scholarly journals Features of the pension system, the impact on the level, quality, and life expectancy

2019 ◽  
pp. 70-74
Author(s):  
Guliya Ibragimova ◽  
Elena Gerkina ◽  
Dayana Yakupova
Keyword(s):  
Life Expectancy ◽  
Pension System ◽  
The Impact

scholarly journals How the Pension System Responds to Pandemic Shocks: A Case Study of Georgia

2021 ◽  
Vol 17 (5) ◽  
Author(s):  
Maka Ghaniashvili
Keyword(s):  
Life Expectancy ◽  
Pension System ◽  
Pension Reform ◽  
Age Distribution ◽  
Financial Strain ◽  
Significant Step ◽  
Pros And Cons ◽  
Pension Benefits ◽  
The Impact ◽  
Fiscal Risks

The paper focuses on the impact of the pandemic crisis on pension system in Georgia and analyzes the pros and cons of the ongoing pension reforms in the country. Decreased birth rates and increased life expectancy over the next decades will significantly change the picture of the age distribution of the population in many countries. As life expectancy increases and the birth rate decreases, more people retire than are added to the workforce. A change in the demographic picture necessitates fundamental pension reform. At the same time, the world is facing a crisis caused by the COVID-19 pandemic. The future is uncertain, both medically and financially. Despite optimistic forecasts, the second wave of the COVID-19 pandemic has begun in many countries which further increases the degree of uncertainty. Funded pension schemes suffer from the crisis because lower returns diminish their asset values, while low yields on public debt instruments increase the present value of their liabilities. This can generate both explicit fiscal risks— in the case of government guarantees—and implicit fiscal risks through lower private pension benefits or financial strain on the sponsoring employers. Our research is focused on the pension system and its development problems in Georgia, taking into account that since 2019, 1st January, the existing financial, demographic and economic challenges have determined the establishment of a new pension system. Main sources for the research are data gathered from the international organizations and local governmental and statistical data softwares. Our research results show that the pension reform launched in 2019 in Georgia is a significant step forward in reducing social imbalances and fiscal pressures in the medium / long term. However, for further development, it is important to systematically assess the effectiveness of pension policies, taking into account factors such as changes in demographic structure, expected fiscal spending, the inequality gap and the crisis caused by the COVID-19 pandemic.

scholarly journals Socioeconomic disparities in life expectancy gains among retired German men, 1997–2016

2019 ◽  
Vol 73 (7) ◽  
pp. 605-611 ◽  
Author(s):  
Georg Wenau ◽  
Pavel Grigoriev ◽  
Vladimir Shkolnikov
Keyword(s):  
Life Expectancy ◽  
Pension System ◽  
Total Mortality ◽  
Data Sets ◽  
Mortality Trends ◽  
Male Mortality ◽  
Delayed Effects ◽  
Total Life Expectancy ◽  
East German ◽  
The Impact

BackgroundAlthough estimates of socioeconomic mortality disparities in Germany exist, the trends in these disparities since the 1990s are still unknown. This study examines mortality trends across socioeconomic groups since the late 1990s among retired German men aged 65 and above.MethodsLarge administrative data sets were used to estimate mortality among retired German men, grouped according to their working-life biographies. The data covered the years 1997–2016 and included more than 84.1 million person-years and 4.3 million deaths. Individual pension entitlements served as a measure of lifetime income. Changes in total life expectancy at age 65 over time were decomposed into effects of group-specific mortality improvements and effects of compositional change.ResultsOver the two decades studied, male mortality declined in all income groups in both German regions. As mortality improved more rapidly among higher status groups, the social gradient in mortality widened. Since 1997, the distribution of pension entitlements of retired East German men has shifted substantially downwards. As a result, the impact of the most disadvantaged group on total mortality has increased and has partly attenuated the overall improvement.ConclusionOur results demonstrate that socioeconomic deprivation has substantial effects on levels of mortality in postreunification Germany. While East German retirees initially profited from the transition to the West German pension system, subsequent cohorts had to face challenges associated with the transition to the market economy. The results suggest that postreunification unemployment and status decline had delayed effects on old-age mortality in East Germany.

scholarly journals Challenges and Sustainability of China’s Socio-Economic Stability in the Context of Its Demographic Development

