Historical and economic issues of pension provision for agricultural workers in the light of IFRS

2021 ◽  
pp. 16-26
Author(s):  
Rimma Veniaminovna Livanova ◽  
Yulia Aleksandrovna Myrksina
Keyword(s):  
Pension System ◽  
Pension Plans ◽  
Employee Benefits ◽  
Agricultural Workers ◽  
Historical Study ◽  
Insurance Premiums ◽  
Economic Issues

Comparative characteristics of the economic categories «Employee benefits», «pension plans», «Wages», «insurance premiums» are given. A historical study of the formation and development of the pension system in Russia and the issues of pension provision for agricultural workers has been conducted. Further prerequisites for this development are identified.

Modern pension and health insurance systems in Japan

2020 ◽  
pp. 66-73
Author(s):  
Dmitry Maximovich Karpov
Keyword(s):  
Health Insurance ◽  
Social Protection ◽  
Pension System ◽  
Developed Countries ◽  
Pension Insurance ◽  
Commercial Activity ◽  
Insurance Premiums ◽  
Insurance System ◽  
The Absolute ◽  
Pension Insurance System

The article substantiates the relevance of issues related to the functioning of social protection systems for the population of developed countries. The review and analysis of the modern pension system in Japan is made. The mechanism of recognition of Japanese citizens and foreign citizens residing in it as insured persons of a certain category and the mechanism of functioning of individual subsystems of the pension insurance system (in particular, basic pension, employee pension insurance, optional (additional) pension insurance system) are considered. The data on the absolute amounts and rates of insurance premiums, the formulas by which the monthly pension is calculated, and the conditions that must be met by insured persons to acquire the right to a pension (for old age, for disability, for the loss of a breadwinner) are given. The conditions for receiving and the amount of benefits for dependents and child benefits are indicated. The review and analysis of the modern health insurance system in Japan is made. The mechanism of functioning of individual subsystems of the pension insurance system (in particular, insurance at the place of work, insurance at the municipal level, insurance for persons aged 75 and over) is considered. The data on the absolute amounts and rates of insurance premiums, on the specifics of fi nancing the activities of public and private organizations, which, on the basis of the principles of non-commercial activity, provide medical services to the population of Japan are presented. The conditions for receiving and the amount of benefits for the birth of a child, for a funeral, for temporary disability are indicated. Attention is drawn to the distinctive features of the pension and health insurance systems in Japan. It is proposed to use the Japanese experience to reform the national systems of social protection of the population.

Selection of Retirement Saving Plan for a Private-sector Employee in Pakistan

2020 ◽  
pp. 097282012093936
Author(s):  
Bushra Naqvi ◽  
Syed Kumail Abbas Rizvi ◽  
Arsalan Shahzad
Keyword(s):  
Private Sector ◽  
Asset Management ◽  
Yield Curve ◽  
Pension System ◽  
Assistant Professor ◽  
Pension Plans ◽  
Retirement Plans ◽  
Retirement Benefits ◽  
Private And Public ◽  
Sector Employee

Tehmina Khan, a 35-year-old, married mother of two, had been working as an assistant professor at a private sector university, University of Management and Information (UMI), School of Business. For the last few years, she had been saving for her retirement via a provident fund (PF) with her employer. The fund had been posting generous returns for years up until July 2018, when it posted earnings well below the inflation rate for the same period. Tehmina wanted to be financially self-sufficient in her post-retirement years and sought no financial dependence on her posterity for that matter. The meagre returns heightened her concerns about the future eventualities, so she had to decide if she should switch to another retirement plan. She needed to explore alternative retirement plans and identify how she could participate in a voluntary pension system (VPS) outside her employer’s PF. Also, if she decided to go ahead with VPS, she had to decide which asset management company(s) and portfolio manager(s) to allocate her savings to. The case comprehensively discusses the details about different retirement benefits and mechanisms and distinguishes aspects of private and public sector retirement plans in Pakistan. Most importantly, the case includes data on the performance of seventeen out of a total of nineteen pension plans operating in Pakistan. It also includes data on asset allocations of pension funds; overall macroeconomic, historical and stock market performances; and yield curve for the last 10 years.

scholarly journals Contribution volatility and public pension reform

2017 ◽  
Vol 17 (4) ◽  
pp. 513-533 ◽  
Author(s):  
TRAVIS ST. CLAIR ◽  
JUAN PABLO MARTINEZ GUZMAN
Keyword(s):  
Local Governments ◽  
Pension System ◽  
Pension Reform ◽  
Pension Plans ◽  
Fiscal Sustainability ◽  
Economic Downturn ◽  
Defined Benefit ◽  
Defined Contribution ◽  
Unfunded Liabilities

