Nr 1 (12) 2016
OLD-AGE PENSION SYSTEMS OUTSIDE EUROPE
Table of Contents 1/2016 English Edition
NOTE FROM THE EDITOR – Zofia Czepulis-Rutkowska
TRENDS OF PENSION SYSTEMS IN EUROPE – Zofia Czepulis-Rutkowska
REFORMING PENSIONS IN CHILE – Nicholas Barr, Peter Diamond
THE US PUBLIC PENSION SYSTEM IN PRESIDENTIAL CAMPAIGN DISCOURSE, 2016 – Elaine Fultz, John Francis
THE PENSION SYSTEM IN CANADA: A SUCCESS TO FOLLOW? – Maria A. Szczur
INCOME SECURITY FOR THE ELDERLY IN DEVELOPING COUNTRIES – Krzysztof Hagemejer
SOUTH KOREAN PENSIONS: IMPRESSIONS FROM A DISTANCE – Platon Tinios
CHINA PENSION SYSTEM: THREE SUB-SYSTEMS AND THEIR STATUS – Wang Wei, Zhang Yinghua
Zofia Czepulis-Rutkowska (Institute of Labour and Social Studies, Warsaw, Poland)
NOTE FROM THE EDITOR (p. 1)
Zofia Czepulis-Rutkowska (Institute of Labour and Social Studies, Warsaw, Poland)
TRENDS OF PENSION SYSTEMS IN EUROPE (p. 2–3)
A debate on pension systems and reforms is going on in European countries for recent decades. The important factors affecting the operation of pension systems include: population aging, changes in structure of the economy, labour market activity of women and increase in globalization. The main challenges for pension systems reform are: securing the adequacy of the benefits and the financial sustainability of pension systems. The article is presenting the main trends in reforming pension systems in selected countries, Poland among them.
Keywords: pension system, reforms, trends, Europe
Barr, N. (2013), The Pension system in Sweden, Report to the Expert Group on Public Economics, Ministry of Finance, Sweden, http://eso.expertgrupp.se/wp-content/uploads/2013/08/Till-webben-ESO-2013–7.pdf [access 15.01.2016].
Busemeyer, M.R. (2006), Moving the Unmovable: Political Strategies of Pension Reform in Germany, German Policy Studies, Volume Three, Number 3, pp. 400–445.
Clark, G.L. (2006), The UK Occupational Pension System in Crisis, in: H. Pemberton, P. Thane, N. Whiteside (eds.), Britain’s Pension Crisis: History and Policy, Oxford University Press, Oxford.
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Nicholas Barr (Professor, London School of Economics, United Kingdom)
Peter Diamond (Professor, London School of Economics, United Kingdom; Massachusetts Institute of Technology, United State of America)
REFORMING PENSIONS IN CHILE (p. 4–8)
This paper argues that experience in Chile demonstrates (a) problems with fully-funded defined-contribution individual accounts that were both predictable and predicted, and (b) a mostly rational evolutionary approach to addressing those problems. Section 2 briefly outlines the 1981 system and its problems. Section 3 discusses strategic reform in 2008 which addressed some of those problems. Section 4 – the main focus of the paper – discusses the unfinished business left by the 2008 reforms and sets out the main proposals of the 2015 Bravo Commission, including its 58 specific proposals, which commanded majority support from the Commissioners, and its three very different Global Proposals, about organising and financing the system, which are highly controversial.
Keywords: Chile, pension system, strategic reform, organising and financing the system
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In Polish: Reformy systemu emerytalnego: Krótki przewodnik, Polskie Towarzystwo Ekonomiczne, Rofman, R., Apella, I., Vezza, E., eds. (2015), Beyond Contributory Pensions: Fourteen Experiences with Coverage Expansion in Latin America, The World Bank, Washington DC.
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Elaine Fultz (JMF Research Associates, Philadelphia, United States of America)
John Francis (JMF Research Associates, Philadelphia, United States of America)
THE US PUBLIC PENSION SYSTEM IN PRESIDENTIAL CAMPAIGN DISCOURSE, 2016 (p. 9–16)
This paper examines the US public pension system – its current status, achievements, problems and possible futures – through the prism of the 2016 Presidential campaign. Its main source of information is political discourse during state primary elections and caucuses held by the Democratic and Republican parties in the months preceding their nomination of Presidential candidates. These events create a lively marketplace of ideas in which contenders for their party’s nomination compete for the support of voters, organizations, and donors, who in turn seek to influence the contenders’ platforms. In this election year, the range of contender positions on public pensions is unusually wide and they have assigned different priorities to improving pension adequacy, restructuring the system to address new needs, establishing long-term financial balance, and who should bear the cost of the latter. The paper examines their discourse in three parts. Following the introduction, part I describes the US public pension system and Americans’ attitudes toward it. Part II presents the contenders’ positions on pensions, including those to improve, maintain, and cut benefits. Included here is discussion of their approaches to pension finance as well. Part III highlights patterns in the contenders’ views, considers how they would alter US pension principles and practices, and ends with some thoughts on policymaking after the election.
