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1
Valkov, Vladimir. « IMPACT OF THE ECONOMIC FACTOR ON THE SOCIAL SECURITY SYSTEM ». KNOWLEDGE - International Journal 47, no 1 (16 août 2021) : 213–18. http://dx.doi.org/10.35120/kij4701213v.
Texte intégralRésumé :
The economic factor and its strong influence is determined mainly by the funds received from social security contributions in the social security system, by the number of persons employed, by the pension costs and the amount of the maximum social security income, as well as by the average monthly salary. Funds allocated to pensions are a major economic factor that has a major impact on the social security system. The more money is spent on pensions, the greater the negative financial effect on the social security system. The unfavorable demographic trends and the aging of the population in Bulgaria have led to higher pension expenditures. The purpose of the report is to show the great importance of the economic factor as an essential element of the social security system. The funds allocated for pensions in the social security system are essential. As the population ages, pension costs increase, so does the burden on the social security system. The current social security system is based on three pillars - mandatory pension insurance, mandatory supplementary and supplementary voluntary pension insurance. Compulsory pension insurance is in fact a continuation of the previously operating pension system, based on the pay-as-you-go system, with modifications to somehow link people's contributions to the pensions received. The insured pay social security contributions, which are distributed and paid in the form of a pension to the disabled. Compulsory supplementary pension insurance is the second pillar of the system and is based on the so-called funds or capital principle. The contributions of the insured persons are transferred to pension funds, which invest the resources in investment instruments. As it has already become clear, the three-pillar model in Bulgaria is a mix of the cost-covering and capital models. The problems in these models quite naturally have an impact on the chosen three-pillar model in Bulgaria. The main idea behind the cost-covering model is that working young people contribute to the pension system and these contributions are used to pay the pensions of the currently disabled. The model can be considered as a kind of social transfer of resources between generations. Young people work and pay a "social tax", and the disabled receive an income (pension) that provides them with consumption. The results show that more and more funds are needed for the social security system, which are obtained through grants from the national budget.
2
Аксенов, P. Aksenov, Емельянов et S. Emelyanov. « The Role of Pension Funds in Financing US Federal Debt ». Administration 5, no 1 (16 mars 2017) : 93–97. http://dx.doi.org/10.12737/24707.
Texte intégralRésumé :
The article examines main trends in financing the federal debt, pointing out its structure, with focus on the
role of pension funds as a source of financing; because the surplus of Social Security funds is loaned to
the rest of the government; interlinks concerning this process and possible problems; the peculiarities of
the federal government pension system’s investment in the government bonds. The US public debt as a
share of GDP is much less than in many countries, but its volume is near 20 trln. doll. It may be classified
by marketable and non-marketable securities, which are mainly owed to certain government trust funds
such as the Social Security trust fund. So the Social Security trust fund, in effect is exchanging one type
of debt for the other, taking into consideration that the non-marketable securities represent amounts owed
to the beneficiaries. The reserves are in effect borrowed for a time by the rest of the government, and then
repaid with interest when the trust funds need them back. Looking ahead Social Security will continue to be
financed through its own receipts, mainly payroll tax; and Social Security Trust Fund surplus will become
diminishing, with less possibilities to finance federal debt.
3
Yakovlenko, M. S. « Pension fund of Ukraine as a subject of dispute resolution in the field of social security ». Uzhhorod National University Herald. Series : Law, no 65 (25 octobre 2021) : 416–19. http://dx.doi.org/10.24144/2307-3322.2021.65.75.
Texte intégralRésumé :
The formation of Ukraine as a welfare state requires the restructuring of the entire system of social protection. The main principles of such restructuring are that a person, his life and health are recognized as the highest social, and citizens have the right to social protection (Articles 3, 46 of the Constitution of Ukraine). Social security issues concern everyone. However, at present, the majority of the population still does not have a clear idea of private pension funds and the services they offer. This article is devoted to the study of the subject, which provides basic social guarantees for the stable development of society. One of the most important directions for members of society to transform the social policy of the state is to reform the pension system, which affects the interests of several generations for a long time. The article considers the activity of the Pension Fund of Ukraine as a subject of dispute resolution in the field of social security. The activities of the Pension Fund of Ukraine are subordinated and coordinated by the Cabinet of Ministers of Ukraine through the Minister of Social Policy of Ukraine. Pension provision is considered as a component of the system of social obligations of the state. The problems of financial support of the Pension Fund, which are due to the peculiarities of the solidarity system of compulsory state pension insurance, are studied. Pension provision is one of the most important social guarantees of stable development of society, as it directly affects the interests of the disabled population and indirectly able-bodied population. And it becomes extremely important in the period of economic transformations taking place in Ukraine. Pension provision is the main component of the state system of social protection and, of course, reflects the characteristics of this higher system, which is a system of interconnected funds, bodies and institutions, entities, types of provision and legal acts. The relevance of the topic is determined by the need for in-depth study of problematic issues in the field of pensions in order to create a reliable and adequate to market conditions of the social protection system for the population.
4
Vízhunov, O. « The importance of social security as a whole for the legal system ». Social Law, no 3 (6 novembre 2019) : 91–93. http://dx.doi.org/10.37440/soclaw.2019.03.15.
Texte intégralRésumé :
The current state, trends of development and directions of improvement of functioning of social security system in modern conditions are analyzed, based on the activity of four extrabudgetary funds. The organizational-economic and social features of functioning of compulsory social insurance, sources of formation and management of functioning of the pension fund are investigated.
5
Sun, Shouji, et Jiye Hu. « The impact of pension systems on financial development : An empirical study ». Risk Governance and Control : Financial Markets and Institutions 4, no 3 (2014) : 119–30. http://dx.doi.org/10.22495/rgcv4i3c1art5.
Texte intégralRésumé :
The impact of pension assets on financial development is both quantitatively and qualitatively. On quantitatively, pension funds increase capital supply to financial market. On qualitatively, pension funds as institutional investors could promote corporate governance, information disclosure and transaction efficiency. Based on regression results of 55 countries and regions, we find that different pension systems formed different size of pension fund; every 1% increase of the pension funds’ assets could bring about 0.15%-0.23% increase of the market value, which could explain cross-countries difference of financial development. Based on panel data analysis, we find that the impact of pension fund on financial development is very significant especially in civil law and underdeveloped countries. By using co-integration analysis and vector auto regression model (VAR) with time series data of Chile, we find positive relationship between pension funds and financial development again. The empirical results indicate that legal origin, endowment and pension fund views are not exclusive but compatible. A country cannot change its legal origin and endowment, but it can change pension policies and reform social security system. A funded pension system with accumulates pension assets could promote a country’s financial development and economic growth.
6
Шрам, Валерий, et Valeriy Shram. « PENSION INSURANCE REFORM IN CROATIA AT THE PRESENT STAGE ». Journal of Foreign Legislation and Comparative Law 1, no 4 (29 octobre 2015) : 0. http://dx.doi.org/10.12737/14270.
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The article analyzes the pension insurance reform in Croatia, which marked the beginning of a three-level pension system formation. The first level includes old-age pensions, disability pension and survivors pension as part of the compulsory pension insurance system. The second level includes pensions on the basis of the compulsory pension insurance with a saving element. The third level is based on the voluntary pension insurance system. The author reveals the conditions for granting non-contributory pensions, non-contributory pensions with a saving element as well as conditions for granting funded pensions. The article analyses the new formula for calculation of non-contributory (funded) pensions, which was initially introduced as part of the Pension Insurance Law in 1998. The article displays fundamental changes in the pension insurance system, which led to the formation of compulsory pension funds and non-governmental pension funds. Special attention is paid to the formation in compulsory pension funds of capitalized savings of the insured parties as part of the compulsory pension insurance and to the procedures for payment of funded pensions with a saving element. The article reveals the reasons for adopting in 2013 and 2014 of pension laws, the implementation of which will determine the improvement of the pension insurance system in Croatia. The article reviews the conditions for the formation of compulsory and voluntary pension funds. Special attention is paid to the participation of the insured parties aged up to 40 years in compulsory pension funds, which are divided into three categories depending on the extent of risk management during investing of the insured parties’ savings. Besides general scientific methods (analysis and synthesis), the author also applied in the article private law research techniques, in particular, formal logical, theoretical, comprehensive legal, historical and comparative law methods. Scientific novelty of the work is in its integrative and comprehensive approach to the analysis of the Croatian pension system development, which is formed on the basis of a three-level system of pension insurance. The analysis of the pension insurance norms and law enforcement practice in the modern period is of great scientific and practical importance. The research findings should contribute to the development of proposals on the creation in the Russian Federation of a pension system, which is adequate to the country’s modern social-economic development and which complies with the international and legal standards of social security and foreign states’ experience.
7
Rutecka, Joanna. « Funkcjonowanie państwowych funduszy rezerwowych o celu emerytalnym na przykładzie doświadczeń Norwegii ». Kwartalnik Kolegium Ekonomiczno-Społecznego. Studia i Prace, no 4 (29 novembre 2014) : 127–41. http://dx.doi.org/10.33119/kkessip.2014.4.5.
