Austria's Old-Age Pension System in an International Comparison
AbstractAdverse demographic trends necessitate reforms of the old-age pension systems in all industrialized countries. By the year 2030, the population of pension age will have increased by more than 70 percent, while the working-age population will have shrunk by 12 percent. EU calculations indicate that in order to safeguard long-term financing of the current system, Austria would have to raise contributions by well over 50 percent, raise the retirement age by 11 years or reduce the net income replacement rate by 45 percent. From an international perspective, Austria has a relatively generous pension system. In view of the very low retirement age and high net income replacement rates, the Austrian system offers sufficient maneuvering room for socially acceptable reforms designed to put the pension system on a sustainable financial basis.
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Bibliographic InfoArticle provided by WIFO in its journal Quarterly.
Volume (Year): 3 (1998)
Issue (Month): 1 (January)
Austria's Old-Age Pension System in an International Comparison;
Other versions of this item:
- Alois Guger, 1997. "Austria's Old-Age Pension System in an International Comparison," WIFO Monatsberichte (monthly reports), WIFO, vol. 70(9), pages 535-546, September.
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- Klaus-Jürgen Gern, 2002. "Recent Developments in Old Age Pension Systems: An International Overview," NBER Chapters, in: Social Security Pension Reform in Europe, pages 439-478 National Bureau of Economic Research, Inc.
- Gern, Klaus-Jürgen, 1998. "Recent developments in old-age pension systems: an international overview," Kiel Working Papers 863, Kiel Institute for the World Economy.
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