The COVID-19 pandemic was declared over in April 2023. Like the financial crisis of 2008, the pandemic outbreak had an exogenous shock effect on Germany's micro- and macroeconomic environment. This ...mainly affected the labor market, and after that, the Bundesregierung took measures to stabilize the labor market to prevent a dramatic increase in unemployment. The German pension system is a pay-as-you-go system that is financed on a long-term basis by demographic and economic developments. Based on these factors, projections on the effects of the COVID-19 pandemic on statutory pension insurance in Germany were already made in 2020. This paper compares the forecasts from 2020 with the actual development, combined with whether German pension insurance can be assessed as sustainable after the pandemic.
Most of the European countries are worried about the ageing phenomenon and work to improve their pensions systems and labour force. Within this research, one of our objective is to analyze and ...measure the efficiency of pension systems. For this purpose, we used several indicators referring to the adequacy and participation in the labour market in 2007-2015 period for 26 EU and applied DEA Malmquist method. The empirical results show that efficiency change remain constant only for Germany, Italy, Netherlands, Sweden and United Kingdom in 2007-2015 period. Secondly, we conducted a performance analysis and found that Portugal is the only country reporting above-average performance, followed by Romania which is presenting above-average performance in all dimensions, except for pension expenditures as % of GDP which is below-average. Low performance of pension systems was reported in Belgium, Bulgaria, Czech Republic and Malta.
"The article considers the special conditions for the implementation of the strategy for managing the financial resources of the pension system of the OECD countries and Ukraine. A strategic ...financial and economic mechanism has been developed to assess the quality of financial resources management of the country’s pension system through partial socio-economic and demographic indicators of the economic system. The method of managing the formation, distribution and use of financial resources of the state pension system is determined. The block diagram of the strategic financial and economic mechanism for the management of financial resources of the pension system within the economic and demographic indicators, as well as the parameters of state economic policy is presented. The real value of the replacement ratio per 1% of GDP and the efficiency ratio of the financial resources management of the pension system in the OECD countries and Ukraine are analyzed. The structure of investment portfolios of OECD pension funds is presented. The forecast trend of the demographic burden coefficient and the share of state funding of the pension system to GDP in the OECD countries and Ukraine are determined. The forecast trend of budget revenue and average wages is calculated. As part of the distributive approach to financing pension payments, an old-age pension payment method has been introduced, taking into account the socially acceptable level of income compensation, insurance premium rate, and demographic structure of the population, real wages and changes in social security payers."
The stability of pension fund is very important for social welfare in general and for a sustainable economic development in particular. The main purpose of this study is to analyse the perception of ...employees on the mandatory pension savings in the case of Kosovo. Examining local and international literature, the method used in this study is the online questionnaire with a sample of 300 respondents employed in the private and public sector. The collected data were processed and tested through the IBM SPSS program where the descriptive analysis, frequencies, the cross-tabulation tables, Pearson correlation and Chi-Square test are used and presented in the study. The paper concludes that employees, regardless of age, the level of education and the sector in which they work, do not have any perception related mandatory pension savings in general. The result of Chi-Square Test also proves that the variables under analysis respondents' level of education and their perception to the right of the state to compulsory pension are not related to each other. The paper comes with some others conclusions and recommendations based on research findings.
