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The Future of the Pension System: Parametric Changes or Change of Paradigm?

Author

Listed:
  • Vladimir Nazarov

    (Gaidar Institute for Economic Policy)

Abstract

The principal objective of this paper is to discuss shortcomings of the current paradigm of provision of the retirement income. The main conclusion is that in post-industrial society the traditional pension system, a mandatory and comprehensive earnings related scheme, should be replaced by a combination of voluntary private pension schemes funded by individual savings and investments in human capital and by state insurance against poverty.

Suggested Citation

  • Vladimir Nazarov, 2012. "The Future of the Pension System: Parametric Changes or Change of Paradigm?," Working Papers 0047, Gaidar Institute for Economic Policy, revised 2012.
    • Handle: RePEc:gai:wpaper:0047
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    File URL: https://www.iep.ru/files/RePEc/gai/wpaper/0047Nazarov.pdf
    File Function: Revised version, 2012
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    More about this item

    Keywords

    pension system; post-industrial society; parametric reforms; retirement age.;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J18 - Labor and Demographic Economics - - Demographic Economics - - - Public Policy
    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General

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