Pensions: Policies, New Reforms and Current Challenges

Thom Reilly, PhD (Editor)
School of Social Work, San Diego State University, California, USA

Series: Business Issues, Competition and Entrepreneurship
BISAC: BUS050040

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The ongoing global financial crisis, coupled with the continued dramatic increases in life expectancy, have escalated the concerns countries have regarding the sustainability of their pension systems and how these retirement schemes will be financed. From 1998 to 2008, close to 30 countries embarked on privatizing reforms to their pension programs. Some of these countries introduced new pension reforms directed at private individual accounts while reducing the size of the state social security system. The focus of other reforms during this period varied but was primarily aimed at strengthening basic protection for economically at-risk older individuals, increasing benefit coverage and/or improving the overall fiscal sustainability of these systems.

However, the move towards greater coverage and sustainability was interrupted by the worldwide financial meltdown. This has led to a reassessment of pension systems and reform approaches. This volume was assembled to review the status of pension reforms globally and to gain a glimpse of the trends emerging as countries adjust to the new age of macroeconomic worldwide uncertainty. The chapters in this volume provide concise, clear and dispassionate discussions on these trends and reforms as well as frank appraisals of the consequences of alternative policies. Experts from Europe, the United States and the emerging economies of Brazil, China and India approach pension reform and reassessment from different perspectives; however, each provide forthright analyses and assessment of the consequences of the “new normal”. (Imprint: Nova)

Preface and Acknowledgements

About the Author

I. Global

Chapter 1. Financing a Fair and Efficient Pension System: Issues and Solutions
(Qing-Ping Ma, Department of Economics and Quantitative Methods, Nottingham University Business School, China)

II. Europe

Chapter 2. A Reassessment of the Sustainability of Pension Reforms in Europe
(Aaron George Grech, Central Bank of Malta/London School of Economics, United Kingdom)

Chapter 3. Pension Privatisation By Choice
(Philip Booth and Kristian Niemietz, Institute of Economic Affairs, United Kingdom)

Chapter 4. Structural and Actuarially-Related Pension Reform in Ireland
(Gerard Hughes and Jim Stewart, School of Business, Trinity College Dublin, Ireland)

Chapter 5. The Impact of Austerity Policies on Pensions during the Financial Crisis: Lessons From a Mediterranean Perspective
(Gabriel Amitsis, Department of Business Administration – Health and Welfare Services Unit, Technology Educational Institute of Athens, Greece)

III. United States

Chapter 6. Retirement Security in the United States: The Need to Reform
(Thom Reilly, School of Social Work, San Diego State University, California, USA)

Chapter 7. Public Disability Insurance Programs in the Context of Pension Reforms
(Jason J. Fichtner and Jason Seligman, Mercatus Center, George Mason University, Virginia, USA and others)

Chapter 8. Pension Reform in the Face of Legal Challenges
(Stuart Buck, Jim Arnold Foundation/University of Arkansas, USA)

Chapter 9. The End of the Defined Pension Paradigm in Government: More than Fiscal Sustainability
(Yongqing Cong, Milena I. Neshkova, and Howard A. Frank, Florida International University, Florida, USA)

Chapter 10. From Pension to 401(k): A Case Study of Public Sector Retirement in Michigan
(Michael Thom, Price School of Public Policy, University of Southern California, California, USA)

IV. Emerging Economies

Chapter 11. Population Aging and the Rising Costs of Public Pension in Brazil
(Bernardo Lanza Queiroz and Moema Gonçalves Bueno Figoli, Department of Demography, CEDEPLAR – UFMG, Brazil)

Chapter 12. Pension Funds for Civil Servants in Brazil
(José Roberto Ferreira Savoia, Faculty of Economics, Business and Accountancy, University of São Paulo, Brazil)

Chapter 13. New-Type Rural Public Pension, Altruistic Motive and Income Growth
(Zaigui Yang, China Institute for Actuarial Science, Central University of Finance and Economics, China)

Chapter 14. An Assessment of India’s Recent Pension Reforms
(Mukul G. Asher and Azad Singh Bali, National University of Singapore, Singapore)

Index

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