Demographic Transition and Pension Reforms

Pension System Reforms

Retirement Expectations and Pension Reforms

We estimate the effect of pension reforms on households’ expectations of retirement outcomes and wealth accumulation decisions exploiting a decade of pension reforms as a source of exogenous variation in expected pension wealth. Two parameters are crucial to estimate pension wealth: the age at which workers expect to retire and the expected ratio of pension benefits to pre-retirement income. Th...

Pension Reforms in India

Life expectancy has shot up in recent decades. When public pension systems were first established, people could typically look forward to only a few years of retirement if any. Today, globally, the probability of a newborn boy surviving until age 65 is over 80%; the figure is over 90% for a girl child. Aging populations are “a high-class” problem, said U.S. President Bill Clinton in his 1999 St...

Public Pension Reforms and Private Savings

The 1999 reforms to the Korea National Pension Scheme resulted in a unique situation, in which those who were insured by the pension scheme and those who were uninsured coexisted. Exploiting this situation, this paper evaluates the effect of public pension on private savings. The estimation results show that the average effect is close to zero. Households with low or very high saving rates were...

Lithuanian Pension System’S Reforms Transformations and Forecasts

The aim of this article is to describe the Lithuanian pension system, its reform process and its long-term financial sustainability. We define therefore the current reforms in the public pension system, influenced by the last economic crisis and social challenges. Also, we forecast the financial dynamics of the public pension system, in the light of raising social expenses (due to second pillar...