This report contains a case study for the Study supporting the Impact assessment of the future European Social Fund proposal. Achieving structural change: conditions for success in the areas of ESF intervention. The reform under assessment focuses on the 2015 pension reform in Finland, and...

This paper examines the evolution and challenges of Kosovo's pension system. Since its inception, a basic pension and mandatory individual accounts have formed the key element of Kosovo's pension system. Over the years, the pension system has expanded to include a variety of merit pensions,...

Zu den wichtigsten Sicherheitsversprechen der Sozialpolitik gehört eine auskömmliche Rente. Doch schon heute erleben viele Menschen beim Übergang in die Rente erhebliche Einschränkungen ihres Lebensstandards, und die zukünftige Finanzierung des Sicherheitsversprechens wird kontrovers...

In many countries, the regulations governing pension systems, hiring procedures, and job contracts differ between the public and private sectors. Public sector employees tend to have longer tenures and higher wages compared to workers in the private sector. As such, social security reforms can...

The Social Security "full retirement age" (FRA) is the age at which retirement income benefits are available without reduction for early commencement. Presently, that age is 67 for those born in 1960 or later. This paper is about the unfair and unnecessary threat to reduce Social Security...

This paper examines reform measures for the National Pension System, analyzing their fiscal impacts. Despite past reforms adjusting contribution and replacement rates, the system faces ongoing sustainability challenges. We forecast that the reserve fund, peaking at 1,972.0 trillion KRW in 2039,...

This study conducts a financial projection of the basic pension in Korea, which provides cash assistance to the bottom 70% of elderly individuals aged 65 and over. The projection is carried out under both expansion and selective eligibility criteria, with particular emphasis on the latter....

We highlight the strong connection between developing fully-funded, individually-owned, collectively-managed, mandatory/incentivized (FICMI) pension schemes and the development of domestic stock markets. We do so by building a stylized model and complementing the analysis with cross-country...

This paper investigates the welfare effects of two types of pension reforms aimed at addressing challenges due to aging populations. The study uses a framework by Kolsrud et al. (2024), decomposing welfare into consumption smoothing and fiscal externality effects. Norwegian administrative data...

Korea's National Pension Fund (NPF) is projected to be in deficit by the 2040s and exhausted by the 2050s. Increasing contribution rates may be unaffordable, prompting consideration of structural reforms, particularly shifting from a defined benefit (DB) to a defined contribution (DC) system....

Während Österreichs Ausgaben für Pensionen deutlich über dem EU-Schnitt liegen und weiter ansteigen, sinken die Leistungen markant. Fakten, die zwar immer wieder diskutiert, aber bislang nicht wirksam adressiert wurden. Eine aktuelle EcoAustria Studie im Auftrag der ERSTE Stiftung und der...

We study the effects of retirement on cognitive functioning among women aged 63 to 67 by exploiting a German retirement reform that raised the early retirement age for women born after 1951 by three years, from 60 to 63. Our indicators of cognitive functioning are experimental measures (word...

We explore the importance and nature of elderly couples' labor market interlinkages, and how such linkages shape the response to welfare reforms. To this end, we build a life cycle model with dual-earner households, featuring heterogeneous age gaps, non-separable leisure preferences, and...

This study contributes to the discussion about a fair and balanced pension system with a collectively funded pension scheme or social security and a defined contribution pillar. With an invigorated risk approach using financial option positions, it considers the variance of socioeconomic...

Population aging in Korea will pose substantial challenges to the financial sustainability of its public pension system. Under current policies and plausible assumptions, public pension spending can increase by as much as 4 percent of GDP during 2020-70, while contribution revenue will largely...

Around three million pensioners receive the Indonesian civil service pension benefit. This benefit is the main source of income for the majority of civil service pensioners. This paper examines the adequacy of this pension benefit from the perspective of pensioners in Kapuas Regency. Through...

While generally well-run, the Swiss pension system is in need of reforms to be effective in the longer term. The first pillar, like that of many other countries, is facing demographic challenges undermining its effectiveness and support across generations, while the second pillar is plagued by...

This paper analyses the forms and prevalence of external implementation channels of occupational pension provision after the introduction of the 2018 Occupational Pension Strengthening Act (OSPA) in Germany and their determinants. First, the most important pension reforms of the German old-age...

Chile implemented large pension withdrawals during the pandemic relative to other countries. Afterwards, Chile increased non-contributory benefits in a quasi-universal scheme. Simulating the future pensions, I show that the average loss in contributory pension income is 27.9%, with losses of...

In the German pension debate, reform options are repeatedly proposed that are doomed to failure right from the start as they cannot be legally implemented to begin with. One of these is the inclusion of civil servants in the German state pension scheme. This option, however, is prohibited by the...

We study the influence of family members, neighbors and coworkers on retirement behavior. To estimate causal retirement spillovers between individuals, we exploit a pension reform in the Netherlands that creates exogenous variation in peers' retirement ages, and we use administrative data on the...