AbstractIn the wake of the economic downturn of 2008–2009, researchers and policymakers have focused considerable attention on the extent of unfunded liabilities in US public sector pension plans and the implications for the long term fiscal sustainability of state and local governments. In response to the growth in liabilities, many states have introduced legislation that cuts back on defined benefit (DB) plan commitments, in some cases even shifting the pension system from a DB to a defined contribution or hybrid plan. This paper explores the factors that have led states to engage in pension reform, focusing particular attention on one factor that has only recently gained attention in the research literature: contribution volatility. While unfunded liabilities have significant long-term solvency implications, in the short term fluctuations in the amount of required contributions pose substantial difficulties for the ability of plan sponsors to balance budgets and engage in strategic planning. We begin by quantifying the volatility in the required contributions US states were expected to make between 2001 and 2013 and comparing the volatility of pension spending to other relevant tax and spending measures. Next, we describe the various types of pension reforms that states have implemented and examine the fiscal pressures facing those states that have engaged in reform. States with greater fluctuations in their required payments have been more likely to reduce benefits and increase employee contributions; they have also been more likely to institute these reforms sooner.

scholarly journals Approaches to Reforming Pension Systems in the World and Recommendations for Russia

2021 ◽  
Vol 13 (1) ◽  
pp. 125-135
Author(s):  
Kristina V. Shvandar ◽  
◽  
Anastasia A. Anisimova ◽  
Keyword(s):  
Pension System ◽  
Effective Interaction ◽  
Pension Plans ◽  
Population Coverage ◽  
Global Trends ◽  
Pension Systems ◽  
The Common ◽  
The Stability ◽  
Main Components

Global trends in the pension sector show that a funded pension, in addition to a pay-as-you-go component, increases the reliability of pension protection for retired people and improves the stability of the pension system. The article analyzes the main directions of reforms of both distribution and funded components. The common features of the considered pension systems are the presence of several levels and their effective interaction as well as the expansion of the role of accumulative pension systems. Reforms related to increasing the population coverage with accumulative pension plans are among the most common ones in the framework of the analysis. The main directions for improving the Russian funded pension system are highlighted, among which the voluntary payment of contributions and the ability to set the desired amount of contributions are the main components of the proposed changes, based on the analysis of international experience in reforming pension systems.

scholarly journals ОКРЕМІ АСПЕКТИ ФОРМУВАННЯ СИСТЕМИ ПЕНСІЙНОГО ЗАБЕЗПЕЧЕННЯ ВІЙСЬКОВОСЛУЖБОВЦІВ В УКРАЇНІ

2021 ◽  
Vol 153 (6) ◽  
pp. 61-68
Author(s):  
Nataliia V. Fastovets
Keyword(s):  
Social Protection ◽  
Pension System ◽  
Action Plan ◽  
Pension Plans ◽  
Social Significance ◽  
Retirement System ◽  
Social Risks ◽  
Military Retirement ◽  
The Government ◽  
The Military

The article discusses historical aspects in building a system of pension provision for military servicemen representing a specific social institution which in modern realia is of critical importance in addressing the issues of national security of Ukraine. A retrospective analysis of the historical genesis of the military retirement system demonstrates that the government efforts to ensure social protection of ex-servicemen have laid a solid foundation for shaping a common institution for social security provision to population. The study reveals the nature of economic and social significance of the military retirement system. In the context of the modern stage of military retirement system reform, pension as an economic category is understood as a cash benefit, the right to receive which is established by the government according to the current legislation for citizens who meet certain requirements of the national pension system provision. The research findings also reveal that as a social category, after retirement, the pension acts as a guarantor of economic stability of ex-servicemen and members of their families. The efficiency of the three-tier pension system has been substantiated. The study provides evidence on the existence of a normative legal framework in Ukraine regulating the pension provision to servicemen and their families, the implementation of which however is hampered by the lack of a secure comprehensive system that ensures relevant programs for retired servicemen pension maintenance. Apart from the lack of viable mechanisms for the implementation of ex-servicemen pension plans, Ukraine is currently facing a whole range of internal and external barriers to ensuring decent financial security in military retirement. Among such challenges are the high social risks of the current imbalance between the number of retirees and the number of working-age population. In addition, the replenishment pattern of the Ukrainian national pension system is based on the government subsidies by almost 50%, which in the long run may translate into further increase in the tax burden on business, and as a consequence, will lead to its further shadowing. The study suggests creating a robust regulatory system and an action plan aimed at step-by-step waiver of the solidarity-based military retirement system and shifting to a compulsory two-tier accumulation system of mandatory social contributions through the scheme of deductions from salaries and incomes, thus ensuring a relevant financial support mechanism to facilitate appropriate labor remuneration to ex-servicemen.

