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Austria's Old-Age Pension System in an International Comparison

  • Alois Guger

    (WIFO)

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    Adverse 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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    Article provided by WIFO in its journal Quarterly.

    Volume (Year): 3 (1998)
    Issue (Month): 1 (January)
    Pages: 31-42

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    Handle: RePEc:wfo:wquart:y:1998:i:1:p:31-42
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    1. Homburg, Stefan, 1997. "Old-age Pension Systems: A Theoretical Evaluation," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 233-246.
    2. Homburg, Stefan, 2014. "The Efficiency of Unfunded Pension Schemes," Hannover Economic Papers (HEP) dp-523, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    3. Fritz Breuss & Fritz Schebeck & Ewald Walterskirchen, 1997. "Aus WIFO-Studien: Wertschöpfungsabgabe als Alternative zu lohnbezogenen Dienstgeberbeiträgen zum Familienlastenausgleichsfonds," WIFO Monatsberichte (monthly reports), WIFO, vol. 70(9), pages 567-570, September.
    4. Brunner, Johann K., 1993. "Redistribution and the efficiency of the pay-as-you-go pension system," Discussion Papers, Series I 265, University of Konstanz, Department of Economics.
    5. Deborah Roseveare & Willi Leibfritz & Douglas Fore & Eckhard Wurzel, 1996. "Ageing Populations, Pension Systems and Government Budgets: Simulations for 20 OECD Countries," OECD Economics Department Working Papers 168, OECD Publishing.
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