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Extra resources for Ageing And Employment Policies: Austria
5% in 2001 to around 30% in 2050. The number of potential older workers aged 50 to 64 years will develop in waves, increasing rapidly at first by some 40% until 2020 and decreasing again to around its 2010 level thereafter. AGEING AND EMPLOYMENT POLICIES: AUSTRIA – ISBN-92-64-01008-4 © OECD 2005 CHAPTER 1. 2. – 45 Population trends by broad age groups in Austria, 1970-2050 2000=100 0-19 20-49 200 50-64 Actual 65+ Total Projected 180 160 140 120 100 80 60 1970 1980 1990 2000 2010 2020 2030 2040 2050 Source: Statistics Austria.
The social and economic implications are significant. 3 Added 2. This figure includes spending for civil servants’ pensions, often left out in international comparison. Currently, spending for this group accounts for around 4% of GDP or 28% of total pension spending. 3. With the 2003 pension reform, public pension spending increases were projected to be around one percentage point lower by 2035 and by 2050 compared with the prereform situation. The latest pensions account reform, effective from early 2005, will result in additional spending gains of around one-third of a percentage point of GDP by 2035, with the wedge increasing to two-thirds of a percentage point of GDP by 2050 when compared to the situation after the 2003 reform (most of this difference is due to the new inflation adjustment of pension benefits).
Finally, however long the baby boomers stay in work, at some stage around 2030 they will eventually retire in great numbers. It is important that structural pension reforms be fully effective by that time (or even earlier) in order to avoid an unbearable burden for the next generations. In this regard, recent pension reform efforts are in the right direction (Chapter 3), but will have to be augmented by workplace reforms and institutional change to promote the employment of older workers (Chapters 4 and 5).