Despite being increasingly available to us all, retirement pensions remain unequally distributed: between rich and poor, young and old, men and women, and possibly different generations. As this topic receives little attention in moral and political philosophy, the articles in this thesis aim to deliver an original account of justice in retirement pensions along liberal egalitarian lines. The first part defends retirement pensions as a distribution of free time. It shows that including free time (...) in the list of goods that liberal egalitarians prioritise is plausible and avoids problems that would otherwise arise with other candidates, most notably leisure. Retirement as free time is an essential feature of liberal egalitarian societies by (re)distributing the means to pursue any life project, and especially valuable for the poor who work and contribute the longest. The second part makes a case for 'libertirement', a proposal to increase the freedom to enjoy free time across life, as a matter of justice between those who live long and those who die early. Specifically, I propose adding reverse pensions and sabbaticals on top of old-age retirement. Besides showing the importance of longevity for age-group justice, I also draw implications for distributing unconditional basic income and income taxes across life, which I suggest may offer alternative paths to libertirement. Finally, the third part discusses the cases of pension inequality between genders and generations, pushing us to refine our account further. I conclude that there is often a mismatch between liberal egalitarian justice and the design of retirement schemes. The solution is often but not always to reform these systems. Sometimes, we have reasons to revise our very own principles of justice. (shrink)

The income gap between women and men expands with age, culminating in a gender pension gap in old age that is much larger than pay gaps earlier in life. In this article, I question two attempts to justify gender pension gaps. One insists that lower financial contribution justifies women's lower overall pensions. The second states that women must receive less monthly because they live longer. I argue that neither of these reasons is fair in a gender‐unjust world. Rather than (...) justifying pension gaps, female longevity is an opportunity to promote gender justice: by subsidizing longer lives, old‐age redistribution attenuates lifetime gender inequality. In the case of retirement pensions, the use of age to promote gender equality may be preferable to explicit gender differentiation. There is, then, a feminist case for old‐age redistribution. (shrink)

Social media are increasingly important in the news menu of media users. Differences in news production processes between traditional and social media may lead to differences in how political and social issues are depicted, and this may, eventually, have consequences for the information that reaches citizens about an issue. Against this background, this study compares content across the two media types to examine whether and how the framing of a sociopolitical issue differs between newspaper articles and posts on social media. (...) The empirical analyses are based on a content analysis of newspaper articles (n = 414) and social media messages (n = 2,771) conducted in the context of the socially contested issue of raising the retirement age in the Netherlands. Findings suggest that different content production processes can still lead to similar outcomes as both media types emphasize problems with (instead of solutions to) the retirement age issue. Our findings also confirm differences across traditional and social media, although these differences are substantially relatively small. While traditional news media emphasize conflict-related frames more often than social media, social media present more frame diversity in solutions. (shrink)

How to Pool Risks across Generations makes the case for the collective provision of pensions, on fair terms of social cooperation. Through the insurance of a mutual association which extends across society and over multiple generations, we share one another's fates by pooling risks across both space and time. Resources are transferred, not simply between different people, but also within the possible future lives of each person: from one's more fortunate to one's less fortunate future selves. The book opens (...) with an investigation of the longevity and investment risk that even a single individual on a desert island would face in providing for her old age. From this atomistic starting point, it builds up, within and across the chapters, to increasingly collective forms of pension provision. By joining together, it is possible to tame the risks we would face as individuals each with our own private pension pot. A collective pension can be justified as a 'social union of social unions': an enduring corporate body, which is formed by agreements to pool risks, in a manner that involves reciprocity between the various individuals that constitute the collective. Even though all individuals age and die, a collective pension scheme remains evergreen, as the average age of members remains relatively unchanged, through the influx of new members to replace those who retire. It is therefore possible to smooth risks indefinitely across as well as within generations, to the mutual advantage of each. (shrink)

Retirement is often viewed as a reward for a working life. While many have reason to want a work-free retirement, not everyone does. Should working retirees have to give up their retirement pension and, consequently, their status as retirees? The answer, I argue, boils down to whether we conceive of retirement as free time (need-free) or as leisure (work-free). In this article, I put forward a liberal case in favour of free time, despite whether our liberalism (...) leans towards perfectionism or neutralism, with social primary goods being a case in point. Applying this case for free time to retirement yields two significant policy implications. First, it demands “free synchronic combination” – that retirees may use their retirement pensions however they see fit, including to work. Second, it also yields “free diachronic combination” – that, within limits, individuals have discretionary control over how to combine retirement and work across time – thus challenging the idea that retirement should be available only in old age and not earlier in life. So far, the literature on free time focused only on narrow temporal units, such as hours and days, but there is much to gain by extending the concept into retirement. (shrink)

The ageing society has profound consequences for accumulation in each state and region because pensions represent a claim on future income and output. Today's United States and United Kingdom pension crisis stems from a failing private sector with excessive costs and risk. Public provision using pay-asyou-go payroll taxes has, by contrast, proved highly cost-effective and equitable. However, aging and unequal cohorts create a need for extra resources. Retirement incomes should total 12 to 14 percent of gross domestic product (...) if older people's relative incomes are to be maintained. Raising such a sum solely from payroll taxes would generate the unemployment seen in continental Europe. The alternative is to redistribute capital to a regional network of social funds by requiring each corporation to issue shares equivalent to 10 percent of their profits annually to those funds. The share levy does not subtract from the corporation's cash flow and therefore protects employment and investment, but it does dilute the value of shareholding each year by a small amount. The social funds would not sell their shares but would keep them to generate income for future pensions. The social funds would supply a universal second pension; they could establish criteria of socially responsible governance in their use of shareholder power, and they would be subject to expert and democratic audit. (shrink)

