By Robert Holzmann, Mitchell Orenstein, Michal Rutkowski
Few issues at the fiscal reform schedule allure extra awareness in nations all through Western, crucial, and japanese Europe than pension reform. and there's hardly ever the other sector within the ecu coverage debate the place reform growth has been extra asymmetric among international locations. the variation among want and final result doesn't seem to mirror underlying reform pressures, so what are the factors this unevenness? 'Pension Reform in Europe' represents a massive try to remedy this puzzle, with contributions from best students and practitioners in economics and political sciences. This publication exhibits the present level of information within the pension region, and exhibits components wanting additional study. The examine should still result in a greater figuring out of approach and growth of ecu pension reform, for the good thing about the reform time table in Europe and different areas of the area.
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Extra resources for Pension Reform in Europe: Process and Progress (Directions in Development)
Occupational private pension schemes do not play a significant role. State pensions amount to about 12 percent of GDP, one of the highest ratios in the EU. Projections by the OECD show total expenditure reaching nearly 25 percent of GDP by 2035. In the main scheme covering the private sector, the payroll tax is 26 percent; 44 percent if nonpension social contributions are taken into account. Since Greece’s entry into the European Monetary Union in January 2001, pension reform has been singled out as the most important structural reform.
The main motivation was fiscal: between 1990 and 1995 the system dependency ratio rose from 46 percent to 76 percent because of a decline in employment and an explosion of early retirement. The reform has been enthusiastically welcomed, in fact, one of the problems is “overswitching,” that is, people who would be better off remaining in the old system are switching into the new one and thereby weakening the surviving first pillar. What direction is reform taking? qxd 6/5/03 4:30 PM 32 Page 32 PENSION REFORM IN EUROPE Italy The legal retirement age is flexible between a range of 57 and 65.
For low-income persons the replacement rate from the combined national pension and earnings related pension exceeds 100 percent. Do pensions provide a reasonable standard of living? A national pension, financed by a combination of employer contributions and general revenue, is available to all residents. 9 percent receive only a national pension. More than threequarters receive a state earningsrelated pension as well. Is pension coverage adequate? Annex, continued The national pension is financed by employer contributions and general taxation.