PENSION DEBT OF THE FUTURE AND ITS DEPENDS ON RETIREMENT AGE: COMPARISON BETWEEN CZECHIA AND DENMARK

2019 ◽  
Author(s):  
Jan Pokorný ◽  
Pavlína Hejduková
Keyword(s):  
Retirement Age ◽  
The Future

12. Age discrimination

2019 ◽  
pp. 232-240
Author(s):  
Stephen Taylor ◽  
Astra Emir
Keyword(s):  
Age Discrimination ◽  
Retirement Age ◽  
Length Of Service ◽  
The Future ◽  
The Law ◽  
The Uk

This chapter deals with age discrimination law under the Equality Act. It discusses the history and background of age discrimination law, protected characteristics, prohibited conduct on grounds of age discrimination, and key debates about how the law operates and how it might be improved in the future. There is no longer a default retirement age in the UK. If an employer wishes to retire an employee at a particular age, he has to have objective reasons for choosing that age. Unlike other protected characteristics, direct age discrimination can be justified, and there are a number of exceptions, such as length of service benefits, which have been kept from the Age Regulations of 2006.

The Politics of Retirement Age Increase in Russia: Proposals, Protests and Concessions

2019 ◽  
Vol 4 (3) ◽  
pp. 375-399 ◽  
Author(s):  
Elena Maltseva
Keyword(s):  
Large Scale ◽  
Pension System ◽  
Retirement Age ◽  
Russian Government ◽  
Russian Economy ◽  
The Future ◽  
Policy Shifts ◽  
Recent Policy ◽  
Economic Risks

The article discusses the changes to the Russian pension system since 2013, focusing specifically on the most recent policy moves. It argues that, despite the apparent instability of the Russian pension system caused by numerous policy shifts that have occurred since 2015, one element has remained constant: since the early 1990s the transformation of the Russian pension system has been driven primarily by neoliberal economic advisers to the Russian government. Passage of the long-delayed decision to raise the retirement age, which provoked large-scale protests, can be understood in light of the current geopolitical and economic risks that complicate the future of Russian economy.

scholarly journals Autobiographical and biopsychological indicators of life satisfaction of the persons of pre-retirement age

2021 ◽  
pp. 36-50
Author(s):  
Vadim Pavlovich Melnik
Keyword(s):  
Life Satisfaction ◽  
Depressive Symptoms ◽  
Chronic Fatigue Syndrome ◽  
Chronic Fatigue ◽  
Biological Age ◽  
Life Assessment ◽  
Retirement Age ◽  
Fatigue Syndrome ◽  
The Future ◽  
Life Path

The subject of this research is the correlation between the indicator of life satisfaction as a cognitive-affective construct of human psyche, certain scales that reflect the respondents’ perception of a temporal project of life (such parameters  as orientation towards the future, fatalistic present, hedonistic present), which reflect the cognitive component of life assessment and various parameters of the life path of a person, such as self-esteem of activity throughout life, career success, material well-being, indicators of overall activity, optimism, parental status and/or presence of dependents, presence of intellectual or sport hobbies, strategies of cooperation/individualism, determined in the course of the game “Dilemma of the Prisoner”, scales of depressive symptoms and severity of chronic fatigue syndrome, and ratio of the biological age index to appropriate biological age as an indicator of the difference between normal and individual level of aging in the age group, and indicator of psychological age and personal maturity that reflect the assessment of self-realization and the adequacy of mental state to physical state respectively. The author’s special contribution to this research consists in the establishment of correlation between the indicators of life satisfaction and cognitive assessment of the parameters of life path, such as overall activity throughout life, optimism, strategies of cooperation and partnership with the surrounding people, orientation towards the future relative to time-related project of life, and establishment of inverse connection with orientation towards the present regardless of the emotional coloring of such perception. The biological parameters of individual aging among persons of pre-retirement age play lesser role than the assessment of the reflected on current life situation. However, the author determines significant negative associations between the manifestation of depressive symptoms and the severity of chronic fatigue syndrome and life satisfaction.

Retirees without pensions and welfare: The social effects of pension privatization in Poland

2017 ◽  
Vol 38 (2) ◽  
pp. 407-417 ◽  
Author(s):  
Piotr Żuk ◽  
Paweł Żuk
Keyword(s):  
Pension System ◽  
The Elderly ◽  
Social Effects ◽  
Retirement Age ◽  
Right Wing ◽  
Complete Elimination ◽  
The Social ◽  
The Future ◽  
Law And Justice ◽  
The Right

This article describes the chaos caused by the 1999 privatization of the pension system in Poland. The recent measures taken by the right-wing populist government of the Law and Justice (PiS) party, which reduced the retirement age and announced the complete elimination of ‘open’ (private) pension funds at the end of 2016, have not improved the situation of present and future retirees. Various forecasts show that the elderly will not be able to count on state aid in the future. The future of retired women (who tend to be less economically active) and those employed on ‘junk contracts’, from which social security contributions were not deducted, seems to be completely hopeless.

