scholarly journals Incentives to retire later – a solution to the social security crisis?

2002 ◽  
Vol 1 (2) ◽  
pp. 111-130 ◽  
Author(s):  
FRIEDRICH BREYER ◽  
MATHIAS KIFMANN
Keyword(s):  
Social Security ◽  
Pension System ◽  
Retirement Age ◽  
Negative Effects ◽  
Social Security Systems ◽  
Security Systems ◽  
Long Run ◽  
The Social ◽  
Unfunded Social Security ◽  
Increasing Function

As one possible solution to the well-known financing crisis of unfunded social security systems, an increase in the retirement age is a popular option. To induce workers to retire later, it has been proposed to strengthen the link between retirement age and benefit level. The present paper is devoted to analyzing the long-run financial implications of such a reform. We show that with actuarial adjustments the long-run contribution rate is an increasing function of the retirement age chosen by workers. Moreover, the implicit tax paid to the pension system by a participant can increase in the long run if the retirement age rises in response to a ‘steep’ adjustment rule. In this sense, the proposed ‘cure’ may worsen the disease. Finally, we show how the negative effects can be avoided by forming a capital stock from the additional revenues due to later retirement.

scholarly journals An Indexation Mechanism for Retirement Age: Analysis of the Gender Gap

Risks ◽  
2019 ◽  
Vol 7 (1) ◽  
pp. 21
Author(s):  
Mariarosaria Coppola ◽  
Maria Russolillo ◽  
Rosaria Simone
Keyword(s):  
Life Expectancy ◽  
Social Security ◽  
Gender Gap ◽  
Pension System ◽  
Residual Life ◽  
Retirement Age ◽  
Longevity Risk ◽  
Social Security Systems ◽  
Security Systems ◽  
Averaged Model

The management of National Social Security Systems is being challenged more and more by the rapid ageing of the population, especially in the industrialized countries. In order to chase the Pension System sustainability, several countries in Europe are setting up pension reforms linking the retirement age and/or benefits to life expectancy. In this context, the accurate modelling and projection of mortality rates and life expectancy play a central role and represent issues of great interest in recent literature. Our study refers to the Italian mortality experience and considers an indexing mechanism based on the expected residual life to adjust the retirement age and keep costs at an expected budgeted level, in the spirit of sharing the longevity risk between Social Security Systems and retirees. In order to combine fitting and projections performances of selected stochastic mortality models, a model assembling technique is applied to face uncertainty in model selection, while accounting for uncertainty of estimation as well. The resulting proposal is an averaged model that is suitable to discuss about the gender gap in longevity risk and its alleged narrowing over time.

Protection mechanisms in the old-age pension systems of the CEE countries

2012 ◽  
Vol 11 (4) ◽  
pp. 581-605 ◽  
Author(s):  
MARCIN KAWIŃSKI ◽  
DARIUSZ STAŃKO ◽  
JOANNA RUTECKA
Keyword(s):  
Social Security ◽  
Pension System ◽  
The State ◽  
Market Mechanism ◽  
Social Security Systems ◽  
Security Systems ◽  
Protection Mechanism ◽  
Role Of The State ◽  
The Social ◽  
Protection Mechanisms

AbstractSince 1990s, substantial changes in the role of the state in the social security schemes can be observed in the countries of the Central and Eastern Europe (CEE). While the general framework of social benefits in the CEE countries is still defined by the state, more and more often the task of provision of social security is transferred to the private entities. Such privatization of social policy makes the need for protection mechanism and some state guarantees even stronger. It is still the state that is responsible for the final outcome of social security systems so that is why governments are directly providing or indirectly creating safety mechanisms built-in the private market mechanism used for social purposes. The paper surveys various types of the protection mechanisms in selected CEE countries that exist in the important and already most privatized element of the social security system – the pension system. While describing the safety measures and possible guarantees, special attention is paid to the new forms that have been built up recently. The paper covers both mandatory and voluntary pension markets and identifies present and possible threats in the existing frameworks that can harm the social security. The paper concludes with general assessment and policy recommendations.

Income Tax in Relation to Social Security

1946 ◽  
Vol 72 (1) ◽  
pp. 79-118 ◽  
Author(s):  
A. T. Haynes ◽  
R. J. Kirton
Keyword(s):  
Social Security ◽  
Income Tax ◽  
Combined Effect ◽  
Social Security Systems ◽  
Security Systems ◽  
Tax System ◽  
The Social ◽  
System Part ◽  
The Individual ◽  
Financial Relationship

This paper falls into three parts which form a progressive study involvingI. proposals for the reform of the Income Tax system as related to personal assessments,II. consideration of the interrelation of Income Tax and Social Security,III. proposals for the co-ordination of the Income Tax and Social Security systems.Part I of this progressive study is a plea for a business-like administration of the Income Tax system. Part II examines the combined effect upon the individual of the Income Tax system and the Social Security plan proposed by Sir William Beveridge. Part III sets out to co-ordinate Income Tax and Social Security and to simplify the financial relationship between the individual and the community.

