Demographics, Labour Market, and Pension Sustainability in Hungary

Németh, András; Németh, Petra; Vékás, Péter

doi:10.1556/204.2019.015

Cited by 8 publications

(8 citation statements)

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“…Different policy interventions such as increasing contribution rates, increasing the retirement age, etc. can decrease the growth rate of the economic old-age dependency ratio, but are not able to counterbalance its basic trend, as we can see in the case of Hungary in Németh et al (2019). According to our results, the number of live births has significant long-run effects and consequences for the economy, and has a powerful impact on the sustainability of public pension systems, but only in the very long run, generations ahead of us.…”

Section: Discussionmentioning

confidence: 51%

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Gyermekvállalás és nyugdíjak a visegrádi országokban = Childbearing and Pensions in the V4 Countries

Németh¹,

Németh²,

Vékás³

2020

RETP

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Áttekintjük a régió országainak termékenységi, halálozási és foglalkoztatási rátáiban mutatkozó múltbeli trendeket, hasonlóságokat és különbségeket, majd az Eurostat adatai alapján előrejelzést készítünk a gazdasági időskori függőségi ráta alakulására. A demográfiai folyamatok erősen meghatározzák a vizsgált országok nyugdíjrendszereinek jövőjét, ezért azt is elemezzük, hogy a teljes termékenységi rátára vonatkozó különböző alternatív feltevések hogyan befolyásolják a függőségi ráta várható pályáját. Eredményeink azt mutatják, hogy mind a négy nyugdíjrendszer komoly fenntarthatósági problémákkal kell, hogy szembenézzen hosszú távon, melyek kezelésére parametrikus reformok önmagukban nem elegendők In this paper, we expand on our earlier results published in Németh et al. (2019) about the sustainability of the Hungarian public pension system, and extend the scope of our analysis to the Visegrád countries of Czechia, Hungary, Poland and Slovakia, while also shifting the end of our forecasting horizon from 2050 up to 2100. We look at past trends, commonalities and differences among fertility, mortality and employment rates in the region, and useEurostat data to forecast the economic old-age dependency ratios of the countries. Demographic events strongly determine the future of the four pension systems, therefore we also examine how different alternative assumptions about the total fertility rate affect the paths of dependency ratios. Our results show that all systems face a serious sustainability threat in the long run, which might not be completely relieved by parametric reforms.

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Section: Discussionmentioning

confidence: 51%

“…the ratio of the elderly and employed populations. 5 In an earlier article (Németh et al, 2019) we presented calculations regarding the expected path of this ratio in Hungary in the period of 2017-2050.…”

Section: Introductionmentioning

confidence: 99%

Gyermekvállalás és nyugdíjak a visegrádi országokban = Childbearing and Pensions in the V4 Countries

Németh¹,

Németh²,

Vékás³

2020

RETP

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“…Hence, it is paramount for global business enterprises to consider the population's cultural aspect when developing and implementing organisational goals and strategies. Hungarian culture is quite different from other cultures in the EU and the neighbouring countries regarding interpersonal relations, familiarity, and creativity (Borgulya, 2011;Németh, Vékás, 2019).…”

Section: Social-economic Analysis Of Hungarymentioning

confidence: 99%

HRM Practices on Foreign-Owned Companies in Hungary

Balawi

Wachira

2021

mmr

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This paper sought to answer the question of how best human resource practices can support organisations in the current phase of internationalisation while still maintaining the local standards of the hosting country? In attempting to answer this question, the paper studied the HRM practices of Foreign-Owned Companies and Hungary's Socioeconomic environment. The study revealed that the Hungarian cultural society was more independent, and power hierarchy was not entrenched in the organisational cultures, highly individualistic, masculine, intolerant towards taking risks, realistic, and culturally restrained. The paper concluded that the increased FDIs and multinational companies in Hungary posed a great challenge to employees' effective and efficient management while still maintaining the host country's local standards.

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“…On the other hand, studies show that raising the retirement age does not provide a comprehensive solution to the problems of the pay-as-you-go pension system, inter alia Bajkó et al (2015) proves with their demographic forecast and pension model that between 2026 and 2034 the state pension fund will accumulate a sound deficit, which can reach up to 8% of the pension fund's revenues. However, Németh et al (2019) evaluate the raise of retirement age as a fundamental solution for pension schemes answering demographic and labour market developments in the 21st century.…”

Section: Hungarian Pension Systemmentioning

confidence: 99%

Pension Pessimism in the Young Generation: Basics or Instincts to Blame?

Kovács

Vaskövi

2020

Business Systems Research Journal

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Background: The area of pension expectations in Hungary is barely researched. However, the importance of adequate financial literacy and self-provision is becoming obvious at the economic, the decision-making, and the individual level.Objectives: Our research is conducted to investigate state pension expectations and certain aspects of financial literacy of the young generation, and to find a behavioral explanation for their pessimistic attitude.Methods/Approach: Using a 14-question questionnaire, we collected answers from Hungarian financially educated, young people. Two hypotheses were investigated by the Principal Component Analysis (PCA). Besides, a comparative analysis was conducted to connect the survey results with the ten instincts published by Hans Rosling in his book ‘Factfulness’.Results: The outcomes are in harmony with prior expectations, i.e. i) students in finance major are aware of the connection between a longer working period and a higher retirement income; and ii) despite the unisex pension scheme there are gender differences in the expected pension age. In the comparative analysis with ‘Factfulness’, we identified five instincts that lie behind the general pessimism of respondents.Conclusions: State pension expectations of the Hungarian young generation are overly pessimistic, the same attitude being found in international literature, as well. Pessimistic expectations can be explained using some of the ten instincts by Rosling.

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Demographics, Labour Market, and Pension Sustainability in Hungary

Cited by 8 publications

References 8 publications

Gyermekvállalás és nyugdíjak a visegrádi országokban = Childbearing and Pensions in the V4 Countries

Gyermekvállalás és nyugdíjak a visegrádi országokban = Childbearing and Pensions in the V4 Countries

HRM Practices on Foreign-Owned Companies in Hungary

Pension Pessimism in the Young Generation: Basics or Instincts to Blame?

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