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Pension reform and economic growth
Category: Fiscal Policy
SubCategory: -
Date: 15/04/2019
The study highlights the weaknesses of the current pension system and proposes changes in order to enhance the long-term growth rates of the Greek economy. The proposed reform includes a reduction of social security contributions and the creation of a fully funded savings pillar for pensions. The study quantifies the proposal's transition cost and estimates the economic benefits from its implementation. The suggested reduction of social security contributions enhances employment incentives including through an increase of labor participation by circa 100 thousand persons. Combined with the investments' boost stemming from the funded pension pillar, the average annual impact on real GDP is estimated to reach up to €7 billion during the next 40 years.

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