PENSION SYSTEMS IN EUROPE - AUSTRIA

The article presents an insight into the old age pension system in Austria. The introduction is followed by four topic paragraphs: 1. general information about the country, 2. the evolution of its pension system, 3. the present situation, and 4. challenges and foreseen changes. There, the author's goal was to present both past and present solutions employed by the Austrian pension system, in search for ideas worth consideration in international comparisons. In the summary, the author highlights as a particular Austrian approach, against a background of other countries: 1. financing of the pension contribution for people who take care of young children, by public budget, 2. intended equalization of retirement age for men and women, and 3. flexible time of retirement between 62 and 68 years of age.