Keywords: US public pension system, achievements, possible futures, problems, presidential campaign discourse
Bucknor, Ch., Baker, D. (2016), Still Working Hard, CEPR, Washington, DC.
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Clingman, M., Burkhalter, K., Chaplain, Ch. (2015), Replacement rates for hypothetical retired workers, Actuarial Note, No. 2015.9, July 2015. Office of the Chief Actuary, Social Security Administration, Baltimore, Maryland.
Krugman, P. (2015), Republicans against Retirement, “New York Times”, 17 August.
Morrissey, M. (2016), The State of American Retirement, Economic Policy Institute, Washington, DC.
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Maria A. Szczur (former professor, the Warsaw Academy of Finance, Poland)
THE PENSION SYSTEM IN CANADA: A SUCCESS TO FOLLOW? (p. 16–25)
The similarity between Poland and Canada, in such aspects as are important from the point of view of the pension system (including the percentage of people at post-productive age) encourages to undertake an analysis of the possibility of transposing into Poland the solutions successfully applied in the other country. On the other hand, there are significant differences between the two economies, which do not allow for a simple transfer of the Canadian solutions to Poland. The paper presents the Canadian pension system, with a particular emphasis on its public part.
Keywords: Canada, pension system, social security
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Krzysztof Hagemejer (Professor, Hochschule Bonn-Rhein-Sigg, Bonn, Germany; Collegium Civitas, University of Warsaw, Poland)
INCOME SECURITY FOR THE ELDERLY IN DEVELOPING COUNTRIES (p. 26–31)
While European pension debates focus on long-term sustainability of existing pension systems, globally the major challenge is the lack coverage. Only 30% of the world’s working age population contributes to any pension scheme and only slightly more than half of the worlds elderly receive any type of pensions or other income support benefits. Main reasons of this situation are at the labour markets where only relatively small portions of the population are in formal employment which would allow achieving effective coverage by contributory pension schemes. Paper shows that countries which achieved significant expansion of coverage did it through non-contributory, so-called social pensions – universal, means-tested or pension-tested. The main challenge of non-contributory pensions benefits is not their sustainability in terms of benefit costs as there is a number of policy parameters allowing to control benefit expenditure, but sustainability in terms of securing adequate budgetary funding. It requires implementing legal and budgeting mechanisms which would prevent discretion and political volatility in allocating resources necessary to fund such pension schemes.
Keywords: pensions, coverage, developing countries
Barr, N., Diamond, P. (208), Reforming Pensions – Principles and Policy Choices, Oxford University Press.
Barrientos, A., Lloyd-Sherlock, P. (2003), Non-contributory pensions and social protection, Issues in social protection series, Discussion paper 12, ILO Social Protection Sector, Geneva.
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Platon Tinios (Professor, Universityof Pireus, Greece; London School of Economics, United Kingdom)
SOUTH KOREAN PENSIONS: IMPRESSIONS FROM A DISTANCE (p. 31–38)
The South Korean pension system is a state-run PAYG social insurance system that has largely managed to avoid key problems common elsewhere. General state pensions arrived on the scene relatively late – in 1988 – in an economy dominated by small family firms and a familial social protection system. Despite financial surpluses, the system underwent two major reforms focused on sustainability, in 1997 and 2007. Recent discussions also highlight adequacy and old age poverty, with the prospect of rapid population ageing. Korea has combined PAYG finance with a large pension reserve – the second largest sovereign fund in the world – whilst also managing to preserve the unity of the system by applying common rules.
Keywords: South Korea, pension reform, pension funds, ageing
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Wang Wei (Public Administration School, Northwestern University, Xi’an, China
Zhang Yinghua (Centre for International Social Security, Chinese Academy of Social Sciences, Beijing, China)
CHINA PENSION SYSTEM: THREE SUB-SYSTEMS AND THEIR STATUS
China pension system includes three sub-systems: the Urban Employees’ Basic Pension System covering employees and the self-employed, Urban and Rural Residents Basic Pension System covering the residents who are underemployed, the Government Organs and Public Institutions Pension System covering the employees in public sectors. The overall coverage is more than 900 million people. The three sub-systems differ in terms of insurance qualification, payment rate and benefit levels. At present, the main problems of the Chinese pension system lies in empty operation for individual accounts and inadequate development of enterprise annuity and individual deposit life insurance.
