This paper examines how policy uncertainty influences retirement decisions. We develop a simple model in which individuals face a one-time choice between immediate retirement and continued employment until the statutory retirement age. In the absence of policy uncertainty, retirement decisions...

We analyze how pension wealth influences retirement timing using 25 years of Danish administrative panel data on wealth and labor market status. Exploiting early-career variation in firm-specific mandatory pension contribution rates, we study labor supply decisions from age 55 onward. Greater...

We analyze how pension wealth influences retirement timing using 25 years of Danish administrative panel data on wealth and labor market status. Exploiting early-career variation in firm-specific mandatory pension contribution rates, we study labor supply decisions from age 55 onward. Greater...

China is experiencing rapid population aging and a declining workforce, posing significant economic and fiscal challenges, especially to the pension system. This paper examines the evolution of China’s pension system, assesses its gaps relative to international peers, and evaluates the...

This paper examines the unintended consequences of policies perceived as inequitable by leveraging Italy's Quota 100 pension reform, which denied early retirement to workers with identical contribution histories who did not meet an age cutoff. Using SHARE data and a difference-in-differences...

Die Alterssicherungskommission der Bundesregierung soll einerseits eine Kennziffer für das Gesamtversorgungsniveau aus gesetzlicher Rente, betrieblicher und geförderter Privatvorsorge entwickeln. Andererseits soll es darum gehen, wie der Lebensstandardsicherung im Alter gesichert werden kann....

Die Alterssicherungskommission der Bundesregierung soll einerseits eine Kennziffer für das Gesamtversorgungsniveau aus gesetzlicher Rente, betrieblicher und geförderter Privatvorsorge entwickeln. Andererseits soll es darum gehen, wie der Lebensstandardsicherung im Alter gesichert werden kann....

In einem Impulspapier weist der wissenschaftliche Beraterkreis des Bundeswirtschaftsministeriums auf die Notwendigkeit entschlossener Reformen des Rentensystems hin, damit die Rente finanzierbar bleibt. Die Reformvorschläge reichen von der Kopplung des Renteneintrittsalters an die fernere...

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...

Durch den demografischen Wandel – insbesondere den Eintritt der Babyboomer ins Rentenalter – drohen massive Finanzierungsprobleme in der deutschen Rentenversicherung, da immer weniger Erwerbstätige für immer mehr Rentnerinnen und Rentner aufkommen müssen. Reformen der Vergangenheit haben...

Deutschland befindet sich schon im zweiten Jahr in einer Rezession, und Wachstum ist laut den Prognosen der Wirtschaftsforschungsinstitute auch 2025 kaum zu erwarten. Viel schlimmer ist allerdings, dass neue Prognosen des langfristigen Wachstums im Gleichgewicht (das so genannte...

Using a standard macro model with overlapping generations in the manner of Blanchard–Yaari, we show that by broadening the labour supply on the extensive margin through longevity adjustment of the statutory retirement age, labour supply is likely to decrease on the intensive margin. However,...

This paper studies how labor demand factors - specifically worker substitutability and job‑specific skills - shape employment responses to a rise in the early retirement age. Using a regression discontinuity design, I exploit a 1999 German reform that eliminated the option for women to retire...

The Pan-European Personal Pension Product (PEPP) is a strategic initiative of the European Union (EU) aimed at creating a harmonized, portable pension savings framework that addresses the challenges of population aging, increased labor mobility, and the widening pension gap across Member States....

With the 2021 introduction of Germany's basic pension, longterm insured persons with low incomes can receive a supplement to their statutory pension. In 2024, around 1.4 million recipients received an average pension increase of 100 euros as a result. Data from the German Pension Insurance show...

The question of whether affluent households save at a higher rate than other parts of the distribution has been asked by economists on numerous occasions since the 1950s. It is standard in this research to define affluent, or "rich," households as those with high lifetime earnings or income to...

Andorra has the highest life expectancy and the lowest fertility rate in Europe, resulting in one of the fastest-aging populations on the continent. This study assesses the long-term fiscal implications of demographic change for Andorra's pension and healthcare systems. Without reform, public...

The paper analyzes Liechtenstein's three-pillar pension system, assessing its structure, funding mechanisms, sustainability and adequacy challenges. Liechtenstein's pension system operates on a three-pillar framework comprising public pensions (AHV-IV-FAK), mandatory occupational schemes, and...

This paper provides a comparative analysis of the pension systems in Brazil and Canada, focusing on their historical evolution, structural frameworks, and the demographic and fiscal challenges they face. By examining the development of these systems, the study highlights the unsustainable...

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...

Deutschland befindet sich schon im zweiten Jahr in einer Rezession, und Wachstum ist laut den Prognosen der Wirtschaftsforschungsinstitute auch 2025 kaum zu erwarten. Viel schlimmer ist allerdings, dass neue Prognosen des langfristigen Wachstums im Gleichgewicht (das so genannte...

As the baby boomer generation enters retirement, the payas-you-go pension system in Germany is under an increasing amount of pressure. Relevant changes, in particular higher contribution rates or lower pension levels, are causing tension between generations: Either the financial burden on the...

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...

The European Commission asked the European Social Policy Analysis Network (ESPAN) to undertake a comprehensive analysis of flexible retirement pathways and their potential impact in 28 European countries (the 27 EU Member States and Norway). This Synthesis Report maps existing flexible...

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...

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,...

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 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....