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Population Aging and Its Impact on the Country's Economy

Author

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  • Artem Lukyanets
  • Igor Okhrimenko
  • Maria Egorova

Abstract

Objective The present article raised the pressing issue of population aging in Russia and investigated the challenges this phenomenon poses to the social security system. As modern studies show, this challenge is typical for both developing and developed countries. The paper intended to propose ways of reforming the pension system of the Russian Federation to ensure its independence from the state budget. Methods The provided suggestions were based on the analysis of the current demographic problems in Russia, review of the dynamics of its population age composition, consideration of the most popular strategies for reforming pension systems in developed countries, and the specific features of the Russian labor market. Results Currently, for Russian Federation, the population over the working age grew by 11.6%, and number of the working‐age people and those under the working‐age decreased by 9.3% and 5.6%, respectively. The inverse dependency ratio ranged from 2.2 to 1.7 in 2019 to the level of 1.78 for 10 years. As a result, it was noted that ignoring the issue of population aging can lead to a decrease in state budget stability and adversely impact the country's economic prosperity. Conclusion The novelty of the research lies in selection of the main problems of reforming country budgets in connection with the increase in the number of elderly people and changes in the dynamics of pension contributions in connection with the growing expectations of the population. Among other things, the article also highlighted the presence of additional difficulties that may accompany the implementation of the proposed measures.

Suggested Citation

  • Artem Lukyanets & Igor Okhrimenko & Maria Egorova, 2021. "Population Aging and Its Impact on the Country's Economy," Social Science Quarterly, Southwestern Social Science Association, vol. 102(2), pages 722-736, March.
    • Handle: RePEc:bla:socsci:v:102:y:2021:i:2:p:722-736
    DOI: 10.1111/ssqu.12936
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    References listed on IDEAS

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    1. Sinyavskaya, O. & Biryukova, S., 2018. "Possible Measures Aimed at Reducing Informal Employment and Hidden Wages," Journal of the New Economic Association, New Economic Association, vol. 37(1), pages 193-203.
    2. Ann Buchanan & Anna Rotkirch, 2018. "Twenty-first century grandparents: global perspectives on changing roles and consequences," Contemporary Social Science, Taylor & Francis Journals, vol. 13(2), pages 131-144, April.
    3. Ortiz, Isabel, & Durán Valverde, Fabio. & Urban, Stefan. & Wodsak, Veronika. & Yu, Zhiming., 2018. "Reversing pension privatization rebuilding public pension systems in Eastern Europe and Latin American countries (2000-18)," ILO Working Papers 995005393302676, International Labour Organization.
    4. Elena V. Chistova, 2016. "Possibilities for Increasing the Retirement Age in Russia in Response to Population Ageing," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 12(3), pages 127-138.
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    Cited by:

    1. Cheung, Yan-Leung & Mak, Billy S.C. & Shu, Hao & Tan, Weiqiang, 2023. "Impact of financial investment on confidence in a happy future retirement," International Review of Financial Analysis, Elsevier, vol. 89(C).
    2. Yonghe Xiao & Jingxuan Li, 2022. "RETRACTED ARTICLE: A conversational analysis of aging in China from a cross-section of the labour market: a corpus-based study," Palgrave Communications, Palgrave Macmillan, vol. 9(1), pages 1-7, December.

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