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Social Security Generosity, Budgetary Deficits and Reforms in North Cyprus

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Author Info

  • Hasan U. Altiok

    (Eastern Mediterranean University, Cyprus)

  • Glenn Jenkins

    (Queen's University, Canada and Eastern Mediterranean University, Cyprus)

Abstract

This paper estimates the fiscal burden of the Pay-As-You-Go (PAYGO) Social Insurance Pension System that was closed in 2008 to new members, and analyzes the appropriateness of the 2008 reforms that introduced the new Social Security Pension System in the TRNC. To calculate the overall deficit, estimates are made from the difference between the present values of future contributions and the pension benefits. The magnitude of the unfunded cost makes any marginal policy reform ineffective in eliminating the excessive fiscal burden on the current and future taxpayers for the next three decades. Major structural reforms will be required.

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Bibliographic Info

Paper provided by JDI Executive Programs in its series Development Discussion Papers with number 2012-01.

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Length: 33 pages
Date of creation: Jan 2012
Date of revision:
Handle: RePEc:qed:dpaper:214

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Keywords: pay-as-you-go; social insurance; social security; pension liabilities; implicit pension debt; pension indexing;

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References

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  1. 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, Taylor and Francis Journals, vol. 13(3), pages 259-276.
  2. Aaron George Grech, 2010. "Assessing the sustainability of pension reforms in Europe," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 43865, London School of Economics and Political Science, LSE Library.
  3. 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.
  4. 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, Taylor & Francis Journals, vol. 13(3), pages 259-276.
  5. Queisser, Monika & Whitehouse, Edward, 2005. "Pensions at a glance: public policies across OECD countries," MPRA Paper 10907, University Library of Munich, Germany.
  6. Palacios, Robert & Whitehouse, Edward, 2006. "Civil-service pension schemes around the world," MPRA Paper 14796, University Library of Munich, Germany.
  7. Mustafa Besim & Glenn Jenkins, 2005. "Tax compliance: when do employees behave like the self-employed?," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 37(10), pages 1201-1208.
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Cited by:
  1. Hasan U. Altiok & Glenn Jenkins, . "The Pension Traps of Northern Cyprus," Development Discussion Papers, JDI Executive Programs 2012-03, JDI Executive Programs.
  2. Hasan U. Altiok & Glenn Jenkins, 2012. "Social Security Reforms in Northern Cyprus: Are they Fiscally Balanced and Socially Equitable?," Development Discussion Papers, JDI Executive Programs 2012-02, JDI Executive Programs.

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