Reforming pension systems
Journal Title: Zarządzanie i Finanse - Year 2013, Vol 11, Issue 2
Abstract
This article shows that over the coming decades, the EU, the OECD and many other countries will face a significant acceleration of demographic ageing due to three main factors: the baby-boom generation reaching retirement age, continuing increases in life expectancy, decreased fertility rate. Eventually, all three factors mentioned combine to produce a major financial challenge for pensions systems over the coming decades when the number of pensioners will rapidly increase and the size of the working-age population will diminish. According to the data gathered, to prevent this situation, countries all over the world are reforming their pension systems. Nevertheless, the majority of the pension reforms are dealing with an existing pay-as-you-go defined benefit system, rather than reform of the overall system of pension provision. However, while these minor reforms alleviate some of the fiscal burden, fiscal problems reappear in the long term. To effectively solve the pension system issue on a permanent basis is to move toward multi-pillar system with the fully-funded defined contribution reforms. As a result the risk that pension system bears is lower and adequacy gap is avoided.
Authors and Affiliations
Mariusz Dybał
Keywords
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- EP ID EP152381
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