Cyprus; Selected Issues

This Selected Issues paper explores the economic consequences of aging and its impact on long-term fiscal sustainability for Cyprus. The study analyzes the potential macroeconomic impact of different approaches to deal with the fiscal costs of aging. It goes beyond a simple quantification of the fiscal impact by explicitly examining the trade-offs of alternative policies within the context of a general equilibrium overlapping generation framework. It is concluded that addressing the fiscal consequences of aging will require increasing the retirement age to 65 years, followed by further increases to keep up with demographic trends.

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Year of publication:	2007-02-21
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Aging \| Employment \| Interest rates \| Selected issues \| pension \| retirement \| retirement age \| benefits \| wages \| pension benefits \| life expectancy \| pension system \| wage \| payroll \| basic pension \| retirement period \| tax rates \| pensions \| payroll taxes \| pension benefit \| pension reform \| labor force \| health care \| pension expenditures \| old-age pension \| tax rate \| supplementary pension \| pension expenditure \| pension scheme \| salary \| dependency ratio \| private pension \| replacement rate \| public pension \| pension income \| pension schemes \| pension spending \| labor income \| wage growth \| early retirement \| wage rates \| payroll tax \| retirement periods \| contribution rates \| benefit indexation \| private pensions \| value of pension \| nominal wage \| private pension benefits \| social pension \| employees ? pension \| long-term care \| pension systems \| old-age pensions \| pension reforms \| wage rate \| current pension \| pension contributions \| average retirement age \| replacement rates \| mandatory retirement \| provident funds \| net return \| pensioners \| employee pension \| basic benefits \| defined benefits \| labor force participation \| annuity payments \| public pensions \| net wage \| dependency ratios \| benefit formulas \| insurance pension \| national pension \| price indexation \| net wages \| future pension \| public pension expenditures \| additional pension \| notional accounts \| aging populations \| private pension systems \| public pension system \| retirement pension \| benefit formula \| life expectancies \| old-age pension system \| pension liabilities \| pension regimes \| occupational schemes \| contribution period \| types of pensions \| universal pension \| retirements \| age of retirement \| pay-as-you-go system \| defined-benefit scheme \| notional capital \| employees pension \| benefit payments \| public sector pensions \| benefit scheme \| pension funds \| pension fund \| lifetime earnings \| pension age

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Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 07/71 6 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011243631