The state of pension reforms
- Background summary
- The pension system, which essentially functions on a pay-as-you-go basis, was left unreformed until relatively recently, with an initial reform in 2011 having been followed by a further reform adopted in 2015. Criticised by international institutions for having an overly generous support system for early retirement, Belgium has now joined other European countries in restricting early retirement and increasing the official retirement age. It should be noted, however, that Belgium’s pension benefits are low in comparison to other countries. Read more.