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In recent decades, there has been an increase in life expectancy and a rapid increase of the very senior dependency ratio in developed countries. In this context, we examine the optimal levels of public pensions and public long-term care (LTC) insurance. According to the most reasonable estimates of correlations among individual incomes, risks of mortality and dependency, we show that it is always desirable for a utilitarian social planner to have a balanced budget increase in LTC benefits at the expense of public pension benefits, until the cost of LTC is fully covered. This is true with or without liquidity constraints. For a Rawlsian planner, the balance between the two schemes depends on a comparison of the ratio of the survival probability to the dependence risk of the poor with its population average.

BACKGROUND AND AIMS: Employment during and following treatment for alcohol use disorder (AUD) is important for the individual's health and well-being and for reducing the societal costs associated with benefit payments. Nonetheless, this is an under-researched topic. This study aimed to identify trajectories of labour force participation among people enrolled in AUD treatment and describe the characteristics of those following contrasting pathways. DESIGN: Using trajectory analysis, we modelled employment trajectory groups among AUD patients during the year of treatment entry and the 4 subsequent years, applying Norwegian longitudinal register data. PARTICIPANTS: Patients in Norway who entered treatment with AUD as the primary diagnosis during 2009 and 2010 (9000 patients, age 20-61 years). MEASUREMENTS: The outcome variable 'labour force attachment' was measured as being in full-time employment, partly employed, on temporary welfare benefits or on permanent disability pension. Predictors were age, gender, education and comorbid mental health and drug use disorders. FINDINGS: We distinguished six employment trajectories among AUD patients: 15.8% were on permanent disability pension throughout, 8.7% exited the labour force on permanent disability pension during the observation period, 32.1% had a medium attachment throughout follow-up, and 9.2% had a decreasing attachment; 23.3% had a high labour force attachment throughout, and 10.9% experienced increasing attachment. High attachment throughout was negatively associated with being female (P

The Disability Support Pension (DSP) provides financial support to more than 750,000 Australians with permanent physical, intellectual or psychiatric impairments that prevent them from engaging in employment. We sought to characterise the information, compliance and psychological costs of applying for the DSP. A cohort of 518 DSP applicants and recipients completed a questionnaire capturing medical, disability, benefit and demographic data. The questionnaire also included an Administrative Burden (AB) scale that was co-developed with disability advocates and people with lived experience of DSP processes. Most respondents reported high or very high scores on three sub-scales assessing information, compliance and psychological costs. In logistic regression models, DSP applicants reported greater costs than DSP recipients across all three scales. People with poorer health-related quality of life, younger age and less education reported higher costs, consistent with the observation of an inequitable distribution of administrative burden in AB theory. All three scales had acceptable reliability. Study findings suggest that DSP applicants find the application process challenging and stressful. These effects are more pronounced in people who have applied for the DSP than those currently receiving the DSP, and in those with lower human capital.

The stereotype content model (SCM) provides a basis to investigate stereotypes of different social groups. Previous SCM research has shown that the “welfare recipients” are stereotyped negatively, with low warmth and low competence. However, prior research has not considered different categories of income support recipients who may be stereotyped differently. Using the SCM, we investigated the stereotypes held by the Australian general population (n = 807) towards five key social groups (unemployed, people with a mental disability, people with a physical disability, single parents, elderly). People with a mental or physical disability and the elderly were similar regardless of whether they were described as receiving income support payments or not. In contrast, the unemployed and single parents were stereotyped with significantly lower levels of warmth and competence when they were receiving payments. This research shows that the needs and circumstances of different groups may be reflected in different levels of community support.

We find a strong positive association between the inside debt holdings (pension benefits and deferred compensation) of CEOs and announcement-period abnormal returns (CARs) of acquiring firms bidding for private targets. In addition, gains to acquirers with high inside debt persist for at least 3 years post-acquisition. Further analyses suggest that our results are largely driven by firms with lower levels of manager-shareholder agency conflicts as proxied by higher transparency in firm activities, presence of a less powerful CEO, or presence of stronger monitoring. Our results are robust to an array of sensitivity tests.

Since the implementation of the Labor Contract Law (LCL) in 2010, a significant increase in the capital/labor ratio, known as capital deepening, has occurred in private firms in China. However, the cause and impact of the capital deepening is still in question, as either technological change or a higher cost of labor might cause it. Using data from the Chinese Private Enterprise Survey in 2008 and 2012, two critical findings are reported in this study. First, pension coverage significantly affected the capital/labor ratio in private firms after 2010. Second, large private firms are able to generate higher total factor productivity after the implementation of the LCL because they can adjust their production function more easily than smaller competitors. These findings have policy implications for reforms in the Chinese labor market.

