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The Sustainability of PAYG Pension Schemes: A Comparative Analysis (1993–2023)

Author

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  • PAVELKA Tomáš
  • DICK Tizian
  • ČERMÁKOVÁ Klára
  • ROTSCHEDL Jiri

Abstract

The most common policy response to pension account deficit appears to be increasing age of retirement. Many countries with PAYG pension schemes have been experiencing this bitter reality. This paper brings to evidence some parameters of PAYG pension schemes neglected in short political cycles, but important from the long-term perspectives. We use data from the Czech Republic and Germany, two economies close geographically and by population structure, yet different in pension schemes tradition and economic development. By a comparative analysis we show in detailed parameters that a balanced family policy combined with macroeconomic policies may allow keeping retirement age fixed in a sustainable PAYG pension scheme.

Suggested Citation

  • PAVELKA Tomáš & DICK Tizian & ČERMÁKOVÁ Klára & ROTSCHEDL Jiri, 2024. "The Sustainability of PAYG Pension Schemes: A Comparative Analysis (1993–2023)," European Journal of Interdisciplinary Studies, Bucharest Economic Academy, issue 02, June.
    • Handle: RePEc:jis:ejistu:y:2024:i:02:id:546
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    More about this item

    Keywords

    PAYG pension scheme; retirement age; aging population; total fertility; average age of the mother at birth; life expectancy;
    All these keywords.

    JEL classification:

    • H75 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Government: Health, Education, and Welfare
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions

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