Factors of Financial Imbalance in the Compulsory Pension Insurance System: the Case of Russia

Safonov, A.L.; Долженкова, Юлия Вениаминовна

doi:10.26794/2587-5671-2020-24-6-108-122

Cited by 5 publications

(1 citation statement)

References 8 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…He plays the role of a referee between supply and demand that is not on the side. From here on, the economic balance naturally occurs without any intervention from the government by raising and lowering interest rates because interest rates are not known in Islam (Safonov & Dolzhenkova, 2020). Efforts to stabilize macroeconomics can go well due to the absence of excessive business cycle fluctuations, such as the unemployment rate and inflation (Mispansyah, 2018;Uddin, 2016).…”

Section: Economic Equilibrium Without Ribamentioning

confidence: 99%

Financial System Stabilization in Islamic Economics Perspective

Utomo¹,

Hanafi

Juliana

et al. 2023

JKPIS

View full text Add to dashboard Cite

The purpose of this study is to find a picture of a stable financial system from the perspective of the Islamic economy. This type of research is literature research with qualitative methods using normative, historical, and phenomenological approaches. The normative approach is used to explain the concepts of Islamic economics. The historical approach is used to explain the chronology of the use of the current financial system. The phenomenological approach explains contemporary events related to the research topic. The data is taken from a wide variety of literature, such as the Qur'an, al-Hadith, and many articles from national and international reputational journals related to this research topic. Researchers used more than 50 articles from Scopus quartile indexed journals 1 to 4 in the last five years. The collected data are analyzed by a deductive method, that is, the process of data analysis of the general opinion of Islamic teachings that have been agreed upon by the majority of people and then narrowed down to a specific idea of the stability of the financial system in Islam. The results of this study were found due to the instability of the current financial system because it uses the concept of usury (in Arabic, usury). In contrast, usury in Islamic economics is legally haram. Therefore, the way to stabilize the financial system from an Islamic economic perspective is to use gold and silver currency standards, abolish the practice of usury, and supervise the turnover of money in society by the hisbah. This research can add to the academic discourse of Islamic economics.

show abstract

Section: Economic Equilibrium Without Ribamentioning

confidence: 99%

Financial System Stabilization in Islamic Economics Perspective

Utomo¹,

Hanafi

Juliana

et al. 2023

JKPIS

View full text Add to dashboard Cite

show abstract

Dynamics of income of pensioners: analysis, problems and solutions

Safonov,

Dolzhenkova

2023

Population

View full text Add to dashboard Cite

Currently there is an increasing number of older people in Russia, primarily pensioners. It appears that the mentioned trend will proceed for a long period of time. So, the issue of ensuring high living standards for this group of the population is acute. However, the present trends in the work remuneration of persons in pre-retirement age, spread on informal employment, and hence, precarization of labor relations, as well as the challenges in pension and tax legislation result in a complex and contradictory situation in the formation of monetary income of pensioners.The present article is devoted to the analysis and forecasting of the basic trends in the financial situation of persons over the able-bodied age. The average size of the insurance old-age pension in the end of 2022 did not achieve the amount recommended by the ILO Convention 102, and the social pension was even lower. In addition, the later retirement often leads to poverty, as it is impossible for the aged to get pensions, on the one hand, and on the other hand, to get a job due to the existing age discrimination and their reduced physical ability to work.The article analyses the factors that have a direct on the size dynamics of insurance and social old-age pensions. At the same time, insurance pensions have the economic nature of deferred wages, i.e. they are formed directly by pensioners themselves. It also analyzes possible ways of compensation for pensioners’ low incomes through continuing work activity.

show abstract

Improving the Financial Support of Pension Insurance in Russia

Cherney

2021

Bulletin of Kemerovo State University. Series: Political, Sociological and Economic Sciences

View full text Add to dashboard Cite

The financial support of the compulsory pension insurance system in Russia is receiving much attention both in government and in scientific circles. During economic crises, the load on the country's social sphere increases, which leads to an exacerbation of the unresolved problems of the Russian pension insurance system, arousing in society an increased interest in finding various ways of its development. The purpose of the study was to substantiate the need for additional sources of pension funding, as well as to improve the approach to taxation of incomes of various population categories. The study was based on the analysis of the mechanism for forming the financial resources of the compulsory pension insurance system. It featured theoretical and applied aspects of the pension insurance funding system in Russia. The author reviewed relevant publications by Russian authors, who offered various solution of the above-mentioned problem. The paper focuses on the sources of the budget revenues of the Pension Fund and the main parameters of the mechanism for collecting insurance contributions for compulsory pension insurance. The author defined such problem areas as the dependence of the Pension Fund budget on subsidies from the federal budget and the regressive tariff scale for insurance contributions. The article also contains a comparative analysis of the tax burden on wages in Russia and in the countries of the Organization for Economic Cooperation and Development (OECD). Any further development of the system of pension insurance financial support should be aimed at eliminating the regressive nature of the collection of insurance premiums, as well as at differentiating the values of the tax rate for personal income tax depending on the level of income of the taxpayer.

show abstract

Factors of Financial Imbalance in the Compulsory Pension Insurance System: the Case of Russia

Cited by 5 publications

References 8 publications

Financial System Stabilization in Islamic Economics Perspective

Financial System Stabilization in Islamic Economics Perspective

Dynamics of income of pensioners: analysis, problems and solutions

Improving the Financial Support of Pension Insurance in Russia

Contact Info

Product

Resources

About