Texte intégralRésumé :
Pensions reserve funds are permanent elements of social security systems in many countries. In others they play important role of a useful solution that helps to alleviate temporary deficits in social security. One of the few countries that gath‑ ered very large pensions reserves is Norway. It is an excellent example of a country that uses oil revenues to fulfil the long ‑term liabilities of the social security system and promote solidarity between generations. The article analyses the sources of fundraising and methods of asset management used in Norwegian public reserve funds. The collection of large reserves was possible only due to permanent sur‑ plus in state budget resulting from oil revenues. Assets collected in the fund were then invested in highly diversified and long ‑term portfolio that proved to be very effective. Norwegian pension reserve fund Global showed that the right strategies of asset allocation and broad geographical diversifications may result in rates of return much higher than constructed benchmarks. Moreover, it can also meet the expectations of ethical and socially ‑responsible investments.
8
Owczarczyk, Anna. « IMPACT OF PENSION SYSTEM REFORMS ON PUBLIC FINANCE EXPENDITURES IN POLAND ». Zeszyty Naukowe SGGW, Polityki Europejskie, Finanse i Marketing, no 22(71) (16 décembre 2019) : 145–55. http://dx.doi.org/10.22630/pefim.2019.22.71.32.
Texte intégralRésumé :
The social security system in each country, if it exists, plays a crucial role in supporting citizens and specific expenditures of the public finance system. Its importance in public spending depends on many factors; in particular, on its source and on its form of financing benefits or pensions. The social security system in Poland is composed of a social insurance and welfare system, a health insurance system, unemployment and family benefits, from which are enumerated an old-age pension, invalidity pension, sickness and maternity insurance, insurance against accidents at work and occupational diseases, and health insurance. The Polish social security system often changes due to implementation of improvements or limits on public spending. The most famous reform took place in 1999 and introduced the largest number of changes in the sphere of pension security. Because the scale of public funds that are passed on to the social security system is very large, pension reforms should are crucial for improving the state of public finances. The aim of the paper is to present changes that took place in the Polish pension system between 1999 and 2017 and how those changes influenced the amount of public expenditures. The study reviews the research hypothesis: frequent changes in the pension system have a negative impact on the state of Polish public finance. The study covers the years 1999-2017, as well as the previous four years before the implementation of the pension reform. Basic research materials used to conduct the research analysis were reports on implementation of the state budget, data prepared by the Social Insurance Institution and the Agricultural Social Insurance Fund as well as statistical data obtained from the Central Statistical Office.
9
Ząbkowicz, Anna. « Mandatory pension funds in Chile : decline of the arrangement ? » e-Finanse 13, no 4 (1 décembre 2017) : 149–55. http://dx.doi.org/10.1515/fiqf-2016-0043.
Texte intégralRésumé :
AbstractChile has been both a pioneer and the most radical follower of the idea of converting pension savings into contributions to privately-managed capital funds. Two recent portions of reforms under President Bachelet extended the social safety net as well as re-introduced publicly-administered programs on behalf of retirees.Does such direction, in the country with the longest lasting evidence of privatized fully-funded pensions mean a fall of the arrangement? The article attempts a political-economic argumentation in aim to form the answer.The premise is that risk sharing constitutes a crucial issue in insurance industry where old-age security is largely placed. In social security segment the risk of default on liabilities is backed by taxing capacity of the state; in fully-funded-pensions plans normally this is individual contributor who faces the portfolio risk. Therefore change in risk sharing between the contributors to the funds, pension management companies and the state is fundamental for evaluation of the reforms. The review of Chilean reforms reveals an institutional arrangement which is fundamental to risk sharing, namely the relation between contribution and benefit, left intact. This finding supports the conclusion that bringing recently the state back into retirement system can not be conceived as any systemic revolution.
10
Drobina, Liliia. « Social Insurance Aid of the Soviet Post-War System in the Western Regions of the Ukrainian SSR ». Науковий вісник Чернівецького національного університету імені Юрія Федьковича. Історія 1, no 47 (30 juin 2018) : 105–14. http://dx.doi.org/10.31861/hj2018.47.105-114.
Texte intégralRésumé :
The issues of population social security are also urgent in Ukraine in the 21st century. A lotof these issues still remain poorly studied. The purpose of this article is to clarify the circumstances of the social insurance system formation in the post-war policy of Soviet social security system in the western regions of Ukraine.
The social security system is characterized by the formation of trade unions according to the industrial-branch principle. The main and only participants in these funds were enterprises, institutions and organizations; therefore, social and insurance assistance was provided to citizens in a centralized manner and had a strictly targeted purpose. All members of trade unions (workers and employees) were entitled to pensions and free medical care being disabled in the event of injury and other illnesses. In kolkhozes, the peasants could not claim the state aid, they should have been paid the aid from the funds of the collective farms on the decision of the general meeting.
In the system of social security, public organizations were formed: disablement association (Ukoopinrada and Ukrinstrakhkasa), mutual aid funds (MAF), the Society of deaf people (UTOG) and the Society of blind people (UTOS). Social security bodies lacked funds; therefore, in general, the decrees remained declarative, since all payments were scanty, much lower than the subsistence level.
Keywords: social security, trade unions, mutual aid fund, members of kolgosp, pension, disablement
11
Laurell, Asa Cristina. « The Mexican Social Security Counterreform : Pensions for Profit ». International Journal of Health Services 29, no 2 (avril 1999) : 371–91. http://dx.doi.org/10.1177/002073149902900201.
Texte intégralRésumé :
The social security counterreform, initiated in 1997, forms part of the neoliberal reorganization of Mexican society. The reform implies a profound change in the guiding principles of social security, as the public model based on integrality, solidarity, and redistribution is replaced by a model based on private administration of funds and services, individualization of entitlement, and reduction of rights. Its economic purpose is to move social services and benefits into the direct sphere of private capital accumulation. Although these changes will involve the whole social security system—old-age and disability pensions, health care, child care, and workers’ compensation—they are most immediately evident in the pension scheme. The pay-as-you-go scheme is being replaced by privately managed individual retirement accounts which especially favor the big financial groups. These groups are gaining control over huge amounts of capital, are authorized to charge a high commission, and run no financial risks. The privatization of the system requires decisive state intervention with a legal change and a sizable state subsidy (1 to 1.5 percent of GNP) over five decades. The supposed positive impact on economic growth and employment is uncertain. A review of the new law and of the estimates of future annuities reveals shrinking pension coverage and inadequate incomes from pensions.
12
Feklistova, D. P., et D. M. Zagorska. « E-Government as a Major Factor in the Development of Social Insurance Funds in Ukraine ». Business Inform 9, no 512 (2020) : 198–204. http://dx.doi.org/10.32983/2222-4459-2020-9-198-204.
Texte intégralRésumé :
Social insurance as a system of guaranteeing material support in case of occurrence of insured cases undergoes the process of reforming, the State uses a variety of methods of influence, including achievements of scientific-technological progress. Social security funds were created to provide citizens with a full range of services that provide a decent life. The article is aimed at analyzing the opportunities of social security funds to provide electronic services. The latest changes in the reform of the social insurance system of Ukraine are illuminated. The functions performed by these establishments are considered in order to understand their essence. The concept of «e-government» is described and it is defined that its application influences the improvement of effectiveness of the government policy. The analysis of services of the Pension fund of Ukraine, the Social insurance fund and the Social insurance fund in case of unemployment was carried out. The largest number of electronic services is now provided by the Pension fund of Ukraine, which successfully implements e-government. The Social security fund does not yet provide the opportunity to receive services remotely. The Social security fund in case of unemployment in the aspect of e-government focuses on the employment services of citizens. Recommendations for further development of the social insurance system using electronic services are provided.
13
PAIELLA, MONICA, et ANDREA TISENO. « Evaluating the impact on saving of tax-favored retirement plans ». Journal of Pension Economics and Finance 13, no 1 (23 septembre 2013) : 62–87. http://dx.doi.org/10.1017/s147474721300019x.
Texte intégralRésumé :
AbstractThis paper exploits a recent reform of private pension schemes in Italy to identify the impact on household saving of tax-favored retirement saving plans. The reform was part of the restructuring of the social security system and was aimed at rising private long-term saving by making pension funds more attractive and convenient. We control for unobserved saver heterogeneity and a central focus is on substitution across saving instruments. We find that the pension fund legislation had a strong effect on the allocation of saving and triggered substantial substitution of non-tax-favored non-retirement wealth for tax-favored pension funds. In contrast, we find that it had little, if any effect on household saving flows. Our findings also suggest that the provision of ‘closed’ pension funds might significantly affect the decision to invest in private retirement schemes.
14
Rusak, H. W. « Pension provision in the system of social protection of the population ». Analytical and Comparative Jurisprudence, no 1 (2 juillet 2022) : 109–12. http://dx.doi.org/10.24144/2788-6018.2022.01.20.
Texte intégralRésumé :
A large number of works in the scientific literature are devoted to the study of pensions in the social protection system, because today the issue of providing social guarantees to the population is very painful. Today's pension system in Ukraine operates in conditions of constant financial stress, instability and requires constant improvement as it is unable to provide citizens with a decent standard of living and therefore needs to be reviewed and reformed. Reforming socio-economic processes necessitates comprehensive public administration of reforms in the pension system by improving organizational and economic mechanisms.
Pension provision is an important component of Ukraine's economic system. Pension rights are one of the basic social rights guaranteed by the Constitution of Ukraine and the laws of Ukraine, which are not only proclaimed or declared, but also implemented and apply to everyone.
