Population aging will be a major determinant of long-run economic development in industrial and developing countries. The extent of the demographic changes is dramatic in some countries and will deeply affect future labor, financial and goods markets. The expected strain on public budgets and...

With the introduction of the state subsidized private retirement provision, the implementation of the sustainability factor and the increase of the statutory retirement age comprehensive pension reforms have been adopted in Germany in recent years. In this article we outline the insufficiency of...