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The Public Pension Systems and the Economic Crisis

In: Economic Challenges of Pension Systems

Author

Listed:
  • Borja Encinas-Goenechea

    (University of Extremadura)

  • Robert Meneu-Gaya

    (University of Valencia)

  • María Cruz del Río-Rama

    (University of Vigo)

Abstract

Concern about the long-term sustainability of European public pension systems has been a permanent feature for decades due to the unstoppable ageing of the population, but demographic change is not the only factor of concern. A deep economic and financial crisis has been added to this structural problem, whose impact on economic growth and job creation has further aggravated the situation. The combination of these two challenges has created a “perfect storm”, which is forcing most European countries to introduce far-reaching reforms in their pension systems with the aim of ensuring their sustainability. This chapter analyses the main measures that the different EU-28 countries have addressed since the beginning of the crisis to ensure the sustainability of their pensions. The wide range of measures taken include delaying the retirement age and introducing sustainability factors and automatic adjustment mechanisms.

Suggested Citation

  • Borja Encinas-Goenechea & Robert Meneu-Gaya & María Cruz del Río-Rama, 2020. "The Public Pension Systems and the Economic Crisis," Springer Books, in: Marta Peris-Ortiz & José Álvarez-García & Inmaculada Domínguez-Fabián & Pierre Devolder (ed.), Economic Challenges of Pension Systems, chapter 0, pages 57-80, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-37912-4_3
    DOI: 10.1007/978-3-030-37912-4_3
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