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Social Security Generosity, Budgetary Deficits and Reforms in North Cyprus

Listed author(s):
  • Hasan U. Altiok

    (Eastern Mediterranean University, Cyprus)

  • Glenn Jenkins

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

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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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
Handle: RePEc:qed:dpaper:214
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  1. Grech, Aaron George, 2010. "Assessing the sustainability of pension reforms in Europe," MPRA Paper 27407, University Library of Munich, Germany.
  2. 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, vol. 13(3), pages 259-276.
  3. palacios, Robert & Whitehouse, Edward, 2006. "Civil-service pension schemes around the world," Social Protection and Labor Policy and Technical Notes 90340, The World Bank.
  4. Queisser, Monika & Whitehouse, Edward, 2005. "Pensions at a glance: public policies across OECD countries," MPRA Paper 10907, University Library of Munich, Germany.
  5. Mustafa Besim & Glenn Jenkins, 2005. "Tax compliance: when do employees behave like the self-employed?," Applied Economics, Taylor & Francis Journals, vol. 37(10), pages 1201-1208.
  6. Brown, Jeffrey R. & Clark, Robert & Rauh, Joshua, 2011. "The economics of state and local pensions," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(02), pages 161-172, April.
  7. 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.
  8. 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, vol. 13(3), pages 259-276.
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