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The exceptions are civil servants (a subgroup of public-sector employees) and many, but not all, the self-employed. 27 The amount of contributions made—hence wages earned—in any single year of employment is relevant when assessing individual benefit entitlements. The benefit formula translates differences between individual and average wages into differences between individual and average pension benefits. Up until now the Rentenversicherung has basically offered a predefined level of benefits. For any given work biography, an individual’s benefit entitlements are a fixed percentage (about 70 percent for an average earner with 45 years in employment) of current average wages.

2) as y 0tþ1 y tþ1 N tþ1 1 h tþ1 N t ; ð2:2 0 Þ Public Support for the Old 21 where y 0tþ1 is the average contribution rate. 2 0 ) can be used to determine either the average contribution rate that is needed to pay for a predefined level of pension benefits, or the average level of pension benefits compatible with a predefined contribution rate. 2) budget constraints implies that those who started their working life at date t will have collectively paid y 0t y t N t into the pension scheme by the time they retire at date t þ 1.

Another major reform, enacted in 1983, is the gradual increase of the age limit for claiming full benefits from 65 to 67 for both males and females. Despite relatively favorable demographic prospects (see chapter 1) the debate on US Social Security reform has never really abated during the last two decades. Most recently a new President’s Commission to Strengthen Social Security (2002) has come up with a number of proposals. The common theme behind all the alternatives considered by the commission is how—and if so, to what an extent—old-age provision in the US could be privatized even further than it is already.

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A Bug's Life 01-Flik the Inventor

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