Redistribution in the Spanish pension system: An approach to its life time effects
AbstractThis paper computes first the internal rates of return of different population cohorts. Secondly, we study the intragenerational aspects by calculating the returns over life-time contributions for workers of different categories, grouped by earnings, gender and marital status. Under a set of assumptions on contribution rates and wage profiles -in absence of actual data on longitudinal contributions- we show the existence of significant intergenerational effects. They favour older cohorts due basically to the contribution bases applied during the 60s and 70s. Some of these effects follow a rather erratic pattern, mostly due to the changes overtime of the definition of the maximum allowable contribution. These limits play a similar crucial role for the intragenerational analysis, although in general, the social security 'deal' favours high income individuals, women and married males.
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Bibliographic InfoPaper provided by FEDEA in its series Studies on the Spanish Economy with number 55.
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Social Security in Spain; Life-time contributions and pensions; Social Security internal rates of return;
Other versions of this item:
- Joan Gil & Guillen López-Casasnovas, . "Redistribution in the Spanish pension system: An approach to its life time effects," Working Papers 99-16, FEDEA.
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
This paper has been announced in the following NEP Reports:
- NEP-ALL-1999-11-28 (All new papers)
- NEP-LAB-1999-11-28 (Labour Economics)
- NEP-PUB-1999-11-28 (Public Finance)
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