From Generosity to Sustainability: The Austrian Pension System and Options for its Reform

January 1, 1997

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Christian Thimann, and Manfred Koch. From Generosity to Sustainability: The Austrian Pension System and Options for its Reform, (USA: International Monetary Fund, 1997) accessed October 1, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

Austria has probably the world’s highest pension expenditures relative to its economic size, largely because of the generosity of its pension system. This paper examines the institutional setup of the Austrian pension system and projects its future development based on current policies. The projection results show a swift financial worsening. With the already high level of contribution rates, pension expenditures, and budget transfers, the results underscore the need for reform. Much of this reform can, however, be achieved by maintaining the structure of the system and adjusting some of its key parameters. The paper outlines options for such a reform.

Subject: 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

Publication Details

Pages:

30
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1997/010
Stock No:

WPIEA0101997
ISBN:

9781451842654
ISSN:

1018-5941

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