Drawing on detailed German panel data, we find that gifts and inheritances substantially increase households’ private pension savings in accounts which are costly or impossible to withdraw prematurely. Back-of-the-envelope calculations suggest that the average difference in bequest-induced private pension savings between heirs and non-heirs accrues to more than 40,000 euros at retirement, and that it would take an average non-heir household roughly 14 years to match this gap. The sizable difference in private pension savings between heirs and non-heirs persists (...) when we take into account other investments of heirs and non-heirs potentially intended to provide for old age. Our evidence supports the impact of gifts and inheritances on inequality in retirement wealth highlighted in recent research on intergenerational justice. We discuss several policy implications of our results. Online appendix. (shrink)

This article explores union attempts to control pension fund investment for the debate on financial restructuring in the United States. It puts popular control of finance into comparative and historical perspective and argues that laws and politics help explain why the flow of finance is corporate controlled. First, changes in the legal regime—the Taft-Hartley Act of 1947 and the Employee Retirement Income Security Act of 1974—put constraints on labor’s ability to influence investment decisions. This is evident when comparing single- (...) and multi-employer plans, where the laws had different consequences. Second, attempts to reform these laws failed. Had they been successful, Carter’s proposed economic revitalization plan in the run-up to his failed reelection in 1980 would have created new ways for unions to control and redirect retirement investment for social purposes. The reform failure is treated as a “suppressed historical alternative” through a comparison with a successful reform in Quebec, Canada, which gave unions broad controls over the Solidarity Fund in 1983. The findings suggest, somewhat counter-intuitively, that legal restrictions need to be loosened for democratic control of finance to be possible. For pension funds, more regulations led to more corporate control, not less. (shrink)

The study aims to identify the reality of management of electronic documents and electronic archiving retirement in the Palestinian Pension Agency -analytical study, as well as to recognize the reality of the current document management system in the Palestinian Pension Agency. The study found the following results: that the reality of the current system for the management of documents in the agency is weak and suffers from many jams. Employee in the agency understand the importance and benefits of the (...) management of electronic documents system, where the application of electronic document management system provide important features and benefits most of which reduce the loss of documents between departments, illustrates the flow path, the speed, accuracy, transparency, and reduce the proportion of damage and destruction of files. Furthermore, the electronic documents system cost will be less than the cost of the current system and it will reduce the tasks assigned for the staff. The existence of a clear adoption of the agency for the policies and procedures established for the application of electronic documents management system. There are weak plans for training and developing of staff in the agency to raise their efficiency. The study found a set of recommendations, including: increased interest and awareness of the need to implement policies, mechanisms, and procedures to ensure the success of electronic document management system through benefiting from the experiences of other organizations and the private sector. The agency need to increase and develop its services for retirees in order to encourage the private sector, universities, and institutions to join the agency, and open the way for all segments of society in Gaza and West Bank and enhance its competitiveness between international social security institutions. The need to focus its attention on developing and publishing appropriate clear plans and specific goals about management of electronic documents and the agency should be committed to apply them. The need to focus on the establishment of a public management of archiving in the structure dealing with all technical operations and having competent and qualified employees in the field of electronic document management. The need to focus on the Palestinian National Archives and the follow-up with the international standards by the International Council Archives (ICA). (shrink)

Old-age income protection is provided in wealthy democracies by publicly funded defined-benefit pensions. Budgetary challenges have forced policy makers to consider private alternatives to these traditional systems. I consider the shortcomings of private saving arrangements in duplicating the advantages of public pensions. Some shortcomings can be overcome by introducing compulsory elements into private saving plans. Worker contributions into such plans could be mandatory; some or all worker accumulations in the plans could be converted to annuities at retirement; (...) and workers’ investment choices could be narrowly circumscribed. These restrictions do not eliminate the biggest weakness of private saving plans. Fluctuations in asset prices make it hard even for well-informed savers to select an affordable saving rate and an investment strategy that will assure decent income in old age. Public pension systems partly insulate workers against economic and financial market risks by sharing those risks broadly across workers, retirees, and taxpayers in multiple generations. (shrink)

In the wake of recent corporate scandals, this paper traces the growing power of pension funds to provide managerial oversight of the firms they hold in their investment portfolios. Increasingly pension funds are exercising their legitimate rights as owners to raise the corporate governance standards of the firms they invest in. Within corporate governance generally, pension funds are shifting their attention away from managerial accountability and toward measures that increase transparency in firm-level decision-making. Pension funds use transparency to ensure that (...) shareholders are the primary interest being served by the firm. Transparency not only aligns managers and owners, it also raises issues of firm behaviour that allow other stakeholders to engage the corporation more broadly. I contend that secrecy is economically inefficient. When organizations are opaque and interests are secret, decision-making can and does distort efficiency. I examine recent pension fund corporate governance campaigns with particular reference to the California Public Employees Retirement System. (shrink)

The United States has introduced automatic enrollment into retirement savings schemes, and the United Kingdom is in the throes of doing so. The financial crisis has reminded us that returns on these schemes can be poor, even negative. Behavioral economics shows that people can be “nudged” into schemes regardless, but it also implies that the liberal account of market legitimation through informed choice cannot be applied. This article examines how risks are assigned in schemes and how enrollees might seek (...) recourse if their expectations are disappointed. Comparing the United States and the United Kingdom, it argues that enrollees are more likely to seek recourse from the government in the United Kingdom. The explanation can be found in regulatory decisions that reflect the structure of each country’s public pension scheme. This structure is conducive to private risk bearing in the United States, but not in the United Kingdom, suggesting that regulatory market liberalism is undermined by a residual approach to public provision. (shrink)

Many different parties are involved in regulating, providing, and consuming pension and retiree health benefits. This essay identifies the specific parties involved in private and public pension plans and health care plans, discusses the tradeoffs made among the parties, and suggests ways in which research can assist ethical judgments and policy decisions. The essay also gives specific examples where research can address ethical questions.

