DAS EU-WEISSBUCH AUF DEM PRÜFSTAND

Size: px
Start display at page:

Download "DAS EU-WEISSBUCH AUF DEM PRÜFSTAND"

Transcription

1 DAS EU-WEISSBUCH AUF DEM PRÜFSTAND WIE KOMMEN WIR ZU ANGEMESSENEN, SICHEREN UND NACHHALTIGEN RENTEN? Brüssel, 24. April 2012 Josef Wöss / Erik Türk (AK Wien)

2 THEMEN DEMOGRAPHISCHER WANDEL ABHÄNGIGKEITSQUOTEN BEDEUTUNG DES ARBEITSMARKTES EU-WEISSBUCH ZU PENSIONEN

3 DEMOGRAPHISCHER WANDEL Demographische Abhängigkeitsquoten (EU-27) 2010 (EU-27) demographic dependency ratio 2050 (EU-27) demographic dependency ratio d_dr = demographic dependency ratio: population 65+ relative to Source: AK-Wien / Dependency Ratio Calculator (data: europop 10

4 DEMOGRAPHISCHE VS. ÖKONOMISCHE ABHÄNGIGKEIT 2010 (EU-27) 2010 (EU-27) age structure 2010 (EU-27) economic status of the people employment rate: 64 % (15-64) d_dr = demographic dependency ratio: population 65+ relative to e_dr = economic dependency ratio: pensioners (old-age, early retirement, disability) and unemployed relative to people in employment people in employment pensioners and unemployed neutral - housewifes/housemen etc. (right picture) Source: AK-Wien, Dependency Ratio Calculator (database: Eurostat europop 10 / Labour Force Suvey 2011; EU-Commission Ageing Report 2009; own calculations)

5 WIE GEHT S WEITER? STANDARD -SCENARIO Vergleich (EU-27) 2010 economic status of the people employment rate: 64 % (15-64) Standard -Scenario economic status of the people employment rate: 70 % (15-64) d_dr = demographic dependency ratio: population 65+ relative to e_dr = economic dependency ratio: pensioners (old-age, early retirement, disability) and unemployed relative to people in employment people in employment pensioners and unemployed neutral - housewifes/housemen etc. Source: AK-Wien, Dependency Ratio Calculator (database: Eurostat europop 10 / Labour Force Suvey 2011; EU-Commission Ageing Report 2009; own calculations)

6 WIE GEHT S WEITER? EU-2020plus -SCENARIO Vergleich (EU-27) 2010 economic status of the people employment rate: 64 % (15-64) EU Scenario; economic status of the people employment rate: 75 % (15-64) d_dr = demographic dependency ratio: population 65+ relative to e_dr = economic dependency ratio: pensioners (old-age, early retirement, disability) and unemployed relative to people in employment people in employment pensioners and unemployed neutral - housewifes/housemen etc. Source: AK-Wien, Dependency Ratio Calculator (database: Eurostat europop 10 / Labour Force Suvey 2011; EU-Commission Ageing Report 2009; own calculations)

7 ABHÄNGIGKEITSQUOTEN IM VERGLEICH ÄNDERUNG / EU demographic dependency ratio % % + 20% economic dependency ratio ( Standard -Scenario) economic dependency ratio ( EU Scenario) Source: AK-Wien, Dependency Ratio Calculator

8 ABHÄNGIGKEITSQUOTEN FEHLER AUS VERSEHEN? THE ECONOMIST, 9. April 2011 Text: the key figure is the ratio of workers to pensioners, known as the support (or dependency) ratio. This is deteriorating steadily in all rich countries (see chart). Charts: Support ratio: The number of people of working age compared with the number of people beyond retirement age [65+ relative to 20-64]

9 BESCHÄFTIGUNGSPOTENZIAL EU-27 (2007) Population 15-64: 329 mio (EU-Commission, Demography Report 2008)

10 EU-WEISSBUCH ZENTRALE HERAUSFORDERUNGEN ALTERUNG DER BEVÖLKERUNG - Longevity growth and the transition into retirement of the baby-boomers will have far-reaching economic and budgetary consequencies. reducing the economic growth potential and exercising pressure on public finances FINANZ- UND WIRTSCHAFTSKRISE / RÜCKGANG DER BESCHÄFTIGUNG - Pay-as-you-go pension schemes are affected by falling employment, and hence lower pension contributions - Funded schemes are affected by falling asset values and reduced returns

11 EU-WEISSBUCH NEUE ANALYSEN DIE ALTERSSTRUKTUR EINER GESELLSCHAFT ALLEIN SAGT WENIG AUS. VIEL WICHTIGER ALS DEMOGRAPHISCHE SIND ÖKONOMISCHE ABHÄNGIGKEITSQUOTEN - the real issue is the economic dependency ratio, defined as the unemployed and pensioners as a percentage of the employed ERFORDERLICH IST EINE STEIGERUNG DER BESCHÄFTIGUNGS- QUOTEN IN ALLEN ALTERSGRUPPEN - raising employment rates. not just in higher age-groups, but also for groups with lower employment rates such as women, migrants and youths

12 EU-WEISSBUCH ALTE EMPFEHLUNGEN KOPPELUNG DES PENSIONSALTERS AN DIE STEIGENDE LEBENSERWARTUNG - to stabilise the balance between working years and years in retirement AUSBAU DER PRIVATEN ZUSATZALTERSVORSORGE - complimentary retirement savings have to play a greater role

