Aging Populations and Public Pension Schemes

Occasional Papers, December 30, 1996

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Aging Populations and Public Pension Schemes

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Bibliographic details

• Authors: Sheetal K. Chand, Albert Jaeger
• Published: December 30, 1996
• Series: Occasional Papers

Overview and Objective

• Authors: Sheetal K. Chand, Albert Jaeger
• Publication date: December 30, 1996
• Objective: Analyze pension-related aging problems primarily from a fiscal perspective by examining how prospective demographic developments that affect the proportion of the pensionable elderly affect pension outlays.

Key Findings

• An aging society is characterized by a growing proportion of the retired to the active working population.
• The study confirms that very serious fiscal stresses are in prospect for most industrial economies.
• Addressing pension-related fiscal problems will require major actions early, given the long lead times involved in reforming a pension fund's financial position.

Analytical Focus

• Fiscal perspective on population aging and public pension schemes.
• Examination of how demographic developments change the proportion of pensionable elderly and consequent pension outlays.
• Consideration of pension system parameters and their implications for fiscal sustainability.

Policy Implications and Recommendations (as stated)

• Major actions are required early to address projected fiscal stresses associated with aging populations.
• Reform measures should account for long lead times needed to restore or secure a pension fund’s financial position.

Subjects and Keywords

• Subjects: Aging, Expenditure, Fiscal policy, Fiscal stance, Labor, Pension spending, Pensions, Population and demographics, Retirement
• Keywords: Aging, contribution rate, Fiscal stance, Global, indexation option, OP, PAYG, PAYG system, pension liability, Pension spending, Pensions, population aging, rate, replacement rate, Retirement