Societies ◽  
2021 ◽  
Vol 11 (1) ◽  
pp. 22
Author(s):  
Andrea Čajková ◽  
Peter Čajka
Keyword(s):  
Economic Development ◽  
Pension System ◽  
Population Policy ◽  
Developed Countries ◽  
Economic Stability ◽  
Demographic Development ◽  
Demographic Challenges ◽  
Family Behavior ◽  
Socio Economic Development ◽  
The Impact

Like many developed countries in the world, China currently faces many serious demographic challenges that pose a potential risk to the country’s socio-economic development and stability. The current demographic development and trend is characterized by a change in the reproductive behavior of the population, characterized by a decline in birth rates, a change in family behavior, and a shift in the value system. This paper is aimed at identifying the impact of population policy and the degree of its influence on both the economic and social system of the country. Based on a deterministic approach, the findings reveal and demonstrate the serious demographic challenges facing China, and we are noting that there is no guarantee that parametric adjustments, such as shifting the retirement age, will de facto ensure the financial health of the pension system by preventing bankruptcy. We point out the risks and prospects for the sustainability of China’s socio-economic development based on an analysis of past and current Chinese demographic policy.

scholarly journals Pension Fund Management, Investment Performance, and Herding in the Context of Regulatory Changes: New Evidence from the Polish Pension System

Risks ◽  
2020 ◽  
Vol 9 (1) ◽  
pp. 6
Author(s):  
Łukasz Dopierała ◽  
Magdalena Mosionek-Schweda
Keyword(s):  
Pension System ◽  
Pension Funds ◽  
Management Style ◽  
Market Model ◽  
Herd Behavior ◽  
Investment Performance ◽  
Fund Managers ◽  
Regulatory Changes ◽  
Increased Risk ◽  
The Impact

The aim of this paper is to assess the impact of reforms introduced in the operation of Polish open pension funds on management style, risk exposure and related investment performance. The article analyzes the impact of the reformed regulations on the herd behavior of fund managers. In particular, we examined whether the elimination of the internal benchmark for fund evaluation impacts the elimination or reduction of herd behavior. We proposed a multi-factor market model to evaluate the performance of funds investing in various types of instruments. Moreover, we used panel estimation to directly take into account the impact of the internal benchmark on herd behavior. Our results indicate that highly regulated funds may slightly outperform passive benchmarks and their unregulated competitors. In the case of Polish open pension funds, limiting investments in Treasury debt instruments clearly resulted in increased risk and volatility of returns. However, it also raised competition between funds and decreased the herd behavior. Additionally, the withdrawal of the mechanism evaluating funds based on the internal benchmark was also important in reducing herd behavior.

scholarly journals Racial Differences in the Impact of Subjective Life Expectancy on Advance Care Planning

2020 ◽  
Vol 4 (Supplement_1) ◽  
pp. 903-903
Author(s):  
Yifan Lou ◽  
Deborah Carr
Keyword(s):  
Life Expectancy ◽  
Racial Differences ◽  
Advance Care Planning ◽  
Living Will ◽  
Care Planning ◽  
Power Of Attorney ◽  
Risk Of Death ◽  
Advance Care ◽  
Survival Expectations ◽  
The Impact

Abstract The need for advance care planning (ACP) is heightened during the COVID-19 pandemic, especially for older Blacks and Latinx persons who are at a disproportionate risk of death from both infectious and chronic disease. A potentially important yet underexplored explanation for well-documented racial disparities in ACP is subjective life expectancy (SLE), which may impel or impede ACP. Using Health and Retirement Study data (n=7484), we examined the extent to which perceived chances of living another 10 years (100, 51-99, 50, 1-49, or 0 percent) predict three aspects of ACP (living will (LW), durable power of attorney for health care designations (DPAHC), and discussions). We use logistic regression models to predict the odds of each ACP behavior, adjusted for sociodemographic, health, and depressive symptoms. We found modest evidence that SLE predicts ACP behaviors. Persons who are 100% certain they will be alive in ten years are less likely (OR = .68 and .71, respectively) whereas those with pessimistic survival prospects are more likely (OR = 1.23 and 1.15, respectively) to have a LW and a DPAHC, relative to those with modest perceived survival. However, upon closer inspection, these patterns hold only for those whose LW specify aggressive measures versus no LW. We found no race differences for formal aspects of planning (LW, DPAHC) although we did detect differences for informal discussions. Blacks with pessimistic survival expectations are more likely to have discussions, whereas Latinos are less likely relative to whites. We discuss implications for policies and practices to increase ACP rates.

