The Greek Pension Reforms : Crises and NDC Attempts Awaiting Completion

The Greek Pension Reforms : Crises and NDC Attempts Awaiting Completion

Greece’s current pension system relies almost exclusively on the state and remains staunchly pay-as-you-go (PAYG) and defined benefit (DB). This paper offers a radical proposal for change: (i) a new multi-pillar notional and financial defined contr...

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Bibliographic Details
Main Authors: Nektarios, Milton, Tinios, Platon
Format: Working Paper
Language:English
Published: World Bank, Washington, DC 2019
Subjects:
PENSION REFORM
PAY-AS-YOU-GO
DEFINED BENEFIT
NOTIONALLY DEFINED CONTRIBUTION
FINANCIAL DEFINED CONTRIBUTION
Online Access:http://documents.worldbank.org/curated/en/572351556878896140/The-Greek-Pension-Reforms-Crises-and-NDC-Attempts-Awaiting-Completion
http://hdl.handle.net/10986/31630
id okr-10986-31630
recordtype oai_dc
spelling okr-10986-316302021-05-25T09:23:28Z The Greek Pension Reforms : Crises and NDC Attempts Awaiting Completion Nektarios, Milton Tinios, Platon PENSION REFORM PAY-AS-YOU-GO DEFINED BENEFIT NOTIONALLY DEFINED CONTRIBUTION FINANCIAL DEFINED CONTRIBUTION Greece’s current pension system relies almost exclusively on the state and remains staunchly pay-as-you-go (PAYG) and defined benefit (DB). This paper offers a radical proposal for change: (i) a new multi-pillar notional and financial defined contribution (NDC and FDC) pension system for all generations first insured after 1993, with contribution rates for primary pensions reduced by 50 percent; and (ii) a transitional system for those first insured before 1993. The proposal’s robustness is tested actuarially for the period up to 2060. Though financing the legacy cost would be challenging, the quantitative exercise indicates that a radical pension reform, especially if implemented as a part of an overall recovery package, could set the country on a more favorable growth trajectory. 2019-05-06T21:10:25Z 2019-05-06T21:10:25Z 2019-04 Working Paper http://documents.worldbank.org/curated/en/572351556878896140/The-Greek-Pension-Reforms-Crises-and-NDC-Attempts-Awaiting-Completion http://hdl.handle.net/10986/31630 English Social Protection and Jobs Discussion Paper,no. 1906; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Working Paper Europe and Central Asia Greece
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic PENSION REFORM
PAY-AS-YOU-GO
DEFINED BENEFIT
NOTIONALLY DEFINED CONTRIBUTION
FINANCIAL DEFINED CONTRIBUTION
spellingShingle PENSION REFORM
PAY-AS-YOU-GO
DEFINED BENEFIT
NOTIONALLY DEFINED CONTRIBUTION
FINANCIAL DEFINED CONTRIBUTION
Nektarios, Milton
Tinios, Platon
The Greek Pension Reforms : Crises and NDC Attempts Awaiting Completion
geographic_facet Europe and Central Asia
Greece
relation Social Protection and Jobs Discussion Paper,no. 1906;
description Greece’s current pension system relies almost exclusively on the state and remains staunchly pay-as-you-go (PAYG) and defined benefit (DB). This paper offers a radical proposal for change: (i) a new multi-pillar notional and financial defined contribution (NDC and FDC) pension system for all generations first insured after 1993, with contribution rates for primary pensions reduced by 50 percent; and (ii) a transitional system for those first insured before 1993. The proposal’s robustness is tested actuarially for the period up to 2060. Though financing the legacy cost would be challenging, the quantitative exercise indicates that a radical pension reform, especially if implemented as a part of an overall recovery package, could set the country on a more favorable growth trajectory.
format Working Paper
author Nektarios, Milton
Tinios, Platon
author_facet Nektarios, Milton
Tinios, Platon
author_sort Nektarios, Milton
title The Greek Pension Reforms : Crises and NDC Attempts Awaiting Completion
title_short The Greek Pension Reforms : Crises and NDC Attempts Awaiting Completion
title_full The Greek Pension Reforms : Crises and NDC Attempts Awaiting Completion
title_fullStr The Greek Pension Reforms : Crises and NDC Attempts Awaiting Completion
title_full_unstemmed The Greek Pension Reforms : Crises and NDC Attempts Awaiting Completion
title_sort greek pension reforms : crises and ndc attempts awaiting completion
publisher World Bank, Washington, DC
publishDate 2019
url http://documents.worldbank.org/curated/en/572351556878896140/The-Greek-Pension-Reforms-Crises-and-NDC-Attempts-Awaiting-Completion
http://hdl.handle.net/10986/31630
_version_ 1764474769721262080

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