scholarly journals II pillar pension funds: how the selection of fund influences the size of the old-age pension

Ekonomika ◽  
2015 ◽  
Vol 94 (3) ◽  
pp. 96-118 ◽  
Author(s):  
Viktorija Rabikauskaitė ◽  
Lina Novickytė
Keyword(s):  
Old Age ◽  
Pension Fund ◽  
Pension System ◽  
Well Being ◽  
Retirement Pension ◽  
Scarce Resources ◽  
Economic Progress ◽  
The Future ◽  
Working People ◽  
The Government

The government, in order to achieve the welfare of the citizens in the retirement age to keep pace with the working people, carried out the various pension systems transformations. The working people’s welfare is growing due to the economic progress, so there is a theory of economics, which examines the existing income redistribution in time. It should be noted that in order to ensure the financial well-being in old age it is necessary to efficiently allocate the scarce resources. In Lithuania, the existing three pillar pension system allows each employee to contribute to their own financial well-being in the future. This article aims to assess the second pillar pension fund performance and how fund differences affect the amount of old age pension. The analysis made it possible to determine the correlation between the return generated by the fund and the number of participants in the fund; the spreadsheet is provided, which allows estimating the influence of the choice of different funds on the size of the retirement pension. It was found that fund return and the number of participants in the fund have a negative correlation. This shows that the part of households who raise money in fund with the lowest return will be much poorer, and the corresponding result is a smaller pension. It may be noted that the accumulation of different pension fund reserves have a significant impact on the future pension size (this difference can be as high as 230%).

scholarly journals FINANCIAL STABILITY OF THE SOLIDARITY PENSION SYSTEM IN UKRAINE

2019 ◽  
pp. 471-480
Author(s):  
О. Сhebereyako ◽  
◽  
V.. Bykova
Keyword(s):  
Financial Stability ◽  
Social Insurance ◽  
Pension Fund ◽  
Pension System ◽  
The Elderly ◽  
Government Budget ◽  
The Public ◽  
Revenue Collection ◽  
Accumulation System ◽  
The Government

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.

EFFECTS OF SOCIO-ECONOMIC FACTORS ON GOVERNMENTAL TAX EXPENDITURES FOR PRIVATE PENSIONS IN SELECTED OECD COUNTRIES

2019 ◽  
pp. 1-13
Author(s):  
BYUNG WOOK JUN ◽  
SOO JEAN PARK ◽  
SUNG MAN YOON
Keyword(s):  
Old Age ◽  
Pension System ◽  
Public Pensions ◽  
Economic Factors ◽  
Private Pensions ◽  
Tax Expenditures ◽  
Country Level ◽  
Tax Benefits ◽  
The Government ◽  
Socio Economic Factors

With the advent of an aging society all over the world, there has been a growing policy interest in the pension system that can guarantee old-age income at some level. Many countries also encourage people to join public pensions as well as private pensions. As a result, there has been a phenomenon of substituting private pensions. This study investigates the effects of various socio-economic factors on tax benefits for private pensions at the country level. The results of this study show that lower total income replacement rate of public pension and private pension assets leads to increasing tax expenditures on private pensions. And also, higher individual tax burden and governmental social welfare expenditure causes to increase tax expenditures on private pensions. Despite differences in the type of old-age income security systems by country, it is recognized that attempts to resolve the public pensions crisis caused by socio-economic changes take the form of expanding the roles of private pensions. So, this study provides politic implications that lower benefits from public pensions lead to expanded roles of private pensions supported by the government.

scholarly journals Sustainability of the Pension System, Risks and Opportunities

2020 ◽  
Vol 65 (Special edition 2020/2) ◽  
pp. 57-85
Author(s):  
Ákos Péter ◽  
Erzsébet Németh ◽  
Bálint Tamás Vargha
Keyword(s):  
Pension Fund ◽  
Family Policy ◽  
Pension System ◽  
Well Being ◽  
Childbearing Age ◽  
Working Age ◽  
Pension Costs ◽  
Policy Measures ◽  
Labour Market Activity ◽  
Mental Well Being

