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Hauser, Richard
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LIS Working Paper Series 182
Problems of the systems for protecting the elderly have become pressing on a world wide scale albeit for different reasons. In many industrialized countries with mature systems the share of GDP that is redistributed via the mandatory pension system is criticized as being too high. High unemployment rates, actual GDP far below potential GDP, reduced revenue from taxes and social security contributions account for many of the present problems. But in the long run the growing share of the elderly population will pose the main problem even if the unemployment rate can be reduced to an acceptable level. In industrialized countries with rather young mandatory pension systems the maturing of the systems will cause additional financial problems. Countries in transition have to change their systems fundamentally to cope with the grater need for protection in a market oriented economy.
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