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 Mo...
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World Bank, Washington, DC
2016
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| 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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okr-10986-244082021-06-14T10:16:34Z The Greek Pension Reform Strategy 2010–2015 Symeonidis, Georgios 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 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. 2016-06-03T19:51:35Z 2016-06-03T19:51:35Z 2016-03 Working Paper http://documents.worldbank.org/curated/en/2016/05/26395359/greek-pension-reform-strategy-20102015 http://hdl.handle.net/10986/24408 English en_US Social Protection and Labor Discussion Paper;No. 1601 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Working Paper |
| repository_type |
Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
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 |
| spellingShingle |
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 Symeonidis, Georgios The Greek Pension Reform Strategy 2010–2015 |
| relation |
Social Protection and Labor Discussion Paper;No. 1601 |
| description |
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. |
| format |
Working Paper |
| author |
Symeonidis, Georgios |
| author_facet |
Symeonidis, Georgios |
| author_sort |
Symeonidis, Georgios |
| title |
The Greek Pension Reform Strategy 2010–2015 |
| title_short |
The Greek Pension Reform Strategy 2010–2015 |
| title_full |
The Greek Pension Reform Strategy 2010–2015 |
| title_fullStr |
The Greek Pension Reform Strategy 2010–2015 |
| title_full_unstemmed |
The Greek Pension Reform Strategy 2010–2015 |
| title_sort |
greek pension reform strategy 2010–2015 |
| publisher |
World Bank, Washington, DC |
| publishDate |
2016 |
| url |
http://documents.worldbank.org/curated/en/2016/05/26395359/greek-pension-reform-strategy-20102015 http://hdl.handle.net/10986/24408 |
| _version_ |
1764456787815170048 |