Journal articles on the topic 'Old age pensions'
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1
Vukovic, Drenka. "Old age and poverty." Zbornik Matice srpske za drustvene nauke, no. 131 (2010): 165–75. http://dx.doi.org/10.2298/zmsdn1031165v.
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The process of demographic changes in Serbia is followed by discussions on the need to provide safety at old age and solve the problems of poverty and social exclusion of older citizens. In the current state there are no mechanisms that guarantee an adequate life standard at old age, the consequence of which is a high poverty rate, deteriorating health and limited access to social programs. The results of the Survey on life standard from 2002 and 2007 show that poverty among population in general and pensioners has decreased, while the poverty risk among people older than 65 has increased twice. The restrictive methods of the reforms cause a change in the relation between the pensions and the earnings, so that more and more pensioners receive below average, i.e. minimal pensions. Not all old people are covered by pension insurance so that a significant number (around 400.000) does not have a safe monthly income at all. The state program of financial aid is of modest size and does not provide help to all of the poor. Welfare aid decreases the risk of poverty, but it do not guarantee an adequate level of material security at old age. The low level of minimal and average pensions, the decline of participation in the average earnings and the strict criteria of the social security system have brought to awareness the necessity of 'social pensions' and various help and support programs for the elderly. .
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Masuku, Sikanyiso, Sizo Nkala, and Abigail Benhura. "Old Age Poverty." African Journal of Political Science 11, no. 2 (February 1, 2024): 1–17. http://dx.doi.org/10.36615/56apwk71.
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Despite having over 500 000 pensioners, Zimbabwe is far from guaranteeing its elderly an effective social security system. The National Social Security Authority (NSSA) – is embroiled in numerous cases of corruption. Similar criticisms have also been levelled against personal pension schemes with the living potential of pensioners in Zimbabwe (who receive in some cases less than US$1 monthly), continuing to deteriorate. In contributing new data to the understudied phenomenon of the old age pensions industry in Zimbabwe, this study interviewed a purposively drawn sample of bureaucrats from NSSA and pensioners in three provinces. Profound challenges in decommodification – attributes of a zero accountability status quo and a tokenistic, non-transformative old age social security regime were noted with numerous recommendations being proffered. Old age pension administrators failure to define and maintain measurable social indicators was argued in the study as partly contributing to their inability to ensure compliance to their primary mandate of providing a social security net for pension contributors.
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Case, Anne, and Alicia Menendez. "Does money empower the elderly? Evidence from the Agincourt demographic surveillance site, South Africa1." Scandinavian Journal of Public Health 35, no. 69_suppl (August 2007): 157–64. http://dx.doi.org/10.1080/14034950701355445.
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Aims: To quantify the impact of the South African old age (social) pension on outcomes for pensioners and the prime-aged adults and children who live with them, and to examine alternative means by which pensions affect household outcomes. Methods: We collected socioeconomic data on 290 households in the Agincourt demographic surveillance area (DSA), stratifying our sample on the presence of a household member age-eligible for the old-age pension (women aged 60 and older, men aged 65 and older). Results: The presence of a pensioner significantly reduces household reports that adults and, separately, children missed meals because there was not enough money for food. In addition, girls are significantly more likely to be enrolled in school if they are living with a pensioner, an effect that is driven entirely by living with a female pensioner. Our results are consistent with a model in which pensioners have a greater say in household functioning once they begin to receive their pensions. Conclusions: We find a program targeted toward the elderly plays a significant role in children's health and development.
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Moseiko, V. V. "Old-age Pension Provision in the EAEU Countries." EURASIAN INTEGRATION: economics, law, politics 17, no. 3 (October 3, 2023): 50–63. http://dx.doi.org/10.22394/2073-2929-2023-03-50-63.
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The development of integration within the framework of the Eurasian Economic Union actualizes the issue of regulation of pension relations. The adoption of the Agreement on Pension Provision laid the foundations for international cooperation in the field of pension provision. However, significant institutional differences in national pension systems may hinder the effective implementation of oldage pension provision.Aim. To investigate the possibilities and difficulties of international cooperation in the pension sphere in the context of national differences in old-age pension provision in the countries of the Eurasian Economic Union.Tasks. To consider the national pension systems in terms of old-age pensions in the countries of the Eurasian Economic Union and conduct their comparative analysis; to show the features of international regulation of old-age pensions in the countries of the Eurasian Economic Union.Methods. In this work, the method of statistical data analysis was used to identify the features of the national old–age pension provision, comparative analysis — when comparing national pension systems in terms of old-age pensions, as well as the method of expert assessments when identifying difficulties of international cooperation in the pension sector.Results. Institutional features of old-age pension systems in the countries of the Eurasian Economic Union have been found. The grounds for international regulation of old-age pensions are revealed. Difficulties in the formation of pension rights of citizens of the Union countries have been found.Conclusions. The countries of the Eurasian Union faced similar economic and demographic challenges. Pension reforms have resulted in the design of pension systems with national institutional differences, which can become causes of social injustice and pension inequality.
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BÖRSCH-SUPAN, AXEL, ANETTE REIL-HELD, and DANIEL SCHUNK. "Saving incentives, old-age provision and displacement effects: evidence from the recent German pension reform." Journal of Pension Economics and Finance 7, no. 3 (May 9, 2008): 295–319. http://dx.doi.org/10.1017/s1474747208003636.
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AbstractIn response to population aging, pay-as-you-go pensions are being reduced in almost all developed countries. In many countries, governments aim to fill the resulting gap with subsidized private pensions. This paper exploits the recent German pension reform to shed new light on the uptake of voluntary, but heavily subsidized private pension schemes. Specifically, we investigate how the uptake of the recently introduced ‘Riester pensions’ depends on state-provided saving incentives, and how well the targeting at families and low-income households works in practice.We show that, after a slow start, private pension plans took off very quickly. While saving incentives were effective in reaching parents, they were less successful in attracting low-income earners, although Riester pensions exhibit a more equal pattern by income than occupational pensions and unsubsidized private pension plans.We also provide circumstantial evidence on displacement effects between saving for old-age provision and other purposes. Households who plan to purchase housing are less likely to have a Riester pension. The same holds for households who attach high importance to a bequest motive. Occupational pensions and other forms of private pensions, however, act as complements rather than as substitutes.
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Medaiskis, Teodoras, and Šarūnas Eirošius. "A Comparison of Lithuanian and Swedish Old Age Pension Systems." Ekonomika 98, no. 1 (April 17, 2019): 38–59. http://dx.doi.org/10.15388/ekon.2019.1.3.
