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Raising of the retirement age and the budget deficit: tactical benefits and strategic losses

Author

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  • Soloviev, Arkadiy

    () (Financial University Under the Government of Russian Federation)

Abstract

The study addresses the problem of increasing the retirement age as a factor of macroeconomic development of the country in the context of strategic planning methodology. It has been demonstrated that the rate of the retirement age in accordance with its economic content in the pension insurance system, due to market labor relations, should be used as a parameter to control the formation of the pension rights of insured persons and to ensure the actuarial balance of the pension budget, rather than as a tool for budgetary savings. The decision of the retirement age problem should develop on the basis of economic calculations, not populist considerations, focused on "the Western experience." You must complete the insurance pension reform, which will in the long term to make the budget of the Pension Fund of Russia is independent of the state budget.

Suggested Citation

  • Soloviev, Arkadiy, 2016. "Raising of the retirement age and the budget deficit: tactical benefits and strategic losses," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 2, pages 148-176, April.
  • Handle: RePEc:rnp:ecopol:ep1629
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    More about this item

    Keywords

    retirement age; strategic planning; long-term forecasting; actuarial; demographic strategy; insurance pension; budget transfers;

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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