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

Christian Thimann and Manfred Koch

No 1997/010, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: WP; pension system; budget transfer; pension expenditure; contributor-pensioner ratio; revenue-expenditure gap; unemployment rate; retirement age; insurance body; pension duration; would-be pensioner; pension calculation; pensioner dynamics; pension age; old-age pension level; survivor pension; old-age pensioner; Pension spending; Pensions; Aging; Retirement; Wages; Europe (search for similar items in EconPapers)
Pages: 30
Date: 1997-01-01
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Citations: View citations in EconPapers (26)

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Journal Article: From Generosity to Sustainability: The Austrian Pension System and Options for its Reform (1999)
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