State-funded pension benefits are important factors in determining the living standards and well-being of the poorest and are designed to prevent poverty, meet basic needs and maintain a normal standard of living after losing one's job.
The article considers the functioning of the pension system in Ukraine, namely, the need and composition of pensions, evolutionary processes, economic nature, as well as sources of formation of the Pension Fund and the use of funds. The need to amend the legislation of Ukraine to reform the pension system in Ukraine has been identified.
Scholars' views on the interpretation of the concept of "pension provision" and "social protection system" are systematized. Particular attention is paid to the study of the constituent elements of the social protection system, which includes: social assistance, social security, social insurance. The three-level pension system in the context of the components of social protection subsystems is also studied.
15
Gómez-Déniz, Emilio, Jorge V. Pérez-Rodríguez et Simón Sosvilla-Rivero. « Analyzing How the Social Security Reserve Fund in Spain Affects the Sustainability of the Pension System ». Risks 10, no 6 (10 juin 2022) : 120. http://dx.doi.org/10.3390/risks10060120.
Texte intégralRésumé :
Faced with the need to adjust public pension systems to meet changing demographic, economic and social conditions, most developed countries have created government reserve funds to ensure macroeconomic sustainability. This paper aims to study the importance that this reserve fund plays in the sustainability of the Spanish public pension system. Using data for the 2000 to 2019 period (20 observations) on the main variables impacting on the system, we calculate probabilities and other indicators of its unsustainability in relation to the reserve fund. Our model accurately reflects certain aspects of the data, and suggests that the probability of unsustainability is inversely associated with the size of the reserve fund, but that this relation is moderated by the heterogeneity of the members of the pension system. Moreover, the probability of unsustainability increases in line with the pension system deficit, the time elapsed until unsustainability is reached is shorter when the Reserve Fund balance falls, and the size of this fund at which the system becomes unsustainable diminishes with the probability of unsustainability.
16
Datz, Giselle. « The Inextricable Link between Sovereign Debt and Pensions in Argentina, 1993–2010 ». Latin American Politics and Society 54, no 1 (2012) : 101–26. http://dx.doi.org/10.1111/j.1548-2456.2012.00144.x.
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AbstractEstablished with the reform of 1993, Argentina’s private pension funds became crucial sources of credit for the national government. They purchased large amounts of sovereign bonds defaulted on in 2001 and hence were key to the success of the debt restructuring of 2005. The private pillar was always vulnerable to political maneuvering; the nationalization of private pension funds in 2008 was only the last stage in an iterated process of state intervention, a function of public debt dynamics. This article argues that the financial pressures associated with Argentina’s sovereign debt burden systematically shortened the temporality of pension policy decisions, taking those away from long-term concerns about the stability of the social security system and toward the immediacy of debt-financing imperatives. Therefore, the politics of pension reform reversal in Argentina were determined by the increasingly strong and inextricable link between debt and pensions.
17
Dreassi, Alberto, Stefano Miani et Andrea Paltrinieri. « Sovereign pension and social security reserve funds : A portfolio analysis ». Global Finance Journal 34 (novembre 2017) : 43–53. http://dx.doi.org/10.1016/j.gfj.2017.03.003.
Texte intégral
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Tikhon, V. I. « Methods of Combating the Legalization of Proceeds from Crime through Non-State Pension Funds ». KnE Social Sciences 3, no 2 (15 février 2018) : 293. http://dx.doi.org/10.18502/kss.v3i2.1556.
Texte intégralRésumé :
The crisis in the field of social security of the population occurred in the process of transformation of economic relations, and, first of all, in the pension system. A reform of the pension system has been implementing for a sufficient period of time, in order to overcome the negative phenomena. Non-state pension funds (further NPFs) have been severely criticized by the Ministry of Health and Social Development to address the mandatory pension insurance system. Private organizations ineffectively manage the pension savings of citizens, and there is also a place for - the legalization of criminal proceeds, the ministry believes, which can be confirmed by the data published by the Bank of Russia on the revocation of licenses from a number of NPFs[1].The legalization of criminal proceeds is by itself a very negative phenomenon, which adversely affects the individual organization, the economy as a whole and social life, exerting a detrimental effect on the economic and national security of society and the state. Operations, to some extent related to the legalization of criminal proceeds, significantly increase the risk of loss of reputation for non-state pension funds. As a result, these monetary resources fall into the global financial system, and acquire the ability to undermine the national currency and the economies of individual countries, thus creating a threat to both national and international security. Keywords: Legalization of criminal proceeds, private pension funds, risk-oriented approach, internal control.
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Ubaidillah, Muhammad, Mohd Adib Ismail et Mohd Ali Mohd Noor. « The Waqf Integrated Financial Instrument of Pension Model in Malaysian Social Security : A Conceptual Proposition ». Journal of Muamalat and Islamic Finance Research 17, no 1 (1 juin 2020) : 33–55. http://dx.doi.org/10.33102/jmifr.v17i1.259.
Texte intégralRésumé :
The ageing population trend is a problem for almost all countries in the world. In Malaysia, the issue is exacerbated by insufficient employee savings to face retirement. The majority of Malaysian employees have savings no more other than mandatory savings of the Employees Provident Fund (EPF) account. On the other hand, waqf has many roles in the country’s economic development as it helps to improve welfare of the community. This paper aims to connect the gap between pension and waqf issues through a new proposed Waqf Based Pension Model. This study uses descriptive analysis to propose a Waqf Based Pension Model. This study employs library research approach to collect secondary data from journal articles, books, reports, and websites that contain existing pension schemes and waqf. This new model improves weaknesses in the existing pension scheme using annuity-based calculations. This study finds that productive waqf assets may be used to generate greater profits. In addition, waqf funds are then allocated to build the infrastructure needed by the community such as health services, education, housing, transportation and religious facilities. The new Waqf Based Pension Model is expected to be supported and applied by the government and the community.
20
АРУТЮНЯН, Марина Самвеловна, Дени Абасович КУРБАНОВ et Оливер Юрьевич ХИСМАТУЛЛИН. « THE CONCEPT OF AN INTEGRATED SOCIAL SUPPORT SYSTEM AS A PREREQUISITE FOR THE ESTABLISHMENT OF THE PENSION AND SOCIAL INSURANCE FUND : FROM IDEA TO IMPLEMENTATION ». Rule-of-law state : theory and practice 18, no 4(70) (19 janvier 2023) : 41–46. http://dx.doi.org/10.33184/pravgos-2022.4.6.
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The implementation of the concept of «social treasury» through the formation of a single social security fund in Russia is currently being realized through the creation ofthe Pension ana Social Insurance Fund. Objectively, this transformation of state extra-budgetary funds is impossible without an appropriate regulatory framework, the basis of which is Federal Law No. 236-FZ «On the Pension and Social Insurance Fund of the Russian Federation», adopted on July 14, 2022. Purpose: to analyze the prospects for the centralization ofthe system of public administration of social benefits, to assess the consequences ofthe introduction of such a mechanism from private law and state (public) positions. Methods: empirical, theoretical, specific scientific methods. Results: the conducted research allows us to trace the evolution ofthe idea and prerequisites for the creation of a unified social security system, to assess the prospects for further improvement of themechanism for implementing the social function of the state.
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Díaz, Luis Eduardo. « LA SEGURIDAD SOCIAL DEL CICLO DE VIDA (UNA CUALIDAD POR REFORZAR). » E-REVISTA INTERNACIONAL DE LA PROTECCION SOCIAL 5, no 2 (2020) : 204–22. http://dx.doi.org/10.12795/e-rips.2020.i02.10.
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Social security needs to anchor its purposes in the life cycle. Its application in social security would make it possible to identify gender problems and conceive, from family allowances, an arc of protection before birth, reconciling the productive period with old age and ensuring the sustainability of pension funds. The coverage of the atypical and informal population could also be increased, because the life cycle, as a methodology and strategy of analysis, equalizes opportunities from before birth.
22
Novickytė, Lina, et Viktorija Rabikauskaitė. « THE EVALUATION OF THE II PILLAR PENSION’S FUNDS : AN INTEGRATED APPROACH USING MULTI-CRITERIA DECISION METHODS ». Business : Theory and Practice 18 (8 août 2017) : 109–27. http://dx.doi.org/10.3846/btp.2017.012.
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Lithuania has had a significant reform path in the last twenty-five years like other communist bloc countries during the intense changes in the world. Changes and transformations took place in various areas including social security system. Since 2004 have been significant developments legalizing the three-pillar old age pension system supported by the World Bank. Currently, the pension funds operating more than ten years and their assessment still have not stopped being the centre of numerous discussions. There are ongoing discussions about the fund performances’ benefit, efficiency and its evaluation. Therefore, this paper investigates the funds’ valuation problem by testing II pillar pension’s funds in Lithuania. We use the multi-criteria methods with two scenarios: first we estimate II pillar pension’s funds by applying a return (as well as the added value) and the risk indicators; second we include only the most popular derivative indicators: Sharpe, Treynor and Jensen’s alpha ratios. Our results indicate that based on the second scenario methodology is more precise evaluated II pillar pensions funds’ performance, but funds evaluation model based on multi-criteria assessment is more appropriate for larger funds groups. However, in order to assess the performance of the funds and compare them with each other it is important not only use the mathematical methods but also to maintain a holistic approach which allows to integrate micro and macro environmental factors into the funds’ assessment.
