Abstract

This paper shows that as the educational composition in the fifty-five to sixty-four year-old age bracket improved between the mid-1990s and the mid-2010s, the effective retirement age rose rapidly in the Central and Eastern European region. This increase was fast enough to keep life expectancies at the effective retirement age practically unchanged. In effect, the labor market absorbed all improvements in life expectancies in older working ages. The paper also shows that maintaining the current life expectancies at retirement over the next thirty years requires less effort in terms of further raising the effective retirement age than what the region achieved in this respect in the last fifteen years.

Highlights

  • The aim of this anthology is to provide new contributions to the collective knowledge of the issues and challenges of designing mandated and earnings-related universal public pension schemes (UPPS), in which a universal public nonfinancial defined contribution (NDC) scheme is one of four design options

  • The Non-Financial Defined Contribution (NDC) pension scheme approach is the newest entrant to the small set of systemic pension reform p­ roposals

  • The NDC scheme serves as a benchmark for other OECD countries that are undertaking only parametric reforms of their nonfinancial defined benefit (NDB) schemes, because policy makers have started to understand that the NDC logic and constraints apply to NDB s­chemes

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Summary

Introduction

The aim of this anthology is to provide new contributions to the collective knowledge of the issues and challenges of designing mandated and earnings-related universal public pension schemes (UPPS), in which a universal public nonfinancial defined contribution (NDC) scheme is one of four design options. NDCs were born at a time when the academic and policy discourse was framed in terms of “­public pay-as-you-go” versus “private funded,” and all pay-as-you-go schemes were classified under what are called universal public nonfinancial defined benefit (NDB) schemes. The reform replaced the above-mentioned programs with the NSP, a unique scheme that guarantees that all individuals in the 60 percent less affluent fraction of the population will have a guaranteed basic pension, regardless of their contribution history. This new program provides old-age and disability subsidies financed by general revenues. For many low-income economies, the enabling conditions for an NDC scheme may not exist and are difficult to ­establish

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