Articles Archives - Page 131 of 140 - Pension Policy International

04FebFebruary 4, 2017

The Voluntary Contributions Model–Study Regarding The Completion Of The Length Of Service

By Constantin Anghelache & Ana CARP In this article we present the study on “Buying years of service (seniority)” which is a particular case of the voluntary contributions model proposed by the author in a previous work. In the case study presented in this article, we show the groups of people addressed by Law no.186 / 2016 for “buying years of service”, we quantify the results of applying this legislative measure and we estimate the implications on the evolution of...

February 4, 2017

Articles, Pension design, System SustainabilityMandatory pensions, Occupational Pensions, Voluntary pensions

04FebFebruary 4, 2017

The 'Crisis' in Defined Benefit Corporate Pension Liabilities: Current Solutions and Future Prospects

By Gordon L. Clark & Ashby H. B. Monk Once an integral component of company-sponsored compensation schemes in many western economies, private defined benefit (DB) pensions are in decline. For many, DB schemes (and their related health care liabilities, depending on the jurisdiction) have hobbled the financial well-being of plan sponsors and even whole sectors of industry. If a constraint on shareholder value in the short-term, these schemes threaten long-term corporate survival in the emerging global economy. While there remains considerable debate...

February 4, 2017

Articles, Investing, Labor MarketCorporate Governance, Investing, Labor Market

04FebFebruary 4, 2017

The ‘Crisis’ in Defined Benefit Corporate Pension Liabilities: Current Solutions and Future Prospects

By Gordon L. Clark & Ashby H. B. Monk Once an integral component of company-sponsored compensation schemes in many western economies, private defined benefit (DB) pensions are in decline. For many, DB schemes (and their related health care liabilities, depending on the jurisdiction) have hobbled the financial well-being of plan sponsors and even whole sectors of industry. If a constraint on shareholder value in the short-term, these schemes threaten long-term corporate survival in the emerging global economy. While there remains considerable debate...

February 4, 2017

Articles, Investing, Labor MarketCorporate Governance, Investing, Labor Market

04FebFebruary 4, 2017

Finance and Labor: Perspectives on Risk, Inequality and Democracy

By Sanford M. Jacoby This paper considers the association between financial development and labor-market outcomes such as risk and inequality. The relationship is not straightforward, however. It is mediated by politics at the national and corporate levels. Politics spurs financial development, which sets in motion countervailing efforts to restrain the effect of finance on inequality and risk. The empirical analysis relies on historical, comparative, and contemporary evidence. Emphasis is given to recent events in the United States: the political origins...

February 4, 2017

Articles, Labor Market, Regulation, System SustainabilityFinancial Inclusion, Investing, Risk, Sustainability

04FebFebruary 4, 2017

Is Asia Prepared for an Aging Population?

By Peter Heller Many Asian countries (such as China, Singapore, Korea, Thailand, Malaysia, Indonesia, India, and the Philippines) will experience a significant aging of their populations during the next several decades. This paper explores how these aging Asian countries are addressing and anticipating the challenges of an aging society. It suggests that Asia's preparedness for an aging population is decidedly mixed. While growth policies have been successful, much work is still needed in many countries to establish an adequate and...

February 4, 2017

Aging, Articles, Labor MarketCoverage, Financial Inclusion, Labor Market

04FebFebruary 4, 2017

The Future of Labor and Employment Law in the United States

By Katherine V.W. Stone There is a serious problem with the labor and employment law system in the United States today: Unions have declined to the point where they represent less than 8 per cent of the private sector workforce, employee wages have stagnated for more than three decades, employers are cutting back on workers' health insurance and pensions, and there is a dramatic growth in the numbers of the working poor. At the same time, there has been a...

February 4, 2017

Articles, Labor Market, Regulation, System SustainabilityRegulation, Sustainability

04FebFebruary 4, 2017

Taxing Kenya’s M-Pesa Picks the Pockets of the Poor

By Liliana Rojas-Suarez Kenya has instituted a new tax that affects users of M-Pesa -- a widely popular phone-based money transfer service used by more than half of Kenya’s adult population. The new 10 percent excise duty on fees charged for money transfer services applies to mobile phone providers, banks, and other money transfer agencies. Operated by Safaricom, the largest mobile network operator in Kenya, M-Pesa accounts for the largest share of users of money transfer services. Users of M-Pesa...

February 4, 2017

Adequacy, ArticlesCoverage, Financial Inclusion

04FebFebruary 4, 2017

Aging, Social Security Design, and Capital Accumulation

By Antoine Dedry, Harun Onder & Pierre Pestieau This paper analyzes the impact of aging on capital accumulation and welfare in a country with a sizable unfunded social security system. Using a two-period overlapping generation model with potentially endogenous retirement decisions, the paper shows that the type of aging, i.e. declining fertility or increasing longevity, and the type of unfunded social security system, i.e. defined contributions or defined benefits, are important in understanding this impact. Moreover, the analysis provides a...

February 4, 2017

Adequacy, Articles, Pension designSocial Pensions, Social Protection

04FebFebruary 4, 2017

Initiate Deficits to Strengthen Public Finances: The Role of Private Pensions

By Ales Berk, Dragan Jovanovic & Joze Sambt In this paper we use our comprehensive pension system model calibrated to the real demographic, employment and retirement data, measure transition costs of implementing mandatory private second-pillar into the pension landscape and consider fiscal sustainability of pension system. We report sensitivity to the most relevant parameters both within a second-pillar and a pay-as-you-go, and argue that fiscal sustainability and improved (higher) accrual rates are not incompatible policy goals if only pension reform...

February 4, 2017

Articles, Investing, RegulationRegulation, Replacement Rate

04FebFebruary 4, 2017

Risk of Disability, Old Age and Death: Pension Sustainability in Colombia

By Sergio Clavijo, Alejandro Vera Sandoval, David Malagón, Laura Clavijo, Andrea Ríos Serna, Ekaterina Cuellar & Nelson Vera This document concludes that the sustainability of the RPM (Pay-as-you-go, defined benefits public regime) looks fragile and is threatened by massive transfers from the RAIS (defined contributions private regime) to the RPM. The fiscal deficit of the RPM could be rising from 140% of GDP (in NPV) to 228% of GDP during the next three decades on account of the migration of...

February 4, 2017

Aging, Articles, System SustainabilityCorporate Governance, Regulation

February 2017