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15 years of pension reform in Germany : old successes and new threats

By Holger Bonin

Abstract

The paper surveys the state of German pension system after a sequence of reforms aimed at achieving long-term sustainability. We argue that the latest reforms have moved pension provision in Germany in principle from a defined benefit to a defined contribution scheme, and that this move has stabilized pension finances to a large extent. We furthermore argue that the real economy consequences of global financial create threats to the core success factors of the reforms – cutting pension levels and raising mandatory pension age. Finally the paper discusses further possible reform measures, including the option to install a fourth pillar providing income in retirement through working after pension age

Topics: 330 Wirtschaft
Year: 2009
OAI identifier: oai:ub-madoc.bib.uni-mannheim.de:2448

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