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The Fiscal Burden of the Legacy of the Civil Service Pension Systems in Northern Cyprus

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  • Hasan U. Altiok

    ()
    (Eastern Mediterranean University, North Cyprus)

  • Glenn P. Jenkins

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

Abstract

This paper estimates the fiscal burden of the Pay-As-You-Go (PAYGO) civil service pension systems that were closed in 2008 to new members in North Cyprus. At that time, a new pension system was introduced for the newly hired government employees and new private sector workers. Estimates are made of the difference between the present values of future contributions and the pension benefits. This approach measures the government’s net liabilities related to the accruals of the pension rights received by the individuals covered through these plans for the period from 2009 to the death of the last member in the system. The estimated unfunded cost of these civil service pension plans is 7.3 billion euros or 276% of GDP. This amount of implicit debt is significantly higher than 5.8 billion euros that has been estimated as the amount of cash compensation for land and property that would need to be paid in order to reach an agreement for a solution to the Cyprus conflict.

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File URL: http://qed.econ.queensu.ca/working_papers/papers/qed_wp_1284.pdf
File Function: First version 2011
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Bibliographic Info

Paper provided by Queen's University, Department of Economics in its series Working Papers with number 1284.

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Length: 27 pages
Date of creation: Nov 2011
Date of revision:
Handle: RePEc:qed:wpaper:1284

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Keywords: civil service pensions; pension liabilities; implicit pension debt; pension indexing; North Cyprus;

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  1. Robert Novy‐Marx & Joshua Rauh, 2011. "Public Pension Promises: How Big Are They and What Are They Worth?," Journal of Finance, American Finance Association, vol. 66(4), pages 1211-1249, 08.
  2. Disney, Richard, 2000. "Crises in Public Pension Programmes in OECD: What Are the Reform Options?," Economic Journal, Royal Economic Society, vol. 110(461), pages F1-23, February.
  3. Jeffrey R. Brown & Robert L. Clark, 2011. "The Economics of State and Local Pensions," NBER Books, National Bureau of Economic Research, Inc, number brow11-1.
  4. Oksanen, Heikki, 2005. "Public pensions in the national accounts and public finance targets," Journal of Pension Economics and Finance, Cambridge University Press, vol. 4(03), pages 291-312, November.
  5. Jeffrey R. Brown & Robert Clark & Joshua Rauh, 2011. "The Economics of State and Local Public Pensions," NBER Working Papers 16792, National Bureau of Economic Research, Inc.
  6. 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.
  7. Palacios, Robert & Whitehouse, Edward, 2006. "Civil-service pension schemes around the world," MPRA Paper 14796, University Library of Munich, Germany.
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Cited by:
  1. Hasan U. Altiok & Glenn Jenkins, . "The Pension Traps of Northern Cyprus," Development Discussion Papers 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 2012-02, JDI Executive Programs.

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