UN calls for universal pensions

Universal pensions ofjust $1 a day in developing countries would significantly reduce oldage poverty, a United Nations report said Tuesday.  The WorldEconomic and Social Survey 2007 called that “an affordable option”for heading off the problems of aging as the growth in the numbers ofelderly accelerate in poor nations, catching up with a trend alreadyevident in wealthy countries.  JoseAntonio Ocampo, U.N. undersecretary-general for economic and socialaffairs, said even a basic benefit equivalent to the extreme povertylevel of $1 a day would achieve the long-term U.N. goal of eliminatingthe worst privation “for all the older people now.”  At a newsconference, Ocampo said aging populations is “a phenomenon that isuniversal now,” – with the number of people 60 and older expected toincrease from about 670 million in 2005 to close to 2 billion in 2050.  “Althoughthe phenomenon is more advanced in the industrial economies, it’s goingto grow at a much faster rate in the developing world,” he said.

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