Aging Populations and Public Pension Schemes (Occasional Papers: Occasional Paper No. 147)

By: Sheetal K. Chand and Albert Jaeger

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Synopsis: An aging society is characterized by a growing proportion of the retired to the active working population. Societies age either when fertility rates decline so that fewer children are born, or when longevity increases, or both. Aging affects virtually all societies today, but more so the industrial countries, which have generally experienced it over a longer period and for which further pronounced aging is projected over the next four decades, at the end of which a peak in the proportion of the elderly is likely to be attained. Concerns about the challenges posed by aging populations have moved to the forefront of the public policy debate in many countries. This paper attempts to respond to some of these concerns, focusing in particular on the fiscal sustainability of public pension schemes in industrial countries.