Introduction Endometriosis may cause a deterioration of daily functioning due to related symptoms such as pain, fatigue and psychological distress. Accordingly, endometriosis may jeopardize work ability, as suggested in mainly survey-based case-control studies, including clinically established cases at fertile age. This is the first general population-level study to evaluate how endometriosis is associated with (1) self-rated work ability and sick leave dates at age 46 years, (2) registered disability and unemployment days between age 46 and 48 and (3) lifelong emergence of registered disability retirement up to age 52. Material and methods Endometriosis case identification was based on the Care Register for Health Care and self-reported diagnosis from a population-based birth cohort, which covers 96% of children born in Northern Finland in 1966. A total of 348 women with endometriosis and 3487 women without endometriosis were identified. Questionnaire data on Work Ability Index Score was collected at age 46. Unemployment and disability days were determined from the Social Insurance Institution of Finland and the Finnish Center for Pensions registers. Finally, each individual's first-ever granted pension decision and diagnoses were collected until age 52 years. The associations between endometriosis and work ability were assessed using logistic regression models. Results Endometriosis was associated with poor work ability at age 46 (odds ratio [OR] 1.62, 95% confidence interval [CI] 1.06-2.47). Furthermore, the association between endometriosis and over 10 days of absenteeism was increased (OR 1.53; 95% CI 1.05-2.23). Between ages 46 and 48, women with endometriosis had 10 days more disability days (55.5 vs 45.5, p = 0.030) in comparison to women without endometriosis, but 20 days less unemployment days (40.6 vs 59.2 days, p = 0.013). There were no differences in early retirement between the study groups until age 52. Conclusions Our study showed that endometriosis associates with poor work ability at age 46. Women with endometriosis have more disability days. However, their employment rate and risk of early retirement are comparable to those of women without endometriosis at late fertile age.

Over the last three decades, academic research has sought to understand how cash shortfalls impact a firm’s ability to take all available value-increasing investment projects. We investigate whether firms facing greater financing constraints turn to tax strategies that generate lower cash effective tax rates (ETRs) to mitigate the adverse effect of these financing constraints. We use the Pension Protection Act of 2006 (PPA 2006) as an exogenous shock to financing constraints for pension firms, but not for other firms. Using a difference-in-difference research design, we predict and find that pension firms experience a decrease in their cash effective tax rates by 1.8 to 2.4 percentage points after the PPA 2006, relative to other firms. These cash tax savings mitigate the investment shortfall brought about by financing constraints by 19 percent. We also predict and find that the decline in cash ETRs is greater among firms more adversely affected by the PPA 2006. Our paper sheds light on the direction, causality, and economic magnitude of the association between financing constraints and tax planning activities. We also provide insight into the role of tax planning activities within firms’ broader corporate business strategies in responding to financing constraints.

We forecast the old-age dependency ratio for Australia under various pension age proposals, and estimate a pension age scheme that will provide a stable old-age dependency ratio at a specified level. Our approach involves a stochastic population forecasting method based on coherent functional data models for mortality, fertility and net migration, which we use to simulate the future age-structure of the population. Our results suggest that the Australian pension age should be increased to 68 by 2030, 69 by 2036, and 70 by 2050, in order to maintain the old-age dependency ratio at 23%, just above the 2018 level. Our general approach can easily be extended to other target levels of the old-aged dependency ratio and to other countries.

Old-age pension reform is on the agenda across the OECD, and a key target is to delay retirement. Most of these countries also have a disability insurance (DI) program accounting for a large share of labor force exits. This paper builds a quantitative life-cycle model with endogenous retirement to study how DI and old-age pension (OA-pension) systems interact with health and wages to determine retirement age, with particular focus on the macroeconomic effects of OA-pension reforms. Individuals face uncertain future health status and wages, and if in bad health they are eligible for DI if they choose to retire before reaching the statutory retirement age. I calibrate the model to the Norwegian economy and explore the effects of raising the statutory retirement age and cutting OA-pension on labor supply and public finances. The main contribution of the paper is that I, in contrast to standard macro pension models, include DI as another endogenous margin of retirement. I show that failure to account for this margin might severely bias the analysis of OA-pension reforms.

In this paper, I examine leisure complementarities in the joint retirement decisions of couples by quantifying the effect of the 2011 Norwegian pension reform. The reform abolished an earnings test on early retirement benefits for private‐sector workers, but not for public‐sector workers. I analyze population‐wide registry data on labor market participation, and I consider couples where the focal partner works in the public sector with a spouse employed either in the private sector (treatment group) or the public sector (control group). I find that spousal spillovers account for over 40 percent of the aggregate employment effect for women. They claim fewer early retirement benefits, and both men and women pay additional labor income taxes. In total, government budgets improved by approximately $46 million as a result of the spousal spillover effect between 2012 and 2015.

