Working Papers of Eesti Pank 3/2020 We estimate how raising the statutory retirement age affects employment by considering the pension age reform in Estonia, that gradually raised the normal retirement age (NRA) for women from 58 to 61.5 and the early retirement age (ERA) from 56 to 59.5 during... more
LIINA KULU, MADIS LAAS, JAANIKA MERIKÜLL, KASPAR OJA,  MARTTI RANDVEER, INDREK SAAPAR Abstract In August 2019 the Estonian government confirmed the principles for the reform of the second pension pillar. The planned reforms are intended to make joining and leaving the second pillar... more

Eesti Pank has published a detailed impact analysis of the planned changes to the pension system. It describes the methodology of the analysis and the assumptions used more thoroughly than the summary published in the middle of October did.

“More than 700,000 people in Estonia are saving... more


The government’s planned changes to the pension system may lead to a temporary spurt in growth in the Estonian economy if a lot of people leave the second pillar. This temporary burst would be followed by slower growth in the economy or even by a recession that would hurt the living standards of... more


Eesti Pank and the IMF held a joint workshop on pensions on 30 September at the central bank. It featured presentations by experts on pensions who discussed their experiences from Poland, Hungary and Sweden and compared the development of pension systems in different countries. Also speaking at... more

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