ETUI Policy Brief European Economic and Employment Policy

ETUI Policy Brief European Economic and Employment Policy ETUI Policy Brief European Economic and Employt Policy Issue 4/2011 Dependency ratios and demographic change The labour market as a key elet Josef Wöss and Erik Türk Policy implications Josef Wöss is head

More information

The value of audit after the audit reform

The value of audit after the audit reform The value of audit after the audit reform Mathieu Meyer, Ernst & Young GmbH Managing Partner Audit Germany The better the question. The better the answer. The better the world works. EU Audit reform -

More information

Situation of labour markets in Europe

Situation of labour markets in Europe Situation of labour markets in Europe Paris, 28th May 13 Jean-François Lebrun European Commission - DG Employment, Social Affairs and Inclusion Labour market situation persistently deteriorating Employment

More information

QUALITY REPORT ESSPROS PENSION BENEFICIARIES

QUALITY REPORT ESSPROS PENSION BENEFICIARIES QUALITY REPORT ESSPROS PENSION BENEFICIARIES (according to Commission Regulation (EC) No 1322/2007 of 12 November 2007, published in OJ L294, 13.11.2007, p.5) MEMBER STATE: Austria REFERENCE YEAR: 2014

More information

discussion papers FS IV 91-4 Trade Performance of the Main EC Economies Relative to the USA and Japan in 1992-Sensitive Sectors Kirsty S.

discussion papers FS IV 91-4 Trade Performance of the Main EC Economies Relative to the USA and Japan in 1992-Sensitive Sectors Kirsty S. discussion papers FS IV 91-4 Trade Performance of the Main EC Economies Relative to the USA and Japan in 1992-Sensitive Sectors Kirsty S. Hughes January 1991 ISSN Nr. 0722-6748 Forschungsschwerpunkt Marktprozeß

More information

The impact of the aging of populations on consumption and savings

The impact of the aging of populations on consumption and savings The impact of the aging of populations on consumption and savings R & A Group Research & Asset Management AG Bodmerstrasse 3 CH-8002 Zürich Phone +41-44-201 07 20 Fax +41-44-201 07 22 e-mail info@ragroup.ch

More information

Individual Financial Planning for Retirement

Individual Financial Planning for Retirement Contributions to Economics Individual Financial Planning for Retirement Empirical Insights from the Affluent Segment in Germany Bearbeitet von Nicole Brunhart 1. Auflage 2008. Buch. xx, 443 S. Hardcover

More information

COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main

COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Supplements as of 24 March 2016 in accordance with 16 of the German Securities Prospectus Act (WpPG) Seventh Supplement to the Base Prospectus relating

More information

A Demographic Dividend for the Developing Countries? Consequences of the Global Aging Process

A Demographic Dividend for the Developing Countries? Consequences of the Global Aging Process Briefing Paper 6/2007 A Demographic Dividend for the Developing Countries? Consequences of the Global Aging Process Even in the countries of the South life expectancy is rising and birth rates are falling.

More information

WORKSHOP SUSTAINABLE FINANCE

WORKSHOP SUSTAINABLE FINANCE WORKSHOP SUSTAINABLE FINANCE TUESDAY, 14 MAY 2019, 9.00 a.m. 2.00 p.m. UNIVERSITY OF LIECHTENSTEIN Institute for Finance Chair in Business Administration, Banking and Financial Management Editorial In

More information

Demographic change and income tax revenue in Germany: a microsimulation approach

Demographic change and income tax revenue in Germany: a microsimulation approach Demographic change and income tax revenue in Germany: MARTIN BEZNOSKA, Ph.D.* TOBIAS HENTZE, Ph.D.* Article** JEL: H24, H68, J11 https://doi.org.10.3326/pse.41.1.8 * The authors would like to thank to

More information

Juli 2006: Weitere Verbesserung der wirtschaftlichen Einschätzung in EU und Eurogebiet

Juli 2006: Weitere Verbesserung der wirtschaftlichen Einschätzung in EU und Eurogebiet IP/06/1080 Brüssel, 31. Juli 2006 Juli 2006: Weitere Verbesserung der wirtschaftlichen Einschätzung in EU und Eurogebiet Der Indikator der wirtschaftlichen Einschätzung (ESI) hat im Juli sowohl in der

More information

Right of representation and specimen signatures

Right of representation and specimen signatures and specimen signatures for registered sole proprietorships, trading partnerships, non-trading partnerships and corporations Internal bank data/filling data Type account (e.g. current account, safe custody

More information

Eva Schlenker University of Hohenheim. Mannheim, 21st March

Eva Schlenker University of Hohenheim. Mannheim, 21st March The Labour University Supply of of Hohenheim Women in STEM Eva Schlenker University of Hohenheim Mannheim, 21st March Motivation the labour force in science, engineering, technology, and mathematics (STEM)

More information

"Gender and Health impacts on extended working life - Where to find relevant indicators?

