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The Austrian Pension System – How Recent Reforms Have Changed Fiscal Sustainability and Pension Benefits

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Author Info

  • Markus Knell

    ()
    (Oesterreichische Nationalbank, Economic Studies Division)

  • Walpurga Köhler-Töglhofer

    ()
    (Oesterreichische Nationalbank, Economic Analysis Division)

  • Doris Prammer

    ()
    (Oesterreichische Nationalbank)

Abstract

This article discusses the most recent pension reforms in Austria, which were mainly triggered by the need to alleviate the budgetary pressure stemming from the age structure of the Austrian population. Using synthetic indicators, derived from the government’s budget constraint, the paper assesses fiscal sustainability before and after the major pension reforms. Austria’s fiscal sustainability was clearly improved by the reforms. The two main factors behind this improvement are a projected increase in the average effective retirement age and a projected reduction in the generosity of the mandatory state pension system. Based on available data, the paper assesses the current and prospective level of Austrian public pension benefits and puts them into an international perspective.

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File URL: http://www.oenb.at/dms/oenb/Publikationen/Volkswirtschaft/Monetary-Policy-and-the-Economy/2006/Monetary-Policy-and-the-Economy-Q2-06/chapters/mop_2006_2_04_tcm16-45585.pdf
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Bibliographic Info

Article provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Monetary Policy & the Economy.

Volume (Year): (2006)
Issue (Month): 2 ()
Pages: 69–93

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Handle: RePEc:onb:oenbmp:y:2006:i:2:b:4

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Related research

Keywords: public pensions; social security; fiscal sustainability.;

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Cited by:
  1. Walter H. Fisher & Christian Keuschnigg, 2007. "Pension Reform and Labor Market Incentives," CESifo Working Paper Series 2057, CESifo Group Munich.
  2. Christian Jaag & Christian Keuschnigg & Mirela Keuschnigg, 2007. "Pension Reform, Retirement and Life-Cycle Unemployment," University of St. Gallen Department of Economics working paper series 2007 2007-43, Department of Economics, University of St. Gallen.
  3. Roman Raab, 2009. "Financial Incentives in the Austrian PAYG-Pension System: Micro-Estimation," Working Papers 0144, National University of Ireland Galway, Department of Economics, revised 2009.
  4. Sánchez-Romero, Miguel & Sambt, Jože & Prskawetz, Alexia, 2012. "Quantifying the role of alternative pension reforms on the Austrian economy," ECON WPS - Vienna University of Technology Working Papers in Economic Theory and Policy 04/2012, Vienna University of Technology, Institute for Mathematical Methods in Economics, Research Group Economics (ECON).
  5. Veronika Deeg & Christian Hagist & Stefan Moog, 2009. "The fiscal outlook in Austria: an evaluation with Generational Accounts," Empirica, Springer, vol. 36(4), pages 475-499, November.
  6. Moog, Stefan & Müller, Christoph & Raffelhüschen, Bernd, 2010. "Ehrbare Staaten? Die deutsche Generationenbilanz im internationalen Vergleich: Wie gut ist Deutschland auf die demografische Herausforderung vorbereitet?," FZG Discussion Papers 44, Research Center for Generational Contracts (FZG), University of Freiburg.
  7. Hagist, Christian & Moog, Stefan & Raffelhüschen, Bernd & Vatter, Johannes, 2009. "Ehrbare Staaten? Die Ergebnisse der Generationenbilanzierung im internationalen Vergleich," FZG Discussion Papers 34, Research Center for Generational Contracts (FZG), University of Freiburg.

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