23
Bagheri, Aidin, et Mohamadreza Mojtahdi. « A Look at Retirement Funds in the Iranian Legal System ». Studies in Asian Social Science 6, no 1 (22 janvier 2019) : 28. http://dx.doi.org/10.5430/sass.v6n1p28.
Texte intégralRésumé :
Pension funds are an important pillar of the social security system of the country. Historically, retirement funds in the Iranian legal system have been a source of many problems, most notably financial deficits. The lack of prospects for the future and the uncertain program and unprofessional management, as a result of the lack of transparency and ineffective and sometimes contradictory laws, have all worked together to make retirement funds a problem in the country; this turmoil and turmoil situation And the inadequacies of funds in all respects have caused worries about the future. Reasons for the aging of the population and the decline in employment and ... have increased the seriousness of the crisis. The implementation of early-retirement laws in different periods, macroeconomic fluctuations, and neglect of misguided and non-normative outlooks and government roles, and largely one-way interactions with funds, are one of the most important reasons for the existence of a crisis in retirement funds In recent years. In Iran, the increase in the number of retirement funds has been caused by various programs and systems (various regulations); in the absence of comprehensive welfare and social security systems in the country, the stratification and distribution of decay and support Boxes will also be added. In this context, it is necessary to gain a comprehensive understanding of the status and legal system of the pension funds, with the study of how the administration and the status of the cost are spent, the inputs of these funds and the amount and group covered. In other words, the multiplicity of pension funds and the lack of coordination between these institutions and the lack of a single standard in them and the lack of respect for the fairness of the income received by retirees has caused dissatisfaction with this important group of society, because the type of services and range of support, also from the fund to the fund The difference is different, and this creates discrimination and increases the gap between the strata; it should be noted that the function and function of pension funds is international and the lack of attention to these funds can have serious consequences in the community. Currently, reforms to the rules and regulations of the pension funds and the management and management of these funds are important and important priorities, and the planned measures should be directed towards changing the situation and improving the efficiency and funds and optimal and wise use. Resources are maintained, with no loss or damage to retirement benefits.
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Żuk, Piotr, et Paweł Żuk. « Retirees without pensions and welfare : The social effects of pension privatization in Poland ». Critical Social Policy 38, no 2 (21 septembre 2017) : 407–17. http://dx.doi.org/10.1177/0261018317731982.
Texte intégralRésumé :
This article describes the chaos caused by the 1999 privatization of the pension system in Poland. The recent measures taken by the right-wing populist government of the Law and Justice (PiS) party, which reduced the retirement age and announced the complete elimination of ‘open’ (private) pension funds at the end of 2016, have not improved the situation of present and future retirees. Various forecasts show that the elderly will not be able to count on state aid in the future. The future of retired women (who tend to be less economically active) and those employed on ‘junk contracts’, from which social security contributions were not deducted, seems to be completely hopeless.
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M.Manan, Yuliyanti. « PENDEKATAN STRATEGIS ADAPTIF BERBASIS SJSN (BPJS) DALAM UPAYA PENGEMBANGAN PRODUK PENSIUN NASIONAL ». DIALEKTIKA : Jurnal Ekonomi dan Ilmu Sosial 5, no 1 (10 mars 2020) : 77–86. http://dx.doi.org/10.36636/dialektika.v5i1.412.
Texte intégralRésumé :
ABSTRACT
The Capital Market Industry and Non-Bank Financial Institutions (NBFIs) provide alternative means of investment and financial planning for the public. Funds collected in the capital market and the non-bank financial industry (IKNB) and the movement of funds through the financial markets, including capital markets and non-bank financial institutions, are the main keys to the movement of a country's economy. The ranking of penetration results from the World Bank in 6 Asian countries Indonesia ranks 6th, in order to increase penetration, an adaptive approach based on the National Social Security System (BPJS) is needed, in this case placing the role of the National Health Insurance as a center for developing a national pension program with the strategy of integrating the health benefits of Social Security Health Insurance. and pension services (BPJS-K & P). The purpose of this research is to analyze and study innovation solutions to the development and derivation platform of pension products based on the BPJS program. This study uses a descriptive analytical research design and an actuarial approach to research and develop BPJS-based pension services programs.
Keywords: Adaptive Strategy, SJSN, BPJS, Pension Services.
ABSTRAK
Industri Pasar Modal dan Lembaga Keuangan Non-Bank (LKNB) menyediakan sarana investasi alternatif dan perencanaan keuangan untuk publik. Dana yang dikumpulkan di pasar modal dan industri keuangan non-bank (IKNB) dan pergerakan dana melalui pasar keuangan, termasuk pasar modal dan lembaga keuangan non-bank, adalah kunci utama pergerakan ekonomi suatu negara. Pemeringkatan hasil penetrasi dari Bank Dunia di 6 negara Asia Indonesia menempati urutan keenam, untuk meningkatkan penetrasi, diperlukan pendekatan adaptif berdasarkan Sistem Jaminan Sosial Nasional (BPJS), dalam hal ini menempatkan peran Asuransi Kesehatan Nasional. sebagai pusat pengembangan program pensiun nasional dengan strategi mengintegrasikan manfaat kesehatan dari Jaminan Kesehatan Jaminan Sosial. dan layanan pensiun (BPJS-K & P). Tujuan dari penelitian ini adalah untuk menganalisis dan mempelajari solusi inovasi untuk platform pengembangan dan derivasi produk pensiun berdasarkan program BPJS. Penelitian ini menggunakan desain penelitian analitik deskriptif dan pendekatan aktuaria untuk meneliti dan mengembangkan program layanan pensiun berbasis BPJS.
Kata kunci: Strategi Adaptif, SJSN, BPJS, Layanan Pensiun.
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de Mesa, Alberto Arenas, et Verónica Monteemos. « The Privatization of Social Security and Women's Welfare : Gender Effects of the Chilean Reform ». Latin American Research Review 34, no 3 (1999) : 7–37. http://dx.doi.org/10.1017/s0023879100039352.
Texte intégralRésumé :
AbstractThe study shows that the new privately managed pension system in Chile has increased gender inequalities. Women are worse off than they were under the old pay-as-you-go system of social security, in which the calculation of benefits for men and women did not differ and women could obtain pensions with fewer requirements than men. Currently, benefits are calculated according to individuals’ contributions and levels of risk. Such factors as women's longer life expectancy, earlier retirement age, lower rates of labor-force participation, lower salaries, and other disadvantages in the labor market are directly affecting their accumulation of funds in individual retirement accounts, leading to lower pensions, especially for poorer women. Lessons from the Chilean reform should encourage scholars, policy makers, and the general public to engage in debates that more adequately incorporate gender variables in designing and implementing policy changes.
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Novy-Marx, Robert, et Joshua D. Rauh. « The Liabilities and Risks of State-Sponsored Pension Plans ». Journal of Economic Perspectives 23, no 4 (1 novembre 2009) : 191–210. http://dx.doi.org/10.1257/jep.23.4.191.
Texte intégralRésumé :
As of December 2008, state governments had approximately $1.94 trillion set aside in pension funds for their employees. How does the value of these assets compare to the present value of states' pension liabilities? Just as future Social Security and Medicare liabilities do not appear in the headline numbers of the U.S. federal debt, the financial liability from underfunded public pensions does not appear in the headline numbers of state debt. If pensions are underfunded, then the gap between pension assets and liabilities is off-balance-sheet government debt. We show that government accounting standards require states to use procedures that severely understate their liabilities. We then discuss the true economic funding of state public pension plans. Using market-based discount rates that reflect the risk profile of the pension liabilities, we calculate that the present value of the already-promised pension liabilities of the 50 U.S. states amount to $5.17 trillion, assuming that states cannot default on pension benefits that workers have already earned. Net of the $1.94 trillion in assets, these pensions are underfunded by $3.23 trillion. This “pension debt” dwarfs the states' publicly traded debt of $0.94 trillion. And we show that even before the market collapse of 2008, the system was economically severely underfunded, though public actuarial reports presented the plans' funding status in a more favorable light.
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BEZPALENKO, Olha. « Economic and social indicators of solidarity pension insurance in Ukraine ». Economics. Finances. Law, no 4 (29 avril 2021) : 16–22. http://dx.doi.org/10.37634/efp.2021.4.3.
Texte intégralRésumé :
Problems of pension provision, in particular, solidarity pension insurance, are under constant concern of scientists, the majority of the working population, pensioners, government officials and other stakeholders. The main issues of discussion are: social justice and insecurity, material security, financial imbalance and insolvency of the pension budget and others. The solution of these issues and the adoption of the appropriate decisions for further reform of the pension system should be based on a detailed assessment of various socio-economic factors. The aim of this work is to substantiate the problem of financial balance of the Pension Fund budget, generalize the impact of economic and social indicators on the level of solidarity pensions in Ukraine, and identify key aspects for solving urgent issues of reforming the national pension system. Ukrainian scientists have studied the following: the analysis of revenues and expenditures of the Pension Fund budget, the impact of certain factors on the development of pension insurance, foreign experience of pension provision and the possibility of its application in the pension system of Ukraine. The system of state pension insurance needs a deeper assessment, outlining the main directions of its further development and solving urgent issues in this area. The paper uses a systematic method to determine the role and place of pensions in social protection of the population; methods of synthesis, analysis, comparison to consider the demographic situation of the population, the number of retirees, the size of pensions, individual indicators of income; factor analysis in order to determine the influence of factors on the development of the solidarity pension system; graphical method for displaying the structure of budget revenues of the Pension Fund of Ukraine and its dynamics; hypothetical-deductive method for formulating conclusions and further prospects for the development of the national pension system. There were proposed the following main directions for solving the problems of solidarity pension insurance: joining the accumulative component to the existing solidarity pension system and their full functioning; reducing budget deficit of the Pension Fund due to the transfer of non-insurance functions of the solidarity system to the State budget; revision of the formula for calculating pensions and establishing closer relationship between insurance contributions and insurance payments; improving employment policy and investment policy in the pension assets management.