The introduction of private pension funds, which operate with the state pension fund, is the essence of the reform of the pension system in Serbia. Private pension funds are based on voluntary ...benefits. Thus, the functioning of the pension system takes place in three interconnected processes: payments to a voluntary pension fund, investment of free funds, and ultimately programmed payments – pensions. Stability in the voluntary pension funds and predictability of payments allow the quality of investment portfolio to be formed and achieve a long-term yield of investment. In this work we implement the method of least square approximation for data processing and a mathematical method of linear regression, which give a link between the observed size, in our case, the number of fund members, the average salaries in Serbia and the size of Fondex, and to be used to predict the number of fund members depending on other sizes. Based on the data obtained by approximation function we can estimate number of fund members, in dependence of average salary and size of FONDEX
The author demonstrates the assessment of the current state of the Ukrainian pension system and the analysis of the possibilities and prospects for launching the secondary (state) and development of ...the tertiary (non-state) levels of the accumulative component of the pension system of Ukraine under the conditions of the active phase of military aggression by Russia. The urgency of the work is due to the critical state of the pension system in Ukraine, which today not only cannot perform its functions regarding the pension provision of citizens in the medium and long term but is bankrupt. The research is also relevant given the repeated unsuccessful attempts to launch the state accumulative component of the pension system and reform the non-state pension provision system. This necessitates a scientific understanding of the possibilities of building an accumulative resilient element of the pension system in current conditions, which involves a clear understanding of the challenges and threats to the viability of such a system. Thanks to this, timely awareness and construction of such a model of the pension component of the accumulation system is possible, which will minimize political (low-quality state policy in this area) and material losses for the pension system participants. The purpose of the article is to analyze and evaluate the use of institutional tools to build a resilient accumulative component of the pension system of Ukraine. The novelty of the research lies in the identification of institutional mechanisms for building a resilient model for the launch of the second and transformation of the third accumulative levels of the pension system of Ukraine, which will allow for solving a complex of current and strategic issues: from reducing the burden on the Pension Fund of Ukraine in the current conditions to forming the prerequisites for obtaining a decent pension for citizens of our countries in the future. The research methodology in the article is based on the use of information from open sources, assumptions, expert opinions and assessments, the experience of building the accumulative component in different countries, etc. The choice of such a methodology is conditioned by the impact of Russia’s military aggression on all elements of life in our country, particularly the acquisition and formation of operational and reliable statistical information.
Subject of research – pension systems of foreign countries. Aim of research is to determine regularities in the process changing of modern foreign pension models. Methods of research. Author applied ...set of scientific methods of research, inter alia analysis and comparison – while studying foreign experience of pension provision; theoretical synthesis, systemic and structural methods - while determining contemporary tendencies in the process of reforming pension systems. Results of research. Grounding on the analysis of the pension models used by western countries at the contemporary stage of civilization development, general tendencies in the processes of reforming of pension systems caused by demographic, economic and political factors are defined. For instance they are:, carrying out of the indexation of pensions in correlation with possibilities of country's budget; planned increase of retirement age taking into account parameters of health of pensioners, according to the results of relevant studies, and taking into account increasing figures of lifetime in the country, flexible definition of the period of living out; funding of state-guaranteed pensions in expense of general taxes; increasing of role and participation of the employee in composition of his/her future of pensions, stipulation of ownership rights on the generated savings for the employee; creation of a culture of pension savings as prerequisite for the development of voluntary forms of accumulation; correlation of record of service with the size of state-guaranteed payments. Experience of countries that occupy leading place in the rank of index of sustainability of pension systems is investigated. It is established that pension models combining state pension (which provides minimum essential standard of living) and strong accumulation part are the most resistant to the risk factors in the sphere of pension provision. Application of results. Results of this study can be applied in the practice of reform of national pension systems. Conclusions. Analysis of pension systems in foreign countries and trends of their development confirms the necessity of reforming national models of pension provision, taking into account the degree of development of the economy, pension system and the state of its institutions, but general patterns of these reforms are: restructuring of state pension provision in the direction of reducing state expenditures on the pension system (in particular, payment of minimum pensions by the state from the budget in account of tax revenues); development of cumulative pension system and private pension funds; if necessary privatization of separate parts of pension programs, provision of possibility of diversified investment for available trust or create new ones; changing of the base of pensions calculation, taking into account downward trend in employment in automated production.
Abstract
Retirement timing is an issue of great political importance these days. Policy-makers develop various initiatives encouraging workers to postpone retirement beyond the statutory retirement ...age. This effort brings, however, just minimal outcomes. Although increasing opportunities and abilities to work in old age, in some countries people tend to retire as soon as it is possible. In economic terms, they make suboptimal (irrational) decisions.
This article is the first examination of pension reform in China and its effects on different social groups over the past three decades. China's pension system has undergone radical transition from ...the state‐employer model to a state‐society one based on the combination of an underlying aim of supporting the economic reforms and learning from international experience. Although the pension system has expanded over the past three decades and the majority of people are now covered by social pensions, this remarkable policy change has created new inequalities. First, an important aspect of social stratification has been reshaped into five distinct pension scheme classes. Second, the new pension model has strengthened the link between benefits and contributions, which privileges the better off. In this newly stratified pension system, those with high human capital and family capital, and who are in the more developed regions are the clear winners. To tackle these inequalities, future pension reform in China should focus on promoting equalization and de‐stratification.
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