scholarly journals What Will Retirement Pensions Be Like? Analysis of Spanish Future Pensioner Households in Terms of Poverty

2021 ◽  
Vol 13 (4) ◽  
pp. 1760
Author(s):  
Blanca Urbano ◽  
Antonio Jurado ◽  
Beatriz Rosado-Cebrián
Keyword(s):  
Pension System ◽  
Defined Benefit ◽  
Replacement Rate ◽  
Retirement Pension ◽  
Poverty Risk ◽  
Current Formulation ◽  
The Future ◽  
The One ◽  
The Eu

The Spanish public retirement pension system, the same as that of many European countries, faces two important risks in the long term. On the one hand, the sustainability of the current pay-as-you-go system and, on the other hand, the ability to maintain an acceptable standard of living for the retired population. This paper presents a study on the current situation of the Spanish public retirement pension system and its effect on the future retired population. In recent years, the concern for the long-term sustainability of the system, which is based on pay-as-you-go and defined benefit, has been very present. For this reason, two major reforms were carried out in 2011 and 2013; however, different investigations have indicated the reduction in future retirement pensions as a possible consequence. Regarding this dilemma, this paper aims to study the future poverty risk of the retired population due to the current formulation of the system, by conducting, for this purpose, an analysis of the purchasing power of future pensioners based on the EU-Statistics on Income and Living Conditions (SILC) 2016 of the National Institute of Statistics of Spain. As a result, a future reduction in the replacement rate was observed, affecting the younger population to a greater extent, as well as an increase in poverty in pensioner households using two different scenarios.

scholarly journals Long-Term Projection of Renewable Energy Technology Diffusion

Energies ◽  
2019 ◽  
Vol 12 (22) ◽  
pp. 4261 ◽  
Author(s):  
Tadeusz Skoczkowski ◽  
Sławomir Bielecki ◽  
Joanna Wojtyńska
Keyword(s):  
Renewable Energy ◽  
Technology Diffusion ◽  
Renewable Energy Sources ◽  
Unit Cost ◽  
Learning Curves ◽  
Novel Technologies ◽  
The Future ◽  
Term Energy ◽  
The Eu

The EU aims at increasing the use of renewable energy sources (RES), mainly solar-photovoltaic (PV) and wind technologies. Projecting the future, in this respect, requires a long-term energy modeling which includes a rate of diffusion of novel technologies into the market and the prediction of their costs. The aim of this article has been to project the pace at which RES technologies diffused in the past or may diffuse in the future across the power sector. This analysis of the dynamics of technologies historically as well as in modeling, roadmaps and scenarios consists in a consistent analysis of the main parameters of the dynamics (pace of diffusion and extent of diffusion in particular markets). Some scenarios (REMIND, WITCH, WEO, PRIMES) of the development of the selected power generation technologies in the EU till 2050 are compared. Depending on the data available, the learning curves describing the expected development of PV and wind technologies till 2100 have been modeled. The learning curves have been presented as a unit cost of the power versus cumulative installed capacity (market size). As the production capacity increases, the cost per unit is reduced thanks to learning how to streamline the manufacturing process. Complimentary to these learning curves, logistic S-shape functions have been used to describe technology diffusion. PV and wind generation technologies for the EU have been estimated in time domain till 2100. The doubts whether learning curves are a proper method of representing technological change due to various uncertainties have been discussed. A critical analysis of effects of the commonly applied models for a long-term energy projection (REMIND, WITCH) use has been conducted. It has been observed that for the EU the analyzed models, despite differences in the target saturation levels, predict stagnation in the development of PV and wind technologies from around 2040. Key results of the analysis are new insights into the plausibility of future deployment scenarios in different sectors, informed by the analysis of historical dynamics of technology diffusion, using to the extent possible consistent metrics.

The Long-Term Financial Sustainability of the Civil Service Pension Scheme in Malaysia

2019 ◽  
Vol 18 (1) ◽  
pp. 155-178
Author(s):  
Sheila Rose Darmaraj ◽  
Suresh Narayanan
Keyword(s):  
Civil Service ◽  
Pension Scheme ◽  
Retirement Age ◽  
Financial Sustainability ◽  
Defined Benefit ◽  
Contribution Rate ◽  
Replacement Rate ◽  
Deficit Model ◽  
Pension Payments

The civil service pension scheme (CSPS) in Malaysia is a defined benefit (DB), non-contributory system directly funded from the budget. An aging population, rising life expectancy, and ballooning pension payments underscore the need for reform. An annual pension deficit model was used to estimate the pension deficit over a period of 75 years under eight scenarios that compare the current scheme with changes in the pension deficit when three policy variables—retirement age, contribution rate, and replacement rate—are manipulated. We found the current scheme will not be financially sustainable. By increasing the retirement age, introducing employee contributions, and reducing the replacement rate, it is possible to delay the emergence of deficits and lengthen the period of sustainability of the scheme. However, a radical makeover is necessary to be fully sustainable and this might not be politically feasible.