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The aim of this study is to compare Lithuanian and Swedish pension systems from the point of view of their design and performance in order to elaborate reasonable recommendations to Lithuanian pension policy based on the best Swedish experience. Swedish income, premium and guaranteed old-age pensions system are compared with the analogous Lithuanian system of the “first,” “second” pillars and the “social” pensions. The main features of the systems are discussed, and the performance of the systems, mainly from the point of view of adequacy, is compared. The differences in system design and performance are identified, and the possible reasons of these differences are examined. Special attention is paid to differences in financing and the approach to the definition of benefits. The Lithuanian pension points approach is compared to the Swedish Notional Defined Contribution (NDC) approach. Each system is analyzed, and the relevance of transforming the Lithuanian first pillar pensions into a NDC system is examined.
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Walker, Robert, and Meg Huby. "Escaping Financial Dependency in Old Age." Ageing and Society 9, no. 1 (March 1989): 17–41. http://dx.doi.org/10.1017/s0144686x00013349.
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ABSTRACTOne of the principal motives behind pension reform in Britain in the post-war era has been to reduce dependence on means-tested assistance. Alternating attempts have been made to attain this objective through State and occupational collectivism but with only partial success. The present Government has shifted the emphasis away from collective provision towards individual saving promoted in the form of portable pensions. However, recent research has underlined the importance of structural determinants of dependency on means-tested assistance in retirement and of other factors over which individuals have little if any control. In the light of these findings questions are raised about the potential effectiveness of portable and occupational pensions as mechanisms for reducing future dependency on means-tested supplementation.
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Guerrero Padrón, Thais. "Social protection of the self-employed in old age in the EU." Stanovnistvo 61, no. 2 (December 15, 2023): 11–30. http://dx.doi.org/10.59954/stnv.524.
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In most European Union (EU) Member States, self-employed individuals receive, on average, lower retirement pensions than employees. Furthermore, the number of self-employed pensioners is lower, and there is a significant proportion of self-employed workers in the EU who are not entitled to a retirement pension. The situation is even more delicate for the new self-employed, as their mode of labour market participation, career trajectory, and the income level they reach can potentially compromise their future pension prospects. This paper analyses the position of self-employed workers within national social security systems, with a particular focus on their methods of contribution and the consequential impact on their ability to access adequate retirement pensions as a form of replacement income, thus avoiding the risk of poverty and ensuring a decent standard of living in old age. In this area, the Member States and the EU interact within the framework of their respective competences, with the manifest aim of improving the social protection of self-employed workers in their senior years.
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Gorlin, Y. M., and V. Y. Lyashok. "Drivers of pension growth in the long term." Voprosy Ekonomiki, no. 12 (December 2, 2022): 98–117. http://dx.doi.org/10.32609/0042-8736-2022-12-98-117.
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One of the main challenges for the Russian insurance pension system in the long term is to sustain an acceptable ratio of pensions to wages and to prevent the growth of the share of pensioners with unacceptably low pensions. The key challenges and factors affecting the level of pensions have been identified. A set of potential measures for a more acceptable dynamics of pensions, their risks and limitations have been revealed. Forecast calculations for the period up to 2050 on the model of the Russian insurance pension system developed by the authors made it possible to estimate the impact of relevant factors and measures on key pension indicators. It is shown that the implementation of these measures can ensure in 2030—2050: the coefficient of the relative level of pensions (to average wage) of about 40%; the theoretical replacement rate (at 35 years of service and the average wage in Russia) of about 50%; the ratio of the average pension payment to non-working recipients of the old-age insurance pension to the subsistence minimum for pensioners — about 250% in 2030—2035 and 380% by 2050; reducing the share of those whose pension payment is less than the minimum subsistence level, almost by half relative to the inertial scenario — to 6—8%.
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Silva, Rodrigo Souza, and Luís Eduardo Afonso. "The expected impact of the 2019 Brazilian pension reform on survivors’ pensions." International Social Security Review 76, no. 3 (July 2023): 69–90. http://dx.doi.org/10.1111/issr.12334.
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AbstractThis study analyses the expected changes in survivors’ pensions resulting from the permanent rules of the 2019 pension reform in Brazil. Actuarial annuities are used for representative worker profiles. The dispersion in the replacement rate values decreases, except for the highest income level. The rates needed to finance survivors’ pensions decrease relatively more than do the rates for old‐age pensions. The internal rates of return significantly decrease. There is a heterogeneous change in the distributive aspects of the pension system. The reform shall affect the adequacy and intragenerational equity of old‐age and survivors’ pensions.
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Safonov, Aleksandr, and Yuliya Dolzhenkova. "Dynamics of income of pensioners: analysis, problems and solutions." Population 26, no. 4 (December 15, 2023): 133–47. http://dx.doi.org/10.19181/population.2023.26.4.12.
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Currently there is an increasing number of older people in Russia, primarily pensioners. It appears that the mentioned trend will proceed for a long period of time. So, the issue of ensuring high living standards for this group of the population is acute. However, the present trends in the work remuneration of persons in pre-retirement age, spread on informal employment, and hence, precarization of labor relations, as well as the challenges in pension and tax legislation result in a complex and contradictory situation in the formation of monetary income of pensioners.The present article is devoted to the analysis and forecasting of the basic trends in the financial situation of persons over the able-bodied age. The average size of the insurance old-age pension in the end of 2022 did not achieve the amount recommended by the ILO Convention 102, and the social pension was even lower. In addition, the later retirement often leads to poverty, as it is impossible for the aged to get pensions, on the one hand, and on the other hand, to get a job due to the existing age discrimination and their reduced physical ability to work.The article analyses the factors that have a direct on the size dynamics of insurance and social old-age pensions. At the same time, insurance pensions have the economic nature of deferred wages, i.e. they are formed directly by pensioners themselves. It also analyzes possible ways of compensation for pensioners’ low incomes through continuing work activity.
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Vidová, Jarmila, and Peter Sika. "Christmas Allowance as a Non-System Tool for Sustainability of Quality of Life of Slovak Seniors." Sustainability 12, no. 9 (May 7, 2020): 3810. http://dx.doi.org/10.3390/su12093810.
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Creating conditions for a sustainable level of quality of life for older people is considered the dominant priority when setting up the pension system with an emphasis on the income situation of Slovak seniors for old-age pensions. An old-age pension as a systemic benefit is an important element in maintaining the quality of life of older people. The amount of old-age pensions is currently at the center of discussions between institutions and the Government of the Slovak Republic. A major social but also economic problem in the coming decade will be how to maintain the income of older people, pensioners, needed to ensure their sustainable quality of life. In particular, it is necessary to ensure that pensioners receive sufficient income so that they do not become a population at risk of poverty as the groups at risk of poverty or social exclusion also includes people over the age of 65. The paper focuses on the analysis of the socio-economic situation of Slovak pensioners in the Slovak Republic in connection with material deprivation. At the same time we analyze the Christmas contribution as a non-systemic benefit which, on the one hand, has a positive social impact on the recipients of pension benefits who are entitled to the Christmas benefit but, on the other hand, has a negative impact on the general government budget.
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Rajevska, O., and F. Rajevska. "Why the share of small amount pensions is so substantial in Latvia?" SHS Web of Conferences 40 (2018): 03011. http://dx.doi.org/10.1051/shsconf/20184003011.
