Effects of the Public Sector downsizing on Social Security and public finance

Authors

  • Costas Siriopoulos
  • Ioannis Vogiatzis
  • Nikolaos Frangos

Keywords:

Projected Unit Credit Method, Public Sector Downsizing, Pensions, Social Security

Abstract

This paper presents the results of the actuarial valuation method Projected Unit Credit (“benefits/years of service”) in order to assess the effects of the public sector downsizing on real economy and social security in Greece, using a prototype data set. We found a social security loss of about 1.3 bn.€, and the effect on the GDP is estimated -13.6 bn.€ (or -7%). We also report a decrease in the direct income by 6.1 bn.€.
JEL classifications: C58; H55.

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Published

17-05-2014

How to Cite

Siriopoulos, C., Vogiatzis, I., & Frangos, N. (2014). Effects of the Public Sector downsizing on Social Security and public finance. SPOUDAI Journal of Economics and Business, 64(1), 53–62. Retrieved from http://spoudai.org/index.php/journal/article/view/209

Issue

Vol. 64 No. 1 (2014): Vol 64, No 1 (2014)

Section

Articles

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Copyright (c) 2014 SPOUDAI Journal of Economics and Business

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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.