Understanding the Impact of Pension Reform in Belgium: Higher Pensions and Wealth Redistribution

2023-09-17 10:09:00

”The pension system was developed in an industrial context considering that pensions had to be financed by human labor […] However, what we have observed over the past 40 years is that the share of capital income in wealth generation has increased to the detriment of the share of labor income. We are therefore witnessing an imbalance.”

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The economist then suggests that every Belgian receive the same legal pension in the future. A proposal that is sure to provoke a reaction. “We are going to have to converge pensions towards a universal allowance. That is to say that we will have to have an amount which is more or less the same for all Belgians, regardless of the amount of contributions,” he believes.

Unfair? Bruno Colmant sees it as a way of redistributing wealth. “It is clear that for the wealthiest people […] the amount of this universal pension would perhaps be lower than what they can hope for today… But they had other means of accumulating wealth. Whereas people who have low incomes not only have not earned a good living, but have low pensions. And therefore a convergence towards an amount of 1500 €… 1800 €… we will see, it is something which would be readable and understandable”.

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Alexandra Hartman Editor-in-Chief

Editor-in-Chief Prize-winning journalist with over 20 years of international news experience. Alexandra leads the editorial team, ensuring every story meets the highest standards of accuracy and journalistic integrity.

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