This document compiles the main parametric reforms approved in pension systems worldwide, between 1995 and December 2019.

The financial difficulties of the public PAYGO systems over the last 24 years have led to:

• 78 countries increasing the contribution rate (for example: Costa Rica, Croatia, Nicaragua, Norway, the Netherlands).
• 61 increasing the retirement age (e.g. Saudi Arabia, Brazil, Vietnam, Sweden).
• 61 adjusting the benefits formula or reducing benefit levels (for example: Argentina, Belgium, Brazil, Italy, Japan).

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