Abstract

Utilizing literature research, expert interviews, and scenario modelling, the study identifies a persistent deficit in pension funds even under conditions of high economic growth. Demographic aging emerges as a primary challenge, suggesting potential solutions such as adjusting the retirement ages. However, such measures alone fail to fully cover the deficit. Innovative solutions are essential for sustainability in a zero-growth economy, e.g. raising taxes to establish a universal basic income which supports the pension system and broader welfare objectives, including poverty reduction. Social considerations for elderly individuals, facilitated through a social institution encouraging intergenerational support, are highlighted. Emphasizing the interconnectedness of social welfare systems, the research advocates for a comprehensive approach that integrates healthcare, unemployment benefits, and other aspects to address the broader implications of pension system redesign.