Gender and Health impacts on extended working life - Where to find relevant indicators? "Gender and Health impacts on extended working life - Where to find relevant indicators? Dr. Michaela Gstrein (eng)aging! Aging Workforce: Older Workers and immigrants as New Pillars of Western Economies

More information

The Impact of Ageing on Insurance: Longevity Risk

The Impact of Ageing on Insurance: Longevity Risk The Impact of Ageing on Insurance: Longevity Risk ASSAL XVII Annual Meeting Lisbon, April 24-28, 2006 Pablo Antolín Financial Affairs Division, OECD 1 Background Ageing is the result of low fertility rates

More information

Erneuerbare Energien. Die negativen Auswirkungen von Wind- und Solarenergie auf die Umwelt: Eine Untersuchung (German Edition)

Erneuerbare Energien. Die negativen Auswirkungen von Wind- und Solarenergie auf die Umwelt: Eine Untersuchung (German Edition) Erneuerbare Energien. Die negativen Auswirkungen von Wind- und Solarenergie auf die Umwelt: Eine Untersuchung (German Edition) Emre Cinar Click here if your download doesn"t start automatically Erneuerbare

More information

Übertragung von Wertpapieren auf die The Royal Bank of Scotland plc nach dem Niederländischen Verfahren

Übertragung von Wertpapieren auf die The Royal Bank of Scotland plc nach dem Niederländischen Verfahren Übertragung von Wertpapieren auf die The Royal Bank of Scotland plc nach dem Niederländischen Verfahren Am 6. Februar 2010 hat die ABN AMRO Bank N.V. (eingetragen bei der niederländischen Handelskammer

More information

Prof. Dr. Gerhard Naegele Technical University of Dortmund/Institute of Gerontology

Prof. Dr. Gerhard Naegele Technical University of Dortmund/Institute of Gerontology Prof. Dr. Gerhard Naegele Technical University of Dortmund/Institute of Gerontology Creating the right work place conditions for people working longer Interactions of pension and work place factors in

More information

EUROPOP2003: Draft Population Projections - FRANCE -

EUROPOP2003: Draft Population Projections - FRANCE - EUROPEAN COMMISSION EUROSTAT Directorate F: External relations statistics Unit F-1: Demography, migration Luxembourg, 1 June 2004 ESTAT/F-1/POP/08(2004)/GL Working paper for the Consultation of the Member

More information

Introduction. Key results of the EU s 2018 Ageing Report. Europe. 2 July 2018

Introduction. Key results of the EU s 2018 Ageing Report. Europe. 2 July 2018 Europe 2 July 2018 The EU s 2018 Ageing Report and the outlook for Germany The analysis of the European Union s latest Ageing Report provided in the Finance Ministry s June 2018 monthly report shows that

More information

OeNB-BOFIT BIP-Prognose im Vergleich zur aktuellen IWF/WEO Prognose. OeNB/BOFIT Oktober 2018

OeNB-BOFIT BIP-Prognose im Vergleich zur aktuellen IWF/WEO Prognose. OeNB/BOFIT Oktober 2018 OeNB-BOFIT-Prognose für ausgewählte CESEE- Länder: Robustes Wirtschaftswachstum der CESEE- 6 tendiert seitwärts; russische Wirtschaft erholt sich nur langsam 3 Für die CESEE-6-Region 4 erwarten wir für

More information

Live Long and Prosper? Demographic Change and Europe s Pensions Crisis. Dr. Jochen Pimpertz Brussels, 10 November 2015

Live Long and Prosper? Demographic Change and Europe s Pensions Crisis. Dr. Jochen Pimpertz Brussels, 10 November 2015 Live Long and Prosper? Demographic Change and Europe s Pensions Crisis Dr. Jochen Pimpertz Brussels, 10 November 2015 Old-age-dependency ratio, EU28 45,9 49,4 50,2 39,0 27,5 31,8 2013 2020 2030 2040 2050

More information

Economic analysis from the European Commission s Directorate-General for Economic and Financial Affairs. Unemployment in Austria: low, but

Economic analysis from the European Commission s Directorate-General for Economic and Financial Affairs. Unemployment in Austria: low, but Economic analysis from the European Commission s Directorate-General for Economic and Financial Affairs Volume III, Issue 3 16.3.6 ECFIN COUNTRY FOCUS Highlights in this issue: On the face of it, Austria

More information

COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Federal Republic of Germany

COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Federal Republic of Germany Second Supplement dated 19 February 2018 to the Base Prospectus dated 10 August 2017 COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Federal Republic of Germany 40,000,000,000 Medium Term Note Programme

More information

German Self-Employment Programmes for the Unemployed. by Kurt Vogler-Ludwig

German Self-Employment Programmes for the Unemployed. by Kurt Vogler-Ludwig Discussion Paper German Self-Employment Programmes for the Unemployed Contribution to the European Employment Observatory Spring Review 2005 by Kurt Vogler-Ludwig Introduction... 1 Features of the self-employment

More information

RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG

RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG Third Supplement dated 31 October 2014 to the Prospectus dated 21 May 2014 RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG EUR 5,000,000,000 Debt Issuance Programme (the "Programme") This supplement (the

More information

Annex 1 EUROFRAME-EFN Autumn 2007 Report. Introduction of minimum wages in Germany: Coverage and consequences

Annex 1 EUROFRAME-EFN Autumn 2007 Report. Introduction of minimum wages in Germany: Coverage and consequences Annex 1 EUROFRAME-EFN Autumn 2007 Report Introduction of minimum wages in Germany: Coverage and consequences Microeconomic evidence based on the SOEP Karl Brenke, Christian Dreger, DIW Berlin Key words:

More information

(Incorporated as a stock corporation in the Republic of Austria under registered number FN m)

(Incorporated as a stock corporation in the Republic of Austria under registered number FN m) Prospectus Supplement No. 1 Erste Group Bank AG (Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m) Equity Linked Notes Programme This supplement (the "Supplement

More information

COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Federal Republic of Germany

COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Federal Republic of Germany Supplement dated 13 November 2018 to the Base Prospectus dated 16 August 2018 COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Federal Republic of Germany 40,000,000,000 Medium Term Note Programme (the

More information

Demographic change bolsters private consumption and SME growth

Demographic change bolsters private consumption and SME growth Focus on Economics Demographic change bolsters private consumption and SME growth No. 128, 7 June 2016 Authors: Dr Michael Schwartz, phone: +49 69 7431-8695 Dr Arne Leifels, phone +49 69 7431-4861, research@kfw.de

More information

Evaluation of investment support. in the Austrian RDP: Comparison of results

Evaluation of investment support. in the Austrian RDP: Comparison of results Evaluation of investment support in the Austrian RDP: Comparison of results Karl M. Ortner ERDN-Conference Belgrade, 7.-8.9.2011 1 Contents Overview of measures in the RDP 2007-2013 Indicators Result indicators

More information

DEMOGRAPHY, SUSTAINABILITY, AND GROWTH. NOTES ON THE FUTURE OF THE SOCIAL MARKET ECONOMY

DEMOGRAPHY, SUSTAINABILITY, AND GROWTH. NOTES ON THE FUTURE OF THE SOCIAL MARKET ECONOMY Fabio Pammolli, Luca Regis DEMOGRAPHY, SUSTAINABILITY, AND GROWTH. NOTES ON THE FUTURE OF THE SOCIAL MARKET ECONOMY Vilnius, November 19, 2013 LA LONGUE DURÉE :ON INNOVATION, GROWTH, AND THE EUROPEAN MODEL

More information

Her Majesty the Queen in Right of Canada (2017) All rights reserved

Her Majesty the Queen in Right of Canada (2017) All rights reserved Her Majesty the Queen in Right of Canada (2017) All rights reserved All requests for permission to reproduce this document or any part thereof shall be addressed to the Department of Finance Canada. Cette

More information

Low unemployment rate and high job growth in Hungary

Low unemployment rate and high job growth in Hungary Low unemployment rate and high job growth in Hungary According to the latest labour market report by the Hungarian Central Statistical Office (KSH), in the second quarter of 2017 the unemployment rate

More information

The distribution of Direct Payments of the Common Agricultural Policy

The distribution of Direct Payments of the Common Agricultural Policy The distribution of Direct Payments of the Common Agricultural Policy Die Verteilung der Direktzahlungen der Gemeinsamen Agrarpolitik 1 Franz SINABELL, Erwin SCHMID and Markus F. HOFREITHER Zusammenfassung

More information

Implicit tax rates. 22 nd Statistical Days, Radenci, Peter Štemberger. National accounts SURS

Implicit tax rates. 22 nd Statistical Days, Radenci, Peter Štemberger. National accounts SURS 22 nd Statistical Days, Radenci, 2012 Peter Štemberger National accounts SURS Tax burden Taxes and social contributions are the main source of general government revenue. Slovenia, along with the EU, is

More information

GESUNDHEITLICHE VERSORGUNG

GESUNDHEITLICHE VERSORGUNG GESUNDHEITLICHE VERSORGUNG UND SOZIALE ABSICHERUNG IM INTERNATIONALEN VERGLEICH Maria M. Hofmarcher-Holzhacker 3. Symposium: Migration: epidemiologische und medizinische Aspekte Wien, February 26, 20 http://www.healthsystemintelligence.eu

More information

EXCLUSION. Reduce the number of long-term unemployed by 320,000 by 2020, measured against the annual average in 2008.

EXCLUSION. Reduce the number of long-term unemployed by 320,000 by 2020, measured against the annual average in 2008. GERMANY 1 NATIONAL 2020 TARGET FOR THE REDUCTION OF POVERTY AND SOCIAL EXCLUSION Reduce the number of long-term unemployed by 320,000 by 2020, measured against the annual average in 2008. Source: National

More information

Access to healthcare: Breaking down barriers

Access to healthcare: Breaking down barriers Seite 1 von 5 Latest: Technik unterstützt Leben im Alter FORSCHUNG STIFTUNG VERLAG PBL KONTAKT Chronische Krankheit Forschung Wie Kinder in der Schweiz sterben 2017-04-19 Newsletter abonnieren Hier können

More information

Impact of regulatory requirements

Impact of regulatory requirements Impact of regulatory requirements Study Munich 12 September 2014 Agenda 1 Introduction 2 Costs resulting from Regulatory Initiatives 3 Banking Market and Bank Business 4 Banks POV on Regulation 5 Conclusion

More information

The labor market for older workers in Germany

The labor market for older workers in Germany J Labour Market Res (2017) 50:1 14 DOI 10.1007/s12651-017-0221-9 ARTICLE The labor market for older workers in Germany Viktor Steiner 1 Accepted: 21 February 2017 / Published online: 9 March 2017 The Author(s)

