November 2019
08Nov

A Two-Step Mixed Pension System: How to Reinvent Social Security with the Help of Notional Accounts and Term Annuities

By Inmaculada Domínguez-Fabián,Pierre Devolder, Francisco del Olmo García, Jose A Herce The change in economic and sociodemographic reality, characterized by a continuous increase in longevity, the consequences of the economic crisis, and the lack of adequate adjustments of social security retirement pension systems everywhere, entails risks for workers and the social security systems themselves. Many reforms of public pension systems have been carried out in recent years, based on modifying system parameters and structural changes. Some reforms aim at...

November 8, 2019
Articles, Investing, Pension design, Savings, ,
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October 2019

18Oct

Market Inefficiency and Household Labor Supply: Evidence from Social Security’s Survivors Benefits

By Itzik Fadlon, Shanthi Ramnath, Patricia Tong We study the effects of the Social Security survivors benefits program on household labor supply and the efficiency implications for insurance and credit markets. We use U.S. population tax records and exploit a sharp age discontinuity in benefit eligibility for identification. We find that eligibility induces considerable reductions in labor supply both among newly-widowed households in the immediate post-shock periods and among already-widowed households whose benefit receipt is entirely predictable. The evidence...

October 18, 2019
Articles, Labor Market,
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01Oct

Social Security Education a Must-Have for Retirement Plan Participants

General education is helpful, but getting personal will help employees establish a plan for income in retirement. According to the Social Security Administration’s website, Social Security will replace about 40% of an employee’s pre-retirement income after retirement. It explains that this will be lower for people in the upper income brackets and higher for people with low incomes. “You’ll need to supplement your benefits with a pension, savings or investments,” the website says. However, even the Social Security Administration notes...

October 1, 2019
News, Slider,
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September 2019

27Sep

Women and Labour Market Dynamics: New Insights and Evidences

By Balwant Singh Mehta, Ishwar Chandra Awasthi This book addresses women’s changing role in and contributions to the Indian labour market. It explores how feminist theories and frameworks have changed over time and gradually been supplanted by new ones. The book explores the structural shift in women’s employment from farm to non-farm jobs in services and industries, both theoretically and empirically. Further, it examines the steady rise of women in high skilled or ‘new economy’ sectors like information and...

September 27, 2019
Books, Labor Market, , ,
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24Sep

Ghana. NPRA assures workers of payment of Three-Tier pension benefits

The National Pensions Regulatory Authority (NPRA) has given the assurance that the industry was ready for the first batch of Ghanaian workers who would be retiring at age 60 in 2020 to begin enjoying their benefits under the new Three-Tier Pension Scheme. As of December 2018, the total Pension Fund had increased to Gh¢22.2 billion from the about Gh¢20.7 billion in 2017. This is made up of Gh¢13.1 billion of Assets Under Management (AUM) for Private Pension Funds and...

September 24, 2019
News, Slider, , ,
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23Sep

Zimbabwe. NSSA to effect upward review of pension payouts

The National Social Security Authority (NSSA) will soon effect an upward review of pension payouts to improve the welfare of pensioners and cushion them from the economic challenges. This follows a Government decision in July this year, to award a once off discretionary bonus equivalent to a month’s pension to cushion pensioners from the general increase in the cost of living. The actual percentage increases could, however, not be ascertained this week, as NSSA is still in the process...

September 23, 2019
News, Slider, , , ,
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20Sep

The Development of Social Security in China

 By Gao Zexin, Mario Arturo Ruiz Estrada, Aslam Mohamed, Minsoo Lee Over the past 60 years, the social security system has continued to advance with the development of the economy. Especially since China’s Reform and Opening-up, the role and status of social security have become more and more prominent. With the evolution of value concepts and the transformation of the system interacted with each other, China's social security has embarked on a complicated track of establishing and reform. In...

September 20, 2019
Aging, Articles, Labor Market, System Sustainability, ,
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13Sep

Reforming Social Security: The Challenge of Income Inequality

By David W. Rasmussen Objective: This article examines the role Social Security plays in alleviating poverty among retirees in the context of threats to its solvency. Method: Examining long-term employment trends, declining access to defined benefit pensions and saving behavior can determine if in the more future Social Security beneficiaries are likely to be poor. Results: Labor market trends driven by technical change, global competition and increasing demand for services indicate that more future retirees will have lower life-time...

September 13, 2019
Adequacy, Articles, Regulation, , ,
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August 2019

30Aug

Using Vignettes to Improve Understanding of Social Security and Annuities

By Anya Samek, Arie Kapteyn, Andre Gray Evidence shows that people have difficulty understanding complex aspects of retirement planning, which leads them to under-utilize annuities and claim Social Security benefits earlier than is optimal. To target this problem, we developed vignettes about the consequences of different annuitization and claiming decisions. We evaluated our vignettes using an experiment with a representative online panel of nearly 2,000 Americans. In our experiment, respondents were either assigned to a control group with no...

August 30, 2019
Aging, Articles, Labor Market, , , ,
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09Aug

The Political Economy of Social Security Reform

By Michael Boskin, Diego Perez, Daniel Bennett We identify which types of Social Security reforms are supported when people vote in their financial self-interest, under alternative economic and demographic projections and voting proclivity assumptions. While 40% of voters have negative lifetime net transfers, less than 10% have negative future transfers under the unsustainable status quo. Framing the problem as a choice between reforms is necessary for any to receive majority support. Delayed reforms are often preferred, but immediate tax...

August 9, 2019
Articles, Regulation, System Sustainability, ,
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