Feminist scholarship on the relative importance of working-class institutional strength in the economy and in the state has led to two divergent conclusions. Radical feminists argue that working-class institutions dominated by men produce male-biased outcomes; socialist feminists hold that working-class institutions promote classwide interests that benefit women as well as men. This article addresses this debate by applying generic and gendered working-class strength models of the welfare state in an examination of women's public pension quality. Quality is measured as women's (...) average pension compared with that of men, relative to women's average earnings, and compared with the average wage in the society. The authors find support for the socialist feminist view. Working-class institutions, having historically organized and represented the interests of working men, benefit women by improving the security and adequacy of their retirement incomes, but it is women's access to working-class economic and political institutions that brings greater economic equality with men in old age. (shrink)

This article examines recent ageing policies and the way they are framed. Here it identifies underlying but sometimes contradictory narratives of growth and decline. It concludes that the overall aim of such policies is to reconstitute elderly subjectivities, conduct and everyday experience in light of neoliberal ambitions for sustained economic growth and geopolitical anxieties about regional decline nurtured by an unprecedented demographic process of population ageing. As a consequence, the language of inclusion is judged to be of ambiguous value for (...) elderly people. Although the article is critical of the ways older people are perceived as a problem and of the solutions – such as pension reform, biopolitical-cum-economic behaviour modification and pronatalism – that are being pursued, in response it also finds some potential in current thinking for a more radical reappraisal of the elderly lifestyle and of the life cycle as a whole in relation to work regimes. It speculates that the generation of post-war baby boomers now approaching retirement just might rediscover resources in its counter-cultural memory to imagine a more emancipatory elder life congruent with a more sustainable environment. (shrink)

Social inequalities in health in the UK persist despite attempts to reduce them. We argue that work and pensions constitutes an area of intervention where there is potential to make change happen. We propose that workers who are exposed to significant health risks through their occupation should be allowed to draw their state pension earlier, based on a minimum number of years in the workforce. We model this proposal on similar policies in other European countries. In our modification, the (...) pension age and the retirement age would be separated, such that workers can receive a state pension whether or not they choose to continue working. This arrangement may encourage workers either to reduce their working hours or to change to less demanding or harmful work. The health of these workers would thereby benefit from reduced exposure to a harmful work environment, reduced stress and more opportunities for rest and relaxation. However, it has also been suggested that retirement is bad for mental health. In response, our proposal enables workers to phase in full retirement over a period of part-time work, and we believe that this would counter any potential negative effects on health caused by retirement. (shrink)

Demographic changes indicate that the number of people aged 60 years and above will double in the next 30 years, and politicians around the world have an interest in delaying retirement in order to benefit national economies by lowering the burden on public pension systems. In this study, it is examined whether and how combinations of multiple types of work motivation based on self-determination theory would be associated with retirement-related factors and retirement intentions. Using a person-centered approach (...) to identify latent work motivation profiles among older workers, four profiles emerged: the Low Motivation Profile with below-average levels on most motivational regulations, but in particular, lack identified work regulation; the Autonomous Motivation Profile with higher levels of autonomous motivation and lower levels of controlled motivation and amotivation; the High Motivation Profile with simultaneously high autonomous and controlled motivation; the Amotivated Profile. Compared to the Low Motivation and Amotivated Profiles, the Autonomous and the High Motivation profiles show higher levels of vigor and lower levels of job stress, exhaustion and turnover-, and retirement intentions. However, the High Motivation Profile seems to pay a cost because they experience significantly more job stress than employees in the Autonomous profile. In addition, variable-based correlations showed higher levels of vigor and lower levels of job stress, exhaustion, and turnover intentions to be associated with lower levels of retirement intentions. The results are discussed in relation to managers and organizational endeavors to rebuild lost work identification and reduce extrinsic work motivation and amotivation in order to motivate older workers to stay longer at work. (shrink)

Every person always experiences life changes. Positive or negative life changes cause stress. Retirement represents one of life changes which can cause stress. Stress is an organism’s phyciological and psychological responses that can cause unpleasant situation and make mental and emotional dysfunction. Resilient people are more to see changes as opportunity to grow rather than as stressors. Resiliency is the ability to bounce back quickly from misfortune and successfully adapt in a smart way to adverse with more power. This (...) quantitative research represents a non-experimental method using questionnaires with Likert scale as the instrument to find correlation between resiliency and stress in the preparatory phase of retirement. There were 32 participant (male & female) from various tribes and religions. Result indicates that there is no correlation between resiliency and stress.  . (shrink)

In this book, Daniel Shapiro argues that the dominant positions in contemporary political philosophy - egalitarianism, positive rights theory, communitarianism, and many forms of liberalism - should converge in a rejection of central welfare state institutions. He examines how major welfare institutions, such as government-financed and -administered retirement pensions, national health insurance, and programs for the needy, actually work. Comparing them to compulsory private insurance and private charities, Shapiro argues that the dominant perspectives in political philosophy mistakenly think (...) that their principles support the welfare state. Instead, egalitarians, positive rights theorists, communitarians, and liberals have misunderstood the implications of their own principles, which in fact support more market-based or libertarian institutional conclusions than they may realize. Shapiro's book is unique in its combination of political philosophy with social science. Its focus is not limited to any particular country; rather it examines welfare states in affluent democracies and their market alternatives. (shrink)