More information

IAB Discussion Paper

IAB Discussion Paper IAB Discussion Paper 26/2014 Articles on labour market issues Demography and unemployment in East Germany How close are the ties? Michaela Fuchs Antje Weyh ISSN 2195-2663 Demography and unemployment in

More information

Employment outlook. Cyprus: Forecast highlights. Between now and 2025:

Employment outlook. Cyprus: Forecast highlights. Between now and 2025: Cyprus: Forecast highlights Between now and 2025: Employment is forecast to rise steadily, but remain below its 2008 pre-crisis level. Most employment growth will be in distribution and transport. Most

More information

2015 Ageing Report Per Eckefeldt European Commission Directorate General for Economic and Financial Affairs

2015 Ageing Report Per Eckefeldt European Commission Directorate General for Economic and Financial Affairs 2015 Ageing Report Per Eckefeldt European Commission Directorate General for Economic and Financial Affairs Workhop on Pensions Luxembourg, 14 November 2014 1 Outline What's next? Preparation of the 2015

More information

RAT DER EUROPÄISCHEN UNION. Brüssel, den 23. Februar 2012 (28.02) (OR. en) 6846/12 SPORT 14 DOPAGE 5 SAN 40 JAI 109 DATAPROTECT 26

RAT DER EUROPÄISCHEN UNION. Brüssel, den 23. Februar 2012 (28.02) (OR. en) 6846/12 SPORT 14 DOPAGE 5 SAN 40 JAI 109 DATAPROTECT 26 RAT R EUROPÄISCHEN UNION Brüssel, den 23. Februar 2012 (28.02) (OR. en) 6846/12 SPORT 14 DOPAGE 5 SAN 40 JAI 109 DATAPROTECT 26 I/A-PUNKT-VERMERK des Generalsekretariats des Rates für den Ausschuss der

More information

Kommentierung der DAV zum EIOPA-Konsultationspapier zu PEPP

Kommentierung der DAV zum EIOPA-Konsultationspapier zu PEPP Köln, 6. Oktober 2015 Kommentierung der DAV zum EIOPA-Konsultationspapier zu PEPP Die Europäische Aufsichtsbehörde für das Versicherungswesen und die betriebliche Altersversorgung (EIOPA) hat am 7. Juli

More information

Interactive Brokers Order Routing and Payment for Order Flow Disclosure

Interactive Brokers Order Routing and Payment for Order Flow Disclosure Interactive Brokers Order Routing and Payment for Order Flow Disclosure 1. IB S ORDER ROUTING SYSTEM IB does not sell its order flow to another broker to handle and route. Instead, IB has built a real-time,

More information

Discussion paper. Tackling the crisis with short-time work

Discussion paper. Tackling the crisis with short-time work Discussion paper EUROPEAN EMPLOYMENT OBSERVATORY GERMANY Tackling the crisis with short-time work Quarterly review of labour market trend and policies 1 st and 2 nd Quarter 2009 by Kurt Vogler-Ludwig Munich

More information

Telekom Austria Aktiengesellschaft

Telekom Austria Aktiengesellschaft Telekom Austria Aktiengesellschaft (incorporated as a stock corporation under the laws of Austria, registered number FN 144477 t) Offering of up to 221,500,000 no-par value ordinary bearer shares Listing

More information

aba priorities regarding the former Portability Directive

aba priorities regarding the former Portability Directive aba Arbeitsgemeinschaft für betriebliche Altersversorgung e.v. aba priorities regarding the former Portability Directive referring to the amended proposal for a Directive on minimum requirements for enhancing

More information

An Unconditional Basic Pension within the German Statutory Pension Insurance

An Unconditional Basic Pension within the German Statutory Pension Insurance An Unconditional Basic Pension within the German Statutory Pension Insurance Valentin Vogt Catholic University Eichstätt-Ingolstadt, Auf der Schanz 49, 85049 Ingolstadt, Germany, valentin.vogt@ku.de Abstract

More information

Olli Rehn. Commissioner for Economic and Monetary Affairs European Commission

Olli Rehn. Commissioner for Economic and Monetary Affairs European Commission Commissioner for Economic and Monetary Affairs European Commission Keynote Address Sehr geehrter Herr Gouverneur, meine Damen und Herren! Ganz herzlichen Dank für die Einladung zu Ihnen zu sprechen. In

More information

2009 Ageing Report : Assessing the economic and budgetary consequences of ageing populations: (projections for the EU27 Member States)

2009 Ageing Report : Assessing the economic and budgetary consequences of ageing populations: (projections for the EU27 Member States) 2009 Ageing Report : 1 Assessing the economic and budgetary consequences of ageing populations: (projections for the EU27 Member States) Giuseppe Carone (European Commission - DG ECFIN) Wien, 4 th December

More information

OECD workshop Paris, 5 April Godwin Mifsud Chair of the EPC-Ageing Working Group 1

OECD workshop Paris, 5 April Godwin Mifsud Chair of the EPC-Ageing Working Group 1 Ageing in Europe Presenting the EC/EPC-AWG expenditure projections on health care & the joint healthcare policy analysis for ensuring long-term fiscal sustainability OECD workshop Paris, 5 April 2018 Godwin

More information

Dedicated worldwide Protecting Investment in Mongolia

Dedicated worldwide Protecting Investment in Mongolia Dedicated worldwide Protecting Investment in Mongolia Michael Quiring, Ulaanbaatar, 12.10.2016 Rödl & Partner * 1 Protecting Investment in Mongolia 1 Current Investment Climate 2 International, Binational

