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The aim of this paper is to develop indicators to highlight the ability of different national pension systems to enable individuals to maintain their living standards at retirement. Authors Margherita Borella and Elsa Fornero of the University of Turin and CeRP, perform the analysis using data and projections on different European countries and propose the use of a 'COmprehensive Replacement' (CORE) rate. Their aim is to compute, for a set of countries representative of the different European welfare and pension systems, both an actual (data-based) version of CORE, based on ECHP data, and to project its evolution into the future. The paper is organised as follows. Section 1 provides a theoretical framework as well as a review of the literature on the topic. Section 2 contains the computation of replacement rates based on ECHP data. In Section 3 CeRPSAM projections are used to compute COREs over time. Section 4 concludes.
Europeans are living longer, and fewer now remain in the labour force as they grow older. Many European countries have responded to the ensuing financial pressure by reforming their public pension systems and health care programmes. There is considerable uncertainty as to the effects of these reforms - as they typically do not alter the unfunded nature of public welfare arrangements and this uncertainty is itself costly. Not only does it undermine the credibility of public welfare programmes, but it may also distort labour supply behaviour, decisions regarding savings and capital accumulation. More generally there is uncertainty about the overall impact of ageing on welfare and society and the multiple domains in which its effects may develop. Pensions: More Information, Less Ideology builds on the existing evidence - mostly in the field of public pensions - and highlights the advantages that would be obtained by: harmonising methodologies used in the various countries to report pension outlays and forecast future pension liabilities or more generally public spending; defining common standards as to the frequency of expenditure forecasts and the length of the forecast horizons for welfare expenditures; developing European longitudinal survey of persons pre- and post retirement age, providing timely information on a wide array of decisions by individuals and household related to the ageing process and the ongoing trends.
This edited volume takes a closer look at various European pension-plan models and the recent challenges, trends and predictions related to the design of such schemes. The contributors analyse new ideas, both from national governments and European institutions, and consider current debates on topics such as the Capital Markets Union (CMU) and the so-called ‘European Pillar of Social Rights’ – calling for a new approach to social policy at the European level in response to common challenges, such as ageing and the digital revolution.This interdisciplinary work embraces economic, financial and legal perspectives, while focusing on previously selected coherence aspects in order to ensure that the analyses are comprehensive and globally consistent.
Pension reforms in former transition economies aimed to fiscal sustainability and market economy objectives. Estimating the gross and net replacement rates in 9 countries for steady conditions until 2040 show that they are adequate for most categories of workers, with the exception of those with intermittent or no formal sector employment.
This book examines the major economic challenges associated with the sustainability of public pensions, specifically demographic change, labor-market relations, and risk sharing. The issue of public pensions occupies the political and economic agendas of many major governments in the world. International organizations such as the World Bank and the OECD warn that the economic changes driven by an aging society negatively affects the sustainability of pension systems. This book analyzes different global public pension systems to offer policies, methods and tools for sustainable public pensions. Real case studies from France, Sweden, Latin America, Algeria, USA and Mexico are featured.
This study finds that pension reforms in recent years have improved the efficiency and sustainability of pension systems in the new member states of the European Union and Croatia. However, for many countries, these probably have not gone far enough to ensure long-term sustainability, given the aging of the population. Reforms have included changes to Pay-As-You-Go (PAYG) systems, including increases in retirement ages (not at least for women), new benefit formulas, and new indexation mechanism. Some countries (Latvia and Poland) have further strengthened the link of contributions and benefits to the sustainability of the PAYG system through the introduction of national defined contribution accounts. The link is strengthened also by moving to a point system, which has been adopted by many of the countries. Several countries have introduced a second, private, pension pillar, funded through diversion of part of the pension contributions, thereby diversifying risk. However, some countries (in particular the Czech Republic, Slovenia, and Romania) will need to do more to safeguard the long-term viability of their pension systems, while others face challenges to ensure equitable pension systems and adequate living standards for all elderly people.
The 2019 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the last two years. Moreover, two special chapters focus on non-standard work and pensions in OECD countries, take stock of different approaches to organising pensions for non-standard workers in the OECD, discuss why non-standard work raises pension issues and suggest how pension settings could be improved.
The accurate presentation of a country's pension system and the comparison of pension systems across countries are crucial parts of policy analysis and reform. This is equally valid for high-income countries of the Organisation for Economic Co-operation and Development as it is for low- and middle-income countries. Pensions Panorama provides a compendium of facts and analysis that should inform policy making and public debate about retirement-income systems around the world. Reforming pensions is a central policy issue for all countries; it is challenging and controversial because it involves long-term planning by governments that face numerous short-term pressures. Pensions Panorama, combines painstaking, rigorous analysis with a clear, easy-to-understand presentation of empirical results. The analysis presented can inform debates on retirement-income systems. A core concern is social sustainability, which involves the future adequacy of pension benefits, the impact of pension reforms on income distribution among older peoples, and the means to combat old-age poverty.
Several European Councils have highlighted the challenge of an ageing population and its complications for the maintenance of pensions. An open method of coordination on pensions is required. The Laeken European Council launched this process on the bases of safeguarding the capacity of systems, maintenance their financial sustainability and meeting social needs.