Socialism is dead, though many of its academic proponents take no notice of its demise. With its death, private property in the means of production is not generally in dispute, and the action in political philosophy centers on the justification of the welfare state. The heart of the welfare state is social insurance programs, such as government managed and subsidized health insurance, retirement pensions, and unemployment insurance. The arguments about health insurance will arguably be among the most ferocious, (...) difficult, and important of the welfare-state debates: Ferocious, because proposals to alter government managed or subsidized health care strike at people's fears and concerns in a way matched by few other proposals. Difficult, because people can often not even conceive of a market alternative to the status quo in health insurance, and there is no real existing alternative to hold up as a model. Important, because if an intellectually solid case for market health insurance can be established, then supporters of the welfare state should be on the defensive, since social health insurance is an institution central to their vision of the just or good society. (shrink)

While in America most people think of “welfare” as means-tested programs such as Aid to Families with Dependent Children, in reality in the United States and other affluent democracies the heart of the welfare state is social insurance programs, such as health insurance, old-age or retirement pensions, and unemployment insurance. They are insurance programs in the sense that they protect against common risks of a loss of income if and/or when certain events come to pass ; they are (...) “social” because unlike market insurance they are not run on a sound actuarial basis, the premiums are not voluntarily incurred but compulsory, and there is very limited choice or flexibility concerning the type of policy one can purchase. Why have social insurance rather than market insurance? In this essay, I take up this question with regard to old-age or retirement pensions, which at present absorb around 9 percent of the gross domestic product and 25 percent of government spending of the affluent industrial countries comprising the Organization for Economic Cooperation and Development. My aim is to show that old-age or retirement social insurance is worse in virtually every relevant normative respect than its alternative, some form of market or private pensions. By relevant normative respect, I mean those values or principles which are used by contemporary political philosophers in their discussions and justifications of welfare-state policies, and which are applicable to assessments of different systems of old-age or retirement pensions. (shrink)

The Welfare State is a key policy issue of the 1990s. The essays in this book depart from much of the recent economic debate in emphasising the positive contributions of the Welfare State, and in assessing its efficiency in relation to the objectives which it is intended to achieve. These objectives are not just the alleviation of poverty but more broadly the provision of security and the redistribution of income. Part A of the book sets the current debate in the (...) context of the current evidence about income inequality and poverty in Europe. Part B analyses the existing role of the Welfare State, with particular reference to retirement pensions and unemployment benefit. Part C investigates proposals for reform and security. What is the case for greater targeting? How can we design a social safety net? What is the future of European social protection policy? (shrink)

Projections for replacement rate achievable from two mandatory pillars of the pension system indicate a significant reduction in retirement income compared to regular professional activity. The designers of the new philosophy of retirement have made an assumption that all three pillars will play equivalent role in providing retirement income. They have also assumed that the participants of the pension system will be kept informed about the height of the expected benefits derived from the first pillar and the (...) amount of funds raised in the second pillar. Forecast of low (unsatisfactory) benefits from a compulsory part of the system is supposed to persuade people to make informed decisions aimed at increasing retirement income. (shrink)

One way of showing respect for human dignity is providing people with a suitable level of income security. This respect can be manifested by establishing a certain financial minimum that will allow people to function independently in society and use the opportunities offered by civilisation. The awareness of the above gives special meaning to the level of incomes obtained by the elderly. The fact that pensions are the primary resource for the population to meet its financial needs makes the (...) pension insurance solutions particularly important, especially the formula used for calculating the amount of a future pension. Its final amount will affect the pensioner’s standard of living, enabling them to enjoy the same quality of life they had in the period of economic activity or gradually causing impoverishment. The levels of future pensions depend on factors related to the systemic solutions, but pensioner’s personal characteristics also exert strong influence on their amounts. With the responsibility for having decent incomes after retirement being transferred to the insured themselves, it has become necessary to promote pension awareness (the knowledge of how the new system works) that translates into pension prudence prompting people to reduce voluntarily their current consumption in favour of future consumption. The public need to understand that the income replacement rate will be high only for few of the insured persons, i.e. those boasting high earnings and long, unbroken periods of economic activity. People with poorer records of economic activity will draw lower pensions that will not always allow them to live decent lives after retirement. (shrink)

This paper is a contribution to a symposium on Michael Otsuka’s book, How to Pool Risk Across Generations. Following Otsuka, one may distinguish three distinct systems of cooperation within a standard pension arrangement: the retirement system, the longevity risk pool and the investment risk pool. It is important to observe, however, that only the retirement system constitutes a genuine system of intergenerational cooperation, the other two are essentially intragenerational, in that they pool risks among members of a cohort. (...) Otsuka is faulted for being occasionally less than clear on these distinctions. (shrink)

The subject of this paper is to analyse the reconstruction of the pension system resulting from legislative changes introduced in 2011, the most important being the transfer of part of pension contributions from the open pension fund (OFE) to a newly set up special subaccount managed by the Social Insurance Institution, modifications in administrative regulation of open pension funds investment policy and introduction of tax incentives for making additional savings for retirement purposes. These transformations result from assumed financial goals (...) such as reduction of public debt growth by reducing the cost of introducing the second capital pillar in 1999. However, given the social importance of pension insurance the changes should be assessed against assumptions of the pension reform of 1999 and constitutional principles. Key words. (shrink)