scholarly journals Couple of thoughts on the consequences of changes in the pension system in Poland in 2017

2017 ◽  
Vol 22 (6) ◽  
pp. 71-85
Author(s):  
Zbigniew Śleszyński
Keyword(s):  
Labor Market ◽  
Pension System ◽  
European Countries ◽  
Retirement Age ◽  
Initial Capital ◽  
The Future

The article presents the rules of retirement in selected European countries and the consequences of lowering the retirement age in Poland from October 2017 for the finances, the labor market and pension level. In particular, examples of pension calculations are given with different initial capital levels and different retirement periods. According to the author, it will be necessary to raise the retirement age in the future, but it would require great political courage.

The influence of information technology on the development of medicine

2018 ◽  
pp. 116-126
Author(s):  
E. S. Kharlamova
Keyword(s):  
Artificial Intelligence ◽  
Healthy Lifestyle ◽  
Developed Countries ◽  
Mobile Technologies ◽  
Retirement Age ◽  
Present Stage ◽  
Health Technologies ◽  
The Future ◽  
Further Development

The review of mobile devices and wireless technologies used today in medicine developed countries in two main areas: treatment and care for patients and maintaining a healthy lifestyle. Tendencies of the further development of mobile technologies in medicine are indicated. The role of artificial intelligence in the treatment of patients at the present stage and in the future is shown. Problems that inhibit the further development of artificial intelligence in medicine are identified. It is indicated that mobile health technologies can be applied to the aging part of the world's population to solve the problems associated with raising the retirement age. The directions of modern telemedicine are described as one of the ways to solve the issue of increasing life expectancy. Particular attention is paid to 3D printing of human organs with the help of a bioprinter. New professions are listed at the intersection of medicine and computer technologies, which should appear in the future for the introduction of IT technologies into traditional medicine. The main directions of future medicine development are outlined.

MODELING A FLEXIBLE RETIREMENT AGE TO NARROW PENSION GAP: THE CASE OF CHINA

2019 ◽  
pp. 1-21
Author(s):  
YALI LIU ◽  
MEIYING YANG ◽  
HAITAO ZHENG ◽  
YUNYUN JIANG ◽  
DONGFANG GU
Keyword(s):  
Life Expectancy ◽  
Empirical Studies ◽  
Closed Form Solution ◽  
Form Solution ◽  
Retirement Age ◽  
Retirement Benefits ◽  
Flexible Retirement ◽  
The Future ◽  
Incentive Strategies ◽  
Pension Benefits

With the relatively fixed retirement age, the dramatic increase in life expectancy and the sharp decline in fertility have caused a serious aging problem and an unsustainable pension crisis. It is therefore necessary to design flexible retirement benefits rules that consider life expectancy. By introducing the lifetime utility optimization model, the closed-form solution for the flexible retirement age is obtained. Pension benefits incentive strategies are constructed to encourage contributors to choose a retirement age that is beneficial toward narrowing the pension gap. The empirical studies show that China will face a serious pension gap in the future if the current statutory retirement age is not adjusted. If the retirement age is delayed according to life expectancy, the future pension gap will be greatly reduced.

scholarly journals How Long Should An Individual At Full Retirement Age Delay Receiving Social Security Benefits?

2012 ◽  
Vol 28 (3) ◽  
pp. 303
Author(s):  
Fred Hebein
Keyword(s):  
Social Security ◽  
Life Span ◽  
Discount Rate ◽  
Negative Impact ◽  
High Income ◽  
Retirement Age ◽  
Discount Rates ◽  
Short Delay ◽  
The Future ◽  
Social Security Benefits

n important topic for many individuals approaching 66 in 2011 is whether to start social security benefits at full retirement age (FRA) or to delay the benefits in order to gain greater payouts in the future. In 2009, the bonus for delaying the start of benefits rose to about 8% per year. By delaying benefits for four years (to age 70), it is possible to increase benefits by 38 to 55 percent per month for the remainder of the retirees life. In addition to the higher monthly benefits from delaying start of benefits, there are also substantial benefits for high income retirees in relocating to lower tax states. Also, given that the remaining age to death for most retirees at FRA is clearly finite, one would expect to see some value in discounting future earnings. Our paper evaluates accumulated benefits over a 25 year time horizon to assess retirement decisions post FRA. We consider three examples of accumulated benefits: (1) constant dollar accumulated benefits without discount or taxes; (2) alternative rates of discount of the future stream of earnings without income taxes; and (3) discounted after tax benefits. Each scenario is evaluated to assess whether delaying social security benefits past FRA is a profitable idea. Based upon our analysis, any discount rate in excess of 5% of the available after-tax returns provides no breakeven age within expected life ages. That is, at high discount rates, it is always better to start benefits at FRA or with only short delay once FRA is reached, if the individual wishes to maximize accumulated benefits over the expected life. At discount rates of less than 3%, the accumulated benefits may be increased within the expected life span by delaying the start of benefits. If no discount rate is applied, accumulated benefits are maximized by delayed start since all breakeven ages occur within life expectancy. In addition, we find that the negative impact of taxes on accumulated benefits can be as large as a discount rate of 3% on accumulated benefits. For high income retirees, a strategy of (1) relocating to lower tax states and (2) delaying the start of benefits can provide substantial increases to accumulated benefits. Finally, we note that the retirement decision is not entirely financial, but that many factors including family, spouse, work climate, health, expected life span, and fear of running out of money lead individuals into making decisions that may not optimize the present value of future benefits.