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More than 70% of all old-age pensions in Latvia are smaller than 300 euro, which is close to the monetary value of the at-risk-of-poverty threshold. There is a number of reasons for it: the lack of non-contributory component and inadequately low minimum pensions, the absence of redistribution mechanisms in the mandatory notional defined contribution (pillar I) and funded (pillar II) schemes, an unfair conversion of pre-reform employment record into pension formula, and a high tax burden on pensioners. The authors proposed a package of measures to improve the situation: an introduction of basis pensions, linking minimum pensions to the country average wages, increasing income tax exempt for pensions, restoration of the supplements for pre-reform employment and their regular indexation, removal of the threshold in initial notional pension capital calculation or its reduction from 30 to 20 years.
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Moseiko, V. V. "Old-Age Pension Systems in Modern Socialist Countries: A Comparative Analysis." AlterEconomics 20, no. 2 (2023): 392–414. http://dx.doi.org/10.31063/altereconomics/2023.20-2.6.
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This article provides an overview of old-age pension systems in contemporary socialist countries, namely China, North Korea, the Republic of Cuba, Vietnam, and Lao PDR. The aim of this study is to identify and analyze the distinctive characteristics of these systems. Through an examination of academic literature on pension organization and financing, as well as data from the World Bank, OECD, ILO, ASEAN, and statistical departments (USSR, China), the study analyzes the old age pension systems of each country, identifying commonalities and unique features. The study identifies elements aligned with global practices, socialist characteristics, and national peculiarities. Initially, all of the given countries adopted distribution-based pension arrangements that are prevalent worldwide. However, as the systems evolved, distinguishing features emerged, such as pension income inequality and privileges for specific population segments. Moreover, the study explores country-specific features influenced by the national economic context. The impact of the informal sector and illicit income on old-age pensions is uncovered, alongside the significant role of family support. Possible future scenarios for the development of old-age pensions in these countries are proposed.
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Messkoub, Mahmood. "Migrants in the European Union: Welfare in Old Age." Public Finance and Management 5, no. 2 (June 2005): 266–86. http://dx.doi.org/10.1177/152397210500500206.
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The first generation of post-World War Two (WWII) migrants to Western Europe have joined the ranks of the European elderly. Typically, they have accumulated limited assets because of lower paid employment and earned limited rights within public pension schemes that in most European countries relate pensions to years of residence or contribution. in some respect they share the problems of those of the European-born population, mainly women, who started work late, have interrupted work histories, or have low life-time earnings. This paper argues that changing the rules for those sections of the European Union (EU) population who are reliant on public pensions will help to reduce the risk of poverty in old age among some of the most underprivileged sections of the EU elderly population. Among these policies are: delinking length of residency from pension rights or giving credit for the years that a person lived outside the country, financial support to those who are short of contribution years, allowing people to take their pension abroad without a penalty, and improving the rights and entitlement of the surviving spouse (usually women).
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FRERICKS, PATRICIA. "Strengthening Market Principles in Welfare Institutions: How Hybrid Pension Systems Impact on Social-risk Spreading." Journal of Social Policy 42, no. 4 (July 19, 2013): 665–83. http://dx.doi.org/10.1017/s0047279413000500.
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AbstractIn the past two decades, the question of how pension systems should be designed to offer ‘adequate and sustainable pensions for all’ has been raised. As a result, European pension systems, in which market principles in general have played a marginal or even negligible role in the past, were redesigned, with market-based pensions becoming part of the pension calculation norm, i.e. the institutionalised and nationally defined target level for old-age protection. However, since the hybrid pension systems are institutionalised very differently, pension systems’ ingredients, characteristics and nexus are far from being homogeneous, and the role of market principles in hybrid systems differs. These differences significantly determine the degree of social protection of the various social citizens and the number of future pensioners with adequate pensions. An illustrative comparison of the contrasting Dutch and German institutional setups indicates differences in the manner in which market principles have been strengthened in the pension system, and the related effects these differences have on social-risk spreading.
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Riumallo-Herl, Carlos, and Emma Aguila. "The effect of old-age pensions on health care utilization patterns and insurance uptake in Mexico." BMJ Global Health 4, no. 6 (November 2019): e001771. http://dx.doi.org/10.1136/bmjgh-2019-001771.
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IntroductionAs old-age pensions continue to expand around the world in response to population ageing, policymakers increasingly wish to understand their impact on healthcare demand. In this paper, we examine the effects of supplemental income to older adults on healthcare use patterns, expenditures and insurance uptake in Yucatan, Mexico.MethodWe use a longitudinal survey for individuals aged 70 or older and an individual fixed-effects difference-in-difference approach to understand the effect of an income supplement on healthcare use patterns, out-of-pocket expenditures and health insurance uptake patterns.ResultsThe implementation of the old-age pension was associated with increased use of healthcare with nuanced effects on the type of care. Old-age pensions increase the use of formal healthcare by 15 percentage points (95% CI 6.1 to 23.9) for those with healthcare use at baseline and by 7.5 percentage points (95% CI 3.7 to 11.3) for those without healthcare use at baseline. We find no evidence of greater out-of-pocket expenditures, likely because old-age pensions were associated with a 4.2 percentage point (95% CI 1.5 to 6.9) increase in use of public health insurance.ConclusionOld-age pensions can shift healthcare demand towards formal services and eliminate financial barriers to basic care. Pension benefits can also increase the uptake of insurance programmes. These results demonstrate how social programmes can complement each other This highlights the potential role of old-age pensions in achieving universal health coverage for individuals at older ages.
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SAGNER, ANDREAS, and RAYMOND Z. MTATI. "Politics of pension sharing in urban South Africa." Ageing and Society 19, no. 4 (July 1999): 393–416. http://dx.doi.org/10.1017/s0144686x99007424.
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Analysing the practice of pension sharing, this article looks at social and cultural dimensions of ageing in an urban African residential area, Cape Town's Khayelitsha. First, the paper discusses pension sharing as a future-oriented security strategy. Many older Africans in Khayelitsha believe that if they do not share their pensions with their kin, they do not have much chance of being helped in times of need. Pension sharing as an instrumental act is rooted in the perceived underdevelopment of the state social security system on the one hand, and in the very character of African kinship and the fluidity of today's urban domestic units on the other. Partly triggered by poverty and mass unemployment, African pensioners are under severe normative pressure to share their grants within their families. Taking into account African notions of old age and of personhood, and considering the widespread devaluation of older Africans in social constructions, pension sharing provides older Africans with an (easily available) means by which they can earn (self-)respect. Further, state policies indirectly enhance the normative pressure on pensioners to share their old-age pensions. On a symbolic plane the practice may be construed as a political model that conceptualises duty as the inner bond of the social world. In conclusion, it is propounded that the concept of (intergenerational) reciprocity is inadequate to account for pension sharing or practical provision of old-age care.
