Vogiatzis, Ioannis Siriopoulos, Costas Frangos, Nikolaos
Year of Publication:
[Journal:] SPOUDAI - Journal of Economics and Business [ISSN:] 2241-424X [Volume:] 64 [Year:] 2014 [Issue:] 1 [Pages:] 53-62
This paper presents the results of the actuarial valuation method Projected Unit Credit ("benefits/years of service") in order to assess the effects of the public sector downsizing on real economy and social security in Greece, using a prototype data set. We found a social security loss of about 1.3 bn.€, and the effect on the GDP is estimated -13.6 bn.€ (or -7%). We also report a decrease in the direct income by 6.1 bn.€.
Projected Unit Credit Method Public Sector Downsizing Pensions Social Security