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Сhebereyako, О., et V. Bykova. « FINANCIAL STABILITY OF THE SOLIDARITY PENSION SYSTEM IN UKRAINE ». FORMATION OF MARKET ECONOMY IN UKRAINE, no 41 (29 mai 2019) : 471–80. http://dx.doi.org/10.30970/meu.2019.41.0.2866.
Texte intégralRésumé :
The article is devoted to actual issues of public finance – old-age income support and social security in the twenty-first century. For this reason, government has tried to guarantee old-age’s pension eligibility. In our country pension system is presented with three-level pension system, which join mandatory and voluntary components – solidary system (first level), compulsory accumulation system (not exist now) and private pension system. According to Ukrainian’s pension model, basic and minimum pensions are funded by solidary system or PAYG (“Pay-As-You-Go”) system. As the results, maintains of sufficient financial resources of Pension fund’s budget is very important for financial stability of pension system. The authors show the relationship between sufficient financial support for the elderly in Ukraine and the financial capacity of the solidarity pension system. It was found that in order to form a financially stability pension system, it is necessary to ensure a sufficient amount of own pension fund revenues and avoiding deficit of the Pension Fund’s budget. So, the main indicators of current PAYG system in Ukraine include the public pension expenditures and deficit of the Pension Fund. The article presents dynamics of revenues to the Pension Fund of Ukraine and structure of own pension fund revenues and allocations from the government budged. According to author’s research, the main source of revenue collection of the Pension fund’s budget in Ukraine is the budget’s transfers. О. Чеберяко, В. Бикова ISSN 2078-5860 ФОРМУВАННЯ РИНКОВОЇ ЕКОНОМІКИ В УКРАЇНІ. 2019. Вип. 41 480 The budget expenditures in the structure of income of the pension fund are also analyzed. The total amount of the government budget expenditures that are directed to financing the pension fund are about twenty percent. In our opinion, the key reasons of the “lack of own income” are the shadowing of the economy, the macroeconomic situation, the low minimum wage, the existence of a limit on the maximum amount of wages, which accrues percent of social contribution. As a conclusion, the authors suggest measures for solving the issue of “lack of own income” of the Pension Fund of Ukraine – rising the retirement age, labor market’s reforming, increasing insurance fees and implement compulsory accumulation system. The analytical materials and conclusions can be useful for following researches of finding solutions for achieving the financial stable Pay-You-Go system. Key words: pension system, The Pension fund, social insurance payments, deficit of The Pension fund, government budget.
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Никифорова, Olga Nikiforova, Мухаметзянов et Kamil Mukhametzyanov. « INSURANCE CONTRIBUTIONS : CALCULATION AND PAYMENT PROCEDURE ». Vestnik of Kazan State Agrarian University 9, no 1 (7 septembre 2014) : 28–32. http://dx.doi.org/10.12737/3803.
Texte intégralRésumé :
This article describes the calculation and payment of insurance premiums to the Pension Fund, Compulsory Medical Insurance fund and Social Security in 2014.
In 2014, amendments, relating to the calculation and payment of insurance premiums to extrabudgetary funds took effect: the basis for assessment were indexed, benefits to certain categories of taxpayers were extended. At the same time, though the size of a fixed fee was reduced for entrepreneurs, which is especially beneficial for small businesses, but they were obliged to pay an additional 1% of the income, exceeding 300 000 rubles per year. The general rate of insurance contributions in 2014 is 30%: to the Pension Fund is 22%, to the Compulsory Medical Insurance fund is5.1% and 2.9% to the Social Insurabce fund. We believe that we should not abandon the savings part of the pension , as it forms the future retirement of the employee. When forming savings pension, different approaches to its accrual is liquidated. Pension officials and other employees will depend on the length and size of the salary. Citizens must choose where to invest your savings for future pensions themselves. Amendents in the legislation on compulsory insurance premiums for individual entrepreneurs gives certain benefits to small entrepreneurs in comparison with previous years, as they reduced the size of the fixed payment, but the same time were obliged to pay an additional 1% of the income, exceeding 300 000 rubles per year. This may affect on their business, striving to hide their income and make tax offenses and go to the “shadow”." Considering the average wage in Russia, per capita income of the country, we consider it necessary to increase the size of the standard income up to 500 000 rubles per year or reduce the rate of contribution to the excess amount to 0.5-0.7%.
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MONSALVE, JOHANNA, ALEXANDRA MOLINA et KIRA DUQUE. « NULIDAD DE TRASLADO DEL RPM AL RAIS - CÓMO AFECTA LA CONGESTIÓN JUDICIAL, EL EFECTIVO ACCESO A LA JUSTICIA, DE LOS USUARIOS QUE HAN SIDO ENGAÑADOS POR LOS FONDOS PRIVADOS DE PENSIONES ». Pensamiento Republicano 10 (1 février 2019) : 109–20. http://dx.doi.org/10.21017/pen.repub.2019.n10.a51.
Texte intégralRésumé :
ince the entry into force of Law 100 of 1993, Law that brought about the privatization of health and the administration of pensions on behalf of private entities, entities and / or societies that belong to an economically privileged sector, they began a task and / or excessive competition, without adequate rules of the game, in terms of attracting its users. Over the years, connoisseurs of the subject have identified considerable shortcomings, regarding the lack of clarity in the administration of the resources of the affiliates, the absence of adequate information, lack of report of returns, among others, by of these entities. The protection and defense of the rights to protection and social security, to the vital minimum, to information, to dignity and to work, through labor jurisdiction, were sought to ensure that these bad practices carried out y the Private Funds were condemned. they administer the resources destined to the pension of Colombians, through the demands of nullity and / or ineffectiveness of transfer to deprecate that justice is given by the judicial courts and the AFPs are condemned, to carry out the transfer of all contributions, capital, pension bonus, income and interest, to the State Pension Fund administrator “Colpensiones”.
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Denisova, Irina, Maria Gorban et Ksenia Yudaeva. « Social Policy in Russia : Pension Fund and Social Security ». Russian Economic Trends 8, no 1 (28 juin 2008) : 12–23. http://dx.doi.org/10.1111/1467-9426.00032.
Texte intégral
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Lebedeva, L. F. « THE PROBLEMS OF PENSION SYSTEMS MODERNIZATION AT THE SECOND–THIRD DECADES (IN US) ». International Trade and Trade Policy, no 3 (30 septembre 2020) : 5–15. http://dx.doi.org/10.21686/2410-7395-2020-3-5-15.
Texte intégralRésumé :
The article examines the transformation of US social security trust funds in view of pension benefits guarantees. It is pointed out main approaches to solving the growing gap between the volume of payroll taxes and outlays for each year. According to the Social Security Board of Trustees, the asset reserves are expected to be exhausted in the fourth decade of the current century and future retirees could face problems with retirement benefits. Meanwhile, it’s an important point of each candidate’s agenda before presidential elections. One of the approaches for keeping the financial stability of the Social Security Act till the end of the current century and beyond is raise payroll taxes. But this proposal is not popular among republicans. President D. Trump's position on Social Security is not to increase payroll taxes or the age of retirement, but to stimulate economic growth which make it possible to collect more payroll taxes for Social Security system. At the same time the key priority of D. Trump’s administration in the field of strengthening retirement security in America is development of individual pension plans.
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MILONAS, NIKOLAOS T., GEORGE A. PAPACHRISTOU et THEODORE A. ROUPAS. « Fund management and its effect in the Greek social security system ». Journal of Pension Economics and Finance 8, no 4 (16 novembre 2007) : 485–500. http://dx.doi.org/10.1017/s1474747207002855.
Texte intégralRésumé :
AbstractEconomic and demographic slowdown has put under strain public pension systems around the globe. In this paper, we discuss the characteristics of the Greek social security system and investigate the issue of pension fund management. Our empirical analysis focuses on whether flexible investment rules (including equity investment) could have taken the pressure off the Greek public pension system while reducing the risks associated with such flexibility. The empirical results of the paper suggest that efficient management of reserves can result in additional significant revenues at acceptable levels of financial risk. However, pension fund management flexibility cannot by itself resolve the problem of social security system.
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Iyer, Subramaniam. « Stochastic Actuarial Modelling of a Defined-Benefit Social Security Pension Scheme : An Analytical Approach ». Annals of Actuarial Science 3, no 1-2 (septembre 2008) : 127–85. http://dx.doi.org/10.1017/s174849950000049x.
