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The Evaluation of Pension Reforms in the Public Sector: A Case Study of the Paris Subway Drivers

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The actuarial cost of a worker, per year of service, is the expected discounted sum of net real wages and pension benefits earned by a worker over her life cycle, divided by the number of years of service. We show the possibility of reforms such that (i) the actuarial cost of a worker per year of service is reduced, (ii) the utility of workers does not decrease, and (iii) the pension fund deficits do not increase. We propose a quantitative analysis of the 2008 reform of the Paris Metro pensions as an illustration. (JEL: H55, J26, J45)
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Keywords: actuarial cost; defined benefits; pay as you go; pensions; public subsidies; reform; transportation workers

Appeared or available online: Fri May 12 21:30:00 UTC 2017

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