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Impact Of Demographic Change In Europe: Between Maintaining The Financial Sustainability Of Pension System And Ensuring Adequate Income For Retirees

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  • Radu GHEORGHE

    (Athenaeum University, Bucharest, Romania)

Abstract

The Covid-19 pandemic has shown that there is a direct link between the demographic structures and the economic structures of the states. The impact of demographic ageing on the labor market estimates a decrease of up to 18% in the period 2019-2070. Which will definitely influence the size of employability, skills and productivity. And not the last, the size of public spending related to age. Which, if in 2019 they were around 25.2% of GDP, they will have to grow regularly until 2070 in UE-27. The ageing process of European society warns us that there is a need for a change in the needs of society, a change in the services to be provided and to which all persons over the age of 65 have access. On 27 January 2021, the European Commission published "The Green Paper on Ageing", launching a complex public debate on the aging process, focusing on the social and economic impact of current trends in demographic change. All these initiatives will be analyzed together with all stakeholders and will take shape as a result of the lessons learned from the Covid-19 pandemic. (ec.europe.eu)

Suggested Citation

  • Radu GHEORGHE, 2021. "Impact Of Demographic Change In Europe: Between Maintaining The Financial Sustainability Of Pension System And Ensuring Adequate Income For Retirees," Internal Auditing and Risk Management, Athenaeum University of Bucharest, vol. 61(1), pages 20-31, March.
    • Handle: RePEc:ath:journl:v:61:y:2021:i:1:p:20-31
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    More about this item

    Keywords

    ageing process; demographic ageing; demographic change; demographic structures; dependent ratio; employability ; labor market; median age; median income; productivity; total age dependency ratio; working age population;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General
    • L38 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Public Policy
    • Z10 - Other Special Topics - - Cultural Economics - - - General

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