Search results for "Public Pension"
showing 10 items of 21 documents
Incorporating big microdata in life table construction: A hypothesis-free estimator
2019
Abstract The IT revolution, now more than ever, offers a cheaper and faster way to collect, store, transmit and process data. Detailed microdata of dates of death, migration and birth are already becoming available for general populations. In this paper, we develop within the family of period-based estimators a new, assumption-free estimator for constructing life tables. The estimator proposed exploits all the detailed data available and is free of the theoretical inconsistencies that the estimators currently used by most official statistical agencies have. We compute the proposed estimator for a real database and test the suitability of the hypotheses on which the estimators used so far re…
Will it Last? An Assessment of the 2011 Spanish Pension Reform Using the Swedish System as Benchmark
2012
The aim of this paper is to make an assessment of the 2011 reform of the public pension system in Spain using the Swedish pension system as a benchmark, although some reference to the US pension system is also made. The paper focuses on the reform, explaining its aims, breaking down the main contents, critically examining the official view and describing the expected ageing of the Spanish population. This approach complements the quantitative analyses performed by other researchers and will enable us to assess the reformed system with the focus on four main areas: actuarial fairness, actuarial transparency, solvency and communication with the public. The main conclusion is that the reform w…
The Public Pension Systems and the Economic Crisis
2020
Concern about the long-term sustainability of European public pension systems has been a permanent feature for decades due to the unstoppable ageing of the population, but demographic change is not the only factor of concern. A deep economic and financial crisis has been added to this structural problem, whose impact on economic growth and job creation has further aggravated the situation. The combination of these two challenges has created a “perfect storm”, which is forcing most European countries to introduce far-reaching reforms in their pension systems with the aim of ensuring their sustainability. This chapter analyses the main measures that the different EU-28 countries have addresse…
Econometric Study on the Financial Sustainability of Public Pension Systems
2021
This chapter aims the econometric study regarding the financial sustainability of public pension systems in CEE countries, by establishing correlations between the level of state social insurance budget revenues and expenditures, and the socioeconomic indicators specific to pension systems.
Conclusions and Final Remarks
2021
The elaboration of this book is based on the theoretical and empirical study of the effects that the new demographic conditions and globalization show on the social protection systems and especially on the sustainability of the PAYG public pension systems implemented in CEE countries.
An assessment of the 2011 Spanish pension reform using the Swedish system as a benchmark
2013
AbstractThe aim of this paper is to make an assessment of the 2011 reform of the public pension system in Spain using the Swedish pension system as a benchmark, although some reference to the US pension system is also made. The paper focuses on the reform, explaining its aims, breaking down the main contents, critically examining the official view and describing the expected ageing of the Spanish population. This approach complements the quantitative analyses performed by other researchers and will enable us to assess the reformed system with the focus on four main areas: actuarial fairness, actuarial transparency, solvency and communication with the public. The main conclusion is that the …
Social Inequalities and the Reform of Romanian Public Pension System by Law no. 127/2019
2019
Social protection system had developed in order to ensure the protection of the citizens, but also to maintain the economic growth of the country. The importance of the pension system is given by its social purpose, which is poverty alleviation, adequacy of income and consumption smoothing at retirement. In countries of Central and Eastern Europe, the income inequalities – main cause of poverty, had increased with the economic development. The aim of this paper is to show the changes brought to Romanian public pension system by the Law no. 127/2019 regarding the provided benefits vis-à-vis of social inequalities existing among elderly people.
Empirical Approaches Upon Pension Systems in Central and Eastern European Countries. Triangle Assessment: Free Movement of People, Labor Market and P…
2020
Abstract Nowadays, around the world, it can be noticed an important trend towards the pension system reforms. The creation of the European fiscal space, the effects of globalization and the movement of the labour force are important vectors towards creating a new type of social economy. The labour force is constantly moving around the countries that gathered important amounts of capital, especially in industrialized countries. Moreover, the lower levels of the birth rate combined with the increasing level of death rate unbalance the labour market. The entire European continent undergoes a demographical transition period, highlighted by aging and intensive migration. This phenomenon is regis…
La nueva oportunidad de la hipoteca inversa
2021
The reverse mortgage is a credit or loan guaranteed by a mortgage that falls on the applicant?s habitual residence, granted at once, or through periodic benefits, to a person who must be over a certain age or prove a degree of disability or dependency, and is not due until the time of death. In view of the doubts that the future of the public pension is raising and the concentration of savings in Spanish property, the reverse mortgage is once again being put on the table as a viable alternative to complement a public pension with little revaluation, in view of the increase in life expectancy and expenses after retirement.
Theoretical Old-Age Pension Benefits and Replacement Rates in the Baltic States: A Retrospective Simulation
2016
Abstract The author presents a comparative analysis of old-age pension systems in Estonia, Latvia and Lithuania using a method of retrospective simulation run on a self-developed model. The model baseline case is a person retiring in December 2014 after 40 years of service with nationwide average salary. Other cases include low and high-earners, funded schemes participants and simulations for modified notional capital valorisation formulae. Three study countries return very dissimilar results, which is caused by differences in their pension systems’ designs. Lack of non-contributory element (basic pension) in Latvia leads to a low degree of progressivity, with inexcusably low pensions to lo…