More information

Employment outlook. Between now and 2025:

Employment outlook. Between now and 2025: Between now and 2025: Employment is forecast to rise steadily, but remain below its 2008 pre-crisis level. Most employment growth will be in business and other services and in construction. Most job opportunities,

More information

The Province of Prince Edward Island Employment Trends and Data Poverty Reduction Action Plan Backgrounder

The Province of Prince Edward Island Employment Trends and Data Poverty Reduction Action Plan Backgrounder The Province of Prince Edward Island Employment Trends and Data Poverty Reduction Action Plan Backgrounder 5/17/2018 www.princeedwardisland.ca/poverty-reduction $000's Poverty Reduction Action Plan Backgrounder:

More information

Why actuaries are interested in demographic issues and why others should listen to them IAA Population Issues Working Group

Why actuaries are interested in demographic issues and why others should listen to them IAA Population Issues Working Group Why actuaries are interested in demographic issues and why others should listen to them IAA Population Issues Working Group Presentation to the 30 th International Congress of Actuaries by Assia Billig

More information

ERSTE 5. Erste Group Bank AG. Warrants Programme. Group

ERSTE 5. Erste Group Bank AG. Warrants Programme. Group Prospectus Supplement No. 1 Erste Group Bank AG (Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m) Warrants Programme This supplement (the "Supplement")

More information

(Incorporated as a stock corporation in the Republic of Austria under registered number FN m)

(Incorporated as a stock corporation in the Republic of Austria under registered number FN m) Prospectus Supplement No. 3 Erste Group Bank AG (Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m) Equity Linked Notes Programme This supplement (the "Supplement")

More information

Direct payments policy options and income situation of agricultural households in Slovenia after the EU accession *

Direct payments policy options and income situation of agricultural households in Slovenia after the EU accession * Direct payments policy options and income situation of agricultural households in Slovenia after the EU accession * Politik der Direktzahlungen und die Einkommenssituation landwirtschaftlicher Familienbetriebe

More information

MUTUAL LEARNING PROGRAMME: PEER COUNTRY COMMENTS PAPER - GERMANY

MUTUAL LEARNING PROGRAMME: PEER COUNTRY COMMENTS PAPER - GERMANY MUTUAL LEARNING PROGRAMME: PEER COUNTRY COMMENTS PAPER - GERMANY Peer Review on The Ageing Population and Educational Choices Finland; Helsinki 14 and 15 June 2010 A paper submitted by Kurt Vogler-Ludwig

More information

(Incorporated as a stock corporation in the Republic of Austria under registered number FN m)

(Incorporated as a stock corporation in the Republic of Austria under registered number FN m) Prospectus Supplement No. 2 Erste Group Bank AG (Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m) Equity Linked Notes Programme This supplement (the "Supplement")

More information

Keynote Speech by Klaas Knot, Finanzmarktklausur Wirtschaftsrat, Berlin Thursday 26 January 2017

Keynote Speech by Klaas Knot, Finanzmarktklausur Wirtschaftsrat, Berlin Thursday 26 January 2017 TILTING THE POLICY MIX IN THE EURO AREA Keynote Speech by Klaas Knot, Finanzmarktklausur Wirtschaftsrat, Berlin Thursday 26 January 2017 Ladies and Gentlemen, Thank you for inviting me to speak at this

More information

Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft

Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft Second Supplement dated 18 February 2014 to the Prospectus dated 5 June 2013 This document constitutes a supplement (the "Second Supplement") for the purposes of Article 13 of the Luxembourg Law on Prospectuses

More information

Education School in Upper Austria University of Linz; Master Degree in Economics

Education School in Upper Austria University of Linz; Master Degree in Economics Paul A. Kocher Managing Director Austrian Federal Financing Agency Seilerstaette 24, A-1015 Vienna Tel. +43 1 512 25 11 30 private: +43 1 92 003 92 Mobile: +43 676 41 87 636 e-mail: pkocher@oebfa.co.at

More information

Impacts on Economic Security Programs of Rapidly Shifting Demographics. Robert L. Brown, PhD FCIA, FSA, ACAS

Impacts on Economic Security Programs of Rapidly Shifting Demographics. Robert L. Brown, PhD FCIA, FSA, ACAS Impacts on Economic Security Programs of Rapidly Shifting Demographics Robert L. Brown, PhD FCIA, FSA, ACAS Life Expectancy in Canada 13.0 13.5 15.7 13.6 16.1 19.9 Life Expectancy in the United States

More information

17 January 2019 Japan Laurence Boone OECD Chief Economist

17 January 2019 Japan Laurence Boone OECD Chief Economist Fiscal challenges and inclusive growth in ageing societies 17 January 219 Japan Laurence Boone OECD Chief Economist G2 populations are ageing rapidly Expected life expectancy at age 65 198 215 26 Japan

More information

Foresight Future of an Ageing Population - International Case Studies

Foresight Future of an Ageing Population - International Case Studies Centre for Policy on Ageing, January 2016 Foresight Future of an Ageing Population - International Case Studies Case Study 8: Long term care insurance in Germany Foresight Theme: Adapting financial systems

More information

Indicators for the 2nd cycle of review and appraisal of RIS/MIPAA (A suggestion from MA:IMI) European Centre Vienna