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Moseiko, V. V. "International Regulation of Pensions in the EAEU: Problems and Development Prospects." EURASIAN INTEGRATION: economics, law, politics 18, no. 2 (July 12, 2024): 63–74. http://dx.doi.org/10.22394/2073-2929-2024-02-63-74.
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The EAEU countries, having adopted the Agreement on Pension Security in 2019, took a big step forward to form the pension rights of migrants from the EAEU countries. However, existing difficulties caused by economic, demographic characteristics and institutional differences make us think about further steps to harmonize, unify and coordinate the pension systems of the EAEU countries.Aim. Consider themechanisms and the principles of international regulation of pensions in the EAEU countries and identify limitations and opportunities for its further improvement.Tasks. Explore global experience of cooperation in the pension sector; conduct an analysis of international regulation of pensions in the post-Soviet space and in the EAEU countries; identify difficulties in forming pension rights for migrants from EAEU countries; to find possible directions for the further development of pension legislation in the EAEU countries.Methods. The comparative analysis method was used to study national old-age pension systems; when determining the directions for the development of old-age pensions for migrants in the world, the historical and legal method was used.Results. The world experience of international regulation of pensions is considered.Differences were discovered in the formation of pension rights in the EAEU countries.The mechanisms of harmonization and coordination, as well as the territorial and proportional principles of legal regulation of old-age pensions are analyzed. The difficulties of forming pension rights for migrants from the EAEU countries are shown.Conclusions. The current approach to regulating pensions in the EAEU is not perfect, but it allows countries to remain independent in their national pension policies. Overcoming the existing difficulties in the formation and implementation of pension rights is possible with further harmonization, unification and coordination of the EAEU pension systems, which are complicated by the economic and demographic operating conditions and the lack of a unified strategy for the development of pensions in the EAEU. A fundamental issue for all countries is to determine the role of the state in the pension process.
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Lopushnyak, Halyna, and Olga Leontenko. "PENSION PROVISION IN UKRAINE: ANALYSIS OF THE SITUATION IN THE CONDITIONS OF WORLD INTEGRATION PROCESSES." Actual Problems of Economics 1, no. 229 (July 2020): 105–15. http://dx.doi.org/10.32752/1993-6788-2020-1-229-105-115.
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The article presents a comparative analysis of the size of pension benefits in terms of categories of pensioners in Ukraine. The dynamics of average old-age pensions and lifetime allowances of retired judges over the past 10 years, as well as the dynamics of revenues and expenditures of the Pension Fund of Ukraine at the expense of the State Budget of Ukraine are analyzed. A review of the main indicators of pensions in different countries. The main problems that contribute to the deterioration of the situation with the pension provision of the citizens of Ukraine have been identified. Based on the study, proposals were developed to reform the pension system of Ukraine, ways to increase revenues to the Pension Fund, to correct large-scale disparities in the pension provision of the population.
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Ильичева, Ю., and Yu Il'icheva. "The Problem of Pension age Increase in Russia and Ways of Its Solution." Management of the Personnel and Intellectual Resources in Russia 7, no. 1 (March 26, 2018): 56–59. http://dx.doi.org/10.12737/article_5a9cf56e621345.85289050.
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This article is devoted to the problem of pension age increase which is very sophisticated and important nowadays. The statistical portrait of number of pensioners in Russia; pension payments; minimum wage, the average cost of living and the average size of old age pensions in Russia from 2014 to 2016 years are published in this article. These analysis findings show dependence of many parameters on current pension age change. Some methods to increase pension payments to pensioners are analyzed in the article. Positive and negative sides of proposed methods were considered in this article. The reasons of the best method choice are given. This method is to reach the best figures not only in the whole Russia’s economic development but also in material well-being of citizens who draw a pension
or pretend to draw a pension in a short term.
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Goodkind, Daniel. "Reforming the Old-Age Security System in Vietnam." Asian Journal of Social Science 27, no. 2 (1999): 139–62. http://dx.doi.org/10.1163/030382499x00093.
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AbstractOur paper examines changing systems of state support to the elderly in Vietnam, based primarily on two recent surveys in northern and southern subregions. We focus on the pension system, the most generous source of such support. Prior to 1995, pensions were primarily available to workers in the state sector. The funding system was ostensibly pay-as-you-go, yet heavily reliant on government subsidies. Our surveys reveal distinct regional patterns in the prevalence and size of pensions (as well as age at retirement), patterns we relate to Vietnam's partition and reunification. We then describe recent policy changes enacted as part of Vietnam's transition to a more market-oriented economy. A new Social Security Administration is attempting to extend old age security to employees of non-state enterprises based on enhanced employer contributions and new payroll deductions. We identify ideological, financial and demographic rationales for these reforms as well a variety of challenges to the new system.
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Yeh, Chung-Yang, Hyunwook Cheng, and Shih-Jiunn Shi. "Public–private pension mixes in East Asia: institutional diversity and policy implications for old-age security." Ageing and Society 40, no. 3 (September 25, 2018): 604–25. http://dx.doi.org/10.1017/s0144686x18001137.
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AbstractPrevious studies of East Asian welfare regimes focus on similarities between social security schemes. In contrast, this paper explores cross-national variations in public–private pension mixes in six welfare states: China, Hong Kong, Japan, Singapore, South Korea and Taiwan. Our research echoes the pension policy analysis of international organisations but takes a step forward with emphasis on the historical and institutional characteristics of the respective pension systems. The analysis identifies three institutional patterns. First, the statist pension system (Taiwan and China) primarily relies on public pensions to provide old-age security, with private pensions playing a rather minor role. Second, in the dualist pension system (Japan and Korea) both public and private pensions work in parallel to ensure retirement income, though a clear security gap exists between workers in the formal and informal economies. Finally, the individualist pension system (Hong Kong and Singapore) is characterised by genuine fully funded individual accounts, emphasising citizens’ own responsibilities for ensuring old-age security. These three types of pension systems demonstrate distinct institutional characteristics and policy outcomes, illustrated by the juxtaposition of their institutional structures as well as by the comparison of key indicators collected from government reports and Organisation for Economic Co-operation and Development statistics. The paper concludes with a theoretical reflection of East Asian pension policies and a diagnosis of the distinct challenges confronted by each of the various pension patterns.
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Elu-Terán, Alexander. "Has Social Security Policy Converged? Cross-Country Evolution of Old Age Benefits, 1890–2000." Journal of Economic History 72, no. 4 (December 14, 2012): 927–55. http://dx.doi.org/10.1017/s0022050712000642.
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The extension of social insurance during the twentieth century did not translate into homogeneous pension provision. Using a new database, this article analyzes the evolution of pensions in the long run for a sample of welfare states. The convergence in old age benefits as a share of earnings is only found for all earnings levels between 1970 and 1990. The results also underline the role as determinants of pension policy of both domestic and external factors. In line with previous literature, income per capita and the share of old people are key drivers of pensions. However, the effect of globalization is negative, especially for low and medium earnings levels.
