Pension Poor and Housing Rich: A generational perspective of the Greek crisis, its aftermath and possible ways out
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Speaker
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Platon Tinios
Assistant Professor at Piraeus University; Visiting Senior Fellow, Hellenic Observatory
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Chair
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Dr Vassilis Monastiriotis
Associate Professor in the Political Economy of South East Europe, LSE
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Date
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Tuesday, 17 November 2015
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Venue
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Cañada Blanch Room, COW 1.11, 1st floor, Cowdray House
European Institute, LSE
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Time
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18:00-19:30
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Abstract
The broad context is how to frame policy, and in particular pension reform, in an environment roughly characterised as “Pension-poor, but real property-rich”. This is a general issue in ageing societies, but is particularly of interest in Southern Europe. Greece is an extreme example, given that over 80 per cent of poor older individuals were owner occupiers.
Before the crisis intergenerational solidarity in Greece was based on three pillars: First, state pensions whose growth was financed by borrowing. Second, a real property situation based on widespread owner-occupation. Third, ‘flexibility at the margin’ which allowed outsider groups (women, migrants) to fill gaps and to provide care services. During the crisis all components were subjected to abrupt change, which is still ongoing: Pension reform was introduced abruptly and for some parts of the population in ways that alter lifecourse planning. Real property was treated as representing stored tax evasion and taxed abruptly. Finally, elements of flexibility were introduced in the labour market, creatinga complex new reality impinging both on the position of groups which were previously largely outsiders (immigrants, women.
Established modes of operation have been challenged, while the fact that changes are still ongoing means that the final point of rest can only be guessed at. This applies a fortiori to an examination of how all three components will adapt in the context of meeting the long term challenge of ageing.
This presentation provides a narrative of developments in the three pillars both before and during the Greek crisis and ponders the feasibility of using the special features of Greece to expand the range of choices available in pension reform. It focuses on taking into account real estate ownership, as well as the linked issue of intergenerational solidarity and cohabitation. The ideas form the starting point of a research project to unfold over the academic year 2015/6.
To find out more, read a blog article by Platon at the Greece@LSE blog.
Biography
Platon Tinios is assistant professor at the University of Piraeus. In 2015/6 he is a Visiting Senior Fellow at the Hellenic Observatory of the LSE. He studied at the Universities of Cambridge (M.A. Ph.D.) and Oxford (M.Phil). He served as Special Advisor to the Prime Minister of Greece from 1996 to 2004, specializing in the economic analysis of social policy and especially pensions. He was a member of the EU Social Protection Committee from 2000 to 2004. He has also worked as an economic adviser at the Ministries of National Economy and Health and Social Security. His research interests include pensions, ageing populations, social policy, gender, labour economics and public finance.
A free event open to all. Admission on a first come, first served basis.
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