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Related Experiment Videos

Slowing down pension indexing: the foreign experience.

D Wartonick, M Packard

    Social Security Bulletin
    |June 1, 1983
    PubMed
    Summary

    Several European nations and Canada adjusted pension rules between 1975-1983 to manage social security finances. These reforms successfully slowed pension growth, though Finland experienced initial indexation challenges.

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    Area of Science:

    • Social Sciences
    • Economics
    • Public Policy

    Background:

    • Social security systems in Canada, Finland, Sweden, the UK, and West Germany faced financial challenges between 1975-1983.
    • Pension adjustment procedures were modified as part of broader fiscal consolidation efforts.

    Purpose of the Study:

    • To analyze changes in social security pension adjustment procedures in several European countries and Canada.
    • To assess the impact of these modifications on pension growth rates.

    Main Methods:

    • Comparative analysis of pension policy reforms implemented between 1975 and 1983.
    • Examination of changes in indexation methods, adjustment timing, and benefit caps.
    • Review of accompanying fiscal measures such as contribution adjustments and eligibility criteria.

    Main Results:

    • Four primary types of adjustments were identified: index modification, delayed implementation, capped increases, and altered review periods.
    • Most modifications effectively reduced the rate of pension growth.
    • Finland's initial index change in 1977 led to faster growth, but subsequent adjustments slowed it down from 1980 onwards.

    Conclusions:

    • Policy modifications to social security pension adjustments can successfully control pension expenditure growth.
    • The effectiveness of specific measures, such as indexation changes, may vary and require monitoring.
    • A combination of restrictive measures often accompanies pension adjustment reforms.

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