Pensions, Purchasing-Power Risk, Inflation and Indexation:
The rapid rise in inflation in 2006-07 has attracted attention - once again - both to how pensions systems should react to changes in prices, and to how they do so in practice. Although inflation is now falling as a result of lower commodity prices and weakening demand, this brings with it the risk...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2009
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| Schriftenreihe: | OECD Social, Employment and Migration Working Papers
|
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The rapid rise in inflation in 2006-07 has attracted attention - once again - both to how pensions systems should react to changes in prices, and to how they do so in practice. Although inflation is now falling as a result of lower commodity prices and weakening demand, this brings with it the risk of deflation - falling prices - which also raises questions as to how pension systems should react. Most OECD countries have a legislated commitment to indexation of pensions in payment. However, the empirical evidence in this paper shows that these rules have frequently been over-ridden. Furthermore, because indexation to price inflation rather than wage inflation is much more common - and wages can be expected to rise more rapidly than prices - the effect of following legislated indexation rules will be to reduce pensioner incomes compared with those of the working-age population. However, indexation to prices is less costly, allowing a larger initial pension than under earnings indexation for a given budget constraint. This paper sets out current, national indexation policies and historical data on how pensions have been adjusted in practice. It examines different indexation policies: to prices, earnings or a mix of the two; the choice of the price index and progressive indexation (where smaller pensions are increased more rapidly than larger) |
| Beschreibung: | 1 Online-Ressource (40 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/227182142567 |
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| 520 | |a The rapid rise in inflation in 2006-07 has attracted attention - once again - both to how pensions systems should react to changes in prices, and to how they do so in practice. Although inflation is now falling as a result of lower commodity prices and weakening demand, this brings with it the risk of deflation - falling prices - which also raises questions as to how pension systems should react. Most OECD countries have a legislated commitment to indexation of pensions in payment. However, the empirical evidence in this paper shows that these rules have frequently been over-ridden. Furthermore, because indexation to price inflation rather than wage inflation is much more common - and wages can be expected to rise more rapidly than prices - the effect of following legislated indexation rules will be to reduce pensioner incomes compared with those of the working-age population. However, indexation to prices is less costly, allowing a larger initial pension than under earnings indexation for a given budget constraint. This paper sets out current, national indexation policies and historical data on how pensions have been adjusted in practice. It examines different indexation policies: to prices, earnings or a mix of the two; the choice of the price index and progressive indexation (where smaller pensions are increased more rapidly than larger) | ||
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| spelling | Whitehouse, Edward Verfasser aut Pensions, Purchasing-Power Risk, Inflation and Indexation Edward Whitehouse Paris OECD Publishing 2009 1 Online-Ressource (40 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Social, Employment and Migration Working Papers The rapid rise in inflation in 2006-07 has attracted attention - once again - both to how pensions systems should react to changes in prices, and to how they do so in practice. Although inflation is now falling as a result of lower commodity prices and weakening demand, this brings with it the risk of deflation - falling prices - which also raises questions as to how pension systems should react. Most OECD countries have a legislated commitment to indexation of pensions in payment. However, the empirical evidence in this paper shows that these rules have frequently been over-ridden. Furthermore, because indexation to price inflation rather than wage inflation is much more common - and wages can be expected to rise more rapidly than prices - the effect of following legislated indexation rules will be to reduce pensioner incomes compared with those of the working-age population. However, indexation to prices is less costly, allowing a larger initial pension than under earnings indexation for a given budget constraint. This paper sets out current, national indexation policies and historical data on how pensions have been adjusted in practice. It examines different indexation policies: to prices, earnings or a mix of the two; the choice of the price index and progressive indexation (where smaller pensions are increased more rapidly than larger) Social Issues/Migration/Health https://doi.org/10.1787/227182142567 Verlag kostenfrei Volltext |
| spellingShingle | Whitehouse, Edward Pensions, Purchasing-Power Risk, Inflation and Indexation Social Issues/Migration/Health |
| title | Pensions, Purchasing-Power Risk, Inflation and Indexation |
| title_auth | Pensions, Purchasing-Power Risk, Inflation and Indexation |
| title_exact_search | Pensions, Purchasing-Power Risk, Inflation and Indexation |
| title_exact_search_txtP | Pensions, Purchasing-Power Risk, Inflation and Indexation |
| title_full | Pensions, Purchasing-Power Risk, Inflation and Indexation Edward Whitehouse |
| title_fullStr | Pensions, Purchasing-Power Risk, Inflation and Indexation Edward Whitehouse |
| title_full_unstemmed | Pensions, Purchasing-Power Risk, Inflation and Indexation Edward Whitehouse |
| title_short | Pensions, Purchasing-Power Risk, Inflation and Indexation |
| title_sort | pensions purchasing power risk inflation and indexation |
| topic | Social Issues/Migration/Health |
| topic_facet | Social Issues/Migration/Health |
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