Considering a system for security, such as a pension system, is not unique to any country; in 15th century Venice, there was a pension system for shipyard workers to receive basic financial security when they became old or injured. In addition, there were pensions for the widows of deceased workers. Venice was not an Italian city at the time, but an autonomous state that controlled the trade routes to the East and grew rich as one of the leading maritime nations. It was also involved in many wars. Most of those who fought were hired mercenaries, and even these mercenaries included a pension system in their employment contracts.


The first pension system in England was introduced in 1670, and it was for naval marines. This pension system was also introduced in Sweden around the same time, but the reason for this was because of the wars at sea in both countries. In England, the first general pension system was introduced at the same time as in Sweden.

Western European countries still have much in common: of the 15 countries that joined the European Union at the end of the 1990s, 12 had adopted the same pension age of 65, although some had lower pension ages for women. France had a pension age of 60. Of course, the level of pensions varies greatly from country to country. Portugal's pensions are considered the most difficult to grasp, since many people continue to work even after receiving a pension, and about 30% of people between the ages of 65 and 69 were working. In Greece and Ireland, too, many people continue to work after age 65.

The amount of pensions people receive in generally rich countries with well-developed pension systems is usually determined by three factors. First, a general basic pension to prevent poverty; second, a portion related to the amount, volume, and duration of work; third, a portion made up of money saved by oneself; and fourth, a portion made up of money saved by others.

In poorer or less developed countries, it is naturally difficult to create a working pension system. Even if there are existing general pension schemes, their payouts are very low, and they have all been established very recently. Namibia introduced its pension system in 1990, Nepal in 1996, and Antigua and Barbados in 2012.

The pension age in the least developed countries with pension systems is the same or lower than in Europe, for example, 60 in Namibia and 65 in Botswana, Bolivia, South Africa and Costa Rica. What we should not forget here is that life expectancy in these countries is much lower than in Europe. In Nepal, one of the poorest countries in the world, the pensionable age is 75. The average life expectancy in Nepal is currently about 60 years.
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