Redistribution in the Spanish pension system: An approach to its life time effects
This 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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