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The "Twin-Pillar" Approach to Social Insurance in the UK

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  • Creedy, John
  • Disney, Richard

Abstract

This paper considers the recent shift towards private provision of social security in the United Kingdom, as part of the "twin-pillar" approach of the Conservative government. Emphasis is on the encouragement of personal and occupational pensions, rather than public provision, above a basic minimum, and the transfer of the administration of sickness insurance to employers via the introduction of statutory sick pay. It is found that the new arrangements are difficult to rationalize in terms of standard economic arguments concerning public and private provision. The new arrangements have been introduced without adequate analysis of redistributive and labor-market implications. The sick pay scheme has, in addition, introduced a potential problem of employer moral hazard. Copyright 1989 by Scottish Economic Society.

Suggested Citation

  • Creedy, John & Disney, Richard, 1989. "The "Twin-Pillar" Approach to Social Insurance in the UK," Scottish Journal of Political Economy, Scottish Economic Society, vol. 36(2), pages 113-124, May.
    • Handle: RePEc:bla:scotjp:v:36:y:1989:i:2:p:113-24
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