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Pensions for public-sector employees : lessons from OECD Countries’ experience (Inglês)

In 27 out of 34 OECD member countries, there is institutionally separate retirement-income provision for some or all public-sector workers. But the scope of these pension schemes varies significantly: from a modest top-up to the national pension arrangements (covering private-sector workers as well) to entirely independent retirement-income regimes. Average expenditure on these schemes amounts to about 1.5 percent of GDP, or nearly a quarter of total public pension spending. Public-sector pension reform is an issue of great political importance in many countries. Central governments’ workforces are ageing rapidly in all but four of the 26 countries for which data are available. One in three of central-government employees were aged 50 and over in 2009, compared with 22 percent in 1995. This rapid ageing is pushing up the cost of pension schemes at a time when many OECD countries are embarking on fiscal consolidation. This paper examines the arguments and the options for reforming public-sector pension schemes from an international viewpoint. It assesses five different policies to reduce expenditures or increase contribution revenues, showing how these can have very different effects in a public-sector scheme than with national retirement-income arrangements.

Detalhes

  • Autor

    Whitehouse,Edward R.

  • Data do documento

    2016/10/01

  • TIpo de documento

    Documento de Trabalho

  • No. do relatório

    109429

  • Nº do volume

    1

  • Total Volume(s)

    1

  • País

    Mundo,

  • Região

    Regiões Mundiais,

  • Data de divulgação

    2016/10/24

  • Disclosure Status

    Disclosed

  • Nome do documento

    Pensions for public-sector employees : lessons from OECD Countries’ experience

  • Palavras-chave

    portability of pension rights;social security contribution rate;national pension scheme;public-sector pension;notional account;types of pension;defined-benefit scheme;standard of living;pension cost;asymmetry of information;rate of inflation;real discount rate;economies of scale;degrees of freedom;conflicts of interest;access to pensions;scale and scope;occupational pension scheme;net present value;risk of bankruptcy;number of beneficiaries;gross replacement rate;level of performance;accrual of benefit;retirement-income provision;pension arrangement;national scheme;pension system;labour force;pension age;older worker;pension benefit;high spending;public pension;lump sum;pension reform;fiscal cost;defined-benefit pension;pensionable age;actuarial fairness;benefit formula;policy option;pension entitlement;employee contributions;job mobility;retirement-income arrangement;pension provision;public corporation;demographic profile;public finance;private pension;federal government;total employment;employer contribution;price inflation;retirement age;accrual rate;high share;basic pension;occupational plan;labour market;working age;short period;mandatory retirement;pension contribution;fiscal consolidation;disability benefit;public servant;government contribution;demographic pressure;Labour Mobility;alternative employment;moral hazard;statutory requirement;pension base;expenditure savings;wage increase;marginal productivity;national income;labour supply;labour demand;trade union;financial interest;benefit payment;policy question;lifetime employment;contribution collection;social policies;competitive examination;recruitment policy;administrative issues;consumption smoothing;income replacement;upward pressure;alternative policy;labour cost;financial impact;government revenue;Public Employment;reform measure;Annual Pay Increase;actuarial calculation;real value;old-age pension;earnings growth;benefit amount;employer pension;economic shock;Government Accounts;budget deficit;benefit contribution;national authority;economic crisis;benefits benefit;net effect;government spending;benefit adjustment;annuity value;indexed annuity;benefit entitlement;transition period;pension spending;cash benefit;average earning;common policies;indirect approach;national programmes;indexation method;large expenditures;occupational pensions;private schemes;mandatory scheme;Capital Investments;Public Spending;government expenditure;low share;institutional difference;comparable data;minimum pension;linear regression;standard error;demographic analysis;average share;similar age;government worker;cross-country evidence;investment risk;annuity rate;Population Ageing;social contribution;government share;detail level;positive relationship;government payroll;benefit arrangements;long-term changes;demographic change;age structure;transfer payment;public policy;lump-sum payment;defined benefit;social policy;young age;open country;career progression;

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