All other things being equal by 2060 out of 10 of the working age population 6 pensioners will be accounted for. This does constitute a risk for the sustainability of pensions. Our study has analysed the most recent data on demographics, economy, employment, and its underlying factors, as well as the expected development of the figures of the pension fund. Our findings point to that the shrinking of the population of women of childbearing age will result in a constant decrease of birth rates even by a modest increase in fertility rates. Therefore, family policy measures - being indispensable - are of their own insufficient to mitigate the economic and pension risks. Due to its conjunctural nature economic growth can only temporarily mitigate the risks. On the other hand, the extension of the labour market activity of elderly people can set back the increase in pension costs with well predictable efficiency. Means to this end can include promoting activity at old ages, raising retirement ages, preserving physical and mental well-being and employability, as well as spreading the culture of self-reliance.

scholarly journals Smart Cities in India: branded or brain-dead?

2019 ◽  
Author(s):  
Vaishali Aggarwal ◽  
Keyword(s):  
Smart Cities ◽  
Well Being ◽  
Urban Life ◽  
Advanced Technology ◽  
Digital Innovation ◽  
Future Scenario ◽  
The People ◽  
The Future ◽  
Smart Mobility ◽  
The Government

The notion of ‘smart cities’ is increasingly visible in discourses on the future of cities but Change is coming to transportation, whether we are ready for it or not. But how sustainable and digital innovation can unlock better people health and well-being, enhance safety and security and provide seamless mobility experiences. It can be argued that smartening the mobility infrastructure enables the citizens to make informed decisions, and this is indeed true- if done well, but it has a big “if.” This research engages with the key drivers of change and provides affirmative aspirations for mobility in the not-so-distant future in order to facilitate conversations about change. However, the development of possibilities (scenarios) for the government policies and business innovation is dependent on the advanced technology and socio-economic values, which are embedded in the context and culture. The research paper aims to visualize through foresight by design, plausible alternatives of sustainable future for passenger transport in Delhi to stimulate sustainable innovation developments for transportation and analyse the present innovative influences for smart mobility in Delhi to accelerate the adoption. The first part of the paper analyses how do urban planners use the discourse of smart cities and how it has defined in India then later suggest future scenario for the future which will empower users, changing mobility models and transforming eco-system where intelligent connectivity would unite varied rage of emerging technologies to enable smarter, healthier and more resilient and economically vibrant urban life. This research considers smart mobility by outlining current challenges, suggesting technological, infrastructural and policy solutions and distilling explorations of the future into a series of ‘user journeys.’ It seeks to answer if ‘branding of technology’ can be used as a tool to create a new identity for mobility of Delhi or ‘upgrade’ the existing situation. How can the context of Delhi be decoded to describe the perceptions of the people?

scholarly journals Impact of Indias Export on Indian GDP after Liberalisation

2022 ◽  
Vol 10 (1) ◽  
pp. 148-154
Author(s):  
CA Naveen Kumar Tiwari
Keyword(s):  
Economic Development ◽  
Well Being ◽  
Economic Reforms ◽  
Sustainable Growth ◽  
Political Policy ◽  
Economic Decisions ◽  
Policy Interventions ◽  
Economic Progress ◽  
Indian Context ◽  
The Government

Abstract: Economic and political policy interventions were reflected on the economic development of the countries with respect to improving economic and social well-being of poor, market productivity and considerable growth rate in GDP. Specifically, in Indian context, these economic decisions have been a considerable influence on inclusive growth of the nation. It is evidence that India embarked on economic reforms in July, 1991, from the effect of a balance of payment crisis. The government initiated economic reforms basically is to provide an environment of sustainable growth and stability. Thereby the LPG (Liberalization, Privatization and Globalization) system has come to the picture for economic progress of the country. Thepresent study investigates the linkage between foreign trade trends of India and its economic development in the light of economic reforms in India since 25 years (1991-2016). The outcomes of the study strongly support that there is a causal relationship between exports to GDP and GDP to exports and also causality between imports to exports in India.

