substantial expected increase in pension outlays. It compares the current fiscal rule, which targets a (central government … structural) non-oil deficit equal to 4 percent of Government Pension Fund assets, with three alternatives that save a larger … share of oil revenue and accumulate more assets to pay for aging costs. It also analyzes the macroeconomic consequences of …

Austria faces significant population aging. This will increase public spending on pensions, health care, and long …-term care, while tax and social security revenues will fall. This paper analyzes the fiscal burden facing Austria due to aging … of aging and that fiscal sustainability is threatened, even under fairly optimistic assumptions about the effects of …

We compare the long-term output and current account effects of pension reforms that increase the retirement age with … a policy trade-off. Pension reforms that increase the retirement age have a large positive effect on output, but a small … those of reforms that cut pension benefits, conditional on reforms achieving similar fiscal targets. We show the presence of …

Japan has a universal public pension system. Social security spending is a key fiscal policy challenge in Japan. The … 2004 pension reforms have increased the ratio of the government subsidy to the basic pension benefit. Three reform measures … are necessary to improve pension finances: an increase in pension eligibility age, a reduction in the pension benefit, and …

This paper analyzes various reform options for Japan’s public pension in light of large fiscal consolidation needs of … the country. The most attractive option is to increase the pension eligibility age in line with high and rising life …€œclawing back†a small portion of pension benefits from wealthy retirees, reducing preferential tax treatment of pension benefit …

. Further old-age pension reform is also essential. Structural reforms are needed to preserve competitiveness and enhance medium …