From Generosity to Sustainability: The Austrian Pension System and Options for its Reform
IMF Working Papers, January 1, 1997
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- From Generosity to Sustainability: The Austrian Pension System and Options for its Reform
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Bibliographic details
- Authors: Christian Thimann, Manfred Koch
- Published: January 1, 1997
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451842654.001
Summary and Purpose
- Authors: Christian Thimann, Manfred Koch
- Date: January 1, 1997
- Series: Working Paper No. 1997/010; Issue: 010; Volume: 1997; Pages: 30
- DOI: https://doi.org/10.5089/9781451842654.001
- ISBN: 9781451842654; ISSN: 1018-5941; Stock No: WPIEA0101997
- Core purpose: Examine the institutional setup of the Austrian pension system and project its future development under current policies; outline reform options that largely maintain system structure while adjusting key parameters.
Key Findings and Projections
- Austria likely has the world’s highest pension expenditures relative to its economic size, largely because of the generosity of its pension system.
- Projections based on current policies show a swift financial worsening of the pension system.
- With already high levels of contribution rates, pension expenditures, and budget transfers, the projection results underscore the need for reform.
Analysis Themes and Technical Focus
- Institutional setup of the Austrian pension system.
- Projection methodology and outcomes under current policy settings.
- Fiscal pressures evidenced by:
- High contribution rates (explicit figures not provided on the landing page).
- High pension expenditures (explicit figures not provided on the landing page).
- Significant budget transfers to the pension system (explicit figures not provided on the landing page).
Policy Recommendations and Reform Options
- Much of the required reform can be achieved by maintaining the structure of the system and adjusting some of its key parameters.
- The paper outlines options for such parameter adjustments (specific options are described in the paper itself; the landing page summarizes their existence and rationale).
Subject Areas and Keywords
- Subjects: Aging, Expenditure, Labor, Pension spending, Pensions, Population and demographics, Retirement, Wages
- Keywords: Aging, budget transfer, contributor-pensioner ratio, Europe, insurance body, old-age pension level, old-age pensioner, pension age, pension calculation, pension duration, pension expenditure, Pension spending, pension system, pensioner dynamics, Pensions, Retirement, retirement age, revenue-expenditure gap, survivor pension, unemployment rate, Wages, would-be pensioner, WP
IMF Working Paper: "From Generosity to Sustainability: The Austrian Pension System and Options for its Reform" (Working Paper No. 1997/010) by Christian Thimann and Manfred Koch, January 1, 1997.