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Could the Idea of Equitable Normal Pension Age Stabilize the Pension System?

In: Quantitative Demography and Health Estimates

Author

Listed:
  • Tomáš Fiala

    (Prague University of Economics and Business, Department of Demography, Faculty of Informatics and Statistics)

  • Jitka Langhamrová

    (Prague University of Economics and Business, Department of Demography, Faculty of Informatics and Statistics)

  • Jana Vrabcová

    (Prague University of Economics and Business, Department of Demography)

Abstract

Population ageing is one of the most important phenomena in the latest decades. All economically advanced populations face and will face the ageing process. One of the very serious consequences of population ageing is the increasing financial burden of pension systems. It is clear and confirmed by many analyses, that the idea of fixed retirement age threshold (say 65 years of age) is unsustainable. Fixed pension ages are thus often being replaced by variable ones. Sanderson and Scherbov proposed the idea of the so-called equitable normal pension age. It is determined in such a way that the proportion of time spent by the cohort in the retirement age to the proportion of adult life is the same for each cohort. The paper contains calculations of equitable normal pension age (equal for males and females) for selected European countries. The estimate of future population development works on the EUROPOP2019 – the latest population projections produced by Eurostat. Cohort life tables assuming two variants of mortality scenarios are used for the analysis. The future development of adjusted old-age dependency ratio under several variants of fertility and migration scenario is analysed.

Suggested Citation

  • Tomáš Fiala & Jitka Langhamrová & Jana Vrabcová, 2023. "Could the Idea of Equitable Normal Pension Age Stabilize the Pension System?," The Springer Series on Demographic Methods and Population Analysis, in: Christos H Skiadas & Charilaos Skiadas (ed.), Quantitative Demography and Health Estimates, chapter 0, pages 263-270, Springer.
    • Handle: RePEc:spr:ssdmcp:978-3-031-28697-1_20
    DOI: 10.1007/978-3-031-28697-1_20
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