Pensions today - economic, managerial, and social issues

Stały URI zbioruhttp://hdl.handle.net/11652/3507



INTRODUCTIONby Editors (Filip Chybalski and Edyta Marcinkiewicz):

The topic of pensions is very broad and multidimensional in nature so it is of great interest to many scholars representing various fields of science. Pension systems all over the world have been continuously undergoing some major or minor reforms, which refer to the general model or design of old-age social security, or which aim to change some of its parameters, especially the pensionable age. These reforms have a common ultimate goal, which is to ensure adequate benefits in old age funded by financially and economically sustainable pension systems. Changes to pension systems refer to various pension plans: those organized by the state through the public institutions, those organized by employers in cooperation with financial institutions, or those organized solely by financial institutions and dedicated directly to individuals. Thus, the spectrum of problems worth addressing by scholars is very wide.

In this book, pensions and their background are investigated from the perspective of the social sciences, primarily management, economics, finance, and law. We address the very relevant and current problems of pension systems, retirement, the demographical determinants of pension systems’ adequacy and sustainability, and the political and legal aspects of pension reform. The monograph includes 23 chapters addressing the problems of contemporary pensions from both a general and a national view, studied from a theoretical or empirical perspective.

The book is structured as follows. First, the managerial, administrative and business aspects of retirement and pension wealth are discussed. The next five sections are devoted to very important and current problems of family and gender issues in the context of old-age social security. The subsequent six chapters refer to other social and economic aspects of pensions with some references to social security reforms. In the next three sections, some financial and actuarial issues are discussed and investigated. Finally, in the last five chapters, the authors address selected problems of pension reform with special attention paid to their policy and legal aspects. In these 23 chapters, issues concerning various countries are presented. In some chapters, a single-country empirical approach is employed (with reference to Poland, Spain, Turkey, Slovakia, Latvia, or Czechia, for example), whereas some other sections present multinational studies.[...]



CONTENTS

1. Introduction Filip Chybalski, Edyta Marcinkiewicz ........................................................................................ 5
2. Impact of a pension system and an enterprise on employees’ retirement: an intergenerational context Filip Chybalski, Małgorzata Gumola ........................................................................................ 7
3. Management approach to social housing to support the welfare of the elderly Edyta Marcinkiewicz ........................................................................................ 20
4. The role of family businesses in old age security Iwona Olejnik ........................................................................................ 33
5. Social security administration: towards one of the reserves of sustainability Natalia Grishchenko ........................................................................................ 43
6. The importance of family: a macroeconomic perspective Oliwia Komada, Magda Malec ........................................................................................ 56
7. Equality of desert in the pension system from the gender perspective. The case of Poland Joanna Ratajczak ........................................................................................ 72
8. Gender gap in retirement pensions in Spain. The impact of the maternity supplement Julia Montserrat Codorniu ........................................................................................ 86
9. Intra-family financial and non-financial support for pensioners: share survey results in 19 European countries Olga Rajevska ........................................................................................ 97
10. Co-housing of seniors – ’Open Popowice’ case study** Mariusz Dybał ........................................................................................ 106
11. What is the cost of pension reform reversal in Slovakia and could the NDC scheme solve the fiscal imbalance of payg scheme? Ján Šebo, Daniela Danková, Ivan Králik ........................................................................................ 116
12. Pensions and elderly poverty in Turkey Çağaçan Değer, Semih Çağan ........................................................................................ 132
13. Retirement implications of life decisions in Poland Alicja Jajko-Siwek ........................................................................................ 147
14. Theories and mechanisms of productive employment in the context of Czech pension reform Radim Valenčík ........................................................................................ 156
15. The effects of applying behavioral impulses (“nudges”) to stimulate the development of occupational pension schemes – comparative analysis Marek Szczepański ........................................................................................ 170
16. Effectiveness of pension systems in post-Soviet countries – evaluation using the CCR model Dawid Banaś ........................................................................................ 183
17. Application of deferred annuities in an occupational pension scheme Anna Gierusz ........................................................................................ 192
18. Financial schemes for active ageing and elderly well-being improvement Jan Mertl ........................................................................................ 201
19. Impact of savings within the capital pension system on the flow of funds accounts Joanna Trębska ........................................................................................ 213
20. Czech pension policy Jaroslav Vostatek ........................................................................................ 228
21. The glide-path mechanism in Employee Capital Plans Sebastian Jakubowski ........................................................................................ 240
22. Employee Capital Plans – public policy analysis Antoni Kolek ........................................................................................ 251
23. Selected remarks on employee representation role in long term saving plans in Poland – PPE (Employee Pension Schemes) and PPK (Employee Capital Plans) Marcin Wojewódka ........................................................................................ 259
24. Employee Capital Plans in Poland – investment’s legal framework> Adrian Prusik ........................................................................................ 266

