THE IMPACT OF DEMOGRAPHIC AGING ON THE PENSION SYSTEMS

2021 ◽  
pp. 861-869
Author(s):  
В. Ю. Бабышев
Keyword(s):  
Pension System ◽  
Research Problem ◽  
Economic Consequences ◽  
Retirement Income ◽  
Pension Systems ◽  
Financial Condition ◽  
Demographic Aging ◽  
Working Age ◽  
The One ◽  
The Impact

В статье рассматриваются экономические последствия демографического старения. Обосновывается актуальность данной темы. Исследовательской проблемой данной статьи является оценка силы влияния демографического старения на финансовое состояние пенсионной системы в мире. Проводится проверка тезисов «макроэкономики старения» относительно финансового состояния пенсионных систем при увеличении доли лиц старше трудоспособного возраста. Проведен географический анализ отклонений места стран в рейтинге достаточности пенсионного дохода и рейтинге Melbourne Mercer Global Pension Index от места стран в рейтинге демографического старения. В качестве информационной базы используется рейтинг достаточности пенсионного дохода по 48 странам, рейтинг Melbourne Mercer Global Pension Index по 25 странам и разработанный ООН коэффициент демографической нагрузки пожилыми. Сделан вывод об отсутствии значимой корреляции старения населения, с одной стороны, и финансового состояния пенсионных систем, с другой. Дополнительно сделан вывод, что существует определенная зависимость между силой влияния демографического старения и экономикогеографическим регионом. Дается возможное теоретическое обоснование ошибочности тезисов «макроэкономики старения». Рассмотрены недемографические факторы влияния на финансовое состояние пенсионных систем. This article discusses the economic consequences of demographic aging. The relevance of this topic is substantiated. The research problem of this article is to assess the strength of the influence of demographic aging on the financial condition of the pension system in the world. Abstracts of the «macroeconomics of aging» theses are reviewed with respect to the financial condition of pension systems with an increase in the share of people over working age. A geographical analysis of deviations of the place of countries in the rating of sufficiency of retirement income and the rating of the Melbourne Mercer Global Pension Index from the place of countries in the ranking of demographic aging is carried out. The retirement income sufficiency rating for 48 countries, the Melbourne Mercer Global Pension Index rating for 25 countries and the UN developed Old age dependency ratio (OADR) are used as the information base. It is concluded that there is no significant correlation between the aging of the population on the one hand and the financial condition of pension systems on the other. Additionally, it was concluded that there is a certain pattern between the strength of the influence of demographic aging and the economic and geographical region. A possible theoretical justification of the thesis of the thesis «macroeconomics of aging» is given. Non-demographic factors of influence on the financial condition of pension systems are considered.

EMPLOYMENT OF OLDER PEOPLE IN THE MODERN LABOR MARKET

2021 ◽  
pp. 409-418
Author(s):  
В.Ю. Бабышев ◽  
Г. А. Барышева
Keyword(s):  
Labor Market ◽  
Older People ◽  
Older Workers ◽  
Age Groups ◽  
Labor Legislation ◽  
Demographic Aging ◽  
Age Cohort ◽  
Working Age ◽  
Medical Advances ◽  
The Impact

В статье рассматривается занятость лиц пожилого возраста в условиях сорвеменных технологических, медицинских и демографических изменений. Актуальность темы исследования обусловлена демографическим старением населения, современными достижениями медицины и изменением характера трудовых операций в результате научно-технического прогресса. В данной статье проверены следующие конкурирующие гипотезы: производительность работников старших возрастных групп находится ниже уровня рентабельности из-за неуклонного ухудшения здоровья или, наоборот, ценность работников старших возрастных групп на современном рынке труда возрастает из-за повышения роли опыта, навыков и квалификации. Дополнительно проанализирован вопрос влияния систем пенсионного обеспечения на мотивацию лиц пожилого возраста к продолжению трудовой деятельности. Для проверки данных гипотез на основе статистики Организации экономического сотрудничества и развития проведен анализ общего уровня занятости, участия в рабочей силе и безработицы, а также временной и неполной занятости по нескольким возрастным группам в диапазоне 15-65 лет и старше. Для оценки динамики проанализирована ситуация на 2000 и 2019 гг. В целом сделан вывод, что количественные и качественные параметры занятости у работников старших возрастных групп уступают среднему рабочему возрасту, однако во временной динамике использование человеческого капитала лиц пожилого возраста растет. В области геронтологии рекомендовано уделять повышенное внимание улучшению здоровья возрастной когорты 65 лет и старше и изменению трудового законодательства в плане стимулирования продолжения трудовой деятельности после официального наступления пенсионного возраста. The article examines the employment of older people in the context of disrupted technological, medical and demographic changes. The relevance of the research topic is due to the demographic aging of the population, modern medical advances and changes in the nature of labor operations as a result of scientific and technological progress. In this article, the following competing hypotheses are tested: the productivity of older workers is below the level of profitability due to a steady decline in health, or vice versa, the value of older workers in the modern labor market is increasing due to the increasing role of experience, skills and qualifications. Additionally, the question of the impact of pension systems on the motivation of older people to continue working is analyzed. To test these hypotheses, based on OECD statistics, we analyzed the overall level of employment, labor force participation and unemployment, as well as temporary and underemployment for several age groups in the range of 15-65+ years. To assess the dynamics, the situation for 2000 and 2019 was analyzed. In general, the author concludes that the quantitative and qualitative parameters of employment of older people are inferior to the average working age, but over time, the use of the human capital of older people is growing. In the field of gerontology, it is recommended to pay increased attention to improving the health of the 65+ age cohort and changing labor legislation in order to stimulate the continuation of work.