Keywords: China pension system, employees basic pension system, government organs and public institutions pension system, institutional framework
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List of Contributions
NICHOLAS BARR is Professor of Public Economics at the London School of Economics and the author of numerous books and articles including The Economics of the Welfare State (2012), and Reforming Pensions: Principles and Policy Choices (with Peter Diamond) (2008). Alongside his academic work is wide-ranging involvement in policy, including spells at the World Bank and the International Monetary Fund, as a member of the World Economic Forum’s Global Agenda Councils on Demographic Shifts and on Ageing Society, and of the 2015 Presidential Commission on Pension Reform in Chile. A range of writing can be found on http://econ.lse.ac.uk/staff/nb.
PETER DIAMOND is an Institute Professor Emeritus at MIT, where he taught from 1966 to 2011. He first consulted to U. S. Congress about Social Security reform in 1974. He has analyzed pension systems in Australia, Chile, China, France, Germany, Italy, the Netherlands, New Zealand, Spain, Sweden, and the US. His books include Saving Social Security: A Balanced Approach (with Peter R. Orszag), Reforming Pensions: Principles and Policy Choices and Pension Reform: A Short Guide (both with Nicholas Barr). He was one of the three winners of the 2010 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for analysis of markets with search frictions.
ZOFIA CZEPULIS-RUTKOWSKA is a senior researcher in the Institute of Labour and Social Studies in Warsaw. Her research interests cover social policy institutions with the focus on pension systems and long term care, social policy models and European social policy. She has participated in numerous comparative research projects. She is an author of many publications on various aspects of social policy. Apart from her research activities she worked for Polish Social Insurance Institution in the years 2003– 2010 as the director of International Co-operation Department, and in 2011 for the Chancellery of the President of Poland as the director of the Social Policy Office. Dr Czepulis-Rutkowska was, in the years 2007–2014, an expert in the Polish Senate working group preparing the law on long term care.
JOHN FRANCIS also a partner at JMF Research Associates, focuses on social policy, education, and the origins and roles of national identities. He previously worked in the Office of Economic Policy and Research of the New York City Human Resources Administration, where he was responsible for research in demographic and fiscal issues related to the NYC population receiving public benefits. He taught research design at the City University of New York Bernard Baruch Graduate School of Business. He has a PhD in computational linguistics and comparative studies in Indo-European from Harvard University.
ELAINE FULTZ is a partner at JMF Research Associates in Philadelphia, where her work focuses on social security, governance, and labour and human rights. Previously she served as director of the International Labour Organization’s Office for Eastern Europe and Central Asia in Moscow and, prior to that, as ILO Social Security Specialist in Budapest, where she worked in 17 countries of Central and Eastern Europe. Before joining the ILO, she served as a professional staff member in the US House of Representatives, Social Security Subcommittee of the Ways and Means Committee. She is the author of many articles on social security and has a PhD in Public Administration from New York University.
KRZYSZTOF HAGEMEJER is an economist, specializing in economics and financing of social policies. Professor at Bonn-Rhein-Sieg University of Applied Sciences, Germany. Lecturer at Collegium Civitas, Warsaw and Maastricht Graduate School of Governance. Between 1993 and 2014 at Social Security Department of the International Labour Organisation in Geneva. Key member of the team working on new international labour standard, Recommendation no 202 concerning National Floors of Social Protection, adopted by the International Labour Conference in 2012. Before, assistant professor at the Department of Economics of Warsaw University and adviser to the Polish Minister of Labour and Social Affairs. 1980–1991, adviser to the trade union federation “Solidarność”.
PLATON TINIOS is an economist, assistant professor at the University of Piraeus. He studied at the Universities of Cambridge and Oxford. He served as Special Advisor to the Prime Minister of Greece from 1996 to 2004, specializing in pensions and the economic analysis of social policy. He was a member of the EU Social Protection Committee from 2000 to 2004. His research interests include pensions, ageing populations, social policy, labour economics and public finance. His work on gender aspects of ageing, led to a 2013 EU report on the gender gap in pensions and a book published in the US in 2015.
MARIA A. SZCZUR is an expert on social policy in Poland and in the European Union. She is particularly interested in the old-age pension systems. Now partly retired she still writes to research journal and teaches in a college. Apart from her research activities she was in the 90-ties a deputy director in the Institute of Labour and Social Studies. She was later a Dean, as well as a lecturer, in a private college – Finance Academy. She was also a member of the management board responsible for finances in the Polish Social Insurance Institution. She is an author of numerous publications on social policy.
WANG WEI is a postgraduate of Public Administration School of Northwestern University in China and majors in Chinese social security policy.
ZHANG YINGHUA is a researcher of International Social Security Studies Centre of Chinese Academy of Social Sciences at Beijing and holds a Ph.D. in Economics. The primary focus on her research is Chinese pension system and international social security« powrót