Sustainability of Pension Systems in the New EU Member States and Croatia
Title | Sustainability of Pension Systems in the New EU Member States and Croatia PDF eBook |
Author | Leszek Kasek |
Publisher | World Bank Publications |
Pages | 50 |
Release | 2008-02-01 |
Genre | Business & Economics |
ISBN | 0821373706 |
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.
Reforming the Greek Pension System
Title | Reforming the Greek Pension System PDF eBook |
Author | Mr. Alvar Kangur |
Publisher | International Monetary Fund |
Pages | 26 |
Release | 2021-07-16 |
Genre | Business & Economics |
ISBN | 1513588842 |
The Greek pension system has been costly, complex, and distortive, which has contributed to Greece’s fiscal problems and discouraged labor force participation. Several attempts to reform the system faltered due to lack of implementation, pushback by vested interests, and court rulings leading to reversals. A series of reforms introduced throughout 2015–17 unified benefit and contribution rules, removed several distortions and reduced fragmentation and costs. If fully implemented throughout the long-term, these reforms can go a long way towards enhancing the pension system affordability. However, reforms faced setbacks and fell short of creating stronger incentives to build long contribution histories, to deliver sustainable growth by improving the fiscal policy mix, and to ensure fairness and equitable burden sharing across generations and interest groups. Policy priorities should aim towards fully implementing the 2015–17 reforms and complementing them with additional reforms to address these remaining objectives.
Assessing Chile's Pension System: Challenges and Reform Options
Title | Assessing Chile's Pension System: Challenges and Reform Options PDF eBook |
Author | Samuel Pienknagura |
Publisher | International Monetary Fund |
Pages | 52 |
Release | 2021-09-10 |
Genre | Business & Economics |
ISBN | 151359611X |
Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.
Pensions at a Glance 2019 OECD and G20 Indicators
Title | Pensions at a Glance 2019 OECD and G20 Indicators PDF eBook |
Author | OECD |
Publisher | OECD Publishing |
Pages | 224 |
Release | 2019-11-27 |
Genre | |
ISBN | 9264876103 |
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.
Sustainability of the German Pension Scheme: Employment at Higher Ages and Incentives for Delayed Retirement
Title | Sustainability of the German Pension Scheme: Employment at Higher Ages and Incentives for Delayed Retirement PDF eBook |
Author | Lewicki, Maria Patricia |
Publisher | KIT Scientific Publishing |
Pages | 159 |
Release | 2014-03-25 |
Genre | Business & Economics |
ISBN | 3731501716 |
The aging society and threatening old-age poverty are two major political topics in Germany for the next decades. Many modern employment biographies consist of atypical employment and discontinuities; both negatively impact the pension entitlements of the individuals. This work develops an inninnovative approach that offers flexibility to absorb demographic changes as well as labor market developments, without threatening the financial stability of the public pension scheme.
Pension Reform
Title | Pension Reform PDF eBook |
Author | Robert Holzmann |
Publisher | World Bank Publications |
Pages | 692 |
Release | 2006 |
Genre | Business & Economics |
ISBN | 082136166X |
This book presents 25 state of the art papers on the conceptual foundations and issues surrounding Non-financial, or Notional, Defined Contribution (NDC), country implementation of NDC (Italy, Latvia, Poland, and Sweden) and case studies for countries where NDC is figured in the reform debate. This book is intended to be a handbook for academics and policy makers who want to become informed about what NDC is and to learn about the pros and cons of this attractive reform proposal.
Old-age Income Support in the 21st Century
Title | Old-age Income Support in the 21st Century PDF eBook |
Author | Robert Holzmann |
Publisher | World Bank Publications |
Pages | 246 |
Release | 2005-01-01 |
Genre | Business & Economics |
ISBN | 082136040X |
The past decade has brought an increasing recognition to the importance of pension systems to the economic stability of nations and the security of their aging populations. This report attempts to explain current policy thinking and update the World Bank's perspective on pension reform. This book incorporates lessons learned from recent Bank experiences and research that have significantly increased knowledge and insight regarding how best to proceed in the future. The book has a comprehensive introduction and two main parts. Part I presents the conceptual underpinnings for the Bank's thinking on pension systems and reforms, including structure of Bank lending in this area. Part II highlights key design and implementation issues where it signals areas of confidence and areas for further research and experience, and includes a section on regional reform experiences, including Latin American and Europe and Central Asia.