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Alikperova, N. V., and D. I. Markov. "ATTITUDES AND STRATEGIES OF YOUTH FOR FUTURE OLD AGE." Social & labor researches 46, no. 1 (2022): 154–63. http://dx.doi.org/10.34022/2658-3712-2022-46-1-154-163.
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The subject of the study is the attitudes and strategies of young people for future old age. The article presents the results of a sociological survey of Russian youth, reflecting the strategies of young people regarding ways to ensure their future financial security in old age, their ideas about the standard of living in old age, as well as the features of current financial behavior, which is the aim of this paper. The relevance of the study is due to the increasing role of young people in the formation of the traditional pension model of "intergenerational transfer", in which current pensions are paid from the pension contributions of the younger generation. The empirical base of the study was the data of a mass survey of young people living in Russia, followed by a factor analysis procedure implemented by the principal component method with subsequent rotation. The scientific novelty consists in identifying the main strategies of young people in relation to ensuring financial security in old age, in particular, the authors determined what young people expect to live in old age; factor settings: pension, investment, labor. Based on these factors, a cluster analysis was carried out by the K-means method, which resulted in 4 clusters of strategies, namely, the strategies of 1) "investor", 2) "new pensioner", 3) "traditional pensioner" and 4) "undecided optimist". The results of the study can be used by federal and regional government bodies, financial organizations for the purpose of further developments in the field of ensuring the effective operation of the pension system, the financial market, in particular, the development of new financial products and services, which are of interest to this socio-demographic group.
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Symeonidis, Georgios. "The fiscal effect of the recalculation of main old-age pensions stemming from L. 4387/2016." Social Cohesion and Development 13, no. 2 (January 19, 2021): 125. http://dx.doi.org/10.12681/scad.25846.
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L.4387/2016 introduced the recalculation of existent pensions based on a new type of formula and replacement. The difference between the amounts paid to pensioners at that time and the amounts calculated based on the new law, quoted as personal difference, was later legislated to be either cut, if it was positive, or paid in the long run, if it was negative. This coincided with legislation that froze pension indexation for the years up to 2022. Even though the pension indexation freeze is still valid, the pension reductions initially planned for 2019 were avoided. The pension increases, where applicable, were paid as planned, again in 2019. The extensive workload demanded to make the recalculation and the fiscal gap in contributions in the Greek pension system creates space for possible future application. In this view, this paper focuses on the fiscal effect of the reduction of the personal difference in combination with the freeze in pension indexation.
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Struthers, James. "Regulating the Elderly: Old Age Pensions and the Formation of a Pension Bureaucracy in Ontario, 1929-1945." Journal of the Canadian Historical Association 3, no. 1 (February 9, 2006): 235–55. http://dx.doi.org/10.7202/031051ar.
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Abstract This article examines the emergence of means-tested old age pensions in Ontario in the context of the Great Depression and World War II. Ontario's old age pension scheme, it argues, was launched in 1929 with weak political commitment, little bureaucratic-preparation, and an almost complete absence of administrative experience at the provincial and municipal level in assessing and responding to need on a mass scale. The article examines the complex interplay among federal, provincial, and local government authorities in the politics of pension administration throughout the 1929-1945 era, arguing that local control of pension decision-making in the early years of the Depression provided two divergent models of pension entitlement both as charity and as an earned social right. After 1933 governments at both the provincial and federal level centralized decision-making over pension administration in order to standardize and restrict pension entitlement, contain its rapidly rising costs, and enforce more efficiently the concept of parental maintenance upon children. World War II undermined the concept of pensions as charity by broadly expanding the boundaries of entitlement both for the elderly and their children. By 1945 means-tested pensions had few supporters within or outside of government, laying the basis for the emergence of a universal system of old age security in 1951.
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Rossi, Pauline, and Mathilde Godard. "The Old-Age Security Motive for Fertility: Evidence from the Extension of Social Pensions in Namibia." American Economic Journal: Economic Policy 14, no. 4 (November 1, 2022): 488–518. http://dx.doi.org/10.1257/pol.20200466.
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The old-age security motive for fertility postulates that people’s needs for old-age support raise the demand for children. We exploit the extension of social pensions in Namibia during the 1990s to provide a quasi-experimental quantification of this widespread idea. The reform eliminated inequalities in pension coverage and benefits across regions and ethnic groups. Combining differences in pre-reform pensions and differences in exposure across cohorts, we show that pensions substantially reduce fertility, especially in late reproductive life. The results suggest that improving social protection for the elderly could go a long way in fostering fertility decline in sub-Saharan Africa. (JEL H55, I38, J13, J14, O15)
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Rajevska, Olga. "Theoretical Old-Age Pension Benefits and Replacement Rates in the Baltic States: A Retrospective Simulation." Economics and Business 28, no. 1 (April 1, 2016): 13–19. http://dx.doi.org/10.1515/eb-2016-0002.
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Abstract The author presents a comparative analysis of old-age pension systems in Estonia, Latvia and Lithuania using a method of retrospective simulation run on a self-developed model. The model baseline case is a person retiring in December 2014 after 40 years of service with nationwide average salary. Other cases include low and high-earners, funded schemes participants and simulations for modified notional capital valorisation formulae. Three study countries return very dissimilar results, which is caused by differences in their pension systems’ designs. Lack of non-contributory element (basic pension) in Latvia leads to a low degree of progressivity, with inexcusably low pensions to low-earners and excessively generous pensions to high-earners. Participation in funded pillar II schemes has not brought any significant gains to pension plan sharers. Notional capital valorisation rules adopted in different countries that use the NDC-system significantly influence pension amount.
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Safonov, A. L., M. A. Anyushina, and O. A. Dubrovskaya. "FORMATION OF PENSION RIGHTS OF CITIZENS OF THE RUSSIAN FEDERATION IN THE SYSTEM OF COMPULSORY PENSION INSURANCE." Social and labor researches 42, no. 1 (2021): 54–63. http://dx.doi.org/10.34022/2658-3712-2021-42-1-54-63.
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The present paper defines that the changes made to the pension legislation in the process of the ongoing pension reform have seriously modernized the mechanism for the formation of pension rights of persons insured in the compulsory pension insurance system, and have tightened the conditions for assigning old-age pensions. The analysis made it possible to identify the features of the formation of pension rights in terms of insurance and funded pensions for various categories of insured persons. Assessment of the pension rights for 2017 of 27,015 thousand employees of medium and large organizations and individual entrepreneurs insured in the compulsory pension insurance system (CPS), made it possible to conclude that under the current rules for the formation of pension rights to persons insured in the compulsory pension insurance system, in the conditions of the economic crisis prevailing in the Russian Federation, after the end of the transition period in 2024, a significant category of employees will need more than 15 years of insurance experience to be eligible to assign an old-age insurance pension. Starting from 2024, the number of people who have not received the right to an old-age insurance pension and who can expect to receive a social old-age pension only after five years will significantly increase among those who have reached retirement age. Among those retiring, the number of persons who have formed the minimum retirement points will increase; accordingly, in the future, the number of pensioners receiving the minimum pension, the size of which is lower than the pensioner's subsistence minimum, will increase. The authors concluded that to improve the situation with the formation of pension rights, first of all, it is necessary to stabilize the economic situation in the country, to ensure the development of the economy, to increase the income of the insured in the compulsory pension insurance system. In addition, it is necessary to activate the state policy in the field of legalization of labor relations, make changes to the mechanism for the formation of pension rights, linking this mechanism with the real contribution of the employee throughout his labor activity, thereby increasing his interest in the formation of pensions, and for categories of employees with traditional low incomes and those employed in socially significant spheres of activity (for example, education, health care, science) to make the transition to the state pension system.
