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Social Insurance Based on Personal Savings

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  • Folster, Stefan
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    Abstract

    Many countries have reformed, or plan to reform, their pension system. The trend is to move from an entitlement based system to a system in which contributions accumulate in some form of personal savings account. In recent years proposals have been made to apply a personal savings account also to other elements of social insurance, such as unemployment insurance, social assistance, health care costs and others. This paper presents a simple model and a simulation to compare the lifetime consequences of replacing a wide range of social insurance systems with savings account based social insurance. The results indicate that savings account based social insurance can be designed to provide the same economic security as offered by a generous welfare state, and yet lower marginal taxes considerably. Copyright 1999 by The Economic Society of Australia.

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    Bibliographic Info

    Article provided by The Economic Society of Australia in its journal The Economic Record.

    Volume (Year): 75 (1999)
    Issue (Month): 228 (March)
    Pages: 5-18

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    Handle: RePEc:bla:ecorec:v:75:y:1999:i:228:p:5-18

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    Cited by:
    1. Hartley, G.R. & Ours, J.C. van & Vodopivec, M., 2010. "Incentive Effects of Unemployment Insurance Savings Accounts: Evidence from Chile," Discussion Paper 2010-04, Tilburg University, Center for Economic Research.
    2. Nagler, Paula, 2013. "How unemployment insurance savings accounts affect employment duration: Evidence from Chile," MERIT Working Papers 039, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    3. Vodopivec, Milan, 2009. "Introducing Unemployment Insurance to Developing Countries," IZA Policy Papers 6, Institute for the Study of Labor (IZA).
    4. Barrientos, Armando, 2002. "Women, Informal Employment, and Social Protection in Latin America," General Discussion Papers 30557, University of Manchester, Institute for Development Policy and Management (IDPM).
    5. Bovenberg, A.L. & Hansen, M. & Sorensen, P.B., 2008. "Individual savings accounts for social insurance: Rationale and alternative designs," Open Access publications from Tilburg University urn:nbn:nl:ui:12-301941, Tilburg University.
    6. Brown, Alessio J G & Orszag, Mike & Snower, Dennis J., 2006. "Unemployment Accounts and Employment Incentives," CEPR Discussion Papers 5692, C.E.P.R. Discussion Papers.
    7. Bovenberg, A L, 2003. "Financing Retirement in the European Union," International Tax and Public Finance, Springer, vol. 10(6), pages 713-34, November.
    8. Goerke, Laszlo, 2007. "Unemployment Insurance Savings Accounts and Collective Wage Determination," IZA Discussion Papers 3141, Institute for the Study of Labor (IZA).
    9. A. Lans Bovenberg & Peter Birch Sørensen, . "Optimal Taxation and Social Insurance in a Lifetime Perspective," EPRU Working Paper Series 06-01, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.

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