The Greek Pension Reform Strategy 2010–2015

In 2010, Greece, under the pressure of an increasing public debt, was forced to resort to the Troika, which is the designation of the triumvirate which comprises the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF). The Troika agreed to provide Greece with financial help, on special terms recorded in a Memorandum of Understanding (MoU) between the Greek Government and the Troika. One of the most important reforms that are recorded in the MoU is the Pension Reform since the Greek Social Security System had long showed signs of unsustainability and insolvency. The recession also caused further impoverishment of old-age people followed by the rest of the population and this became one of the main reasons that the reforms could not be fully implemented for fear of further impoverishment of pensioners and social exclusion in general, as well as political cost which is always a key factor. This paper aims to further analyze and present the impact of the reforms on the Greek Pension System and the people who rely on it, through an actuarial, statistical analysis and point out the changes in the main factors mentioned above and how they correlate.

Bibliographic Details

Main Author:	Symeonidis, Georgios
Format:	Working Paper biblioteca
Language:	English en_US
Published:	World Bank, Washington, DC 2016-03
Subjects:	REPLACEMENT RATES, PENSIONABLE EARNINGS, LEGAL PROVISION, LONG- TERM PROJECTIONS, ACCOUNTING, CHECKS, DEPOSITS, RETIREES, RETIREMENT, VALUATION, DISABILITY PENSIONS, DEBTORS, INCOME, RATE OF RETURN, CONTRIBUTION INCREASE, GUARANTEES, LIVING STANDARD, PENSION SYSTEMS, EMERGING ECONOMIES, OPTION, DISCOUNT RATE, LABOR FORCE, SOCIAL SAFETY NET, PENSION ENTITLEMENT, BLACK MARKET, TOTAL DEBT, WELFARE, BONDS, HEALTH, DISCOUNT, PRICE, TAX, PENSION SYSTEM, LABOR FORCE PARTICIPATION, PENSION REFORMS, CONTRIBUTION RATES, SOCIAL ASSISTANCE, BANKRUPTCY, BENEFICIARIES, DEFINED CONTRIBUTION SYSTEM, INFLATION, INTERNATIONAL BANK, PENSION, WAGE GROWTH, RETIREMENT AGES, LIFE EXPECTANCY, SAFETY NETS, BUDGET, CENTRAL BANK, LABOR MARKET, PENSION PROVISIONS, SAVINGS, LEGAL PROVISIONS, REPLACEMENT RATE, OLD-AGE PENSIONS, FERTILITY RATES, FINANCES, RETIREMENT AGE, LONG TERM PROJECTIONS, OPTIONS, SOCIAL INSURANCE, MONETARY FUND, SOCIAL INSURANCE AGENCY, DEBT, PENSION REFORM, RETURN, DEFICITS, SOCIAL SECURITY, SOCIAL PROTECTION, PENSION STATUS, DEPENDENCY RATIO, DEPENDENCY RATIOS, CREDIT STANDING, PENSION PRODUCTS, PENSION FUNDS, PUBLIC PENSIONS, MORTALITY, REAL ESTATE, PENSION INCOME, FINANCE, PAY-AS-YOU-GO SYSTEM, EXPENDITURE, DEFINED BENEFIT, NOTARIES, SOCIAL SAFETY NETS, VALUATIONS, GOOD, ACCRUAL RATE, FUTURE, PENSIONS, INTERGENERATIONAL FAIRNESS, RETURNS, BUDGETS, BENEFIT INDEXATION, SAFETY NET, FUTURE PENSION, EXPENDITURES, PENSION ENTITLEMENTS, MARKET, MARKET VALUE, NATIONAL PENSIONS, PUBLIC DEBT, TREASURY, OUTPUT, ACCOUNTING SYSTEMS, GOVERNANCE, INSURANCE, CONTRIBUTION PERIOD, GOODS, CONTRIBUTION SYSTEM, SECURITY, PENSION SCHEME, OCCUPATIONAL SCHEMES, LEGAL PROTECTION, SHARE, TREASURY BONDS, PUBLIC FINANCES, POVERTY, DEBT RESTRUCTURING, PENSIONERS, EMPLOYEE, PENSION BENEFITS, REVENUE, PENSION FORMULA, PENSION SCHEMES, SOCIAL SECURITY SYSTEM, CONSUMER PRICE INDEX, CONTRIBUTION COLLECTION, PENSION EXPENDITURE, CHECK, PENSION FUND, FERTILITY, DEMOGRAPHIC, INSURANCE REFORM, PUBLIC PENSION, PENSION EXPENDITURES, PENSION PROVISION, GUARANTEE, CASH FLOW, INCOME LEVEL, ACCRUAL RATES, EMPLOYEES, INVESTING,
Online Access:	http://documents.worldbank.org/curated/en/2016/05/26395359/greek-pension-reform-strategy-20102015 http://hdl.handle.net/10986/24408
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