In the superannuation/pension industry, ordinary investors entrust their retirement savings to the trustees of the superannuation plan. Investors rely on the trustees to ensure that ethical business and risk management practices are implemented to protect their retirement savings. Governance practices ensure the monitoring of ethical risk management (Drennan, L. T.: 2004, Journal of Business Ethics 52, 257-266). The Australian superannuation industry presents a unique scenario. Legislation requires employers to contribute a minimum of 9% of the employees wage to (...) retirement savings. However, there are no legislated governance standards, although there are standards of recommended governance practices. In this article, we examine the level of voluntary adoption of governance practices by the trustees of Australian public sector and industry superannuation funds. We also assess whether superannuation governance practices are associated with performance and volatility /riskiness of returns. Survey results show that the majority of superannuation plans adopt recommended governance practices supporting the concept of ethical management of the member's retirement savings. The examination of governance principles that impact returns and risk shows that board size and regular review of conflicts are positively associated with return. Superannuation plans with higher volatility in returns meet more frequently. (shrink)

Of all the risks we face in life, ranging from unemployment to old age, early death is among the most tragic and yet most neglected by modern states. Liberal egalitarians might find it easy to dismiss social insurance against early death, but I argue they should not. Early in this paper, I explain why social insurance should include the risk of premature death by replying to four common criticisms. What follows is a case for a novel form of insurance that (...) is more liberal and egalitarian across ages than the status quo. More specifically, I show that granting storable pensions in all life stages - youth, middle and old age - promotes liberty and reduces lifetime inequality. Writers on age group and longevity justice often overlook the extent to which liberal lifetime equality can supply insightful arguments against inequality across ages. These call for a policy that gives each age group the freedom to draw a storable pension. I call that policy "freetirement". (shrink)

At present, Hong Kong does not have a publicly-managed mandatory contributory retirement protection scheme. The Hong Kong Government launched a consultation on the universal pension scheme in 2015. The Government’s plan provoked many controversies and eventually failed. This paper will examine the problem of the welfare ideology and system in Hong Kong from a historical perspective, taking the universal pension scheme as an example. This paper argues that the reason for the failure of the universal pension scheme was that (...) Hong Kong people do not have a complete sense of citizenship and hold a distorted welfare ideology for historical reasons. This paper is one of the first to offer some reflections on the question of poverty and lack of social justice from a historical perspective. (shrink)

Rawlsian justice as fairness is neither fundamentally luck egalitarian nor relational egalitarian. Rather, the most fundamental idea is that of society as a fair system of cooperation. Collective pensions provide a case study which illustrates the fruitfulness of conceiving justice in these latter terms. Those who have recently reached the age of majority do not now know how long they will live in retirement or how well any investments they try to save up for their retirement would (...) fare. From the perspective of the beginning of their working lives, it is therefore rational for each to enter into an agreement with others, who also do not yet know their fates, that, if one turns out to be among the unfortunate whose private pension pots would not have yielded enough for one’s retirement, one will receive much more in retirement, whereas those whose pension pots would have overflowed their retirements will receive somewhat less. These terms are to each person’s expected advantage, which is made possible by a fair sharing of the fruits of social cooperation which arise through the efficiencies reaped by the pooling of the risk of outliving what one could save for one’s retirement on one’s own. It is rational for each to agree to share one another’s fates by pooling risks across both space and time, on fair terms of social cooperation for mutual advantage. Even when collective pensions arise from, and are proportional to, a baseline of unequal income, they can be defended on grounds of reciprocity involving regard for one another as equals. (shrink)

Development and strengthening of private pension funds market is impossible without a thorough analysis of its current state, identify unresolved problems in operation. Given the results of the analysis of investment of a fund can be identified difficulties in development funds: - negative impact of the crisis on the financial system as a whole, so that was undermined public confidence in all financial institutions; - reduce solvency population as rising prices, utility costs, and wages almost "frozen", save for retirement (...) is becoming increasingly difficult; - coagulation participation of employers in pension programs for their employees, because in times of crisis, many companies find themselves in dire financial straits and limited amounts of pension contributions; - negative signal to the scheme as slowed down compared to the pre-crisis period of growth by pension funds; - need to improve pension schemes and improving the investment of pension funds; - data reporting of private pension funds show a decrease yields of most funds. Private pension funds should be able to use options, but only to hedge risks on stocks, as most other assets, placing the premiums of private pension funds - a fixed income. Application options would allow private pension funds to hedge against decline in the market value of the shares. Of course, the use of options will decrease the yield of pension funds, but they will be no significant damage. (shrink)

From childhood through to adulthood, retirement and finally death, _The Economic Psychology of Everyday Life_ uniquely explores the economic problems all individuals have to solve across the course of their lives. Webley, Burgoyne, Lea and Young begin by introducing the concept of economic behaviour and its study. They then examine the main economic issues faced at each life stage, including: * the impact of advertising on children * buying a first house and setting up home * changing family roles (...) and gender-linked inequality * redundancy and unemployment * coping on a pension * obituaries, wills and inheritance. Finally they draw together the commonalties of economic problems across the lifespan, discuss generational and cultural changes in economic behaviour, and examine the significance of other, non-economic constraints, upon individuals. _The Economic Psychology of Everyday Life_ provides a much-needed comprehensive and accessible guide to economic psychology which will be of great interest to researchers and students. (shrink)

