The Reform of Bismarckian Pension Systems: A Comparison of by Martin Schludi

By Martin Schludi

Slow financial development, emerging unemployment, and a swiftly getting older inhabitants all exert monetary strain on public pension platforms and spotlight the necessity for significant reform. Martin Schludi lines the political technique of pension reform in Austria, France, Germany, Italy, and Sweden from the Eighties onward and elegantly analyzes many of the political and fiscal elements in pension reform, similar to gaining public help for coverage projects. Schludi additionally considers case reviews that diversity from effectively restructured pension preparations to accomplish coverage disasters. This quantity is a vital and worthy source that demystifies the advanced elements taken with social coverage reforms pushed by means of financial issues.

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Extra resources for The Reform of Bismarckian Pension Systems: A Comparison of Pension Politics in Austria, France, Germany, Italy and Sweden (Amsterdam University Press - Changing Welfare States Series)

Sample text

16 The specific strengths and weaknesses of private or occupational old age provisions also vary with the concrete design of these schemes. Concerning their organisational form, supplementary old age provisions may be pursued on a purely individual or on an occupational base. Occupational pensions may be further distinguished between employer-sponsored fringe benefits and collectively negotiated pensions on the one hand, and between defined-contribution and defined-benefit schemes on the other.

It should be noted, that high public deficits are at least ambivalent in their effects on the capacity of national policymakers to reform the pension system. While high public deficits increase the economic and fiscal pressure to cut public pension benefits, they also restrict the fiscal leeway for side payments to potential reform opponents and thereby endanger the political 44 the need for pension reform: a problem-oriented perspective feasibility of pension reforms. In particular, large fiscal deficits narrow the scope for a large-scale promotion of fully funded old age provisions through tax incentives and direct state subsidies.

3%, respectively, in the csis scenario and may therefore reach a total of well above 15% of gdp. 2% of gdp. Hence, due to its high starting level, Austria may end up in a position where it will spend about one fifth of its national income or even more on public pensions if further reforms are not undertaken. Italy, by contrast, albeit starting at a roughly similar level, will most likely keep the expenditure ratio below 20% of gdp even under unfavourable economic and demographic conditions.

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