scholarly journals PENSION REFORM: ECONOMIC RISKS OF REALIZATION OF CONSTITUTIONAL RIGHTS OF THE INSURED PERSONS

2016 ◽  
pp. 0-0
Author(s):  
Аркадий Соловьев ◽  
Arkadiy Solovev
Keyword(s):  
Pension System ◽  
Pension Reform ◽  
The State ◽  
Retirement Age ◽  
Constitutional Rights ◽  
General Increase ◽  
Strategic Objectives ◽  
Rigid Connection ◽  
The One ◽  
State Pension

Among the instruments of pension system regulation (record of service, earnings, contributions, privileges), the legislatively regulated parameter “retirement age” occupies a special place. Now we observe the process of “aging of the population” because of the general increase in life expectancy on the one hand, and the growth of the total number of pensioners, on the other. At the same time, the tendency of increase in expenses on financing the state pension obligations remains. However, even on the basis of the specified facts identification of aging of the population with the budgetary crisis and the establishing of a rigid connection between the pension budget expenses and the growth of the number of pensioners and the general aging of the population looks more or less convincing only at first sight. The scientifically-based solution of the retirement age problem lies not in the course of receiving a tactical — economic — result (saving of budget expenses), but in achieving of strategic objectives of the insurance pension reform: providing of the constitutional guarantees on adequacy of the pension rights of the insured persons and the state pension obligations.

scholarly journals Problematic aspects of the regulatory and legislative framework for calculating pensions in Ukraine

2019 ◽  
pp. 71-80
Author(s):  
Lina Diakovych
Keyword(s):  
Pension System ◽  
Pension Reform ◽  
Legal Framework ◽  
Retirement Age ◽  
European Economic Area ◽  
Defined Contribution ◽  
Average Life Expectancy ◽  
Legislative Framework ◽  
State Pension ◽  
Pension Payments

Introduction. In order to further move towards the European Economic Area, Ukraine needs to take pension reform measures. Pension provision in Ukraine has to be profoundly reformed in terms of regulatory and legislative framework for calculating pensions in Ukraine. What is of particular importance is improving Ukraine’s laws and methods for calculation and pension payments to citizens. Another important focus of the reform agenda is to define categories of people eligible for old-age pensions, disability pensions, and long- service pensions. Purpose. The purpose of the article is to interpret the regulatory and legislative framework for calculating pensions in Ukraine; to describe changes in pension payments before and after the reform was implemented; to highlight ways of improving pension payments in terms of regulations and legislation. Methods. The research methods used in the article include: analysis; comparison; historical method to consider the legislative framework for calculating pensions at different periods of time. Results. The regulatory and legal framework for calculating pensions in Ukraine is a complex system comprising the Constitution of Ukraine, the Laws of Ukraine, the Labour Code of Ukraine, decrees, Presidential decrees, International agreements and laws of the USSR. Some of these regulations and legislation need to be revised and amended in order to bring them in line with contemporary practices and modern standards. It is claimed that since 2017, Ukraine’s government has been implementing the pension reform aimed at relieving the pressure on the working-age population and improving living standards for retired people. In particular, the retirement age has been raised, eligibility criteria for preferential pensions have been revised, and methods for calculating pensions have been changed. The Ministry of Social Policy of Ukraine argues that the new pension reform is expected to enhance social, labour and post-retirement relations, to increase tax revenues through reporting real salaries, to develop a framework of social justice when calculating pensions. The author points out that the regulatory and legislative framework for calculating pensions is outdated at this stage and it requires changes. The considered changes are as follows: the establishment of a working group for entitlement of preferential pensions; the introduction of wage differentials by industries and occupations; the increase of pensions in line with inflation and age; the implementation of notional defined contribution pension system; the introduction of the new Labour Code and Pension Code, which are expected to regulate labour and post-retirement relations and meet modern standards. It is also indicated that continued employment should be enforced by legislation and a system of granting advantages and social security benefits to those who retire later needs to be developed. In terms of legislation, sufficient regard should be given to non-state pension schemes, defined contribution pension systems, and the principle of fairness when it comes to pension entitlements. It is also crucial to adjust pension amounts and retirement age to align with the sustainability ratio and the average life expectancy. Discussion. Further research of regulatory and legal framework for calculating pensions in Ukraine should be focused on the development of the Pension Code and improvement of the existing laws relative to pension calculation and payment. The author also suggests differentiating minimum wages by industries and regions and countering the illicit labour market and campaigning against payments ‘in envelope’, because official wages are the basis for calculating pensions.

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.

Chile pension reform will not address grievances

2018 ◽  
Keyword(s):  
Pension System ◽  
Pension Reform ◽  
Public Spending ◽  
Fine Tuning ◽  
Living Standard ◽  
The Political ◽  
Retirement Age ◽  
Content Type ◽  
The One ◽  
Chilean Population

Subject Pension reform plans. Significance A pension reform, announced by President Sebastian Pinera on October 28, treads a cautious path between the conflicting pressures of public anger with low pensions and the lack of legitimacy of Chile’s private pension system, on the one hand, and the political difficulty of increasing the retirement age and constraints on public spending, on the other. Impacts With the Chilean population ageing rapidly, pensions will become an ever more important election issue. The left argues that the proposed reform will represent only a fine-tuning of the structurally flawed AFP system. Despite the proposed measures, retirement would still mean a significantly lower living standard for much of the middle class.