Normal 0 false false false EN-CA X-NONE X-NONE Compared to other European countries, the employment rate of older workers in Belgium is rather low. This paper argues that one of the most relevant factors underlying the problems of this low employment rate in Belgium is the social policies directed at older workers. Indeed, when unemployment became a widespread phenomenon in the1970s and 80s, early-retirement schemes were designed to alleviate the financial implications on an aging workforce. The government encouraged anyone (...) over 50 to leave the labour market through early retirement schemes, unemployment payment programs, medical retirement, and career breaks. These practises were based on a wide consensus of government, business, and workers. However, for some years now, international organizations have been concerned about the viability of pension systems and their ability to achieve their objectives. In recent years, different factors have led policy makers to rethink this policy. But changing the trend and keeping people on the job has proven more difficult than foreseen. The transformations of public policies begun at the dawn of the 21st century radically changed the balance between the state, workers, and employers, who had all previously seen early retirement as favourable. This paper also tries to show how early retirement is not simply a desire to escape, but can also be explained as an aggression against the person by the labour market. Leaving professional life early thus seems more to be a case of necessity, in fact not a choice at all, but an obligation, or even a sacrifice, and must be seen in the perspective of professional duties and their evolution. (shrink)

The level of medical care to patients and the success of the implementation of the national project "Health" depend on the health status and doctor's professionalism. Modern healthcare reform is being implemented by optimizing costs, merging medical organizations, closing ineffective hospitals, expanding the use of high-tech care and informatization of the doctor's activities. All this makes it necessary to assess the health of doctors. Scientists have studied the quality of life and identified the professional burnout of doctors in children's clinics (...) in different age groups. Primary care pediatricians have a higher quality of life score when compared to the standard [1]. However, all groups have a high level of professional burnout. The pre-retirement group of doctors has more unfavorable profile. They are highly professional specialists but may experience emotional discomfort because the pension system has been reformed. This situation requires the introduction of preventive work with doctors of this age as a group with great potential and capable of professional longevity. (shrink)

The shift in the demographic structure of German society results in an ever smaller amount of workers having to support an ever increasing number of pensioners. For this reason, it is necessary to revisit the so-called »generational contract«. A review of the history of this generational contract, from the biblical commandment to respect your elders through the social laws under Bismarck on to Adenauer‘s reform of pensions shows that the flaw of the state pension plan resides in the fact (...) that the generational contract only governs the relations between those who are gainfully employed and those which are retired, without sufficiently takink into account children and the contribution made by families raising them. In this regard, it is only possible to ensure the long-term viability of the generational contract by correctly understanding the self-interest of all parties rather than by issuing calls for solidarity. (shrink)

The received wisdom among welfare state scholars is that policy feedbacks render social insurance programs durable. Yet, in the case of Detroit’s municipal bankruptcy, a voting majority of retired city workers accepted a settlement that asked them to waive key legal protections, formally accept gutted medical benefits, trimmed pension benefits, and a new public-private pension financing mechanism. This article synthesizes interactionist theories of loss to introduce the concept of “collective cooling.” I argue that collective cooling helps to establish the limits (...) of policy feedbacks by explaining how a group of retirees’ collective self-understandings were adjusted from that of contractual rights holders to charitable dependents. Key components of this process included: First, seeking to adjust understandings of how pensioners were perceived by powerful outsiders; And, second, seeking to adjust the loss from one that reflected poorly on pensioners to one that did not. Implications are discussed for how people accept unexpected economic losses, especially those imposed by a trusted institution such as an employer or government organization. (shrink)

Sociologist Niklas Luhmann argued that the law functions as society’s immune system by regulating conflicts that threaten the certainty of expectation structures. In this article, we argue that law itself has become a target of new social immune mechanisms. Since the 1980s, welfare states have increasingly seen their own structures as a threat. Today, the ideal is a public sector consisting of organizations that constantly emerge anew by selecting the structures that fit each specific moment, case, and citizen. To protect (...) public sector organizations against their own structures, ‘potentialization’ now functions as a social autoimmune mechanism by initiating a constant search for new openings and possibilities. This critique of structures includes a critique of legal structures like rights. Looking at the Danish law of early retirement as our empirical case, this paper analyzes, how the tension between law and ‘potentialization’ is built into the law itself. While the law gives citizens certain rights to early retirement, it simultaneously ‘protects’ against the same rights by potentializing citizens. ‘Potentialization’ here functions as a mechanism that protects the operations of a system against its legal structures. It functions by ‘un-relating’ those operations from the structures. This means that when citizens claim their right to pensions, the social workers can reject them on the grounds of a right to a future that is not foreclosed and ‘parked’ on a pension. The paper’s contribution is to show how potentialization works by dissolving even fundamental legal expectations. This profoundly transforms the relationship between the citizen and the public sector. (shrink)

On February 11, 2003, the Second Circuit ruled in Cicio v. Vytra Healthcare that patients may in some cases sue health maintenance organizations for medical malpractice under state law. The decision is particularly notable for opening the door to state tort claims in an area that had heen considered preempted by the Employee Retirement Income Security Act of 1974.ERISA is a federal statute that regulates employee benefit plans, establishing a complex set of rules and minimum standards for most health (...) and pension plans in private industry. ERISA requires that participants receive certain information about their benefits plans, and imposes fiduciary responsibilities on individuals with discretionary control over plan assets. These individuals have certain specific duties, and are required to work “solely in the interest of the participants and beneficiaries and for the exclusive purpose of: providing benefits to participants and their beneficiaries; and defraying reasonable expenses of administering the plan.”. (shrink)

