A note on “raising the mandatory retirement age and its effect on long‐run income and Pay As You Go (PAYG) pensions”

Tanaka, Jumpei

doi:10.1111/meca.12227

Cited by 3 publications

(2 citation statements)

References 9 publications

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“…Lyashok, T.M. Maleva [14] and some foreign authors [15], an older employees show the likely decrease in wages. In our opinion, this trend is already observed: according to Rosstat, the wages of 55-59year-olds and 60-64-year-olds have decreased relatively national average from 100 and 93% in 2005 to 90 and 86% in 2015, respectively.…”

Section: A Possible Economic Negative Consequences (Risks)mentioning

confidence: 95%

Systematization of the Socio-Economic Risks Caused by Retirement Age Increase in Russia

Kulkova¹,

Sharin²

2020

Proceedings of the Ecological-Socio-Economic Systems: Models of Competition and Cooperation (ESES 2019)

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The research is aimed at studying the possible negative consequences of raising the retirement age in Russia. The study is based on the assessments of the raising the retirement age negative consequences analysis, conducted by domestic and foreign scientists. Using methods of system analysis and general scientific methods the authors systematized, in this article, the possible risks of raising the retirement age in Russia. Economic and social risks were identified on the basis of the areas of their impact, as well as macro-, micro-and individual risk levels were identified on the basis of the main spheres of their influence. Economic risks were also classified into financial and non-financial. The developed classification allows not only to take into account possible negative consequences of this managerial decision, but also to trace the causes of each risk for preventive measures development. The authors proposed directions of the state policy formation for the older employees' labor activity regulation are presented in the conclusion.

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Section: A Possible Economic Negative Consequences (Risks)mentioning

confidence: 95%

Systematization of the Socio-Economic Risks Caused by Retirement Age Increase in Russia

Kulkova¹,

Sharin²

2020

Proceedings of the Ecological-Socio-Economic Systems: Models of Competition and Cooperation (ESES 2019)

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“…Fanti [26] showed that under the assumption that the old labor force and the young labor force are complete substitutes (or that the elasticity of substitution is infinite), raising the legal retirement age tends to reduce capital accumulation, and may reduce the young per capital income and pension benefits. Tanaka [27] re-examined the results of Fanti [26] and found that the results of Fanti [26] are only valid when the elasticity of substitution between the old labor force and the young labor force is sufficiently high, otherwise it is not. Kang [28] proposed that postponing retirement and increasing the pension contribution rate will reduce per capital stock, private savings, and young consumption, but postponing retirement can increase old-age consumption, which is better than the policy of increasing social contribution rates.…”

Section: Literature Reviewmentioning

confidence: 99%

Delaying Retirement and China’s Pension Payment Dilemma: Based on a General Analysis Framework

Chen

Zhong

2020

IEEE Access

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To cope with the aging of the population and strengthen the wealth of basic old-age insurance to ease the dilemma of pension payment, the Chinese government is actively formulating the policy of delaying retirement. Considering the different effects of the delaying retirement policy on the insured persons of "old person", "middle person", and "new person", we construct a general analysis framework of the effects of the delaying retirement policy on balance of China's basic pension. With three key variables of the delaying retirement policy simulated in a combined way, seven schemes are set up in detail to obtain the possible effects of the delaying retirement policy that may be formulated by the Chinese government. The study finds that the delaying retirement policy may not always have a positive and beneficial effect to alleviate the dilemma of pension payment, and its beneficial part accounts for about 15% of the whole. In addition, there is a U-shaped relationship between the key variable of the starting year (ts) of policy implementation and the average effect of the policy. The other two key factors, the annual growth speed (Sp) of retirement age and the proportion (m) of annual growth speed of retirement age of female employees to that of male employees, change in the same direction with the policy average effect. Finally, some suggestions are provided for the Chinese government to formulate the delaying retirement policy. INDEX TERMS Delaying retirement, pension, general analysis framework, actuarial simulation.

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The Effect of Delayed Retirement on Social Welfare in China From the Perspective of the Pension Replacement Rate

Xie

Sun

Yang

2021

Singapore Econ. Rev.

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This study cuts through the pension replacement rate and aims to investigate the impact of delayed retirement on social welfare. First, this study establishes a two-period overlapping generations model and obtains the effect of delayed retirement on the replacement rate under general equilibrium conditions. Second, this paper uses actuarial and statistical methods to build a pension balance model and specifically analyzes the effect of delayed retirement on the pension replacement rate on different income groups under local equilibrium conditions. The study finds that when the contribution base and other parameters do not change, the retirement age and the replacement rate move in the same direction. When the increase in the retirement age becomes larger, the proportion of the replacement rate also increases gradually becoming larger. The increase in the range of the pension replacement rate of the high-income group is greater than for the low- and middle-income groups.

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A note on “raising the mandatory retirement age and its effect on long‐run income and Pay As You Go (PAYG) pensions”

Cited by 3 publications

References 9 publications

Systematization of the Socio-Economic Risks Caused by Retirement Age Increase in Russia

Systematization of the Socio-Economic Risks Caused by Retirement Age Increase in Russia

Delaying Retirement and China’s Pension Payment Dilemma: Based on a General Analysis Framework

The Effect of Delayed Retirement on Social Welfare in China From the Perspective of the Pension Replacement Rate

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