SOCIAL PROTECTION ASAN IMPORTANT PART OF HUMAN PROGRESS AND THE DEVELOPMENT OF SOCIETY

2021 ◽  
Vol 6 (5) ◽  
pp. 57-62
Author(s):  
Makhmudjon Ziyadullaev ◽  
Keyword(s):  
Social Security ◽  
State Policy ◽  
Social Protection ◽  
The State ◽  
Constitutional Rights ◽  
The Republic ◽  
State Pension ◽  
To Receive

This article discusses proposals for making regardingchanges to the current law "On state pension provision of citizens", reforms carried out in the field of social protection of the population of the Republic of Uzbekistan, on the constitutional rights of citizens, especially pensioners, to receive social security, revising the criteria for determining the purpose and size social payments, the development of an integral state policy in the field of social protection of the population and the determination of the state agencyresponsible for its implementation

Institution of Banking Pension Provisions: Preconditions, Nature, Competition with Traditional Institutions

2015 ◽  
Vol 2015 (2) ◽  
pp. 27-55
Author(s):  
Yuriy Ezrokh
Keyword(s):  
Financial Institutions ◽  
Pension Fund ◽  
Pension System ◽  
Pension Reform ◽  
Banking System ◽  
Pension Funds ◽  
Econometric Analysis ◽  
Traditional Institutions ◽  
State Pension ◽  
Pension Benefits

The article analyzes the pension reform implemented in Russia in 2013–2014, provides the modeling of possible pensions, determines the efficiency boundaries for the use of insurance and savings-insurance schemes offered by the Pension Fund of Russia. The author examines the activities and effectiveness in managing pension savings and reserves from non-state pension funds, especially the system of voluntary savings insurance. The study identifies the challenges faced by these financial institutions, which constrain the development of the Russian pension system. Drawing on logical and econometric analysis the author identifies the competitive opportunity for banks to participate in the Pension Benefits Act, calculates the proposals’ efficiency for future retirees and the banking system as a whole, determines the contribution of the proposed solutions to enhanced competition and more competitive banking environment.

Labor Market in the Light of Pension Reform

2019 ◽  
Vol 8 (2) ◽  
pp. 75-78
Author(s):  
Л. Аникеева ◽  
L. Anikeeva ◽  
Александра Митрофанова ◽  
Aleksandra Mitrofanova
Keyword(s):  
Labor Market ◽  
Old Age ◽  
Pension Reform ◽  
The State ◽  
Retirement Age ◽  
Unemployment Benefits ◽  
Negative Effects ◽  
The Impact ◽  
To Receive

The article deals with issues related to the change in the situation on the labor market in connection with the new pension reform. The mechanism of the impact of the conditions and standards of pensions on the state of the labor market is revealed. Special attention is paid to increasing tension in the labor market due to the increase in the retirement age. The procedure for raising the retirement age is revealed, categories of workers are identified that will not be affected by raising the retirement age or who are entitled to receive an old-age insurance pension of a higher retirement age. Consideration is given to aspects related to changes in the conditions and procedure for granting unemployment benefits, including new conditions for granting benefits to persons in pre-retirement age. Particular attention is paid to the disclosure of the factors that determine the possibility of raising the retirement age, and the justification of measures that contribute to leveling the negative effects of the increase.

scholarly journals Ukraine Pension System and Financial Markets: Conceptualization Problems

2011 ◽  
Author(s):  
Nataliya Rad
Keyword(s):  
Financial Market ◽  
Pension System ◽  
Pension Reform ◽  
Domestic Investment ◽  
Factors Analysis ◽  
Investment Resource ◽  
State Pension ◽  
Social Economic Development ◽  
Relationship Of ◽  
Market Infrastructure

The paper analyzes some aspects of Ukrainian pension system formation. All its three levels taken as a whole are a real source for the formation of domestic investment resources and implementation of their potential through financial market instruments. At the present stage relationship of these two institutes is pronounced in the frameworks of non-state pension funds. Implementation of the accumulative level of pension system has only to accelerate processes at work. Investigation is focused on the problems of integrating pension system investment resource into financial market infrastructure. It is noted that in the current conditions infrastructure of domestic financial market is being formed. Its instruments are developed and are functioning irregularly. However, there exist general problems that require their solution. They are related to insufficient operational capacity and efficiency of financial market regulating mechanism and other factors. Analysis of the quality of implementation of financial market basic macroeconomic function associated with redistribution of pension savings allowed us to make conclusion on the incompatibility of the achieved level of its development with the current needs adjusted for pension reform. Proposals for improvement of the concept of pension system and financial market along the lines of their harmonization and enhancement of the functioning efficiency in the context of social-economic development of Ukraine are worked out.