scholarly journals Behind the success of dominated personal pension plans: sales force and financial literacy factors

2019 ◽  
Vol 19 (4) ◽  
pp. 532-547
Author(s):  
Giuseppe Marotta
Keyword(s):  
Financial Literacy ◽  
Pension System ◽  
Debt Crisis ◽  
Explanatory Power ◽  
Revealed Preference ◽  
Sales Force ◽  
Pension Plans ◽  
Time Interval ◽  
System Reform ◽  
Supporting Evidence

AbstractThe revealed preference for dominated insurance-based personal pension plans (PPPs) in Italy is a decade-long puzzle. I surmise that a motivation from the supply side is a sales force factor deriving from the geographical distribution of financial providers, including the countrywide network of the state controlled Post Office. I provide supporting evidence using three biennial waves of the Bank of Italy's survey on household finances from 2010 to 2014. The time interval includes a public pension system reform sharply raising the statutory age retirement, legislated in December 2011 to defuse a sovereign debt crisis. I show that the salience effect on the awareness of the benefits of supplementing lower perspective public pensions with PPPs increased the explanatory power of financial strength indicators. Exploiting a module in the 2010 wave I estimate a surprising decrease in the probability of subscription to PPPs in 2014 associated with the indicator for the highest financial literacy level.

Non-governmental coverage of retirement benefits as part of the national socio-economic policy

2020 ◽  
Vol 16 (3) ◽  
pp. 449-466
Author(s):  
L.D. Kapranova
Keyword(s):  
Russian Federation ◽  
Pension System ◽  
Pension Funds ◽  
Pension Plans ◽  
Fund Raising ◽  
Real Economy ◽  
Investment Portfolio ◽  
Retirement Benefits ◽  
The Real ◽  
The Russian Federation

Subject. The article examines the existing non-governmental system of retirement benefits and non-governmental pension funds, key trends and issues in the Russian Federation. Objectives. I analyze key performance indicators of non-governmental pension funds and detect the main development challenges. I also study the composition and mix of their investment portfolio, growth in pension savings and their return. Methods. The study relies upon methods of logic, statistical, qualitative and quantitative analysis, and graphical methods for representing results of the analysis. Results. I discovered that more people opt for non-governmental pension plans in the Russian Federation. I analyzed the comprehensive investment portfolio of a non-governmental pension fund and found a growth in deposited funds and their return. Non-governmental funds’ investment portfolio now include more investment in the real economy. Non-governmental pension funds may become a source of financing the real economy to implement long-terms infrastructure projects through PPP. Conclusions and Relevance. Continuing their development, non-governmental pension funds are called on to increase the standard of living and ensure the sustainability of the pension system. The stability of the national economy, growing income of the population and trust in financial institutions are cornerstones for reinforcing the non-governmental pension system. The fact that the funded part of retirement pension has been frozen impedes the development of non-governmental pension funds, since the influx of financial resources is restricted. Long-term savings people make in non-governmental funds may streamline investments in the economy. Currently, the fund raising program for non-governmental pensions funds is insufficiently implemented, with efforts to revitalize it being ineffective.

scholarly journals Development of the taxation of retirement products in Bulgaria

VUZF Review ◽  
2021 ◽  
Vol 6 (4) ◽  
pp. 22-32
Author(s):  
Stanislav Dimitrov
Keyword(s):  
European Union ◽  
Tax Policy ◽  
Pension System ◽  
Tax Incentives ◽  
Pension Funds ◽  
Pension Plans ◽  
Economic Environment

Retirement products are long-term savings products. It is widespread government to encourage the saving via tax incentives. Bulgaria follows favourable taxation of saving in voluntary pension funds. The paper is searching answer whether the applied tax policy of personal retirement products in Bulgaria is efficient. The research is focused on three main areas: the nature of the tax incentives in the country; the development of the taxation of pensions across European Union and the areas for improvements of the tax policy taking into account the characteristics of the Bulgarian socio-economic environment. The efficiency of the tax advantages often is under doubt in the literature. These studies omit the fact that without tax reliefs the coverage and the efficiency of saving in personal pension plans will be low. One of the conclusions of the current research is that the tax incentives for personal retirement products have to be a part of the design of the plans and these reliefs need to be adapted to the changing economic environment. The paper reaches the conclusion that evolution of the taxation of pensions in the country is needed. The positive changes will increase the trust in the personal retirement products and will improve the adequacy and sustainability of the overall pension system in Bulgaria. This evolution can be done through set of measures that will encourage people to save and will be factor for improving the results from the saving in personal pension plans.

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