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Anglim, Christopher, and Brian Gratton. "Organized Labor and Old Age Pensions." International Journal of Aging and Human Development 25, no. 2 (September 1987): 91–107. http://dx.doi.org/10.2190/lat2-p0yd-dtv8-67m9.
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Organized labor in the United States strongly supported pre-New Deal proposals for state pensions for the elderly. The idea that American labor, unlike its European counterparts, did not contribute to the rise of the welfare state is based on evidence from national organizations and their leaders. Review of the activities of the highly political state federations, and of the campaign for old age pensions in Massachusetts, indicates that labor, rather than middle-class reformers, was responsible for the promotion of new public welfare programs.
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Levine, Daniel. "The Danish Connection: A Note on the Making of British Old Age Pensions." Albion 17, no. 2 (1985): 181–85. http://dx.doi.org/10.2307/4049215.
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In the continuous discussion of how and how much Lloyd George was influenced by Germany in formulating Old Age Pensions and National Insurance, attention seems to have been almost wholly diverted from the degree to which the Danish example was discussed, recommended and clearly present in the consciousness of those who made the British Old Age Pension Act of 1908. There is no discussion of the issue in the standard work on the subject, Bentley B. Gilbert's The Evolution of National Insurance in Great Britain, (London, 1966) nor even any mention of “Denmark” in the index. The subject is likewise missing from Francis H. Stead's How Old Age Pensions Came to Be, (London [? 1910]), which Gilbert calls “indispensible.” Patricia Mary Williams barely mentions the subject in her detailed dissertation, “The Development of Old Age Pension Policy in Great Britain, 1878-1925” (University of London, 1970), and does not even do that much in the book she wrote under the name Pat Thane, Foundations of the Welfare State (Essex, 1982) nor in the chapter on old age pensions in the book she edited, Origins of British Social Policy (London, 1978). Hugh Heclo in Modern Social Politics in Britain and Sweden (New Haven, 1974) mentions (p. 167) that the proposals of the commission in 1899 “resembled” the Danish system, but Heclo does not say how or why, and then never mentions the subject again. John Grigg, in his biography of Lloyd George is concerned with the man more than the issue, and does not analyze the source of the ideas behind the old age pension bill of 1908 in his Lloyd George, The People's Champion (Berkeley, 1978).
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Grünewald, Aline. "From Benefits and Beneficiaries: The Historical Origins of Old-Age Pensions From a Political Regime Perspective." Comparative Political Studies 54, no. 8 (January 31, 2021): 1424–58. http://dx.doi.org/10.1177/0010414021989763.
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Global studies on the historical origins of old-age pensions from a political regime perspective are quite rare. Based on the novel PENLEG dataset this article shows that democratic and nondemocratic regimes had different policy priorities when designing old-age pensions for the first time. Whereas democracies had significantly higher legal pension coverage rates than nondemocratic regimes, the reverse pattern can be found for pension replacement rates. The study also shows that temporal effects and colonial legacy mattered. Longstanding democracies introduced much higher legal pension coverage rates than countries that had recently democratized. Additionally, the French colonial legacy spurred high legal pension coverage rates in African autocracies. These findings underline the importance of taking the multidimensionality of welfare programs into account when analyzing political regime differences. Moreover, due attention must be paid to the historical context when theorizing about welfare policies from a political regime perspective.
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Leighninger, Leslie. "Old Age Pensions Before Social Security." Journal of Progressive Human Services 18, no. 1 (April 5, 2007): 89–95. http://dx.doi.org/10.1300/j059v18n01_06.
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Van Zyl, Elize. "Old Age Pensions in South Africa." International Social Security Review 56, no. 3-4 (November 2003): 101–20. http://dx.doi.org/10.1111/1468-246x.00172.
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Liu, Liqun, Andrew J. Rettenmaier, and Thomas R. Saving. "LONGEVITY AND PUBLIC OLD-AGE PENSIONS." Economic Inquiry 43, no. 2 (April 2005): 247–62. http://dx.doi.org/10.1093/ei/cbi017.
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Kildal, Nanna, and Stein Kuhnle. "Old Age Pensions, Poverty and Dignity." Global Social Policy: An Interdisciplinary Journal of Public Policy and Social Development 8, no. 2 (August 2008): 208–37. http://dx.doi.org/10.1177/1468018108090639.
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Minns, Richard. "Pensions and the age-old crisis." Pensions: An International Journal 7, no. 1 (September 2001): 64–71. http://dx.doi.org/10.1057/palgrave.pm.5940184.
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YUDINA, EKATERINA. "ACTIVITIES OF NON-STATE PENSION FUNDS IN THE FIELD OF EARLY NON-STATE PENSION PROVISION." Economic problems and legal practice 16, no. 5 (October 20, 2020): 248–52. http://dx.doi.org/10.33693/2541-8025-2020-16-5-248-252.
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The system of early retirement pensions was inherited from the USSR and every third Russian pensioner receives a preferential pension. It is assigned to metallurgists, oil workers, coal miners, ballerinas, trolleybus drivers, teachers - the lists of early retired pensioners are huge. The conduction of pension reform involved seeking resources within the system itself. To solve the problem of financing preferential pensions, a system of early non-state pension provision was created, implemented through non-state pension funds. However, the existing legislative regulation does not stimulate employers of hazardous and dangerous industries to create corporate pension programs due to the fact that they will not exempt employers from paying additional insurance premiums in favor of employees on preferential lists. As a result, there are no employers in the country who will not only pay wages on time, transfer insurance premiums in a timely manner, but for this category in an increased amount, but will also form additional contributions for the same employees under the early non-state pension system. The non-state pension paid in the frame of this system does not replace the early insurance old-age pension, that is, it does not entail a decrease in federal budget costs. The purpose of this study is to consider the main legal acts and the process of development of legislation on early non-state pension provision. The result of the study is practical proposals for improving the legal framework of the early retirement pension system.
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GAL, JOHN. "How well does a partnership in pensions really work? The Israeli public/private pension mix." Ageing and Society 22, no. 2 (March 2002): 161–83. http://dx.doi.org/10.1017/s0144686x02008619.
