Brotherhood of St Laurence

How to avoid a pension crisis : a question of intelligent system design /

By: Cigno, Alessandro | Institute for the Study of Labor
Series: no 4Publisher: Bonn, Germany Institute for the Study of Labor 2009Description: PDFSubject(s): Pensions | Pensions Taxation | Age Pensions | Disability Support Pension | Labour | Productivity | Population Growth | Institute For The Study Of Labor (iza) | Social WelfareDDC classification: INTERNET Online Resources: Electronic copy
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Conventional pension systems suffer from a design defect which makes them financially unsustainable, and a source of inefficiency for the economy as a whole. The paper outlines a second-best policy which includes a public pension system made up of two parallel schemes, a Bismarckian one allowing individuals to qualify for a pension by working and paying contributions in the usual way, and an unconventional one allowing them to qualify for a pension by having children, and investing time and money in their upbringing.



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