William Beveridge was a key figure in the modernization of British economic and social policy who published widely on unemployment and social security. Among his most notable works and reprinted in this set are, _Full Employment in a Free Society _, and _Pillars of Security_. Beveridge’s Report on social insurance was published in 1942. It proposed that all people of working age should pay a weekly national insurance contribution. In return, benefits would be paid to people who were sick, unemployed, (...) retired or widowed. Beveridge included as one of three fundamental assumptions the fact that there would be a National Health Service of some sort. Beveridge's arguments were widely accepted. He argued that welfare institutions would increase the competitiveness of British industry in the post-war period, not only by shifting labour costs like healthcare and pensions onto the public account but also by producing healthier, wealthier and more productive workers. Beveridge saw full employment as the pivot of the social welfare programme he expressed in the 1942 report. As well as making available some of Beveridge’s key, and in some case, lesser known works, this set includes as its final volume an indispensable overview of Beveridge and his prolific work. (shrink)

We provide to readers the 11th volume of the "Czech-Polish-Slovak Studies in Andragogy and Social Gerontology" series. We are delighted to announce that the presented study is the result of the work of scientists from seven countries: Austria, China, Ghana, Hungary, Japan, Poland, and Russia. This international collection of texts is part of the global discourse on the determinants of adult education and the functioning of people in late adulthood. The 11th volume is a collection of research results that show (...) both the positive and negative dimensions of ageing through the prism of research experience from various geographical and cultural areas. The researchers invited to the presented volume tried to illustrate the issues assigned to the following topics: ageing with dignity; retirement age; assumptions and conditions resulting from living in the home; the relationship between challenges concerning life expectancy and needs; care and ageing services; and foundations and potential changes in pension systems. The research results presented in this volume have a common denominator, which is caring for the quality of life of the older people regardless of their place of residence. Thus, the study "Between Successful and Unsuccessful Ageing: Selected Aspects and Contexts" brings new insights from scientists who scrupulously characterize the complexity of processes that affect the positive and negative conditions of functioning in old age, which is a mosaic of various nuances. Inviting readers to familiarize themselves with the content of the monograph, we would like to thank the reviewers who contributed to the improvement of the quality of the texts and open new fields for participation in further joint publishing projects. (shrink)

Work of elderly is a controversial problem. The introduction of protection of old age in form of pensions and retirement caused shaping in modern societies qualitatively new social category of persons in post-working age. Growth of human life-span with simultaneous lack of the principle changes of pensionable age inflicts grow in quantity of persons’ using welfare benefits. Growing costs of seniors livelihood lead to transformations in socio-economical structures as well as forcing them to engage in activities that will (...) help increase their social participation, including the lengthening of their professional activity. It seems that the nowadays processes of dematerialization of work combined with the shaping of knowledge-based economy and the movement of third-age universities largely enable the achievement of these objectives. Article aims to approximate the results of qualitative analysis of elderly economic activity in Bialystok conducted in the context of social capital research. Study describes main factors that restrict work opportunities for older people, as well as their hidden resources and potential workplaces. ** Wykonywanie pracy zarobkowej przez osoby starsze jest zagadnieniem kontrowersyjnym. Wprowadzenie zabezpieczenia starości w formie rent i emerytur sprawiło, że w społeczeństwach nowoczesnych ukształtowała siȩ jakościowo nowa kategoria społeczna składaj¸a}ca siȩ z osób w wieku poprodukcyjnym. Wzrost długości życia ludzkiego przy jednoczesnym braku zasadniczych zmian progów wieku emerytalnego sprawia, że ilość osób korzystaj¸a}cych ze świadczeń rośnie. Zwiȩkszaj¸a}ce siȩ koszty utrzymania seniorów prowadz¸a} do szeregu przemian w strukturach społeczno-ekonomicznych oraz wymuszaj¸a} podejmowanie działań, które pozwol¸a} na wzrost ich uczestnictwa społecznego, w tym na wydłużanie ich aktywności zawodowej. Wydaje siȩ, że zachodz¸a}ce współcześnie procesy dematerializacji pracy ł¸a}czone z kształtowaniem siȩ gospodarki opartej na wiedzy oraz ruch uniwersytetów trzeciego wieku w znacznej mierze umożliwiaj¸a realizacjȩ tych celów. Artykuł ma na celu przybliżenie wybranych wyników jakościowych analiz aktywności ekonomicznej ludzi starych w Białymstoku prowadzonych w kontekście badań nad kapitałem społecznym. Określone zostały podstawowe czynniki ograniczaj¸ace możliwości wykonywania pracy przez ludzi starych, jak również ich ukryte zasoby i potencjalne miejsca pracy. (shrink)

Publication date: 2 May 2019 Source: Author: Zoran Mastilo Aim of this paper is to, by means of comparative analysis, demonstrate that contemporary pension systems are limitation factors of development of the Republic of Srpska, and that they should be reformed and improved. Ultimately, pension systems should be the basis for development of the Republic of Srpska. They should significantly improve strengthening of financial markets, enhancement of capital markets, higher growth rates of the Republic of Srpska, idecrease of unemployment. Private (...) pension funds are to change the habits and ideas of every future insurance holder, aiming to make the pension rights a matter of concern of every individual, instead being the obligation and ballast of the society. Today, stabile financing of pension systems and their funds is becoming increasingly questionable. A gap is emerging between the area of rights gained by law and financial possibilities for their implementation. Pay-as-you-go systems, i.e. systems of inter-generation solidarityare particularly endangered. Adequate systematization of gathered data, i.e. evidence, should provide conclusions that pension systems are a limitation todevelopment of national economy. This claim is present in underdeveloped and developing countries, with developed economies also facing grave problems. (shrink)