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This paper takes the old-age pension system in Israel as a test case to examine the implications of proposals for pension reform now being debated or implemented in many welfare states. For over a decade, high on the agenda of decision-makers on both national and international levels, there has been the notion of moving towards a changing ‘partnership in pensions’ or, to put it more bluntly, towards greater privatisation of social security. Virtually since its emergence in the 1950s, the Israeli old-age pension has been based primarily upon a mix of low universal state pensions and income-related private occupational pensions. This paper compares the British and Israeli social security systems for older people in the wake of the reforms recently introduced in Britain and analyses the implications of the Israeli structure on the distribution of social security spending and on the wellbeing of different categories of older individuals.
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Rogers, Edmund. "A ‘most imperial’ contribution: New Zealand and the old age pensions debate in Britain, 1898–1912." Journal of Global History 9, no. 2 (May 23, 2014): 189–207. http://dx.doi.org/10.1017/s1740022814000035.
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AbstractThe extent of imperial influences upon nineteenth- and early twentieth-century British life, including in the development of social policy, has attracted significant scholarly interest in the past decade. The bearing of New Zealand's 1898 Old-Age Pensions Act upon the British debate over elderly poverty exemplifies the contested transfer of social policy ideas from settler colony to ‘Mother Country’. Reformers in Britain hailed a model non-contributory pension system with an imperial pedigree. However, the widely acknowledged distinction between ‘old’ countries such as Britain, and ‘new’ countries of English-speaking settlement, characterized the New Zealand example's reception. While progressives identified the colony as a ‘clean slate’ lacking the obstructive historical inheritance of the Poor Law, critics of state-funded pensions warned against drawing policy-making lessons from New Zealand. Yet when a reformist Liberal government introduced an Old Age Pensions Bill in 1908, it used Britain's age to justify the legislation's relative conservatism.
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Knutsen, Carl Henrik, and Magnus Rasmussen. "The Autocratic Welfare State: Old-Age Pensions, Credible Commitments, and Regime Survival." Comparative Political Studies 51, no. 5 (June 20, 2017): 659–95. http://dx.doi.org/10.1177/0010414017710265.
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In this article, we argue that autocratic regimes are no less likely than democracies to adopt old-age pensions, although autocratic programs are less universal in their coverage. Our theoretical argument focuses on the strong incentives that autocratic regimes have for enacting and maintaining such programs to ensure regime survival. Autocratic pension programs can be considered club goods that (a) are targeted to critical supporting groups and (b) solve credible commitment problems on promises of future distribution, thereby mitigating probability of regime breakdown. We test three implications from the argument, drawing on a novel dataset on welfare state programs and including 140 countries with time series from the 1880s. First, we find that autocracies are no less likely than democracies to have old-age pension programs. But, second, autocracies have less universal pension programs than democracies. Third, pension programs effectively reduce the probability of autocratic breakdown.
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PFARR, CHRISTIAN, and UDO SCHNEIDER. "Choosing between subsidized or unsubsidized private pension schemes: evidence from German panel data." Journal of Pension Economics and Finance 12, no. 1 (August 21, 2012): 62–91. http://dx.doi.org/10.1017/s1474747212000170.
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AbstractSince 2002, the German government has been attempting to increase private old-age provisions by introducing incentives such as supplementary subsidies and tax credits. Since then, the so-called ‘Riester pension’ has grown in popularity. Apart from subsidized pension plans, unsubsidized private pension insurances have – already in the past – been a very important instrument among old-age provision schemes. With data of the German SAVE study for the years 2005–2009, we analyze whether the decision for a ‘Riester pension’ is independent of the decision for unsubsidized private pension insurance using methods for simultaneous equations. Our estimates indicate that decisions on ‘Riester’ and private pensions are not independent and the proposed random parameters bivariate probit model results in efficiency gains compared to separate probit estimations. Regarding governmental subsidies, we find positive incentive effects of child subsidies, whereas low income earners are not seen to increase their old-age provisions. Further, there is strong evidence for a ‘crowding-in’ among alternative assets, i.e., that individuals holding various assets make additional investments in ‘Riester pensions’ or private pension insurances. Finally, when subsidies are given, these subsidies are a clearly stronger saving motive than the aim to make provisions for old age, a result confirmed by the additional fixed-effects estimations.
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Istomina, Ye A., and M. Yu Fedorova. "Legislation on early assignment of old-age pensions: some issues of regulatory practice." Voprosy trudovogo prava (Labor law issues), no. 9 (September 27, 2023): 548–57. http://dx.doi.org/10.33920/pol-2-2309-05.
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Many workers carry out labor activities in working conditions that deviate from normal (in harmful, dangerous,difficult conditions, etc.). In this regard, they may have the right to an early old-age insurance pension. However,the legislation on compulsory pension insurance is very voluminous and difficult to apply. In a number of cases, in order to exercise their right to pension provision, employees go to court. This article has been prepared taking into account materials from judicial practice and shows the problems of applying the rules of law on early oldage pensions, which the parties to the employment contract should pay attention to in order to properly form and implement the employee’s pension rights.
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Makochekanwa, Albert, Cheure Cheure, Moses Chundu, and Elisha Mavodyo. "A Informal Sector Self-Employed Workers’ Old Age Pension Scheme in Retail Sector in Zimbabwe." Journal of Social Development Studies 5, no. 1 (May 27, 2024): 31–42. http://dx.doi.org/10.22146/jsds.12026.
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The high incidence of informality in Zimbabwe implies that a large proportion of the adult population does not have access to contributory pension schemes during their working lives, rendering them ineligible for old-age pensions. The primary goal of this research is to develop a pragmatic informal retail sector noncontributory old-age pension scheme in Zimbabwe. The study drew empirical evidence from a comprehensive countrywide study using mixed-methods research. The study concluded that several factors, including the respondents' demographic characteristics, are important considerations in developing an effective non-contributory old-age informal sector pension scheme. Based on the study's findings, the study proposes alternative non-contributory old-age informal sector pension schemes, such as financing the non-contributory old-age social pension, determining the monthly amount of a non-contributory old-age pension, and gradually covering a non-contributory old-age pension gap. The study recommends the introduction of a non-contributory informal sector retirement pension fully funded by the government. Keywords: retail informal sector old-age pension scheme; social security; informal sector; Zimbabwe.
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Bondareva, E. S. "These insights into the pension law trends peculiar to the USSR and Russian federation: analysis of the results achieved." Siberian Law Herald 4 (2021): 71–79. http://dx.doi.org/10.26516/2071-8136.2021.4.71.
