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Back to Work

Growing with Jobs in Europe and Central Asia

By: Omar S. Arias,Carolina Sánchez-Páramo,María E. Dávalos,Indhira Santos,Erwin R. Tiongson,Carola Gruen,Natasha de Andrade Falcão,Gady Saiovici,Cesar A. Cancho

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Back to Work

Growing with Jobs in Europe and Central Asia

By: Omar S. Arias,Carolina Sánchez-Páramo,María E. Dávalos,Indhira Santos,Erwin R. Tiongson,Carola Gruen,Natasha de Andrade Falcão,Gady Saiovici,Cesar A. Cancho

What can be done to create more and better jobs in Europe and Central Asia? And should there be specific policies to help workers access those jobs? The authors of this book examine these questions through the lens of two contextual factors: the legacy of centralized planned economies and the mounting demographic pressures associated with rapid aging in some countries and soaring numbers of youth entering the workforce in others. The authors find the following: Market reforms pay off, albeit with a lag, in terms of jobs and productivity. A small fraction of superstar high-growth firms accounts for most of the new jobs created in the region. Skills gaps hinder employment prospects, especially of youth and older workers, because of the inadequate response by the education and training systems to changes in the demand for skills. Employment is hindered by high implicit taxes on formal work and barriers that affect especially women, minorities, youth, and older workers. Low internal labor mobility prevents labor relocation to places with greater job creation potential. Back to Work: Growing with Jobs in Europe and Central Asia asserts that to get more people back to work and to grow with jobs, countries, especially late reformers, need to regain the momentum for economic and institutional reforms that existed before the economic crisis. They should lay the fundamentals to create jobs for all workers, by pushing reforms to create the enabling environment for existing firms to grow, become more productive, or exit the market and let new firms emerge and succeed (or fail fast and cheap). They should also implement policies to support workers so that those workers are prepared to take on the new jobs being created, by having the right skills and incentives, unhindered access to work, and being ready to relocate.

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Page Count

442

Publisher

World Bank Publications

Published Date

ISBN 10

082139911X

ISBN 13

9780821399118

The Inverting Pyramid

Pension Systems Facing Demographic Challenges in Europe and Central Asia

By: Anita M. Schwarz,Omar S. Arias,Asta Zviniene,Heinz P. Rudolph,Sebastian Eckardt,Johannes Koettl,Herwig Immervoll,Miglena Abels

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The Inverting Pyramid

Pension Systems Facing Demographic Challenges in Europe and Central Asia

By: Anita M. Schwarz,Omar S. Arias,Asta Zviniene,Heinz P. Rudolph,Sebastian Eckardt,Johannes Koettl,Herwig Immervoll,Miglena Abels

Europe’s pension systems –among the most celebrated features of its social welfare model— face tremendous challenges. With only 11 percent of the world’s population, Europe spends about 60 percent of global outlays on social protection, largely in pensions. In many countries, pension rules have encouraged people to retire sooner, while enjoying longer lives. Payroll taxes on a continuously expanding contributory base have financed these benefits. This model of pension provision is now being severely tested as pension systems reach maturity, while the population is aging and the labor force is starting to shrink. Measures to enable a continued tradition of providing old age security will include • raising retirement ages such that pensions are provided in the last 15 years of life, when work capacity traditionally diminishes • encouraging immigration to help fill the declining work force • rationalizing pension spending, putting priority on preventing old age poverty, and • encouraging savings to help provide the more comfortable retirement that individuals have come to expect. Some measures may be more appropriate in particular countries than others, yet undertaking all of them will likely require less drastic changes in any one of them. The specific choices will need to be discussed and agreed among each country’s own population, and be accompanied by enabling changes in pension policy, tax policy, financial markets policy, and labor policy. The fundamental issue is that, with these changes, the important achievements of European social policy can withstand the demographic onslaught and continue to provide old age security for generations to come.

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Page Count

304

Publisher

World Bank Publications

Published Date

ISBN 10

0821399098

ISBN 13

9780821399095