2018THE HUNGARIAN LABOUR MARKET 2018Editors: Károly Fazekas, Ágnes Szabó-Morvai
The Hungarian Labour Market Yearbook series was launched in the year 2000 by the Institute of Economics of the Hungarian Academy of Sciences with the support of the National Employment Foundation. The yearbook presents the actual characteristics of the Hungarian labour market and employment policy, and provides an in-depth analysis of a topical issue each year. The editorial board has striven to deliver relevant and useful information on trends in the Hungarian labour market, the legislative and institutional background of the employment policy, and up-to-date findings from Hungarian and international research studies to civil servants, staff of the public employment service, municipalities, NGOs, public administration offices, education and research institutions, the press and electronic media. An important aspect is that the various analyses and the data published in the yearbook series should provide a good source of knowledge for higher education on the different topics of labour economics and human resources management. The yearbook series presents the main characteristics and internal trends of the Hungarian labour market. Continuing our previous editorial practice, we selected an area that we considered especially important from the perspective of understanding Hungarian labour market trends and the effectiveness of evidence-based employment policy. Based on the decision of the editorial board the topic of ‘In Focus’ this year discusses the labour market situation of women.
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Initial public pensions are indexed to the economy-wide average wages, but pensions in progress are indexed to prices, average wages or their combinations––varying across countries and periods. We create a simple overlapping cohorts framework to study the properties of indexing pensions in progress––emphasizing a neglected issue: close wage paths should imply close benefit paths even at real wage shocks. This robustness criterion of an equitable pension system is only satisfied by wage indexing, which in turn requires the adjustment of the accrual rate. To minimize the redistribution from low-earning short-lived citizens to high-earning long-lived ones, progression should be introduced.