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  • Pozycja
    Employee Capital Plans in Poland – investment’s legal framework
    (Lodz University of Technology Press, 2021) Prusik, Adrian
    Employee capital plans are designed to create a long-term saving system for vast majority of employees in Poland. The main aim of the implementation of the PPK is to establish an effective, voluntary funded pension scheme. In political discourse, the PPK is mostly presented as a way of ensuring decent pensions and aims to supplement public pensions with income from pensioner’s own savings. In the economic discourse it is perceived as an alternative to existing long-term savings product for retirement purposes which “thanks to the use of innovative solutions derived from behavioral economics—would convince to save voluntarily for retirement and would contribute to a universal system of retirement savings’ accumulation” (Jedynak 2019, p. 35). The PPK is addressed to 11,4 million (according to data from 2018) of potential participants. The PPK will be tied with employment legal relations which are obligatory subjected to the public social security with exclusion of self-employed [...].
  • Pozycja
    The glide-path mechanism in Employee Capital Plans
    (Lodz University of Technology Press, 2021) Jakubowski, Sebastian
    The purpose of this research is to analyse the regulatory landscape for the glide-path mechanism implemented in the ECP system. To achieve this research objective the method of critical legal dogmatics and the economic analysis of law method were employed [...].
  • Pozycja
    Employee Capital Plans – public policy analysis
    (Lodz University of Technology Press, 2021) Kolek, Antoni
    The purpose of this article is to determine on which axiological foundation the system of Employee Capital Plans (EPC) is based and to answer the questions: – how do the authorities want to achieve universal participation in EPC?– what obligations have been imposed on employers, and what are the expected benefits for enterprises?– will investing in EPC funds support the development of the Polish economy? In order to be able to answer the above questions, the first part of the study presents a method of analyzing public policy. Further, the work contains characteristics of behavioral economics mechanisms on which the main ECP institutions were based. Then the Author presents the obligations of employing entities and possible benefits to be achieved by entrepreneurs. In turn, the third part of this article presents the possible benefits for employees.
  • Pozycja
    Czech pension policy
    (Lodz University of Technology Press, 2021) Vostatek, Jaroslav
    The transformation of the Czechoslovak predominantly Bismarckian pension system into the Czech predominantly Beveridgean system was influenced by the liberal policy of Klaus’ government and by the creation of a complicated and poorly understandable calculation of both newly granted old-age pensions and indexation (valorization) of pensions. Recently, the marketing approach of politicians on these issues has also contributed to strengthening the levelling of pensions. More than half of Czechs nevertheless prefer ‘Bismarck’ to ‘Beveridge’ [...].
  • Pozycja
    Selected remarks on employee representation role in long term saving plans in Poland – PPE (Employee Pension Schemes) and PPK (Employee Capital Plans)
    (Lodz University of Technology Press, 2021) Wojewódka, Marcin
    The purpose of this article is to indicate the role and competence of the representation of employees in long-term saving. The study aims to answer research questions: –what are the rights of people employed in long-term saving programs? – how can employee representation block the implementation of long-term saving? –what are the differences in the rights of employee representation in PPE andPPK in Poland?The research method used in this study is based on the analysis of institutions representing employees. The institution's analysis allows answering the above-mentioned research questions. As a result of the analysis, the competences of the representation of employees will be determined, as well as legal possibilities to block or delay the implementation of PPE or PPK [...].
  • Pozycja
    Application of deferred annuities in an occupational pension scheme
    (Lodz University of Technology Press, 2021) Gierusz, Anna
    Aim of this paper is to construct a model that would allow to calculate expected benefit amount in a scheme financed by SPDA, and to compare it with an amount that could be achieved in a traditional DC scheme. Second aim is to extend the concept of SPDA scheme to allow for the risk of high annuity prices to be shared between member and employer [...].
  • Pozycja
    Effectiveness of pension systems in post-Soviet countries – evaluation using the CCR model
    (Lodz University of Technology Press, 2021) Banaś, Dawid
    The purpose of this publication was to show the most effective pension system among post-Soviet states. The author did this using the CCR model, which belongs to the group of models from the DEA method. This action will allow further analyses to show the essential features of an effective pension system so that other post-Soviet countries can model it and reform it. Besides the critical analysis of the literature on the subject, the article uses statistical analysis measures and, in line with the goal, an analysis of effectiveness using the CCR model. In the subsequent parts of the publication, interpretations of effectiveness are presented, the theoretical foundations of the DEA method are quoted, and have been showed the essence of the CCR model. Then, the process of the study was submitted, and the results got were discussed and it based the conclusions on them [...].
  • Pozycja
    Impact of savings within the capital pension system on the flow of funds accounts
    (Lodz University of Technology Press, 2021) Trębska, Joanna
    The structure of the paper is the following. The first part is a brief literature review on saving reasons, paying special attention to savings aimed at securing old age. In the next part the structure of flow of funds accounts and the idea of the financial input-output model as a tool for simulation analyses are described. The third part is an short empirical report on the changes in households’ financial assets structure in Poland in 2000-2018 against the backdrop of the EU. Finally, simulation analysis results are presented. The concluding paragraph contains a brief summary and some directions of future research [...].
  • Pozycja
    Financial schemes for active ageing and elderly well-being improvement
    (Lodz University of Technology Press, 2021) Mertl, Jan
    This paper aims to enlighten those issues and suggests prepaid health schemes as a supplementary financing scheme for voluntary healthcare provision, provided that the solid universal health care system is maintained well. At the same time, it tracks the changes in specific needs of the elderly and emphasizes the link to pension systems and their extensions as the reliable resource of financing voluntary care for the elderly. Methodologically we use empirical analysis of social system settings, SWOT analysis for the prepaid programmes, theoretical explanation of the financing mechanisms targeted at older age and general theory of public finance and social security [...].
  • Pozycja
    Retirement implications of life decisions in Poland
    (Lodz University of Technology Press, 2021) Jajko-Siwek, Alicja
    This paper aims to show consequences of life decisions for the level of retirement benefits. We accomplish it by investigation of individual career paths which leads to adequate pension benefit, men and women, in the Polish Pension System. We examine, by using sequence analysis, the impact on the level of pension following variables: time of education, seniority and retirement age, and the number of children.