scholarly journals FINANCIAL PROVISION OF THE PENSION SYSTEM IN THE EUROPEAN COUNTRIES AND UKRAINE UNDER GLOBALIZATION

2012 ◽  
Vol 8 (1) ◽  
pp. 73-80
Author(s):  
Tetiana Ivashchenko
Keyword(s):  
Pension System ◽  
Negative Impact ◽  
Financial Economic ◽  
European Countries ◽  
Pension Insurance ◽  
Pension Systems ◽  
The Social ◽  
System Functioning ◽  
The Impact

The most contradictions arise today over the pension system reforming. Each year the states spent significant resources to finance social and economic needs of the population. The positive effect of the nominal growth of the social and economic guarantees in Ukraine leveled nowadays in terms of financial, economic and political instability. Also the processes of depopulation have a very negative impact on the financial viability of the PAYG pension system. Given this, the research aim was to study and discuss tendencies in financial provision of the pension systems in the European countries and Ukraine under globalization. As a result in the process of research the main features of functioning and providing of the pension insurance systems in European countries and Ukraine were examined; the impact of the depopulation processes on the financial provision of the pension systems was determined; problems, related to introduction of the funded system of pension insurance were analyzed; the role of the minimum pension institute in provision of the effective pension system functioning was disclosed and recommendations in relation to optimization of pension insurance and providing сo-operation under globalization were developed.

scholarly journals State Administration of Retirement Age in the terms of Budget Crisis

Upravlenie ◽  
2016 ◽  
Vol 4 (3) ◽  
pp. 80-87
Author(s):  
Соловьев ◽  
A. Solovev
Keyword(s):  
Pension System ◽  
Demographic Factors ◽  
The State ◽  
Economic Consequences ◽  
Retirement Age ◽  
Pension Policy ◽  
State Budget ◽  
Methodological Approaches ◽  
State Pension ◽  
The Impact

The aim of the study is to analyze the effect of age on the appointment of the state pension fiscal system in our country. The problem of rising of the retirement age in Russia is given a value that is far away from the traditional context of direct influence of demographic processes on the level of pensions, on the one hand, and adaptation of the pension system to changing demographic factors, on the other. In the article the pension system for the first time is considered as a multifactorial model that corrects the degree of dependence on the mutually complex of macroeconomic and demographic factors in the different historical periods. This requires a fundamental change in the methodological approaches to the problem of rising the retirement age by using actuarial methods of forecasting. Actuarial analysis of the problem of retirement age in the work shows that the perception of the linear dependence of the age of the destination state of the demographic parameters cannot be considered as a tool for regulating the efficiency of the pension system. The results of the study are the specific parameters of actuarial assessments of the impact of demographic and macroeconomic conditions to increase the retirement age in Russia, conducted using data from the state statistics, formulated practical proposals to mitigate negative economic consequences. Conclusion: Rising the retirement age should be aimed at economic stimulation of formation of the pension rights of the insured in the long term, rather than the economy of the state budget. Methodological approaches, grounded in the work, and quantitative results of the actuarial calculations will be used in the formation of public pension policy in the preparation of the regulations to rise the retirement age, the pension formula of calculating the pension rights of insured persons, the mechanism of pension indexation.

scholarly journals Welfare Systems and Adequacy of Pension Benefits in Europe

2011 ◽  
Vol 11 (1) ◽  
pp. 41-53 ◽  
Author(s):  
Orla Gough ◽  
Roberta Adami
Keyword(s):  
European Countries ◽  
Retirement Income ◽  
Private Pensions ◽  
Public And Private ◽  
Pension Systems ◽  
Welfare Systems ◽  
Private And Public ◽  
Post War ◽  
Pension Benefits ◽  
The Impact

During the post-war years many European countries have implemented far-reaching but diverse pension systems with the objective of providing those in retirement with adequate incomes. In this study, we explore the link between pension systems and the adequacy of retirement income. We analyse the mix of public and private pensions and consider the impact of different policies on poverty rates amongst pensioners. We suggest that only a few European countries have been successful in providing combinations of private and public pensions that improve the adequacy of retirement income.

scholarly journals What Makes Pension Reforms Sustainable?