Practical Approach for Implementation of the Revised National Policy on Occupational Safety and Health 2020 in the Informal Sector: A Focus on South-South Nigeria

2021 ◽  
Author(s):  
Juwon Adebiyi ◽  
Adebola Bada ◽  
Daniel Maduagwu ◽  
Emem Udoh
Keyword(s):  
Informal Sector ◽  
Occupational Safety ◽  
National Policy ◽  
Competent Authority ◽  
Well Being ◽  
Occupational Safety And Health ◽  
Formal Sector ◽  
Safety And Health ◽  
The Future ◽  
The Government

Abstract The regulation of Occupational Safety and Health (OSH) in Nigeria, which is currently seeing some progress in the formal sector, has been short of impressive in the informal sector of the economy. Con- sidering it is the role of every government to ensure that all sectors of the economy operate in a manner that guarantees and ensures the safety and well-being of its citizens, Article 4 of International Labour Organization (ILO) Convention No. 155- Occupational Safety and Health Convention was ratified by the Government of the Federal Republic of Nigeria (FRN) in 1994, which led to the development of a coherent National Policy on Occupational Safety and Health in 2006. This, inter alia, failed to address the informal sector; hence the Revised National Policy on OSH 2020 was introduced by the Govern- ment, through the office of the Honorable Minister of the Federal Ministry of Labour and Employment, as a framework for bridging the existing gap. In a bid to ensure the success of the Policy document, the Department of Occupational Safety and Health of the Federal Ministry of Labour and Employment was designated the Competent Authority by the Government. This paper takes a look at the stakeholders in the informal sector of the economy, focusing on the south- south part of Nigeria, and identifies some of the challenges hampering the effective implementation of Occupational Safety and Health systems needed for the promotion of safety and health at workplaces. It concludes by providing a practical tool that can be a guide for the policy users, especially in the in- formal sector of the Nigerian economy, in alignment with the second of the three determinants of the future of energy, as captured in the theme for NAICE 2021: "The Future of energy – a trilogy of de- terminants; Climate Change, Public Health, and the Global Oil Market".

scholarly journals What Will Retirement Pensions Be Like? Analysis of Spanish Future Pensioner Households in Terms of Poverty

2021 ◽  
Vol 13 (4) ◽  
pp. 1760
Author(s):  
Blanca Urbano ◽  
Antonio Jurado ◽  
Beatriz Rosado-Cebrián
Keyword(s):  
Pension System ◽  
Defined Benefit ◽  
Replacement Rate ◽  
Retirement Pension ◽  
Poverty Risk ◽  
Current Formulation ◽  
The Future ◽  
The One ◽  
The Eu

The Spanish public retirement pension system, the same as that of many European countries, faces two important risks in the long term. On the one hand, the sustainability of the current pay-as-you-go system and, on the other hand, the ability to maintain an acceptable standard of living for the retired population. This paper presents a study on the current situation of the Spanish public retirement pension system and its effect on the future retired population. In recent years, the concern for the long-term sustainability of the system, which is based on pay-as-you-go and defined benefit, has been very present. For this reason, two major reforms were carried out in 2011 and 2013; however, different investigations have indicated the reduction in future retirement pensions as a possible consequence. Regarding this dilemma, this paper aims to study the future poverty risk of the retired population due to the current formulation of the system, by conducting, for this purpose, an analysis of the purchasing power of future pensioners based on the EU-Statistics on Income and Living Conditions (SILC) 2016 of the National Institute of Statistics of Spain. As a result, a future reduction in the replacement rate was observed, affecting the younger population to a greater extent, as well as an increase in poverty in pensioner households using two different scenarios.

scholarly journals PRINSIP DAN KEBIJAKAN DALAM PENGEMBANGAN KOTA LAYAK ANAK BERDASARKAN PERATURAN MENTERI NEGARA PEMBERDAYAAN PEREMPUAN DAN PERLINDUNGAN ANAK NOMOR 11 TAHUN 2011 TENTANG KEBIJAKAN PENGEMBANGAN KABUPATEN/KOTA LAYAK ANAK

