Across OECD countries, 12.6 percent of people aged 65 and over are living in relative income poverty according to a new report. That term is defined as an income below half the national median equivalised household income. It is most prevelant in South Korea where just under 50 percent of retirees are living in poverty. The report cites a pension system that has not fully matured as one of the reasons for this alarmingly high figure. Australia and the United States also have high levels of poverty among pensioners - 35.5 and 21.5 percent respecitively. The Netherlands is at the very opposite end of the scale with only 2 percent of its retirees struggling financially.
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