The Future of the Pension System: Parametric Changes or Change of Paradigm?

26 Pages Posted: 23 Dec 2012

See all articles by Vladimir Nazarov

Vladimir Nazarov

Gaidar Institute for Economic Policy

Date Written: November 15, 2012

Abstract

The principal objective of this paper is to discuss shortcomings of the current paradigm of provision of the retirement income. The main conclusion is that in post-industrial society the traditional pension system, a mandatory and comprehensive earnings related scheme, should be replaced by a combination of voluntary private pension schemes funded by individual savings and investments in human capital and by state insurance against poverty. Specific recommendations are made for a socially acceptable transition of the pension system.

Keywords: pension system, post-industrial society, parametric reforms, retirement age

JEL Classification: H55, J18, I30

Suggested Citation

Nazarov, Vladimir, The Future of the Pension System: Parametric Changes or Change of Paradigm? (November 15, 2012). Available at SSRN: https://ssrn.com/abstract=2193023 or http://dx.doi.org/10.2139/ssrn.2193023

Vladimir Nazarov (Contact Author)

Gaidar Institute for Economic Policy ( email )

Gazetny pereulok, 3-5
Moscow, 125993
Russia

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