PRANATA HUKUM ◽  
2020 ◽  
Vol 15 (2) ◽  
pp. 172-182
Author(s):  
Yulia Hesti ◽  
Risna Intiza
Keyword(s):  
Civil Rights ◽  
Family Environment ◽  
Child Protection ◽  
Information Disclosure ◽  
Birth Certificate ◽  
Well Being ◽  
Children's Rights ◽  
Children’S Rights ◽  
The Future ◽  
The Government

Family is the smallest government, where there are problems or conflicts that occur in both parenting, protection, supervision, education and giving freedom in choosing skills, favorites that can be developed and applied in society and for the future. Seeing more and more cases of bullying, violence in schools and in the community is growing, worrying parents. Based on that background, the formulation of the problem is whether the Principles and Policies in The Development of ChildrenWorthy Cities based on the Regulation of the Minister of State for Women Empowerment and Child Protection on Child Development Policy No. 11 of 2011. Based on Article 5, it affirms that the government in creating programs and policies that put children's rights first, both to grow and develop children because the current growth of the child will have an impact on their lives in the future. Give breadth so that the child can give his opinion according to his point of view, because we do not know that there is a great potential that exists on each side of the child. Children are the next generation of the nation, the pride of every parent and family, who must be looked after and protected as best they can. Under Article 6, its policy governs a. civil rights and freedoms; b. family environment and alternative parenting; c. basic health and well-being; d. education, leisure use, and cultural activities; and e. special protection. The principles in government management must be transparency, accountability, participation, information disclosure, and legal supremacy, and not discrimination or discriminating between tribes, races, cultures and others. The policy on children's rights is a civil right in which the right to identity is the child hasa birth certificate.

scholarly journals Mode Shifting Probability of Working People to Angkot: Is there Any Hope for Angkot to Survive in Bandung City?

2021 ◽  
Vol 32 (3) ◽  
pp. 196-215
Author(s):  
Lisna Rahayu
Keyword(s):  
Public Transportation ◽  
Traffic Congestion ◽  
Binary Logistic Regression ◽  
Vehicle Ownership ◽  
People’S Perception ◽  
The Future ◽  
Working People ◽  
Key Variables ◽  
Mode Of Transportation ◽  
The Government

