Countries benefit from in-depth analysis, peer learning sessions with other countries that faced similar challenges and actionable advice reform options to help them find the best policy solutions to the multifaceted challenges they face.
Country-tailored policy advice
Countries across the world face a number of economic, social and environmental challenges. The OECD has the unique ability to support countries in addressing these challenges when designing and implementing policies through a whole-economy multi-disciplinary approach. The multi-disciplinary approach aims at identifying potential gains from policy synergies and complementarities and maximise policy impact. The OECD is working with countries to analyse policy options, quantify potential impacts of these options, pinpoint other countries’ approaches to similar reforms, assess the challenges and opportunities that can impact reform acceptability and implementation and help design practical tools and solutions to inform policy design and implementation.
Providing end-to-end policy advice and capacity development
LATEST PUBLICATION: Strengthening the Hungarian Pension System (July 2024)
The Hungarian pay-as-you-go public pension system performs well in maintaining the standard of living after retirement. However, like in other EU countries, population ageing challenges the pension system as fewer working-age individuals must finance higher pension-related spending. Past modifications increased the effective retirement age and prolonged careers, partially offsetting some of the adverse fiscal effects of population ageing. Nevertheless, spending on public pensions is expected to rise by about 4.3% of GDP by 2070. This OECD report presents a diagnostic of the challenges faced by the current system and describes a set of policy options for adjusting selected pension parameters, including eligibility conditions, benefit levels and contribution rates that allow for improving fiscal sustainability while preserving the adequacy of the pension system. It shows the impact of each policy option on future pension expenditures, pension levels, the tax wedge, and expected years in retirement. Relying on the impact analysis, the report identifies measures to accompany the different policy options such as simplifying the pension benefit calculation, raising the effective retirement age, reinforcing the role of voluntary pension instruments, and increasing fertility rates.
The report was jointly prepared by the Economics Department (ECO) and the Directorate for Employment, Labour and Social Affairs (ELS), with the support of the Ministry of Finance of Hungary.
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Contact
- Filippo CAVASSINI - Senior Economist, OECD Economic Department
- Fatima TALIDI - Policy Advisor, OECD Economic Department