scholarly journals The impact of adopting the euro on the Croatian economy

Notitia ◽  
2019 ◽  
Vol 5 (1) ◽  
pp. 73-89
Author(s):  
Zlatko Čehulić ◽  
Rajka Hrbić
Keyword(s):  
Positive Influence ◽  
European Countries ◽  
Economic Indicators ◽  
The Past ◽  
The Future ◽  
Term Basis ◽  
The One ◽  
The Impact

In this paper the impact of adopting the euro in Croatia is analysed using experiences of other countries which have passed through this process in the last decade and which are comparable with Croatia in many aspects. The process of adopting a currency different from the one that has been used for more than twenty years presents a very important economic question for each country. In this period preceding to adopting the euro, there is an opportunity to analyse this process in the countries which went through it in the past. The result of this paper shows the impacts of adopting the euro in the European countries. The selected countries, which are adequate for analysing the effects of adopting the euro, are: Portugal, Ireland, Greece, Spain, Slovenia, Slovakia, Estonia, Lithuania and Latvia. These countries have been selected for different reasons. The majority of these countries have some similarities with Croatia, which are shown in this paper via relevant economic indicators. These results are significant for Croatia and show a positive influence on the Croatian market on a long-term basis. This paper is relevant and has a practical basis both for Croatia and other countries which will go through this process in the future.

scholarly journals Contribution volatility and public pension reform

2017 ◽  
Vol 17 (4) ◽  
pp. 513-533 ◽  
Author(s):  
TRAVIS ST. CLAIR ◽  
JUAN PABLO MARTINEZ GUZMAN
Keyword(s):  
Local Governments ◽  
Pension System ◽  
Pension Reform ◽  
Pension Plans ◽  
Fiscal Sustainability ◽  
Economic Downturn ◽  
Defined Benefit ◽  
Defined Contribution ◽  
Unfunded Liabilities

AbstractIn the wake of the economic downturn of 2008–2009, researchers and policymakers have focused considerable attention on the extent of unfunded liabilities in US public sector pension plans and the implications for the long term fiscal sustainability of state and local governments. In response to the growth in liabilities, many states have introduced legislation that cuts back on defined benefit (DB) plan commitments, in some cases even shifting the pension system from a DB to a defined contribution or hybrid plan. This paper explores the factors that have led states to engage in pension reform, focusing particular attention on one factor that has only recently gained attention in the research literature: contribution volatility. While unfunded liabilities have significant long-term solvency implications, in the short term fluctuations in the amount of required contributions pose substantial difficulties for the ability of plan sponsors to balance budgets and engage in strategic planning. We begin by quantifying the volatility in the required contributions US states were expected to make between 2001 and 2013 and comparing the volatility of pension spending to other relevant tax and spending measures. Next, we describe the various types of pension reforms that states have implemented and examine the fiscal pressures facing those states that have engaged in reform. States with greater fluctuations in their required payments have been more likely to reduce benefits and increase employee contributions; they have also been more likely to institute these reforms sooner.

Social Policy in the Czech “Republic”: The Past and the Future of Reforms

2008 ◽  
Vol 22 (3) ◽  
pp. 496-517 ◽  
Author(s):  
Jiří Večerník
Keyword(s):  
Czech Republic ◽  
Work Motivation ◽  
Pension System ◽  
The Political ◽  
The Czech Republic ◽  
The Past ◽  
The Future ◽  
The Right ◽  
Political Scene

The article describes the development of Czech policy after 1989 and the controversies it caused. It first looks at the ambiguous nature of the communist welfare state and then proceeds to outline the theoretical alternatives. After early and energetic changes in the system, stagnation set in around the mid-1990s. Despite some problems, the current performance of the system is satisfactory, but its outlook in terms of long-term efficiency is unsatisfactory, as it will generate a rising debt into the future. In particular, the disadvantaged situation for families, the insufficient work motivation, and the frozen pension system are all causes for concern. The political shift to the right after 2006 ushered in reform measures and new reform plans. While reforms are necessary, their feasibility is uncertain owing to the fragility of the Czech political scene.

EU traceability of substances in articles: supply chain communication challenges and the perspective of full material declaration (FMD)

elni Review ◽  
2018 ◽  
pp. 32-38
Author(s):  
Julian Schenten ◽  
Martin Führ ◽  
Leonie Lennartz
Keyword(s):  
Supply Chain ◽  
Global Supply Chains ◽  
European Economic Area ◽  
High Concern ◽  
Eu Policies ◽  
Communication Challenges ◽  
The One ◽  
Very High ◽  
The Eu