scholarly journals DEVELOPMENT OF NON-STATE PENSION FUNDS OF UKRAINE: PROBLEMS AND PERSPECTIVES

2021 ◽  
Author(s):  
Natalya Tataryn ◽  
Kateryna Zakorko ◽  
Sofia Kozar
Keyword(s):  
Pension Fund ◽  
Pension System ◽  
Public Awareness ◽  
Pension Funds ◽  
The State ◽  
Private Pension ◽  
State Pension ◽  
Private Pension System ◽  
State Pension Funds ◽  
Legal Entities

The article considers topical issues of determining the current state of development of the private pension system in Ukraine, and defines the concept of "private pension fund". In economic essence, the system of non-state pension fund is defined as an integral part of the system of accumulative pension provision, based on voluntary participation of individuals and legal entities in the formation of pension savings in order to receive additional pension contributions. Problems that hinder the development of private pension funds, namely the shadowing of wages and labor relations, lack of public awareness, lack of legislation are identified. The functioning of private pension funds in the country depends not only on reforming the existing pension system, but also on the growth of incomes, their de-shadowing and development of the financial market in general. The current pension system is not able to provide the population with the necessary pension assets. This problem can be solved by intensifying the activities of private pension funds. Emphasis is placed on the need and importance of a voluntary private pension system and its role in ensuring the development of the state economy. As world experience shows, in a market economy, the development of private pension funds is one of the important components to ensure effective functioning of the state. Private pension funds are powerful investment investors because they can mobilize additional investment resources. The main purpose of investing pension assets is to preserve the savings of the population. The main indicators of activity of non-state pension funds are analyzed, namely: pension contributions, pension payments, the number of concluded pension contracts, the amount of investment income, etc. Further trends in the development of private pension provision in Ukraine are noted, substantiated the necessary measures to intensify activities in modern economic conditions, proposed recommendations for solving existing problems of institutions. However, in implementing the proposed measures should be remembered participation of both individuals and legal entities.

scholarly journals Individual Pension capital: Prospects of implementing

2020 ◽  
Vol 25 (2) ◽  
pp. 170-191
Author(s):  
M.A. Bundin
Keyword(s):  
Pension System ◽  
Pension Reform ◽  
Current System ◽  
Consumer Price Index ◽  
Research Information ◽  
Advantages And Disadvantages ◽  
Refusal To Participate ◽  
The Individual ◽  
High Level ◽  
State Pension

Subject. The paper examines the Russian pension system. Individual pension capital is an alternative direction to the current system of non-State pension funding. Objectives. The author is to consider the embedding of the individual pension capital concept. He also aims at analyzing the advantages and disadvantages of the concept. Methods. The study uses the correlation-regression analysis and the analysis of the research information base on the surveyed topic. Results The article allows acknowledging the dependence between the expansion of the incapacitated group of citizens and the consumer price index growth. Besides, it allows to determine the main risks of the proposed concept. Conclusions and Relevance. The main internal risks of the proposed pension reform include: a massive refusal to participate in the new system; the decreasing of participants' contributions tariffs to funds up to 0.1 percent; high-level costs (for funds).

scholarly journals The Main Reasons and Goals of the Pension Reform in Georgia

Economics ◽  
2021 ◽  
Vol 104 (3-5) ◽  
pp. 7-16
Author(s):  
Nato Gegenava Nato Gegenava ◽  
Tamar Abuashvili Tamar Abuashvili
Keyword(s):  
Pension Fund ◽  
Pension System ◽  
Pension Reform ◽  
Power Level ◽  
State Funding ◽  
Retirement Age ◽  
Subsistence Level ◽  
Pension Income ◽  
Social Pension

The concept of pension reform is a government’s plan to improve the pension system and reflects the long-term risks and takes into account the socio-economic reality in the country. The aim of the reform is to protect better existing retirees from poverty through indexation, which is guaranteed to maintain the retiree's purchasing power level; Providing the next generation of retirees with a higher pension income, which will be directly proportional to the income received during the employment period and the profit of the pension fund. The private pension system will allow employed citizens to plan better their retirement age and not depend only on state funding and be able to mobilize a certain amount before reaching retirement age. The need for reform stems from negative factors such as: an increase in the number of people of retirement age, a decrease in the birth rate, a decrease in the working age population, migration processes, etc. Analysis of the existing system show that it is impossible to maintain or improve the existing replacement ratio only in the medium and long term at the expense of state funding. The private accumulation model will be an additional component of the pension system, which will contribute to a significant increase in the replacement rate. The existence of a private accumulation system will make it possible to define better the fundamental principle of social pension, which implies protection of the population of retirement age from poverty. To achieve this goal, it is important that the social pension does not fall below the subsistence level and also that the pension should be increased at least in parallel with inflation or in the event of economic growth above inflation. Keywords: Pension system, Reform, Pension fund, Government, Population.

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