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This paper provides a framework for comparing a defined benefit (DB) and a defined contribution (DC) point schemes, which are both pay-as-you go (PAYG) financed.
This report examines the sustainability of social institutions and their ability to absorb and cope with short-term shocks and longer-term trends by providing risk sharing and expenditure smoothing, focusing on pension, health care and unemployment insurance schemes.
Poor labour market outcomes remain one of Poland’s major structural weaknesses, impeding firms’ competitiveness and the nation’s potential output. Boosting employment prospects is also critical, as the country will soon be ageing at a fast pace.
Significant labour market mismatches and insufficient mobility penalise employment and productivity. Mismatches have above all a skills dimension, with an excess of low-skilled workers and a possible lack of skilled workers in certain domains.
Finland’s population is set to age rapidly in the coming decades. This will put pressure on public finances, while shrinking labour resources. Nonetheless, solutions exist to alleviate those pressures. Adjusting the pension age in line with the rise in life expectancy would reduce pension costs and increase older workers’ employment, provided it is accompanied by the removal of the pathways to early retirement.
Surveys suggest that Denmark ranks close to or slightly above the OECD average in terms of student and adult skills, even though Denmark spends more than many OECD countries on education, labour market policies and adult learning. Sluggish productivity growth over the past two decades raises the question of how to develop better skills and use them more efficiently to achieve stronger and more inclusive growth.
The paper discusses a number of policies that could help to make the Chilean labour market more inclusive and broaden the benefits of growth. These include expanding childcare, promoting a more flexible labour market and strengthening education and skills policies, among others.
Poverty and income inequality have worsened since the onset of the crisis. While the design of fiscal
measures has mitigated the burden sharing of fiscal adjustment, as the recession has deepened
unemployment has risen, earnings have declined and social tensions have increased.
Brazil has made remarkable progress in reducing poverty and inequality. This reduction is explained by strong growth but also by effective social policies. Besides growth, public services and cash transfers have played the biggest role, the latter notably through the successful "Bolsa Familia" programme.
Irish youth was hit hard by the crisis. New labour-market policy initiatives have been introduced recently, but more will be needed to limit scarring effects and keep youth connected so that they can get back to work as soon as the recovery strengthens.