Pension Systems in the European Context — Introductory Remarks

Enzo Bartocci

LABOUR, 1998, vol. 12, issue 1, 3-13

Abstract: The author, initially, examines the major stages in the development of the pension system from the 19th century onwards. The paper then focuses on the reasons behind the changes from the funded system to the pay‐as‐you‐go system. These two systems have constituted the transposition, on the macroeconomic plane, of the two alternatives between individual savings and family solidarity at the microeconomic level. In the second part he considers the weak elements in the funded system and the growing lack of support on the part of the State budget. In conclusion the author underlines the need for European countries to modify the pension systems, taking the existing interdependence between all the sectors of social protection into account, on the one hand, and proceeding along lines of convergence on the other.

Date: 1998
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