This document, prepared by FIAP, compiles the main parametric reforms (approved or under discussion) introduced between 1995 and June 2016 in the new reformed pension systems with public PAYGO programs, and the unreformed public PAYGO programs.

The document highlights the fact that in order to reduce fiscal costs, over a period of 20 years, between 1995 and June 2016:

• 75 countries increased the contribution rate in their PAYGO programs (example: France, Norway, Russia and Portugal).
• 52 increased the retirement age (example: Germany, South Korea, Denmark, Spain, France and Greece).
• 64 adjusted the benefits formula, or reduced benefits outright (example: Brazil, Belgium, Italy, Netherlands, United Kingdom, Viet Nam).

To review the document in detail, please download it here. To view previous editions of this publication, please visit the following link.