Automatic Adjustment Mechanisms in Pension Systems
The case for inflation adjustment in Spain 2022-2023.
4 enero 2023
In the search for the sustainability of public pension systems, both, gradual parametric reforms (changes inretirement age, contribution rates or revaluation adjustments) and systemic reforms (NDC schemes) have beenthe main strategies as high-income countries have responded to continuous longevity increases, belowreplacement level fertility, and the corresponding upward trend in old-age dependency ratios. All this has alsohappened in low productivity gains and economic growth, rapidly shifting labor markets, changing interest ratesand regulatory reforms scenarios.
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