scholarly journals Kapitaldeckungs- versus Umlageverfahren

2000 ◽  
Vol 1 (4) ◽  
pp. 383-405 ◽  
Author(s):  
Friedrich Breyer
Keyword(s):  
Social Security ◽  
Old Age ◽  
Social Security Systems ◽  
Financing System ◽  
Security Systems ◽  
Rates Of Return ◽  
Radical Reform ◽  
Funded Pensions ◽  
Unfunded Social Security ◽  
Academic Debate

Abstract In the academic debate on systems of old-age insurance no question is as controversial and as vigorously discussed as the choice between funded and unfunded financing modes. At first glance this is surprising because this choice seems to involve only an efficiency problem. However, closer inspection reveals that a change of the financing system implies redistribution, if not within, at least among, different generations. In this contribution, the present state of knowledge on the functioning and the effects of the two financing systems is summarized. The analysis focuses on a comparison of rates of return and risks involved in each system and on the problems connected with a transition from unfunded to funded pensions. As a result it is argued that without reference to specific criteria of distributive equity among generations the nowadays popular call for radical reform of unfunded social security systems is not well founded.

scholarly journals INGRESO MÍNIMO VITAL Y NACIONALES BRITÁNICOS EN ESPAÑA EN TIEMPOS DEL BREXIT.

2020 ◽  
Vol 5 (2) ◽  
pp. 60-76
Author(s):  
Thais Guerrero Padrón
Keyword(s):  
Social Security ◽  
Transitional Period ◽  
Social Security Systems ◽  
Security Systems ◽  
Immigration Laws ◽  
The Social ◽  
Core Issue ◽  
The Uk ◽  
The Eu

As from 1 January 2021, after the end of the transitional period imposed by the EU-UK Withdrawal Agreement, the UK will be for all purposes a third State and its nationals considered as “foreigners”. The change of status of the UK raises interesting questions regarding the social security rights of EU citizens and UK nationals. This paper deals with the possibility of access to the Minimum Living Income benefit for British nationals residing in Spain, either under the Spanish immigration laws or within the framework of the EU Regulations on the Coordination of Social Security systems. As a core issue, the identification of the Minimum Life Income benefit with the special non-contributory benefits of Article 70 of Regulation 883/2004 is argued. To this respect, the lack of inclusion of the Spanish benefit in Annex X can be considered as a serious oversight, possibly rectifiable by regulation and very necessary to avoid the conflict that this lack of clarification could generate

scholarly journals SOCIAL SECURITY FOR MIGRANT WORKERS IN THE BRICS COUNTRIES

2020 ◽  
Vol 6 (4) ◽  
pp. 228-247
Author(s):  
Tatyana V. Luzina ◽  
Tatyana A. Anbrekht
Keyword(s):  
Social Security ◽  
Migrant Workers ◽  
Legal Regulation ◽  
Equal Treatment ◽  
Pension Insurance ◽  
Social Security Systems ◽  
Security Systems ◽  
Foreign Nationals ◽  
Brics Countries ◽  
The Social

The study of current practices in the legal regulation of social and labour relations in the BRICS countries indicates the need to ensure equal treatment of migrant workers with national workers. Discriminatory barriers to migrant workers accessing social security systems contained in the legislation of receiving countries (the legal status of the migrant, duration of stay and other). The legislation of the country of origin of migrant workers also excludes them from the social security systems. Foreign nationals, residing temporarily in Russia, are subject to compulsory pension insurance. The payment of insurance contributions allows establishing a certain amount of pension rights. However, they often do not acquire the right to insurance, since the insurance pension is granted only to foreign nationals permanently resident in Russia. Basic old-age insurance, basic medical insurance, work injury insurance, unemployment insurance, and maternity insurance extend to foreigners legally working in China. In Brazil, foreign workers are insured under the General Social Security Regime. However, it establishes progressive premium rates. In India, international employees are required to be registered as members of the Employees’ Provident Fund and to contribute to it. Foreign nationals, who have entered South Africa to work under a contract of employment and who have been forced to leave the Republic, are not covered by the social security. It is therefore essential to design and implement policies that will strengthen the sustainability of the social security system and eliminate discriminatory norms between labor migrants and national workers.

Social Security Provision in Singapore and Hong Kong

1981 ◽  
Vol 10 (3) ◽  
pp. 353-366 ◽  
Author(s):  
Nelson W. S. Chow
Keyword(s):  
Hong Kong ◽  
Social Security ◽  
Social Economic ◽  
South East Asia ◽  
Social Security Systems ◽  
Security Systems ◽  
Industrial Countries ◽  
The Social ◽  
Two Cities ◽  
Similarities And Differences

ABSTRACTSingapore and Hong Kong are two of the most advanced industrial countries in east and south-east Asia. Comparisons between them have often been made, and this article takes their social security systems as a subject for examination. It begins with a brief discussion of the social, economic and political structures of Singapore and Hong Kong, identifying their similarities and differences; this is followed by a comparison of their existing social security provisions and the functions they perform in the two societies. It is found that, while Singapore and Hong Kong are now both affluent enough to provide their workers with comprehensive income protection, industrialization in the two cities has not brought a corresponding development in their social security systems. Other considerations seem to be more important than the need for such measures.

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