IMPACT OF DEMOGRAPHIC CHANGE IN EUROPE: BETWEEN MAINTAINING THE FINANCIAL SUSTAINABILITY OF PENSION SYSTEM AND ENSURING ADEQUATE INCOME FOR RETIREES

Radu Gheorghe ()
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Radu Gheorghe: Athenaeum University, Bucharest, Romania

Internal Auditing and Risk Management, 2021, vol. 61, issue 1, 20-31

Abstract: The Covid-19 pandemic has shown that there is a direct link between the demographic structures and the economic structures of the states. The impact of demographic ageing on the labor market estimates a decrease of up to 18% in the period 2019-2070. Which will definitely influence the size of employability, skills and productivity. And not the last, the size of public spending related to age. Which, if in 2019 they were around 25.2% of GDP, they will have to grow regularly until 2070 in UE-27. The ageing process of European society warns us that there is a need for a change in the needs of society, a change in the services to be provided and to which all persons over the age of 65 have access. On 27 January 2021, the European Commission published "The Green Paper on Ageing", launching a complex public debate on the aging process, focusing on the social and economic impact of current trends in demographic change. All these initiatives will be analyzed together with all stakeholders and will take shape as a result of the lessons learned from the Covid-19 pandemic. (ec.europe.eu)

Keywords: ageing process; demographic ageing; demographic change; demographic structures; dependent ratio; employability; labor market; median age; median income; productivity; total age dependency ratio; working age population (search for similar items in EconPapers)
JEL-codes: A11 H55 J10 L38 Z10 (search for similar items in EconPapers)
Date: 2021
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