The changes that are taking place in the structure of the population of many Western countries are likely to require considerable adjustments in their social security programs. A partial shift from pay-as-you-go (PAYG) to funding is one of the solutions frequently considered. This paper, without entering into the PAYG versus funding argument, into the matter of the adequacy of saving levels, or into the definition of the general tax treatment of saving with respect to consumption, focuses on the budgetary implications of the tax treatment of funded schemes.
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Paper provided by Commission of the EC, Directorate-General for Economic and Financial Affairs (DG ECFIN) in its series European Economy - Economic Papers with number
117.
Find related papers by JEL classification: H50 - Public Economics - - National Government Expenditures and Related Policies - - - General H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions J63 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Turnover; Vacancies; Layoffs
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