Texte intégralRésumé :
ABSTRACTAmong the systems in place in different countries for the protection of the population against the long-term contingencies of old-age (or retirement), disability and death (or survivorship), defined-benefit social security pension schemes, i.e. social insurance pension schemes, by far predominate, despite the recent trend towards defined-contribution arrangements in social security reforms. Actuarial valuations of these schemes, unlike other branches of insurance, continue to be carried out almost exclusively on traditional, deterministic lines. Stochastic applications in this area, which have been restricted mainly to occasional special studies, have relied on the simulation technique. This paper develops an analytical model for the stochastic actuarial valuation of a social insurance pension scheme. Formulae are developed for the expected values, variances and covariances of and among the benefit expenditure and salary bill projections and their discounted values, allowing for stochastic variation in three key input factors, i.e., mortality, new entrant intake, and interest (net of salary escalation). Each deterministic output of the valuation is thus supplemented with a confidence interval, that is, a range with an attached probability. The treatment covers the premiums under the different possible financial systems for these schemes, which differ from the funding methods of private pensions, as well as the testing of the level of the Fund ratio when the future contributions schedule is pre-determined. Although it is based on a relatively simplified approach and refers only to retirement pensions, with full adjustment in line with salary escalation, the paper brings out the stochastic features of pension scheme projections and illustrates a comprehensive stochastic valuation. It is hoped that the paper will stimulate interest in further research, both of a theoretical and a practical nature, and lead to progressively increasing recourse to stochastic methods in social insurance pension scheme valuations.
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Sukovic, Danilo. « Reforms of pension system and problem of aging population ». Stanovnistvo 51, no 1 (2013) : 91–102. http://dx.doi.org/10.2298/stnv1301091s.
Texte intégralRésumé :
This paper analyzes the far-reaching changes on social plane caused by aging population which endanger social security for old people, especially in times of global economic crisis and major changes in the labor market. A special emphasis is given to the economic unsustainability of the pension system in Serbia, where the ratio of the aging population and the working population is very unfavorable, and where high unemployment and weak economic growth threaten an aging population and increase the poverty. The analysis shows that pensions in Serbia in recent years have a real decline, and their relation to average earnings is still unfavorable despite large subsidies from the state budget which last years covers about 50 % of the expenditure for pensions. The second part of the paper discusses the advantages and disadvantages of PAYG (pay as you go) pension system and private pension insurance. The advantage of PAYG pension system is that it protects the retired persons' savings which would not be lost due to extraordinary market circumstances, such as wars, high inflation, etc. This system avoids the risk of a failed investment opportunities, which is the biggest weakness of private pension funds. In addition, the population trust this system believing that the government will not allow them to live in poverty when they get old. The key advantage of the private pension system is that this system realizes the economic function of pensions, because contributions paid are saving for their old age. Also, the placement of pension contributions to the capital market increase the return on investment and total government savings, which contribute to higher economic growth. Advantages of one pension system are actually weaknesses of another. Since the system "pay as you go" has proved ineffective to provide pension funding for the elderly population, which is increasing due to longer life expectancy, and its relationship to the working population is more unfavorable, it is necessary to introduce the pension reform, which has already more or less successfully implemented in many countries of the world. Globalization and especially the global economic crisis have made this issue particularly urgent. Finally, it is noted that the pension reform in Serbia should not just include leaving the system "pay as you go" and a gradual transition to a private pension plan. Also, it is necessary to implement the long overdue economic reforms to achieve significant long-term economic growth, because only higher economic growth can create the material conditions for desired changes in the pension system.
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Uherek, Michal, Milan Stehlík et Luboš Střelec. « On robust analysis of paycheck : case study ». Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 59, no 4 (2011) : 371–78. http://dx.doi.org/10.11118/actaun201159040371.
Texte intégralRésumé :
Many statistical tests are constructed to check the validity of normal distribution. Here we propose a case study on analysis of paycheck where we employ the RT class of tests for normality firstly introduced in Střelec, Stehlík (2008). In particular such a study can be of interest for pension funds theoreticians and practitioners, which study the transitions of pension systems from one social security state to the another one. Our study illustrates some possible distributional deviations of salary residuals on a real data.
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BRZESZCZYŃSKI, JANUSZ, MARTIN T. BOHL et DOBROMIŁ SERWA. « Pension funds, large capital inflows and stock returns in a thin market ». Journal of Pension Economics and Finance 18, no 3 (5 mars 2018) : 347–87. http://dx.doi.org/10.1017/s147474721800001x.
Texte intégralRésumé :
Using unique data about capital flows from the public social security institute ZUS (Zakład Ubezpieczeń Społecznych) to private pension funds OFEs (Otwarte Fundusze Emerytalne) in Poland, we find that their impact, as a group of large institutional investors, on stock returns is statistically significant in short-term but no such effect exists in the long-run. This result is consistent with the temporary price pressure hypothesis of Ben-Rephael et al. (2011). We analyze the capital transfers, in the form of the aggregated pension contributions collected from all employees in the entire Polish economy, from the ZUS to the private pension funds, which further invest this capital on the stock market. The average time for the subsequent reaction of stock prices is found to be 4 days. The trading strategy based on this result generates superior outcomes in comparison with the passive strategy, which further confirms the price impact of capital inflows. Our findings are not only relevant for stock market investors but they also have broader policy implications for stock market regulators and for the national pension regulators.
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Gołębiowski, Grzegorz, et Piotr Russel. « Winding up of open pension funds (OFE-s) in the context of Poland’s fiscal situation ». Optimum. Economic Studies, no 3(101) (2020) : 30–40. http://dx.doi.org/10.15290/oes.2020.03.101.03.
Texte intégralRésumé :
Purpose – The aim of the paper is to assess changes in the functioning of open pension funds (OFE-s) in the context of Poland’s fiscal situation. These changes are beneficial from the point of view of the current condition of the public finance sector, however in the longer term they may have a negative impact on Poland’s fiscal situation. Research method – The authors analysed and processed data and information available from Eurostat, the Central Statistical Office, publications from the Ministry of Finance, the stooq.pl portal listing quotes on the financial market and publications in which the authors estimated hidden debt in Poland. Based on the analysis undertaken, conclusions relating to the studied problem were formulated. Results – The changes initiated in 2011 and consisting in limiting the significance of the capital pillar of the social security system in Poland (OFE-s), and subsequently planned in 2020, the final liquidation of open pension funds has a positive effect on the current condition of the public finance sector in Poland limiting the borrowing needs of the state, the deficit and registered public debt. The changes weaken Poland’s fiscal position as they contribute to a significant increase in hidden debt recorded on individual accounts and sub-accounts at the Social Insurance Institution. Originality /value – It was proved that in the years 2013-2019 the indexation rate (measured by the geometric mean) of funds on pension sub-accounts at the Social Insurance Institution was 36.7% higher than the profitability of 10-year treasury bonds, thus generating additional hidden debt. The analysis also indicated the possible negative long-term consequences for Poland’s fiscal situation resulting from the final liquidation of open pension funds.
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Kuznetsova, Natalia P., et Zhanna V. Pisarenko. « Financial Convergence Analysis : Implication for Insurance and Pension Markets ». Verslas : Teorija ir Praktika 17, no 2 (20 juin 2016) : 89–100. http://dx.doi.org/10.3846/btp.2016.536.
Texte intégralRésumé :
The proposed paper is one of a set of articles dedicated to the new phenomenon in the global and national financial markets – financial convergence – and is focused on theoretical issues. The hypothesis of the article is to argue whether the financial convergence determines the directions of financial market (namely, insurance and pension sectors) development. Adequately the goal of this paper is to analyze the existence of convergence processes in the insurance and pension markets. Methods of systematic and logical analysis are used. In the first part authors give brief history of the convergence phenomenon research. Then the paper analyses influence of financial convergence on insurance and pension markets, manifested in the following effects: mix of financial institutions functions; distribution channels advantages, increase of insurance and pension funds companies’ competitiveness; governance models convergence. The major results of the study are: demographic shifts in different developed and emerging markets countries caused the need to reform the social security systems and public pension schemes and refocus them to the market-based financial convergence model; pension funds, acting as institutional investors, are the leading players in the contemporary global financial market; competition at the financial market causes the expansion of a number of services offered by various organizations: banks, insurance companies, pension funds and so on, which offer a wide range of services not directly related to their core businesses; the mixing of financial institutions functions from the insurance, pension and banking sectors, increased competition for customers at the national and global financial market.
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Bukwimba, Michael Laurent. « Pension Fund’s Risk Management Investment Portfolio in Tanzania ». International Journal of Finance and Accounting 1, no 1 (16 juin 2022) : 1–20. http://dx.doi.org/10.37284/ijfa.1.1.712.
Texte intégralRésumé :
The study intends to assess the risk exposure of assets from the pension funds investment portfolio and suggest possible solutions of mitigating the risk of severe loss that is likely to occur over a given period of time. The study engaged secondary data of annual return series from five individual assets which are Government Securities (GSs), Fixed Deposits (FDs), Corporate Bonds (CBs), Equities and Real Estates (REs) with the total number of 18 observations. In order to achieve the objectives of the study, the author applied the Generalized Auto-Regressive Conditional Heteroskedasticity (GARCH) model and Cornish-Fisher expansion model for data analysis to calculate Value at Risk (VaR) for individual assets in Pension Funds investment portfolio from the financial year 1998/1999 to 2016/2017. The results from both techniques employed indicated that, Corporate Bonds (CBs) has the highest Value at Risk (VaR) followed by, Fixed Deposits (FDs), Equity, Real Estates and Government Securities (GSs). There were some renovations in the social security industry in Tanzania as among the approaches to combat risk that avails with minimal effects in the operationalization of Pension Funds, therefore the findings of the study are relevant to help pension funds in Tanzania to mitigate the risk of strict loss that is likely to occur in their investment portfolio due to market fluctuations over a given period of time.
