The Austrian Pension System – How Recent Reforms Have Changed Fiscal Sustainability and Pension Benefits

Markus Knell, Walpurga Köhler-Töglhofer and Doris Prammer

Monetary Policy & the Economy, 2006, issue Q2/06, 69–93

Abstract: This article discusses the most recent pension reforms in Austria, which were mainly triggered by the need to alleviate the budgetary pressure stemming from the age structure of the Austrian population. Using synthetic indicators, derived from the government’s budget constraint, the paper assesses fiscal sustainability before and after the major pension reforms. Austria’s fiscal sustainability was clearly improved by the reforms. The two main factors behind this improvement are a projected increase in the average effective retirement age and a projected reduction in the generosity of the mandatory state pension system. Based on available data, the paper assesses the current and prospective level of Austrian public pension benefits and puts them into an international perspective.

Keywords: public pensions; social security; fiscal sustainability. (search for similar items in EconPapers)
JEL-codes: E62 H55 H60 (search for similar items in EconPapers)
Date: 2006
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
https://www.oenb.at/dam/jcr:b53c31d7-d1cf-4014-962 ... 2_04_tcm16-45585.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:onb:oenbmp:y:2006:i:q2/06:b:4

Ordering information: This journal article can be ordered from
Oesterreichische Nationalbank, Documentation Management and Communications Services, Otto-Wagner Platz 3, A-1090 Vienna, Austria

Access Statistics for this article

Monetary Policy & the Economy is currently edited by Gerhard Fenz and Maria Teresa Valderrama

More articles in Monetary Policy & the Economy from Oesterreichische Nationalbank (Austrian Central Bank) P.O. Box 61, A-1011 Vienna, Austria. Contact information at EDIRC.
Bibliographic data for series maintained by Rita Glaser-Schwarz ().