Search results for "Pension"
showing 10 items of 513 documents
Impact of Global Economic Crisis on the European Welfare States
2013
The global economic crisis and the subsequent weaker growth are putting under pressure welfare states in the EU. This paper aims at discussing the effects of the crisis at the social level and at identifying whether the classic European welfare state models (Nordic, Continental, Anglo-Saxon and Mediterranean) are still valid in today’s economy. An answer will be tried using the mathematical tool of principal components analysis. The results will be observed in graphs where the states taken into consideration respect the classical welfare models or they regroup themselves into new circumstances’ adapted models. Even though the classical welfare models are generally still checked up with the …
Equity of Public Pension System
2020
Fairness is an important feature of pension systems, but it is a wide concept with multiple sides. In this chapter, we try to distinguish some of them with the aim of using the terms in a proper manner. More specifically, we have observed at least five meanings for the notion of fairness when applying to a pension system: justice, equity, neutrality, solidarity and integrity. We explain each sense of fairness and other related concepts. We also provide, when possible, a way to measure each of them, with some figures for a selected European countries.
Socioeconomic and Medical Approaches upon Pensions Systems
2021
The social protection of citizens was an essential issue for all countries, regardless of the form of government, sociocultural characteristics, and economic system. In this chapter, we aim to identify the factors, which determined the configuration of the current pension systems implemented in the five CEE countries.
How to Avoid Compensating CEO for Luck: The Case of Macroeconomic Fluctuations
2010
Incentive effects of performance-based compensation schemes for management may be weakened or biased by macroeconomic influences on remuneration. These influences can be seen as reflecting luck from the CEO’s perspective. In this chapter we present a model for how to avoid compensating CEO for luck by filtering out the macroeconomic influences. In the empirical section we analyze the impact of macroeconomic, industry and firm-specific factors on the compensations (salary, bonus, options, and pensions) of CEOs in 127 Swedish corporations during the period 2001-2007. We find macroeconomic influences on Swedish CEOs’ compensation to be substantial. Distinguishing between favorable and unfavora…
Notional defined contribution pension schemes: Why does only Sweden distribute the survivor dividend?
2015
The aim of this paper is to analyse the role of the survivor dividend in notional defined contribution (NDC) pension schemes. At present, this feature can only be found in the Swedish defined contribution scheme. We develop a model that endorses the idea that the survivor dividend has a strong basis for enabling the NDC scheme to achieve financial equilibrium and that not including the dividend is a non-transparent way of compensating for increases in longevity and/or legacy costs from old pension systems. We also find that the average effect of the dividend remains unchanged for any constant annual rate of population growth, that contribu-tors who reach retirement age always get a higher r…
Adjustment mechanisms and intergenerational actuarial neutrality in pension reforms
2016
In the context of the reform of defined benefit pension systems under population ageing, we focus on the introduction of automatic adjustment mechanisms linked to life expectancy. Our goal is to establish a relationship between changes in the key parameters of the pension system and changes in life expectancy, applying the principle of intergenerational actuarial neutrality. For a defined benefit pension scheme, we first obtain the fundamental adjustment equation and then, for particular cases, we derive different designs of automatic adjustment mechanisms depending on the involved parameter. We include a numerical application only for illustrative purposes.
Demographic aspects of aging
2021
Abstract Population aging is occurring in almost all developed countries, albeit with differences in timing and intensity. This unprecedented phenomenon is evident not only in the change in the population age structure, but also in the impressive increase in the average length of life. After describing past, current, and future population trends, this contribution presents theories explaining the reasons for this long-term process that is completely reshaping the age structure of the population. It also describes the inequalities in aging (focusing in particular on the differences by gender, education, and cause of death) and introduces some measures of the individual health and economic co…
Towards an adequate and sustainable replacement rate in defined benefit pension systems: The case of Spain
2018
The Importance and Role of Social Policy in Maintaining Macroeconomic Stability
2021
Pension systems have the role of reducing the financial risk associated with the loss of the ability to carry out professional activities for income, a risk that determines poverty and is associated with severe material deprivation. The objective of this chapter is to emphasize the role of social policy in society and in macroeconomic policies in order to maintain socioeconomic stability and promote sustainable economic growth.
Overview of Pension Systems
2021
Understanding the configuration of social protection and pension systems can be achieved only from a sociohistorical perspective upon the framework in which these emerged and developed.