scholarly journals The contribution of changes to tax and social security to stalled life expectancy trends in Scotland: a modelling study

2020 ◽  
pp. jech-2020-214770
Author(s):  
Elizabeth Richardson ◽  
Martin Taulbut ◽  
Mark Robinson ◽  
Andrew Pulford ◽  
Gerry McCartney
Keyword(s):  
Life Expectancy ◽  
Social Security ◽  
Tax Credits ◽  
The Difference ◽  
Group Sex ◽  
The Uk ◽  
Social Security Benefits ◽  
The Impact ◽  
Welfare Reforms ◽  
Detrimental Impact

BackgroundLife expectancy (LE) improvements have stalled, and UK tax and welfare ‘reforms’ have been proposed as a cause. We estimated the effects of tax and welfare reforms from 2010/2011 to 2021/2022 on LE and inequalities in LE in Scotland.MethodsWe applied a published estimate of the cumulative income impact of the reforms to the households within Scottish Index of Multiple Deprivation (SIMD) quintiles. We estimated the impact on LE by applying a rate ratio for the impact of income on mortality rates (by age group, sex and SIMD quintile) and calculating the difference between inflation-only changes in benefits and the reforms.ResultsWe estimated that changes to household income resulting from the reforms would result in an additional 1041 (+3.7%) female deaths and 1013 (+3.8%) male deaths. These deaths represent an estimated reduction of female LE from 81.6 years to 81.2 years (−20 weeks), and male LE from 77.6 years to 77.2 years (−23 weeks). Cuts to benefits and tax credits were modelled to have the most detrimental impact on LE, and these were estimated to be most severe in the most deprived areas. The modelled impact on inequalities in LE was widening of the gap between the most and least deprived 20% of areas by a further 21 weeks for females and 23 weeks for males.InterpretationThis study provides further evidence that austerity, in the form of cuts to social security benefits, is likely to be an important cause of stalled LE across the UK.

scholarly journals The decomposition of life expectancy for age and cause of death in Tuscany, Italy

2019 ◽  
Vol 29 (Supplement_4) ◽  
Author(s):  
N Nante ◽  
L Kundisova ◽  
F Gori ◽  
A Martini ◽  
F Battisti ◽  
...  
Keyword(s):  
Life Expectancy ◽  
Causes Of Death ◽  
National Level ◽  
Age Groups ◽  
Resistant Bacteria ◽  
Mortality Data ◽  
Life Expectancy At Birth ◽  
Icd 10 ◽  
Reduction Of Mortality ◽  
The Impact

Abstract Introduction Changing of life expectancy at birth (LE) over time reflects variations of mortality rates of a certain population. Italy is amongst the countries with the highest LE, Tuscany ranks fifth at the national level. The aim of the present work was to evaluate the impact of various causes of death in different age groups on the change in LE in the Tuscany region (Italy) during period 1987-2015. Material and methods Mortality data relative to residents that died during the period between 1987/1989 and 2013/2015 were provided by the Tuscan Regional Mortality Registry. The causes of death taken into consideration were cardiovascular (CVS), respiratory (RESP) and infective (INF) diseases and cancer (TUM). The decomposition of LE gain was realized with software Epidat, using the Pollard’s method. Results The overall LE gain during the period between two three-years periods was 6.7 years for males, with a major gain between 65-89, and 4.5 years for females, mainly improved between 75-89, <1 year for both sexes. The major gain (2.6 years) was attributable to the reduction of mortality for CVS, followed by TUM (1.76 in males and 0.83 in females) and RESP (0.4 in males; 0.1 in females). The major loss of years of LE was attributable to INF (-0.15 in females; -0.07 in males) and lung cancer in females (-0.13), for which the opposite result was observed for males (gain of 0.62 years of LE). Conclusions During the study period (1987-2015) the gain in LE was major for males. To the reduction of mortality for CVS have contributed to the tempestuous treatment of acute CVS events and secondary CVS prevention. For TUM the result is attributable to the adherence of population to oncologic screening programmes. The excess of mortality for INF that lead to the loss of LE can be attributed to the passage from ICD-9 to ICD-10 in 2003 (higher sensibility of ICD-10) and to the diffusion of multi-drug resistant bacteria, which lead to elevated mortality in these years. Key messages The gain in LE during the period the 1987-2015 was higher in males. The major contribution to gain in LE was due to a reduction of mortality for CVS diseases.

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