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Social security generosity, budgetary deficits and reforms in North Cyprus

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  • Hasan U. Altiok
  • Glenn P. Jenkins

Abstract

This paper estimates the fiscal burden of the historical pay-as-you-go (PAYGO) Social Insurance Pension System in North Cyprus and analyzes the appropriateness of the 2008 reforms that introduced the new Social Security Pension System. Estimates are made of the system deficit. To bring the magnitude of the unfunded cost of the pension system down to a sustainable level, major parametric reforms will need to be made to the system. These include increasing the age of retirement, increasing the rate of contributions, changing the method of indexing of pension benefits and decreasing the theoretical replacement rate of the pension benefits.

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File URL: http://hdl.handle.net/10.1080/17487870.2013.802473
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Journal of Economic Policy Reform.

Volume (Year): 16 (2013)
Issue (Month): 2 (June)
Pages: 218-235

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Handle: RePEc:taf:jpolrf:v:16:y:2013:i:2:p:218-235

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References

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  1. Palacios, Robert & Whitehouse, Edward, 2006. "Civil-service pension schemes around the world," MPRA Paper 14796, University Library of Munich, Germany.
  2. Grech, Aaron George, 2010. "Assessing the sustainability of pension reforms in Europe," MPRA Paper 27407, University Library of Munich, Germany.
  3. Jose Enrique Devesa-Carpio & Mar Devesa-Carpio, 2010. "The cost and actuarial imbalance of pay-as-you-go systems: the case of Spain," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 13(3), pages 259-276.
  4. Monika Queisser & Edward R. Whitehouse, 2006. "Neutral or Fair?: Actuarial Concepts and Pension-System Design," OECD Social, Employment and Migration Working Papers 40, OECD Publishing.
  5. Queisser, Monika & Whitehouse, Edward, 2005. "Pensions at a glance: public policies across OECD countries," MPRA Paper 10907, University Library of Munich, Germany.
  6. Jose Enrique Devesa-Carpio & Mar Devesa-Carpio, 2010. "The cost and actuarial imbalance of pay-as-you-go systems: the case of Spain," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 13(3), pages 259-276.
  7. Mustafa Besim & Glenn Jenkins, 2005. "Tax compliance: when do employees behave like the self-employed?," Applied Economics, Taylor & Francis Journals, vol. 37(10), pages 1201-1208.
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Cited by:
  1. Hasan U. Altiok & Glenn Jenkins, 2012. "Social Security Reforms in Northern Cyprus: Are they Fiscally Balanced and Socially Equitable?," Development Discussion Papers 2012-02, JDI Executive Programs.
  2. Hasan U. Altiok & Glenn Jenkins, . "The Pension Traps of Northern Cyprus," Development Discussion Papers 2012-03, JDI Executive Programs.

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