The aim of this article is to define the actual construction of the modern 21st century’s Lithuanian pension system influenced by the last economic crisis and social challenges (ageing processes, raising social expenses) and implemented pension system reforms. Problems of the Lithuanian pension system are similar to those of the other European Union countries; therefore international organization recommendations and indications for future reforms should be evaluated and implemented. In this article Lithuanian pension system reforms are analyzed in the light of (...) the recommendations of international organizations and situation in the European Union. Analysis of scientific literature, legal acts, documents, historical methods, were used. It may be used as methodical literature studying the actual processes in the field of the pension system reforms of Lithuania and experience of international organizations in this field. (shrink)

This study explores the underlying drivers of US public pension funds’ tendency to tilt their portfolios towards companies with stronger corporate social responsibility. Studying the equity holdings of large, internally managed US state pension funds, we find evidence that the political leaning of their beneficiaries and political pressures by state politicians affect funds’ investment decisions. State pension funds from states with Democratic-leaning beneficiaries tilt their portfolios more strongly towards companies that perform well on CSR issues, and this tendency is intensified (...) when the state government is dominated by Democratic state politicians. Moreover, we find that funds which tilt their portfolios towards companies with superior CSR scores generate a slightly higher return compared with their counterparts. Overall, our findings indicate that funds align their investment choices with the financial and non-financial interests of their beneficiaries when deciding whether to incorporate CSR into their equity allocations. (shrink)

Twelve retired nurses were asked to narrate a care situation in which it had been difficult for them as nurses to know what was the right and good thing to do. The transcribed interviews were examined by content analyses. Physicians were the central coactors in the nurses’ stories. Colleagues were seldom mentioned. Other ward staff were mainly called ‘the girls’. The patient was central and referred to with respect. All the nurses focused on experiential learning. Guiding ethical principles are listed.

This study examines the relationship between pension fund ownership of companies and corporate social performance using a unique database of more than 500 publicly listed U.K. companies. The empirical analysis emphasizes the heterogeneous character of pension fund holdings and the multidimensional nature of corporate social performance. The results highlight that the characteristics of pension fund management are significant drivers of preferences for social performance and that employee-related aspects of social performance are preferred by pension funds.

The aim of this article is to define the actual construction of the Japanese pension system influenced by the economic and social challenges and implemented pension system reforms. In this article, the development of Japanese pension system reforms is analysed, as well as legal, economic, social environment is identified. Until recently, it was a common perception that Japan has managed economic success without worsening the income inequality and pension benefits, but since the economic recession in the 1990, the Japanese pension (...) system faces a new challenge. Moreover, the Japanese population is ageing rapidly (low birth rate, long life expectancy), therefore, ageing influences the entire society and requires more complex and pressing pension system reforms. Analysis of scientific literature, legal acts, documents, historical methods was used. It may be used as methodical literature studying the actual processes in the field of the pension system reforms in Asian countries. (shrink)

I agree that a good pensions system should embody some form of collective risk pooling and that this would be to the advantage of everyone. There are some difficult issues of adverse selection to be solved, however. Moreover, egalitarian concerns are of crucial importance in most countries and they require to go further than collective risk pooling and to take into account that society is more than a system of self-interested monetary transfers between and within cohorts.

Summary The occasional (and belated) concern of the British Government with science in the nineteenth century is a matter of potential interest to historians of science, yet many previous studies have tended to range over a variety of different aspects of the question. There have been too many vague allusions to financial support as ‘money for science’ in general. It is time that particular parts of the problem were unpacked. For example, the award of money (from the 1820s) to pay (...) a few people of independent means for apparatus was quite distinct from the provision (from the 1830s) of an occasional pension. Even then, to speak of ‘pensions’ uncovers unfortunate ambiguities. For too long science in Britain was regarded as no more than a private hobby for the well-to-do. As late as 1856 an official government statement seemed to make this attitude official. The English attitude to pensions differed remarkably from the French, who established a precedent in the reward of savants, sometimes quoted enviously by British men of science. In 1837 Robert Peel virtually admitted that, in awarding pensions to ‘cultivators of science’, he was following the French practice. It may also be useful to emphasise the contrast between the English (often led by Cambridge professors) and the Scots, mostly from Edinburgh, mainly represented here by Whewell and Brewster, respectively. Babbage had a different role in this story from that usually told. A large part in supporting men of science of modest means could have been played by the British Association for the Advancement of Science but it consistently refused to do so, although it supported an elite among its own members. (shrink)

The recent so-called crisis of replication continues to dominate psychology’s methodological landscape. It is argued here that the apparent renaissance of Popperian thinking that characterises some of the key responses to the crisis of replication is fundamentally flawed. In essence, there is a serious lack of any sustained and rigorous treatment of ontology that underpins much of the current debate about replication and Popper’s falsificationist approach. The overriding problem is that the replication debate reflects the methodologist tendency for mainstream psychologists (...) to avoid or gloss over crucial ontological questions. In contradistinction, this article (a) underscores the primacy of ontology; (b) delineates and applies a critical realist stratified ontology to psychology; (c) utilises the latter as a springboard from which to argue for Popper’s methodological “retirement”; and (d) revindicates the indispensability of context and the subtlety of psychological phenomena in arguing for the intrinsic limits of replication and experimentalism in general. (shrink)