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Secure Pensions

  • Christian Felber
Chapter

Abstract

This chapter describes the strategic privatization of the pension systems in Austria and Germany, following the bad examples of Chile and Great Britain. The privatization has been pushed through although private pensions perform worse according to all relevant criteria such as costs, stability, or solidarity. PR campaigns against the public systems have succeeded and undermined trust in these systems thereby preparing the path for progressive privatization. It is argued that the aging of the population is not necessarily a threat to the financial viability of public pension schemes, rather for private provisions. The winners and losers of a reform towards private pensions are presented and, finally, concrete measures are proposed how a public and joint pension system can be strengthened and deprived of its—still existing—weaknesses: sufficiently high minimum pensions for a decent existence, more generous consideration of phases with no employment income, improvement of pensions for women.

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Copyright information

© Springer International Publishing AG 2017

Authors and Affiliations

  • Christian Felber
    • 1
  1. 1.Economics and BusinessVienna UniversityViennaAustria

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