2018 ◽  
Vol 10 (8) ◽  
pp. 2891 ◽  
Author(s):  
Aaron Grech
Keyword(s):  
Pension System ◽  
Holistic Approach ◽  
Pension Reforms ◽  
Pension Systems ◽  
The Impact

Policymakers pushing pension reforms have tended to justify changes on the basis that they would make systems more sustainable by lowering future spending on pensions. This is a rather narrow interpretation of sustainability that fails to consider that other fiscal programs may need to accommodate the impact of reforms that reduce pension system adequacy. In this light, this article argues that in order to correctly assess the sustainability of pension reforms, one needs to adopt a more holistic framework that encapsulates the interaction between pension system goals and constraints. In a number of countries, reforms focused solely on reducing future spending were followed by reforms that restored generosity. A holistic approach to assess pension sustainability could help limit this cycle of reform and increase trust in pension systems.

scholarly journals The impact of migration processes on the labor market in the Republic of Moldova

2021 ◽  
pp. 125-139
Author(s):  
Valentina Cotelnic ◽  
Keyword(s):  
Labor Market ◽  
Labor Migration ◽  
Socioeconomic Development ◽  
Development Programs ◽  
Demographic Aging ◽  
The Social ◽  
Economic Transformations ◽  
Working Age ◽  
The Republic ◽  
The Impact

Economic transformations in recent years have produced changes in the social structure, as well as profound demographic changes, which have contributed to demographic aging and declining working age populations. Changes in the structure of the population, accompanied by migration have led to a reduction in the number of people employed, as well as to changes in the structure of employment. The study reveals that the socio-economic situation in the country, the imperfect evolution of the labor market, the diffifculty of securing a decent paying job, have put a signififi cant part of the population on the path of labor migration, which for many has become a necessity rather than a choice. At the same time, the remittances transferred in favor of individuals have become the only source of income for many households. All the above issues are current and, therefore, represent the topic of this research. The research was performed using comparative analysis methods, aided by graphs. Based on the results of this research, certain conclusions and recommendations were developed in order to promote a system of measures aimed at reducing labor migration, by applying sustainable socioeconomic development programs, which would contribute to the creation of new jobs.

scholarly journals Sustainability of Commercial Banks Supported by Business Intelligence System

2020 ◽  
Vol 12 (11) ◽  
pp. 4754
Author(s):  
Remigiusz Tunowski
Keyword(s):  
Business Intelligence ◽  
Commercial Banks ◽  
Positive Impact ◽  
Stock Exchange ◽  
Comparative Method ◽  
Research Problem ◽  
Intelligence System ◽  
Condition Indicators ◽  
Financial Condition ◽  
The Impact

This article was focused on establishing whether Business Intelligence (BI) systems provide sustainability to commercial banks by influencing their financial condition. As part of the search for a solution to the research problem, a hypothesis was formulated which assumes that the use of the Business Intelligence management system improves the financial condition of commercial banks. To assess this impact, a novel comparative method was used, which assumed comparing financial condition indicators in three aspects: before and after the implementation of the Business Intelligence system (comparison over time), with average indicators of a group of banks (comparison to the industry), with reference to changes in the overall economic situation. As a result of the method used, a synthetic indicator of the impact of using Business Intelligence (ABI) was calculated. This study was conducted in relation to six out of the thirteen largest commercial banks listed on the Warsaw Stock Exchange in 2020, which have implemented the Business Intelligence system since 2001. The assets of the examined banks cover 60% of the assets of commercial banks in Poland. As a result of the study, a positive impact of using the BI system on selected areas of the financial condition of commercial banks was identified. In particular, this impact relates to areas of productivity, the quality of assets and liabilities, profitability and debt. The generalized results of this study allow for the determination of cause and effect relationships between the use of the BI system in commercial banks and the improvement of the financial condition indicators as well as sustainability banking.

scholarly journals Production of Rice in Nigeria: The Role of Indian-Nigerian Bilateral Cooperation in Food Security

2020 ◽  
Vol 13 (3) ◽  
pp. 138-150
Author(s):  
I. U. Lucky
Keyword(s):  
Food Security ◽  
Foreign Exchange ◽  
Large Scale ◽  
Rice Production ◽  
Economic Consequences ◽  
Bilateral Agreements ◽  
External Relations ◽  
Land Cultivation ◽  
The One ◽  
The Impact

