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Microanalysis of the Russia’

Author

Listed:
  • E. GURVICH
  • YU. SONINA.

Abstract

The analysis is based on the Russia Longitudinal Monitoring Survey (RLMS). Individual replacement rates are estimated for the first time. Russian pension system proves to be oriented rather on social policy objectives than on smoothing consumption over the life cycle. The efficiency of pension system happens to be relatively low — for instance, over 1/3 of base pensions is paid to people with income above median level. We give proofs that social policy for working and non-working pensioners should not be the same, as they have drastic differences in the income level. Estimates are given for possible economy of pension system financing if benefits are provided on a more focused basis. A new approach to the analysis of incentives and impediments for raising retirement age is suggested. Its application demonstrates that substantial part of pensioners is willing to work further in exchange for material stimulus. Most likely they would support higher retirement age if they realized that this will result in higher pension benefits.

Suggested Citation

  • E. Gurvich & Yu. Sonina., 2012. "Microanalysis of the Russia’," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 2.
  • Handle: RePEc:nos:voprec:2012-02-2
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    Citations

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    Cited by:

    1. Marina G. Kolosnitsyna & Natalia A. Khorkina & Khongor N. Dorzhiev, 2014. "What Happens To Happiness When People Get Older? Socio-Economic Determinants Of Life Satisfaction In Later Life," HSE Working papers WP BRP 68/EC/2014, National Research University Higher School of Economics.
    2. Frank Eich & Mauricio Soto & Charleen A Gust, 2012. "Reforming the Public Pension System in the Russian Federation," IMF Working Papers 12/201, International Monetary Fund.
    3. Nazarov, V. & Dormidontova, Y. & Lyashok, V., 2014. "Analysis of Factors that Influence Workers' Decision to Retire," Journal of the New Economic Association, New Economic Association, vol. 24(4), pages 66-86.
    4. Lyashok, Victor & Roshchin, Sergey, 2015. "Effect of health on labor supply of elderly," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 40(4), pages 6-27.

    More about this item

    Keywords

    pension system; individual replacement rate; retirement age.;

    JEL classification:

    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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