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Wolf, Ishay, et Smadar Levi. « Vague Pension Future : Empirical Evidence from the Israeli Radical Privatized Market ». Journal of Risk and Financial Management 15, no 5 (30 avril 2022) : 207. http://dx.doi.org/10.3390/jrfm15050207.
Texte intégralRésumé :
We examine the future benefits of the Israeli privatized pension system, which is considered as a model of transition to funded pension systems worldwide. This research is based on an extensive database obtained from one of the largest traditional private funds in the market. The results paint a concerning picture regarding the adequacy of benefits and quality of life in old age. Israel’s radical privatized pension model signals a warning to other nations. We show that, even with high returns, most individuals cannot handle the magnitude of financial and labor risks accumulated during their career and retirement. We recommend more balanced government intervention as well as the use of risk-sharing mechanisms such as providing minimum pension guarantee and strengthening the unfunded social security pillar.
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Disney, Richard. « Book Review : Income and Social Security and Substandard Working Conditions : Pension Schemes and Pension Funds in the United Kingdom ». ILR Review 50, no 3 (avril 1997) : 518–19. http://dx.doi.org/10.1177/001979399705000314.
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Ahumada Benítez, Daniel, et Alejandro Salas Miranda. « La participación de la Oficina del Trabajo en la configuración del sistema de previsión social chileno, 1909-1925 ». Revista de Historia y Geografía, no 39 (31 octobre 2018) : 73. http://dx.doi.org/10.29344/07194145.39.1647.
Texte intégralRésumé :
ResumenEl objetivo de este trabajo es analizar el rol que tuvo la Oficina del Trabajo en la formulación de las normativas legales que crearon las primeras instituciones de previsión social en Chile entre 1909 y 1925. Se plantea que la Oficina del Trabajo tuvo un rol activo y fundamental en la creación del sistema de previsión social que se configuró para 1925, al ser partícipe de las discusiones y diseño de las leyes y reglamentos que rigieron estas instituciones de seguridad social, que fueron la Caja de Ahorro de los Ferrocarriles del Estado (1911), con su reformulación (1918), Caja del Seguro Obrero (1924), Caja de Empleados Particulares (1924) y Caja de Empleados Públicos y Periodistas (1925). Las fuentes provienen principalmente del Fondo de la Dirección del Trabajo del Archivo Nacional de la Administración y del Boletín de la Oficina del Trabajo, además de otras publicaciones periódicas.AbstractThe objective of this paper is to analyze the Labor Office role in formulating the legal regulations that created the first social security institutions in Chile between 1909 and 1925. It is argued that the Labor Office played an active and fundamental role in creating the social security system, set up for 1925, since it participated in discussions and designing of laws and regulations governing the first social security institutions, which were the State Railways’ Savings Fund (1911) and its reformulation (1918), the Worker Security Fund (1924), the Private Employee Pension Fund (1924) and the Civil Servants and Press Staff Pension Fund (1925). Sources are mainly from the Labor Directorate Fund of the National Administration Archive and the Labor Office Bulletin, as well as other material.Keywords: Labor Office, welfare funds, social security, State social intervention.ResumoO objetivo deste trabalho é analisar a função que teve o Escritório do Trabalho na formulação das normativas legais que criaram as primeiras instituições de previdência social no Chile entre 1909 e 1925. Propõe-se que o Escritório do Trabalho teve um papel ativo e fundamental na criação do sistema de previdência social que se configurou para 1925, ao participar das discussões e do desenho das leis e regulamentos que regeram às primeiras instituições de segurança social, as quais foram a Caixa Econômica dos Transportes Ferroviários do Estado (1911) e sua reformulação (1918), Caixa de Seguro Operário (1924), Caixa de Empregados Particulares (1924) e Caixa de Empregados Públicos e Jornalistas (1925). As fontes provieram principalmente do Fundo da Direção do Trabalho do Arquivo Nacional da Administração e do Boletim do Escritório do Trabalho, além de outras publicações periódicas.Palavras-chave: Escritório do Trabalho, caixas de previdência, segurança social, intervenção social do Estado.
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Ahumada Benítez, Daniel, et Alejandro Salas Miranda. « La participación de la Oficina del Trabajo en la configuración del sistema de previsión social chileno, 1909-1925 ». Revista de Historia y Geografía, no 39 (13 novembre 2018) : 73. http://dx.doi.org/10.29344/07194145.39.1693.
Texte intégralRésumé :
El objetivo de este trabajo es analizar el rol que tuvo la Oficina del Trabajo en la formulación de las normativas legales que crearon las primeras instituciones de previsión social en Chile entre 1909 y 1925. Se plantea que la Oficina del Trabajo tuvo un rol activo y fundamental en la creación del sistema de previsión social que se configuró para 1925, al ser partícipe de las discusiones y diseño de las leyes y reglamentos que rigieron estas instituciones de seguridad social, que fueron la Caja de Ahorro de los Ferrocarriles del Estado (1911), con su reformulación (1918), Caja del Seguro Obrero (1924), Caja de Empleados Particulares (1924) y Caja de Empleados Públicos y Periodistas (1925). Las fuentes provienen principalmente del Fondo de la Dirección del Trabajo del Archivo Nacional de la Administración y del Boletín de la Oficina del Trabajo, además de otras publicaciones periódicas.AbstractThe objective of this paper is to analyze the Labor Office role in formulating the legal regulations that created the first social security institutions in Chile between 1909 and 1925. It is argued that the Labor Office played an active and fundamental role in creating the social security system, set up for 1925, since it participated in discussions and designing of laws and regulations governing the first social security institutions, which were the State Railways’ Savings Fund (1911) and its reformulation (1918), the Worker Security Fund (1924), the Private Employee Pension Fund (1924) and the Civil Servants and Press Staff Pension Fund (1925). Sources are mainly from the Labor Directorate Fund of the National Administration Archive and the Labor Office Bulletin, as well as other material.Keywords: Labor Office, welfare funds, social security, State social intervention.ResumoO objetivo deste trabalho é analisar a função que teve o Escritório do Trabalho na formulação das normativas legais que criaram as primeiras instituições de previdência social no Chile entre 1909 e 1925. Propõe-se que o Escritório do Trabalho teve um papel ativo e fundamental na criação do sistema de previdência social que se configurou para 1925, ao participar das discussões e do desenho das leis e regulamentos que regeram às primeiras instituições de segurança social, as quais foram a Caixa Econômica dos Transportes Ferroviários do Estado (1911) e sua reformulação (1918), Caixa de Seguro Operário (1924), Caixa de Empregados Particulares (1924) e Caixa de Empregados Públicos e Jornalistas (1925). As fontes provieram principalmente do Fundo da Direção do Trabalho do Arquivo Nacional da Administração e do Boletim do Escritório do Trabalho, além de outras publicações periódicas.Palavras-chave: Escritório do Trabalho, caixas de previdência, segurança social, intervenção social do Estado.
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Mirgorod-Karpova, V. V., et K. R. Koroshchenko. « Functioning of the pension system of Ukraine, United Kingdom and the USA : comparative and legal characteristics ». Legal horizons, no 21 (2020) : 141–47. http://dx.doi.org/10.21272/legalhorizons.2020.i21.p141.
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The article deals with the problem of the pension system of Ukraine. And also a complete analysis of the pension system that exists in Ukraine, the US and the UK. The possibility of a pension for any country in the world is an opportunity for the full exercise of power by their authorities, as well as the achievement of the goal of the state - full social security for its citizens. In Ukraine, the existence of a solidarity system alone raises a number of problems. One of them is a working population less than people in need of a pension. That is, citizens have earned, but do not receive it in full, because there is a principle of a solidarity system of “heredity of generations”. World experience has shown that the most reliable retirement benefit is the one I have taken care of. Citizens in countries where there are fewer economic problems than in Ukraine have the opportunity to accumulate their retirement pension separately and use it when they reach retirement age. There are various private insurance companies where a person can deduct a portion from their salary. It is up to the individual to decide what part of the pension to accumulate in retirement. Such prudent citizens most often have two state pensions and from such private funds, the quality of life is certainly rising. The purpose of the Ukrainian pension system is to provide Ukrainians with pensions in full, and also to solve economic problems that will allow them to accumulate their old age in addition. The government is trying to make changes to change the existing solidarity system, and is looking for ways to address the situation in which pensioners do not receive the amount of money they donated to the state. The purpose of the article is to investigate the pension system of the countries where the highest pensions are, namely: the United States and the United Kingdom. Using the experience of foreign countries to build a reliable pension in Ukraine.
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Burtless, Gary. « Fixing Social Security : Major Reform or Minor Repairs ? » ANNALS of the American Academy of Political and Social Science 686, no 1 (novembre 2019) : 38–62. http://dx.doi.org/10.1177/0002716219872161.
