The Costs of Demographic and Economic Crises - Challenges to Pension Systems Reform

As the economic and financial crisis accelerates worldwide, covering the expenses driven by an aging population is a challenge both now and in the future for the pension systems. Thus it is necessary to adopt sustainable reforms to cushon the expected impact of these crises on the budget. In general, the strongest pressure occurs on pay-as-you-go (PAYG) pension systems. It is also essential that the reforms on pension systems should be accompanied by anti-crisis policies concerning the financial sector, the labour market and public finances.