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Studying pension payments in the compulsory social insurance system under increasing risks to financial stability

Vol. 25, Iss. 5, MAY 2019

Received: 4 February 2019

Received in revised form: 18 February 2019

Accepted: 5 March 2019

Available online: 30 May 2019

Subject Heading: Financial system

JEL Classification: Е62, G18, Н55

Pages: 980–992

Ovcharov A.O. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation

Matveev V.A. National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation

Subject The article scrutinizes the current system of pension payments, which rests on overstated pay-as-you-go financed pension contributions. The study focuses on developing the new approaches to pension resources management in the system of compulsory social insurance.
Objectives The primary purpose is to define urgent problems in the Russian pension system and devise an updated methodology for calculating pension benefits, considering the demographic and remuneration factors.
Methods The study employs general scientific methods, like comparison, analysis, synthesis, abstraction, and special statistical methods for economic data interpretation.
Results We disclose key issues in the retirement savings management that are associated with imbalances in the pension system and inefficient use of pension funds; underpin the importance of improving the management of pension resources through decreasing the reliance of future pensioners' welfare on the distributive element and increasing the insurance element and the funded element that are guaranteed by the State. The paper presents a tested methodology to calculate the pay-as-you-go financed part of pension payments in conditions of the proposed stagewise differentiation of insurance rates over 2018–2050.
Conclusions We propose to redistribute the portion of high revenues to the pay-as-you-go financed part of pension payments (the guaranteed minimum) to reduce the increasing deficit, rather than to introduce a progressive scale of personal income tax. It is also necessary to neutralize the impact of age structure and demographic factor by balancing the revenues and expenditures of the demographic compensation fund.

Keywords: pension payment, instability, insurance premium, tariff, model


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