Transformation of the Principles of Formation of Insurance Pension Rights in the Context of Increased Retirement Age

2019 ◽  
pp. 67-79
Author(s):  
A. K. Solov’ev
Keyword(s):  
Pension System ◽  
Demographic Factors ◽  
Population Ageing ◽  
Retirement Age ◽  
Time Interval ◽  
Pension Insurance ◽  
Insurance System ◽  
The Future ◽  
The Impact ◽  
Pension Insurance System

The presented study examines the impact of macroeconomic and demographic factors and increased retirement age on the formation of the pension rights of insured persons within the distributive component of the compulsory pension insurance system.Aim. The study aims to use actuarial calculations to substantiate the procedure for the formation of insurance pension rights within the compulsory pension insurance system in the context of population ageing.Tasks. The authors develop methodological approaches to the actuarial substantiation of the formation of pension rights within the distributive component of the compulsory pension insurance system. They also formulate proposals for improving pension legislation to increase the efficiency of the formation of insurance rights within the compulsory pension insurance system and for the Pension Fund of the Russian Federation to achieve fiscal balance, raising the level of pension for the period up to 2050.Methods. This study uses general and special scientific methods of cognition – analysis (economicstatistical, financial, systemic, comparative) of theoretical and practical materials and synthesis, expert assessment, actuarial modeling and forecasting – to examine the formation of pension rights by insured persons within the context of the pension system in various aspects (legal, historical, temporal) and to develop proposals for implementing measures aimed at improving the efficiency of the formation of pension rights in the long term.Results. Analysis of the leading approaches and principles in the formation of the pension rights of insured persons and legislative regulation of this process within a time interval of more than 30 years as well as the conducted actuarial calculations show that it is necessary to create a new mechanism for calculating pension rights in the context of population ageing. There is an obvious need to develop constructive measures based on the results of actuarial calculations to improve pension legislation.Conclusions. Examination of the way the formation of pension rights of insured persons transformed over time makes it obvious that this process is continuously affected by macroeconomic and demographic factors, including natural population ageing, and the measures taken to increase the retirement age. The resulting situation calls for the development of a set of measures aimed at improving the efficiency of pension reforms in the future to fully make allowance for the pension rights of insured persons in the amount of the future pension.

scholarly journals Unsteady Architecture: Ambiguity, the Senate Reference, and the Future of Constitutional Amendment in Canada

2015 ◽  
Vol 60 (4) ◽  
pp. 883-903 ◽  
Author(s):  
Emmett Macfarlane
Keyword(s):  
Supreme Court ◽  
Term Limits ◽  
Unintended Consequences ◽  
Constitutional Amendment ◽  
The Political ◽  
Retirement Age ◽  
Logical Consistency ◽  
Political Implications ◽  
The Supreme Court ◽  
The Future

This article critically examines the Supreme Court of Canada’s opinion in the Senate Reform Reference from the perspective of its coherence in interpreting the various amending procedures in Part V of the Constitution Act, 1982. It analyzes the ways that the underlying logic of the Court’s reasoning, particularly with respect to the method of selecting senators and senatorial term limits, creates ambiguity and risks unintended consequences for future attempts at constitutional amendment. The Court’s explicit refusal to distinguish between the federal government’s unilateral ability to enact a retirement age and its logic that term limits, regardless of length, require the consent of the provinces under the general amending procedure lacks logical consistency and arguably erodes the unilateral amending procedure to a problematic degree. In the context of its reasoning with respect to changes to the method of selecting senators, the Court’s reliance on the amorphous notion of the “constitutional architecture” clouds the definable limits of “method of selection” under section 42(1)(b). The Senate Reform Reference introduces considerable ambiguity into what changes the federal executive can implement with respect to the appointments process itself. The article concludes by exploring the political implications that the decision has for the future of Senate reform specifically and for our ability to amend the constitution generally.

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