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Pension law trends peculiar to the USSR and Russian Federation, their fundamental influence upon the ultimate results of pension provision as to the citizens of the USSR and the ones of post-Soviet Russia are the concern of the present study. A brief review of Soviet pension law is provided herein, key elements of legal regulation of pension entitlement during Soviet period are analyzed along with the results achieved both in the USSR and Russian Federation as to the old-age insurance. The information about scales of pensions at the periods of time listed above – their minimum, medium and maximum values – is represented therewith; the purchasing power of Soviet and Russian pensions is compared, figures concerning coefficient of substitution of lost wage with pensions are dealt with. It is pointed out that the unified public pension system of the USSR has been a beneficial experience along with the establishment of proper social standards in the domain of pension provision, opportune getting the pension law development priorities right, approach and coherent rise in the standard of living of pensioners. The results of legislative work through the 90s of the 20-th century in the domain of pension provision in Russia are also summing up herein, correlation of reformative decisions made during the last decades and their consequences for the Russian pensioners are considered. Relying on the analysis above the following conclusions can be reached: pension provision reforming in Russia nowadays has not brought to rise in the standard of living of most pensioners. Moreover the level of pension provision in Russia has become lower than the one in the USSR. By this means it is concluded that fundamental reforming of pension provision setup in Russian Federation is extremely necessary and thereafter some ways of its improvement are suggested.
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WERDING, MARTIN, and MARKO PRIMORAC. "Old-age provision in transition: the case of Croatia." Journal of Pension Economics and Finance 17, no. 4 (January 15, 2018): 576–93. http://dx.doi.org/10.1017/s1474747217000166.
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AbstractLike in a number of other transition countries, the Croatian pension system comprises a traditional public pay-as-you-go scheme and a mandatory funded scheme (second pillar) that will provide increasing amounts of supplementary pensions to those entering retirement in the future. Due to the continuing economic crisis, the public scheme is currently under enormous financial strain, with a sizeable impact on central government finances. At the same time, the level of benefits deriving from the overall system is likely to become inadequately low in the long run. In this paper, we describe the existing system and project its future development under current rules. We also discuss options for further reforming the system and highlight their potential impact on pension finances, public budgets and retirement incomes, as this may provide lessons, which are of interest elsewhere.
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Poškutė, Virginija, Tadas Gudaitis, Teodoras Medaiskis, and Jaroslav Mečkovski. "SEARCH FOR SUSTAINABLE PENSION SYSTEM AND STATE SUPPORT FOR FUNDED PENSIONS IN CEE COUNTRIES." Business: Theory and Practice 23, no. 2 (September 7, 2022): 313–22. http://dx.doi.org/10.3846/btp.2022.16250.
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Pension systems around Europe are being reformed for several decades already. Main objectives of the reforms are to enable people to have adequate income at retirement and to ensure the system’s financial sustainability. Many European countries implemented policies aiming at diversification of financing sources of income at older age: risk-sharing between pay-as-you-go and funded pensions is expected to help in achieving social policy objectives towards pension systems. Central and Eastern European countries (CEE) face even more challenges in ensuring adequate income at retirement. First, CEE countries were required to transform radically their economies in 1990s towards market economy, including old age pension systems. Second, in order to ensure diversified future old age pension income and attract more financial means to the system, introduction of funded pensions from scratch and ensuring as wide as possible coverage with funded pension schemes was of primary importance also. The paper discusses latest developments of retirement pension systems in Europe and state involvement in private pension schemes. In doing so, the focus is on the introduction of funded private pension schemes in selected CEE countries. In spite of initially chosen different paths for the reforms, inconsistent state policies towards funded pensions in the CEE countries resulted in similar outcomes of the reforms. The paper starts with discussion on main objectives of pension systems – enabling people to have adequate income at retirement and ensuring financial sustainability of the systems. Further, possibilities to achieve the objectives of pension reforms are analysed – diversification of income at retirement. Third part of the paper discusses prevailing debates on future of welfare state as such and individualisation trends within different European welfare state models. These debates and perceptions of population about responsibilities of a state for individual welfare affect direction of reforms and future shape of old age pension systems. Fourth part of the paper deals with state policies and tools that are used for encouragement of participation in supplementary pensions. Final part of the paper presents more detailed outline of the pension reforms in selected CEE countries and summarises particular challenges of their pension systems. The paper ends with a discussion on policy implications in relation to latest developments of pension systems in CEE countries.
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Hohnerlein, Eva Maria. "Pension indexation for retirees revisited – Normative patterns and legal standards." Global Social Policy 19, no. 3 (April 17, 2019): 246–65. http://dx.doi.org/10.1177/1468018119842028.
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Maintaining adequate pension levels throughout the entire retirement phase is a persistent challenge in old-age protection. Most public pension schemes in OECD (Organisation for Economic Co-operation and Development) countries provide for some form of indexation for pensions in payment. These mechanisms have been object of frequent revisions for different purposes, in particular across Europe. This article explores the social and financial policy objectives linked to standard indexation parameters in public pension schemes, and offers a rough taxonomy of additional factors used to modify traditional indexation arrangements, with a special focus on changing rules and practices adopted in the European Union (EU) area after the 2008 international economic and financial crisis. Analysis suggests that early responses were mainly driven by cost containment ideas, whereas more recently, a subtle shift towards adequacy-oriented interventions can be noticed. The article argues that restrictive pension indexation rules in combination with overall retrenchment of public pension provision fail to take into account the increasing duration of retirement and corresponding pension erosion. Such failure calls into question not only income security during retirement as a major objective of old-age pensions but also compliance with international standards of social security set by the International Labour Organisation (ILO) and the Council of Europe. More social policy research is needed in view of the increasing complexities of indexation rules, as shortfalls in indexation can cause significant impairment in the living conditions of older pensioners, predominantly women.
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Han, Chengming, and Nan Zhou. "NO PENSION, NO HAPPINESS?—FINANCIAL SUPPORT EXPECTATION IN THE OLDEST-OLD AGE AND DEPRESSIVE SYMPTOMS." Innovation in Aging 7, Supplement_1 (December 1, 2023): 502–3. http://dx.doi.org/10.1093/geroni/igad104.1651.
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Abstract Objective This paper aims to explore the effect of financial support expectation on depressive symptoms among the oldest-elderly. Method. Data were drawn from the China Health and Retirement Longitudinal Study (CHARLS) 2018. The analytical sample included 10641 respondents who were older than 45. Financial support expectations refer to whom they would reply on when they cannot work, which includes four categories: children, themselves (savings or commercial life insurance), pensions, and others. Linear regression models were employed after controlling for pension, health insurance and urban-rural household registration (hukou). Results More than half of the sample reported that they would rely on their children when they became too old to work. Those who reported that they would rely on themselves (b=-1.72, p=0.000) or pensions (b=-1.23, p=0.000) reported lower levels of depressive symptoms compared to those who would rely on their children. When pension and health insurance were controlled for, only those who would rely on themselves presented lower level of depressive symptoms. Pension and health insurance (except rural health insurance) mediated the association between the financial support expectation and depressive symptoms. However, the hukou status inhibited the mediating effect of pension and health insurance. Conclusion Financial uncertainty is a potential threat in the oldest-old age. Reducing the urban-rural inequality in pension and health insurance would help reduce the negative effects of financial uncertainty.