The article focuses on the impact of India-Nigeria agricultural cooperation on rice production in Nigeria. Since 2000 in the quest for food sufficiency, diversification of the country’s sources of foreign exchange, increasing employment for the rising population as well as expanding its external relations Nigeria has signed several bilateral agreements on agriculture with India. The analysis of the developments in the sub-sector, as well as media, governmental and non-governmental reports in the field and the interviews of the farmers has revealed that the Indian firms, including “Olam Group” and “Popular Farms and Mills Ltd”, have cultivated thousands of hectares of land, built mills and machinery, provided farmers in 16 Nigerian states with better rice seedlings, and engaged thousands of farmers in regular training improving employment and revitalizing communities in the country. The support given by the Indian firms has triggered an unprecedented increase in rice production. The paper concludes that the agreements, particularly the one of 2017, have further promoted, strengthened and expanded rice production in the context of food security, job creation and saving foreign exchange. The article, therefore, demonstrates how Nigeria-India bilateral ties and cooperative programs have changed the dynamics of rice production in the country and brought more profound economic consequences. Despite the fact that Nigeria is not yet selfsufficient in rice production with the gap of around 2.5 million tonnes, the agricultural programs initiated within the framework of the Nigeria-India bilateral agreements and realized as large-scale agriculture programmes including investments, training, supply of better seedlings, land cultivation promoted by powerful corporations have significantly changed the economic and social environment in Nigeria.

Fiscal Straitjacket: The Politics of Macroeconomic Reform in Brazil, 1995–2002

2003 ◽  
Vol 35 (3) ◽  
pp. 545-569 ◽  
Author(s):  
DAVID SAMUELS
Keyword(s):  
Central Government ◽  
Economic Consequences ◽  
Policy Choice ◽  
The Political ◽  
Economic Stability ◽  
Success Stories ◽  
Spending Patterns ◽  
The One ◽  
The Impact ◽  
Internal Debt

Brazil's President Fernando Henrique Cardoso will be remembered for his administration's accomplishments as well as the problems his government left unresolved. On the one hand, fiscal policy represents one of Cardoso's success stories: the Plano Real curbed inflation, established economic stability, and enabled the central government to rein in subnational governments' out-of-control spending patterns, which had been a key source of macroeconomic instability. However, the question remains whether Brazil can truly escape from the political and economic consequences of past fiscal profligacy. Despite many successes, Cardoso's own policies have created additional obstacles that future administrations will necessarily confront, in particular a dramatic increase in Brazil's internal debt. Observers of Brazil should count both sides of the accounting ledger when evaluating the Cardoso administration. Much has been gained, but the costs of those gains must be recognised and the impact of those gains on the range of policy choice available to future administrations understood. This article explores the factors that contributed to Brazil's macroeconomic difficulties prior to 1995, and then explores how the Plano Real provided the Cardoso administration with leverage to constrain the capacity of subnational actors to affect Brazil's economy. Subsequently, however, the paper describes how the Cardoso administration's policies have created Brazil's current ‘fiscal straitjacket’, and concludes by discussing how Cardoso's policies will constrain future administrations.

scholarly journals Thinking in Vertical: A Practical Application of the Two-Stage Pension System in Spain

2020 ◽  
Vol 12 (23) ◽  
pp. 9928
Author(s):  
Pierre Devolder ◽  
Inmaculada Domínguez-Fabián
Keyword(s):  
Pension System ◽  
Current System ◽  
Point Of View ◽  
Two Stage ◽  
The Public ◽  
Pension Systems ◽  
Private And Public ◽  
The One ◽  
Sustainability Problems ◽  
The Relationship

Public pay-as-you-go pension systems are affected by sustainability problems due to the increasing longevity of the population. These problems come to light when there is unsustainable growth in pension expenditure in relation to GDP. The usual arrangement is for public systems to be complemented by private systems that provide a lifetime annuity paid alongside the public pension. This approach, which is horizontal in its way of thinking, is the one that all countries apply; in it, we can expect to find lifetime annuities, which are expensive because they have to take increasing longevity into account, as well as sustainability problems in the public accounts. Therefore, in this paper, we put forward a system that maintains the complementarity between private and public, but considers it from a vertical point of view. By this, we mean that over a certain period of time, the private system would provide the pension in the form of a temporary income, without the need to consider such a high longevity risk, and then in the following period, the public system would take over. We apply the model to Spain, one of the countries whose pension systems are most affected by problems of sustainability, and observe a decrease in the relationship between pension expenditure and GDP using this two-stage model as opposed to the current system, for the period 2025–2068. This decrease can be achieved without decrease of benefits, change in the retirement age or increase of the contribution level.

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