Bandung is one of Indonesia’s major cities, holding a strategic position as the center of the Bandung Metropolitan Area. The most dominant paratransit with the widest coverage in Bandung City is the angkot, a small four-wheeled vehicle (minibus) that has been modified for use as public transportation. As it stands currently, however, this paratransit service is inadequate and unreliable, and it has pushed people to use private vehicles to support their daily commute, which causes traffic congestion to worsen. Workers are the biggest traffic-generating group in Bandung city. Their regular commute pattern as well as their large proportion in Bandung city’s population (47.78% of the total population in 2020) make this group an important determinant in Bandung City’s transportation. Shifting the workers’ mode of transportation from private to public transportation including the angkot is predicted to decrease traffic jams on some level. Through binary logistic regression, this study provides an analysis of mode shifting probability to the angkot, key factors that could be intervened to increase this shifting probability, as well as the extent to which intervention toward these factors will increase angkot usage so that it can provide a picture of future characteristics of the angkot in contrast to the current condition, should this transportation mode continue to run in the future. Based on the modeling result, the study identified four key variables that significantly influence mode shifting probability in Bandung City: 1) private vehicle ownership, 2) driving license ownership, 3) people’s perception of current transportation costs, and 4) people’s perception of the level of comfort provided by the mode of transportation. If in the future the angkot in Bandung City is improved with better comfort and affordability, approximately only 3.31% of workers will start using the angkot. This very low probability indicates that if in the future the government wants to shift working people from private vehicles to the angkot, then the angkot must be transformed.   Abstrak. Bandung merupakan salah satu kota besar di Indonesia yang memiliki posisi strategis sebagai pusat kawasan metropolitan. Paratransit yang paling dominan dengan jangkauan terluas di Kota Bandung adalah angkot, kendaraan roda empat kecil (minibus) yang telah dimodifikasi untuk digunakan sebagai transportasi umum. Namun, layanan paratransit ini tidak memadai dan tidak dapat diandalkan sehingga mendorong orang untuk menggunakan kendaraan pribadi dalam mendukung perjalanan sehari-hari, yang menyebabkan kemacetan lalu lintas semakin parah. Pekerja merupakan kelompok penghasil lalu lintas terbesar di kota Bandung. Pola komuter yang teratur serta proporsi penduduk kota Bandung yang besar (47,78% dari total penduduk pada tahun 2020) menjadikan kelompok ini sebagai determinan penting dalam transportasi Kota Bandung. Pergeseran moda transportasi pekerja dari angkutan pribadi ke angkutan umum termasuk angkot diprediksi dapat mengurangi kemacetan di beberapa tingkatan. Melalui regresi logistik biner, penelitian ini memberikan analisis probabilitas perpindahan moda ke angkot, faktor-faktor kunci yang dapat diintervensi untuk meningkatkan probabilitas perpindahan tersebut, serta sejauh mana intervensi terhadap faktor-faktor tersebut akan meningkatkan penggunaan angkot sehingga dapat memberikan gambaran karakteristik angkot di masa depan yang kontras dengan kondisi saat ini, dalam kasus moda transportasi ini tetap berjalan di masa yang akan datang. Berdasarkan hasil pemodelan, penelitian ini mengidentifikasi empat variabel kunci yang berpengaruh signifikan terhadap probabilitas perpindahan moda di Kota Bandung: 1) kepemilikan kendaraan pribadi, 2) kepemilikan SIM, 3) persepsi masyarakat terhadap biaya transportasi saat ini, dan 4) persepsi masyarakat terhadap tingkat kenyamanan yang diberikan oleh moda transportasi tersebut. Jika kedepannya angkot di Kota Bandung ditingkatkan dengan kenyamanan dan keterjangkauan yang lebih baik, kira-kira hanya 3,31% pekerja yang akan mulai menggunakan angkot. Probabilitas yang sangat rendah ini menunjukkan bahwa jika di masa depan pemerintah ingin memindahkan pekerja dari kendaraan pribadi ke angkot, maka angkot tersebut harus diubah. Kata kunci. Pergeseran moda, angkot, pekerja, logistik biner.

scholarly journals PENSION PROVISION AS THE MAIN COMPONENT OF SOCIAL GUARANTEES OF SOCIETY DEVELOPMENT

2020 ◽  
pp. 149-155
Author(s):  
Tetyana Stetsyuk
Keyword(s):  
Social Protection ◽  
Foreign Currency ◽  
Pension System ◽  
Well Being ◽  
Structural Method ◽  
Subsistence Level ◽  
Working People ◽  
Analysis Of Dynamics ◽  
Average Size ◽  
Main Component

Introduction. The quality of life of the population largely depends on the pension provision of citizens of retirement age and confidence in the future of working people. Pension provision in Ukraine is carried out in conditions of constant financial overstrain and instability. Instability in society requires a certain stability, income differentiation necessitates their fair redistribution. In Ukraine, as in many countries around the world, pensions are an important component of the social protection system, whose task is to support the material well-being of citizens and their families in the event of retirement for various reasons specified by law. However, these issues need constant further research, because pensions are an important component of social guarantees for the development of society. Goal. To characterize and systematize the structure of pension provision by studying the principles of pension provision formation as an important component of social guarantees of society and determining the directions of its improvement. Method (methodology). The author used the abstract-logical method and the method of observation to form theoretical positions and conclusions; structural method, method of comparison for the analysis of pension provision and its development. Results. The article considers pension provision as a component of social guarantees of society development. The dynamics of the ratio of the number of employed population to the number of pensioners is calculated; the dynamics of the number of pensioners by types of pensions in Ukraine is analyzed; the analysis of dynamics of the average size of pension on kinds of maintenance is carried out; the comparison of the average size of pension in national and foreign currency is made taking into account the size of a subsistence level; It is determined that the dynamics of wages is extremely important for balancing the pension system and ensuring current payments.

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