Indicators for the 2nd cycle of review and appraisal of RIS/MIPAA (A suggestion from MA:IMI) European Centre Vienna Indicators for the 2nd cycle of review and appraisal of RIS/MIPAA 2007-2012 (A suggestion from MA:IMI) European Centre Vienna April 2011 The indicators cover four main topics: demography, income and wealth,

More information

Financial Restraints in a Mature Welfare State The Case of Denmark 1

Financial Restraints in a Mature Welfare State The Case of Denmark 1 Financial Restraints in a Mature Welfare State The Case of Denmark 1 Torben M. Andersen School of Economics and Management University of Aarhus CEPR, IZA and CESifo and Lars Haagen Pedersen Danish Rational

More information

ACTUARIAL REPORT 27 th. on the

ACTUARIAL REPORT 27 th. on the ACTUARIAL REPORT 27 th on the CANADA PENSION PLAN Office of the Chief Actuary Office of the Superintendent of Financial Institutions Canada 12 th Floor, Kent Square Building 255 Albert Street Ottawa, Ontario

More information

UK country fiche on pension projections. Revised draft version following the peer review by the Ageing Working Group

UK country fiche on pension projections. Revised draft version following the peer review by the Ageing Working Group UK country fiche on pension projections Revised draft version following the peer review by the Ageing Working Group December 2017 1 Table of Contents Part 1 - Overview of the pension system... 3 1.1 Description...

More information

Her Majesty the Queen in Right of Canada (2018) All rights reserved

Her Majesty the Queen in Right of Canada (2018) All rights reserved 0 Her Majesty the Queen in Right of Canada (2018) All rights reserved All requests for permission to reproduce this document or any part thereof shall be addressed to the Department of Finance Canada.

More information

RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG

RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG Second Supplement dated 5 January 2018 to the Prospectus dated 8 June 2017 RAIFFEISENLANDESBANK NIEDERÖSTERREICH-WIEN AG EUR 5,000,000,000 Debt Issuance Programme (the "Programme") This supplement (the

More information

KIEL POLICY BRIEF. Investor-state. Are arbitrators. claimants? zur Vermeidung. Ungleichgewichte. Die passende Vorzeile Europäisches Verfahren

KIEL POLICY BRIEF. Investor-state. Are arbitrators. claimants? zur Vermeidung. Ungleichgewichte. Die passende Vorzeile Europäisches Verfahren KIEL POLICY BRIEF Die passende Vorzeile Europäisches Verfahren Investor-state zur Vermeidung dispute makro-ökonomischer settlement: Ungleichgewichte Are arbitrators Auswertung der bisherigen biased Erfahrungen

More information

THE GERMAN EXPERIENCE WITH SUSTAINABILITY REPORTING

THE GERMAN EXPERIENCE WITH SUSTAINABILITY REPORTING THE GERMAN EXPERIENCE WITH SUSTAINABILITY REPORTING Christian Kastrop * and Britta Velleuer 1 Introduction Germany s population will age considerably in the coming decades due to low birth rates and ever

More information

Guten Morgen sehr geehrte Damen und Herren. Es ist für mich eine besondere Freude und Ehre, Sie heute zu begrüssen.

Guten Morgen sehr geehrte Damen und Herren. Es ist für mich eine besondere Freude und Ehre, Sie heute zu begrüssen. 2016 AGM speech John Ramsay Slide 1: John Ramsay Guten Morgen sehr geehrte Damen und Herren. Es ist für mich eine besondere Freude und Ehre, Sie heute zu begrüssen. Ich hoffe, dass der kurze Film, den

More information

ERSTE 5M. Erste Group Bank AG. Equity Linked Notes Programme. Group

ERSTE 5M. Erste Group Bank AG. Equity Linked Notes Programme. Group Prospectus Supplement No. 4 Erste Group Bank AG (Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m) Equity Linked Notes Programme This supplement (the "Supplement')

More information

Base Erosion and Profit Shifting (BEPS)

Base Erosion and Profit Shifting (BEPS) Schriftenreihe zum Internationalen Steuerrecht Base Erosion and Profit Shifting (BEPS) Schriftenreihe IStR Band 95 Bearbeitet von Michael Lang, Pasquale Pistone, Alexander Rust, Josef Schuch, Claus Staringer

More information

Social Protection and Social Inclusion in Europe Key facts and figures

Social Protection and Social Inclusion in Europe Key facts and figures MEMO/08/625 Brussels, 16 October 2008 Social Protection and Social Inclusion in Europe Key facts and figures What is the report and what are the main highlights? The European Commission today published

More information

The Impact of Population Aging on Fiscal Policies in Germany

The Impact of Population Aging on Fiscal Policies in Germany The Impact of Population Aging on Fiscal Policies in Germany Fanny Annemarie Kluge European NTA Meeting 2011 Budapest Max Planck Institute for Demographic Research, Rostock, Germany 13.05.2011 MPIDR Aging

More information

on the audit of the annual financial statements and management report

on the audit of the annual financial statements and management report REIFENCOM GMBH Hannover Report on the audit of the annual financial statements and management report for the year ended March 31, 2017 (Translation for our client s convenience The German text is authoritative)

