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Effects Of Socio-Economic Factors On Governmental Tax Expenditures For Private Pensions In Selected Oecd Countries

Author

Listed:
  • BYUNG WOOK JUN

    (Graduate School of Science in Taxation, University of Seoul, Seoul, South Korea)

  • SOO JEAN PARK

    (��Ph.D. in Taxation, Korea Institute of Public Finance, South Korea)

  • SUNG MAN YOON

    (��Seoul National University of Science and Technology, Seoul, South Korea)

Abstract

With the advent of an aging society all over the world, there has been a growing policy interest in the pension system that can guarantee old-age income at some level. Many countries also encourage people to join public pensions as well as private pensions. As a result, there has been a phenomenon of substituting private pensions. This study investigates the effects of various socio-economic factors on tax benefits for private pensions at the country level. The results of this study show that lower total income replacement rate of public pension and private pension assets leads to increasing tax expenditures on private pensions. And also, higher individual tax burden and governmental social welfare expenditure causes to increase tax expenditures on private pensions. Despite differences in the type of old-age income security systems by country, it is recognized that attempts to resolve the public pensions crisis caused by socio-economic changes take the form of expanding the roles of private pensions. So, this study provides politic implications that lower benefits from public pensions lead to expanded roles of private pensions supported by the government.

Suggested Citation

  • Byung Wook Jun & Soo Jean Park & Sung Man Yoon, 2023. "Effects Of Socio-Economic Factors On Governmental Tax Expenditures For Private Pensions In Selected Oecd Countries," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 68(05), pages 1599-1611, September.
    • Handle: RePEc:wsi:serxxx:v:68:y:2023:i:05:n:s021759081950053x
    DOI: 10.1142/S021759081950053X
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    More about this item

    Keywords

    Tax expenditures; income replacement rate; public pensions crisis; old-age income security;
    All these keywords.

    JEL classification:

    • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions

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