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J. Sambt, A. Fürnkranz-Prskawetz:
"National Transfer Accounts for Austria: Low levels of education and the generosity of the social security system";
in: "Population Aging and the Generational Economy. A Global Perspective", R. Lee, A. Mason (Hrg.); Edward Elgar Publishers, Cheltenham, 2011, (eingeladen), ISBN: 978-1-84844-898-8, S. 256 - 268.

Population aging implies a pronounced increase of dependent elderly (persons older than 65 years) in Austria, rising from 17.6% in 2010 to 28% by 2050. Since most of the lifecycle deficit of the elderly is currently covered by public transfers, the sustainability of Austria´s generous welfare system is under pressure. Low levels of education and early exits from the labor market are peculiarities shaping the age profiles of the National Transfer Accounts of Austria.

Persistent low fertility (Prskawetz et al. 2008), together with low mortality and moderate migration, implies pronounced population aging during the next decades in Austria. Given a generous social security system that builds on the contributions of those in the workforce, the projected shrinkage of the working-age population and the continued increase in the proportion of dependent elderly will exert pronounced pressures on Austria´s welfare system. Early exits from the labor market further reduce the potential base of contributors and increase the pool of dependents.

We highlight the components of the NTA for Austria resulting from the current demographic situation and the prevailing institutional setting, focusing in particular on the low labor force participation and low levels of education still prevailing in Austria. We first summarize the demographic situation and briefly describe the insurance system. Then we present our estimations of the age profiles.