries analysed, Spain was rated 22 overall and is almost at the bottom in sustainability. These are the 10 best countries, according to the ranking,
The countries with the best pension systems
* United Kingdom
According to the report, to improve pension systems around the world and make them more sustainable, a series of reforms must be undertaken at the global level.
Researchers recommend increasing the number of wage earners and self-employed with private pensions, raising the retirement age and promoting private savings programs so the public are not so dependent on government pensions.
A series of measures targeting three areas were also proposed in the governments, companies and pension sectors.
Analysts said governments across the world must provide child care assistance so that women can return to the labor market earlier and that women must continue to contribute during periods of absence and to close the gender gap in retirement.
Regarding companies, they offered flexible working hours to staff, eliminating the distinctions between full-time and part-time workers and ensuring equal pay amongst employees.