More information

ERSTE 5. Erste Group Bank AG. Structured Notes Programme. Group

ERSTE 5. Erste Group Bank AG. Structured Notes Programme. Group Prospectus Supplement No. 1 Erste Group Bank AG (Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m) Structured Notes Programme This supplement (the "Supplement")

More information

The structural decline in the Eurozone s growth potential

The structural decline in the Eurozone s growth potential Economic & Financial Analysis Economics 19 March 2018 Eurozone The structural decline in the Eurozone s growth potential What s really going on and what it means for policy, politics and central banks

More information

(Incorporated as a stock corporation in the Republic of Austria under registered number FN m)

(Incorporated as a stock corporation in the Republic of Austria under registered number FN m) Prospectus Supplement No. 1 Erste Group Bank AG (Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m) EUR 30,000,000,000 Debt Issuance Programme This supplement

More information

Basic income as a policy option: Technical Background Note Illustrating costs and distributional implications for selected countries

Basic income as a policy option: Technical Background Note Illustrating costs and distributional implications for selected countries May 2017 Basic income as a policy option: Technical Background Note Illustrating costs and distributional implications for selected countries May 2017 The concept of a Basic Income (BI), an unconditional

More information

Market-Consistent Actuarial Valuation

Market-Consistent Actuarial Valuation EAA Series Market-Consistent Actuarial Valuation Bearbeitet von Mario V. Wüthrich, Hans Bühlmann, Hansjörg Furrer 2nd Edition. 2010. Taschenbuch. xi, 157 S. Paperback ISBN 978 3 642 14851 4 Format (B x

More information

Employment outlook. Portugal: Forecast highlights. Between now and 2025:

Employment outlook. Portugal: Forecast highlights. Between now and 2025: Portugal: Forecast highlights Between now and 2025: Employment is forecast to increase slightly, but remain below its 2008 pre-crisis level. Most employment growth will be in business and other services.

More information

Keynote speech at Deutscher Bankentag 2017

Keynote speech at Deutscher Bankentag 2017 Keynote speech at Deutscher Bankentag 2017 Session: The single market for financial services: ambition and reality 06.04.2017 Berlin 1 Guten morgen meine sehr geehrten Damen und Herren, Ich danke Herrn

More information

FairTax policy brief No 2. September 2017

FairTax policy brief No 2. September 2017 FairTax policy brief No 2. September 2017 Revisioning the Fiscal EU : Fair, Sustainable, and Coordinated Tax and Social Policies - FairTax, is a cross-disciplinary four-year research project, aiming to

More information

REFORMS IN THE PENSION SYSTEMS OF BULGARIA AND POLAND COMPARATIVE ANALYSIS

REFORMS IN THE PENSION SYSTEMS OF BULGARIA AND POLAND COMPARATIVE ANALYSIS Trakia Journal of Sciences, Vol. 15, Suppl. 1, pp 305-310, 2017 Copyright 2017 Trakia University Available online at: http://www.uni-sz.bg ISSN 1313-7069 (print) ISSN 1313-3551 (online) doi:10.15547/tjs.2017.s.01.054

More information

Second Supplement to the Debt Issuance Programme Prospectus Dated 11 August 2017

Second Supplement to the Debt Issuance Programme Prospectus Dated 11 August 2017 Second Supplement to the Debt Issuance Programme Prospectus Dated 11 August 2017 This document constitutes a supplement (the "Second Supplement") in accordance with Art. 16 of the Directive 2003/71/EC

More information

Informationsveranstaltung DTP 2 nd Call for Proposal. 1. März 2017 Stuttgart

Informationsveranstaltung DTP 2 nd Call for Proposal. 1. März 2017 Stuttgart Informationsveranstaltung DTP 2 nd Call for Proposal 1. März 2017 Stuttgart Agenda 2 nd Call for Proposals: Format und thematischer Fokus Partnerschaft (Applicants Manual Part2) Projektbudget / Förderfähige

More information

The Impact of Labour Market and Pension Reforms: The recent German Experience

The Impact of Labour Market and Pension Reforms: The recent German Experience The Impact of Labour Market and Pension Reforms: The recent German Experience Paper prepared for the Workshop Extending the working life of older workers: A European success story? in Brussels, 13 March

More information

Lithuanian country fiche on pension projections 2015

Lithuanian country fiche on pension projections 2015 Ministry of Social Security and Labour Lithuanian country fiche on pension projections 2015 December, 2014 Vidija Pastukiene Social Insurance and Funded Pensions Division, Ministry of Social Security and

More information

COMMISSION OF THE EUROPEAN COMMUNITIES

COMMISSION OF THE EUROPEAN COMMUNITIES EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 29.4.2009 COM(2009) 180/4 COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE

More information

FATCA Impact of FATCA and the planned Intergovernmental Agreement on the Private Banking sector in Luxembourg Private Banker Luxembourg 14 March 2013

FATCA Impact of FATCA and the planned Intergovernmental Agreement on the Private Banking sector in Luxembourg Private Banker Luxembourg 14 March 2013 FATCA Impact of FATCA and the planned Intergovernmental Agreement on the Private Banking sector in Luxembourg Private Banker Luxembourg 14 March 2013 Final Regulations Highlights Notices Hire Act What

More information

Prerequisites for Active Ageing

Prerequisites for Active Ageing Prerequisites for Active Ageing ETUC conference EY2012: Improving solidarity between the generations and active ageing overcoming obstacles to older people remaining in work and facilitating access to

More information