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Without congressional action, the Social Security reserve fund will be exhausted by 2035. When that occurs, benefit payments must be cut by one-fifth. To avoid that outcome, Congress must agree on a reform plan that boosts revenues, cuts pensions, or does both. The choice of a reform strategy should depend on voters’ support for the goals of the Old-Age, Survivors, and Disability Insurance (OASDI) program and evidence about the program’s effectiveness in achieving those goals. This article explains the aims of the Old-Age and Survivors Insurance (OASI) program, briefly describes how the program attempts to achieve those aims, and considers evidence on whether the goals have been achieved and at what cost. It then considers alternative reforms that address OASI’s main problem, namely, the long-term shortfall in program revenues compared with pension commitments. It concludes by identifying the reforms that seem best suited to achieving OASI’s core aims while conforming to voter preferences.
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Джалилова, Л., et Ш. Гапурбаева. « АНАЛИЗ СОЦИАЛЬНО-ЭКОНОМИЧЕСКИХ ПОКАЗАТЕЛЕЙ СИСТЕМЫ ПЕНСИОННОГО СТРАХОВАНИЯ ». Vestnik Bishkek Humanities University, no 56-57 (15 juin 2021) : 6–9. http://dx.doi.org/10.35254/bhu.2021.56.57.6.
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В данной статье рассматривается социально экономические показатели системы пенсионного страхования в Кыргызской Республике. Коротко представлены этапы формирования пенсионной системы в нашей стране. Рассмотрено финансирование в сфере социальных выплат произведён анализ выплат пенсий государственным бюджетом и Социальным фондом. Обосновано необходимость совершенствования пенсионных выплат. В статье описывается, что необходим новый элемент в области социального обеспечения населения, необходимость развития множество не государственных фондов в Кыргызской Республике, так как это происходит во многих экономически развитых странах, когда пенсионное страхование не является исключительно государственной монополией. Из этого следует, что в нашей стране необходимо ввести комплекс мер для мотивации привлечения числа участников и объёма пенсионных накоплений. Бул макалада Кыргыз Республикасындагы пенсиялык камсыздандыруу системасынын социалдык-экономикалык көрсөткүчтөрү каралат. Биздин өлкөдө пенсиялык системанын калыптануу этаптары кыскача берилген. Социалдык төлөмдөр жаатында каржылоо каралат, мамлекеттик бюджет жана Социалдык фонд тарабынан пенсиялардын төлөнүшүнө талдоо жүргүзүлөт. Пенсиялык төлөмдөрдү жакшыртуунун зарылдыгы далилденди. Макалада калкты социалдык жактан камсыздоо жаатында жаңы элемент керек экендиги, пенсиялык камсыздандыруу жалаң гана мамлекет болбогондо, экономикалык жактан өнүккөн көптөгөн өлкөлөрдө болгондой эле, Кыргыз Республикасында көптөгөн мамлекеттик эмес фонддорду өнүктүрүү зарылдыгы сүрөттөлгөн. монополия Ушундан келип чыгат, биздин өлкөдө катышуучулардын санын жана пенсиялык топтоолордун суммасын тартууга түрткү берүүчү чаралардын комплексин киргизүү зарыл. This article examines the socio-economic indicators of the pension insurance system in the Kyrgyz Republic. The stages of the formation of the pension system in our country are briefly presented. Financing in the field of social payments is considered, the analysis of payments of pensions by the state budget and the Social Fund is made. The necessity of improving pension payments has been substantiated. The article describes that a new element is needed in the field of social security of the population, the need to develop many non-state funds in the Kyrgyz Republic, as this happens in many economically developed countries, when pension insurance is not exclusively a state monopoly. It follows from this that in our country it is necessary to introduce a set of measures to motivate the attraction of the number of participants and the amount of pension savings.
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Cheberyako, Oksana, et Yuliya Skulish. « The level of pension provision of the population is a guarantee of social security of the person ». University Economic Bulletin, no 52 (18 mars 2022) : 135–46. http://dx.doi.org/10.31470/2306-546x-2022-52-135-146.
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Relevance of the research topic. Various social cataclysms of the twentieth century and recent decades, such as the two world wars, the hybrid wars, the spread of the COVID-19 pandemic, have led to the emergence of the concept of "social security" in the twentieth century. The latter, given the socialization of all spheres of human life, plays a key role in the entire national security system. In a democratic society, the interests of social security of the individual and the state as a whole must be reconciled and harmoniously balanced. In the legal field of Ukraine there is no official definition of the category "social security", and the term "social security" has recently entered into scientific and political circulation. In Ukraine, a new stage of legislative regulation of relations in the sphere of pension provision began with the adoption of the Constitution of Ukraine. Only the laws of Ukraine define the basis of social protection, forms and types of pension provision (paragraph 6 of Article 85). Article 46 of the Constitution provides for the right of citizens to social protection, to ensure them in case of full, partial or temporary loss of working capacity, loss of the employer, unemployment from circumstances beyond their control, as well as in old age and other cases provided for by law [1]. Article 46 of the Constitution provides for the right of citizens to social protection, to provide them in case of complete, partial or temporary disability, loss of breadwinner, unemployment due to circumstances beyond their control, as well as in old age and in other cases provided by law [1]. Since the right to a pension can arise throughout a person's life, starting from birth, replacing lost income with a pension is important for the well-being and prevention of poverty of certain categories of the population. As the de jure three-tier pension system de facto remains only two-tier with a predominant share of first-tier pension benefits, it remains relevant to study the level of pension provision from the solidarity system, which is built on the principle of intergenerational solidarity. Problem solving. The need for a comprehensive study of the issue of pension provision, conceptual definition of its mechanisms (instruments) from different levels of the pension system, especially in the conditions of aging of the nation, is conditioned by the need to improve practice and raise the level of pension provision in Ukraine as a guarantee of social security of the person. Analysis of recent research and publications. The issues of functioning of the pension system, functioning of its components, including the solidarity pension system, as well as reform of the latter have found their coverage in the works of both domestic and foreign scholars. The works of well-known foreign scientists – Otto von Bismarck, D. Wittas, E. Atkinson, K. Bateman, W. Beveridge, R. Disney, K. Clark, K. Conrad, P. Laroc, T. Marshall, G. Rudolf and others. Among the researchers of the domestic pension system, the mechanisms of its financial support should be mentioned first of all L. Barannyk, N. Bolotin, O. Vrublevska, V. Grushka, I. Gnibidenko, O. Dmitriev, O. Zaletov, O. Kurilo, E. Libanov, N. Lavrukhin, O. Paliya, A. Fedorenko, V. Yatsenko and others. The results of their own research on the problem of pensions are given in [10, 13, 14]. The allocation of the investigated parts of the general problem. Despite the current work on the issue of pension provision of the population, further research in terms of social security of the person requires the content and practice of pension reform during the last 20 years, ways and possibilities of raising the level of pension provision of the population of Ukraine, especially in the conditions of Russian aggression against Ukraine. Setting of the task, objectives of the research. The object of the study is the level of pension provision as a guarantee of social security of the person, and the subject is practical aspects of pension provision from the first level of the pension system in Ukraine, the Pension Fund of Ukraine and the issue of its imbalance. The objective of the article is to assess the financial capacity of the solidarity pension system as a guarantee of social security of the person by analyzing the structure of sources of financing of the Pension Fund and the amount of expenditures for pension provision from the state budget. Method and methodology of the study. Statistical, comparative and system methods are used in the study to develop statistical data of PFCs. The results of analysis in the form of tables and graphs were executed by means of graphical and tabular methods and generalization of data. The structural-functional method is used to detect the impact of PFU revenues on expenditure volumes. Field of application of results. The obtained conclusions and results can be used for development and implementation of practical measures to improve the pension system, in the scientific field, in the educational process of higher education institutions in training specialists in major 8.18010014 "Management of financial and economic security", in the social component of economic state security, in particular, social security. The practical relevance of scientific results will contribute to achieving a higher level of social protection, meeting the needs of people who have reached the retirement age. Conclusions. Today, the welfare of almost one third of the population of Ukraine depends on the financial capacity of the pension system. Funding for pension provision should be directed at achieving the main goal – realization of constitutional rights of all citizens to receive financial support in case of loss of the operator, disability, disability, disability, disability, old age and other cases established by the legislation [11]. In Ukraine, for almost 20 years, they are trying to implement pension reform, but effective and effective results have not yet been achieved. The current state of the solidarity system of pension provision is characterized by the "fear" of the population of the retirement age and chronic deficit of the Pension Fund. This is evidence of low social security for people of retirement age, according to international estimates of poverty, at which the cost of daily consumption is set at $ 5 (up to UAH 4,300 per month). That is, 85.4% of Ukrainian pensioners as of January 1, 2021 received a pension in the amount lower or at the level of this limit (up to UAH 5,000). The annexation of Crimea, the fighting in the East and almost 2 million IDPs, Russia's large-scale war against Ukraine, which began on February 24, 2022, gave rise to the concept of "sudden poverty".
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Arbeláaez, Harvey, et Claudio D. Milman. « Survey on the Privatization of Social Security in Latin America : Pension Funds à la Chile ? » Managerial Finance 23, no 8 (août 1997) : 67–86. http://dx.doi.org/10.1108/eb018642.
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