Companies producing or importing articles (or parts thereof) as well as retailers are facing new challenges coming from societal demands and expectations directed at transparency of (problematic) substances in articles (SiA), and the overall “sustainability” of supply chain operations. Legislation on chemicals in the EU (e.g., REACH) and beyond stipulating legal SiA requirements reflect these developments. In addition, with a view to eliminating problematic substances in material circles, the recently amended Waste Framework Directive requires, from January 2021 on, companies placing articles on the European Economic Area (EEA) market to report to authorities the presence of substances of very high concern (SVHC) above a certain threshold in such articles. ´ Chemical compliance management is not part of the core business for many companies. Many actors perceive related challenges as an overwhelming task. IT-based solutions offer opportunities to establish a systematic approach to transparency and traceability of SiA within complex global supply chains. In order to “be prepared” for future legislation, the long-term vision of a Full Material Declaration (FMD) is a promising approach. This way, firms can meet their present requirements from law as well as from sectoral or company specifications, and can prepare for future requirements. This article compares supply chain communication requirements and needs on the one hand and actual practice on the other in order to subsequently identify the respective delta. The article also introduces FMD as a strategy to overcome the delta and shows development perspectives for existing approaches. Finally, after drawing conclusions, the article formulates recommendations for EU policies.

Migrants help keep Central European populists in power

2016 ◽  
Keyword(s):  
Central Europe ◽  
Migration Policy ◽  
Refugee Crisis ◽  
Medium Term ◽  
Content Type ◽  
Central European ◽  
Eu Integration ◽  
The Future ◽  
The Eu

Subject Populists' exploitation of the refugee crisis in Central Europe. Significance Support for populist parties has risen after last year's refugee crisis across the EU, but nowhere have they been as successful as in Central Europe (CE). Peddling migrant fears has secured the re-election of Robert Fico's Smer (Slovakia) and the revival of Viktor Orban's Fidesz (Hungary) from a post-election popularity slump. On the back of the migration tide, populists are transforming CE's political trajectory. Impacts A united CE front will gain prominence at the EU, stoking tensions with Berlin on migration policy and the future of EU integration. The strengthened legitimacy of illiberal positions on migration will foster the emergence of imitators elsewhere in Europe. The chance of an EU-level, long-term solution to the refugee crisis will remain slim in the medium term.

Opposition split may mean more violence for Kosovo

2016 ◽  
Keyword(s):  
The Other ◽  
Self Determination ◽  
Content Type ◽  
The Future ◽  
United Front ◽  
The Government ◽  
The One ◽  
The Eu

Subject Kosovo's violent and fragmenting opposition. Significance Three parties which had formed a united front against the government have split into two camps. Vetevendosje (Self-Determination) is on the one side; the Alliance for the Future of Kosovo (AAK) and the Initiative for Kosovo (Nisma), which have formed a formal coalition, are on the other. The split strengthens the government's position. Impacts Further unrest will have damaging consequences for the economy, implementing the Brussels Agreement and Kosovo's passage towards the EU. The governing parties will gain from opposition disunity in any electoral contest, increasing the prospect of early elections. Kosovo's Serbs may implement the devolution aspects of the Brussels Agreement unilaterally, further exacerbating tensions.

Memory of Futures

KronoScope ◽  
2004 ◽  
Vol 4 (2) ◽  
pp. 297-315 ◽  
Author(s):  
Barbara Adam
Keyword(s):  
Genetic Modification ◽  
Nuclear Power ◽  
The Other ◽  
Way Of Life ◽  
Memory Aids ◽  
The Past ◽  
The Future ◽  
The One ◽  
Far Future

AbstractWe think of memories as being focused on the past. However, our ability to move freely in the temporal realm of past, present and future is far more complex and sophisticated than commonsense would suggest. In this paper I am concerned with our capacity to produce and extend ourselves into the far future, for example through nuclear power or the genetic modification of food, on the one hand, and our inability to know the potential, diverse and multiple outcomes of this technologically constituted futurity, on the other. I focus on this discrepancy in order to explore what conceptual tools are available to us to take account of long-term futures produced by the industrial way of life. And I identify some historical approaches to the future on the assumption that the past may well hold vital clues for today's dilemma, hence my proposal to engage in 'memory of futures'. I conclude by considering the potential of 'memory aids for the future' as a means to better encompass in contemporary concerns the long-term futures of our making.

Prospects for the Russia’s Pension System

2007 ◽  
pp. 46-71 ◽  
Author(s):  
E. Gurvich
Keyword(s):  
Gender Gap ◽  
Pension System ◽  
Pension Reform ◽  
The Other ◽  
Average Wage ◽  
Present Value ◽  
Replacement Rate ◽  
Other Hand ◽  
Rapid Fall

We find that the present pension system is able to secure long-term formal sustainability. On the other hand, rapid fall of the replacement rate is expected, with the hardest period in 2018 to 2041, when ratio of average pension to average wage will be below 20%. Additional funds needed to keep this ratio at the level of 2006 amount to 2-3% of GDP in 2020-2041. Distributional implications of the pension reform are examined. The present value of losses born by elder cohorts from the reform are estimated to reach 9,9 bln roubles (in 2007 prices). The gender gap in pensions will increase substantially, to reach 36% by 2050. Measures addressing long-term problems of the pension system are discussed.

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