Pension de‐risking strategies have been widely adopted by firms with defined‐benefit (DB) pension plans to reduce pension risk. This paper investigates the influence of board composition on pension de‐risking strategies within the UK, focusing particularly on three strategies: changes to pension asset allocations, switches from DB to defined‐contribution (DC) pension plans and pension buy‐ins and buy‐outs. Our findings suggest that firms with larger boards and more independent directors are less likely to invest their pension assets in equities. Survival analysis shows that firms with larger boards are slower to switch from DB to DC pension plans. This is consistent with stakeholder theory, in that firms with large boards or more independent directors are more likely to protect employees’ benefits when de‐risking their DB pension plans. However, firms with more female directors are faster to switch fully from DB to DC pension plans and slower to engage in pension buy‐in and buy‐out transactions. This suggests that female directors encourage fully switching DB pension plans, while they are concerned with the significant costs of pension buy‐in or buy‐out. This research provides clear evidence that pension de‐risking strategies are influenced by board composition. UK pension trustees play a key role in determining switches from DB to DC pension plans, mitigating the impact of independent directors.

Based on analysis of 14 years of data on Dutch consumers' trust in financial institutions, we find that financially literate consumers are more likely to trust banks, insurance companies and pension funds. This result applies both to broad-scope trust (trust in financial institutions in general) and narrow-scope trust (trust in one's own financial institution). Our conclusion holds when we use a financial literacy proxy based on self-assessed knowledge or a proxy based on actual knowledge. For all types of financial institutions researched, we find that narrow-scope trust is significantly higher than broad-scope trust, but both forms of trust are positively related. Financially knowledgeable people are more likely to trust managers of financial institutions and have more trust in the prudential supervisory authority. Finally, our results suggest that trust in the supervisory authority positively correlates with trust in the financial sector.

Background and objective A small number of national studies have explored the barriers to older people accessing dental care; however, to date none have investigated older people's recommendations for overcoming these barriers. Methods Semi-structured interviews were conducted with 40 dentate older people (65 years and over) who resided in New Zealand's Otago region and received home-support. A joint inductive thematic analysis was undertaken, based on the constant comparative method. Results Recommendations for boosting community-dwelling older people's access to dental care included publicly funding or subsiding the cost of dental care for older people, aligning the pension with the real cost of living, and making the environment at Work and Income less hostile and the emergency dental grant more readily available, making dental clinics more accessible, initiating domiciliary dental care, having mobile dental clinics visit neighbourhoods with high proportions of older people, as well as subsidised transport to the dental clinic. Other suggestions were having GPs, pharmacists and social workers emphasise oral health during appointments, along with dental education campaigns. Conclusion In order to boost the rates of dental care access among older New Zealanders who receive home support, multiple structural changes are necessary, but these should primarily focus on reducing the cost and increasing accessibility.

Using household surveys from 17 Latin American countries over 2009–2018, we analyze contributory pension coverage for the economically active population (EAP) and contributory/non-contributory pension coverage for older persons. Nine countries have “private” and eight have “public” pension systems. Inequalities in gender, income, education, location and firm size affect both coverage of the EAP and the elderly. Rather than being affected by the type of pension system – private or public –, coverage depends on structural features of the labour market and public policy interventions. Our findings confirm current understanding that level of development is directly related with coverage whereas inequality and informality are inversely related with coverage. Based on these results, we recomend policy interventions.

We find that segments of society who have shorter life expectancy can expect a lower income from their pensions and lifetime utility due to the longevity of other groups participating in the same pension scheme. Linking the pension age to average life expectancy magnifies the negative effect on the lifetime utility of those who suffer low longevity. Furthermore, when the income of those with greater longevity increases, those with shorter life expectancy become even worse off. Conversely, when the income of those with shorter life expectancy increases, they end up paying more into the pension scheme, which benefits those who live longer. The relative sizes of the low and high longevity groups in the population determine the magnitude of these effects. We calibrate the model based on data on differences in life expectancy of different socio-economic groups and find that low-income workers suffer from a 10-13 percent drop in pension benefits from being forced to pay into the same scheme as high-income workers.

This paper analyses the impact of public pension expenditures and pension funds' assets as well as its paid-out benefits on macroeconomic volatility. We use panel data for 35 OECD countries for the period 1980–2018 and apply a set of state-of-the-art econometric estimators. Our results suggest a smoothing effect of public pension expenditures on per capita consumption growth volatility and overall macroeconomic volatility. We however do not find such effects coming from pension funds' paid-out benefits. In contrast, the effect of pension funds' assets depends crucially on the level of economic development: there is a dampening effect on per capita investment growth volatility in less developed countries; while a volatility-boosting effect in most developed countries.

U.S. corporate sponsors of defined benefit (DB) pension plans in recent years have been de‐risking by paying premiums to transfer their pension plan assets and liabilities to the balance sheets of third‐party insurers. The passage of the Moving Ahead for Progress in the 21st Century Act (MAP‐21) in 2012 provided the pension funding relief necessary to make de‐risking a mainstream corporate activity. This study provides the first empirical analysis of plan and firm factors that cause a firm to de‐risk its DB pension plans. We find a positive association between de‐risking and aggregate corporate risk taking. The results also show that de‐risking, on average, has a stronger effect on corporate financing policy than investment policy, leading to an increase in credit risk reflected in a firm's credit rating and cost of debt. Also, we present suggestive evidence that the reallocation of pension risk increases firm idiosyncratic risk and excess returns.

The classic Aaron–Samuelson result argues that pay-as-you-go (PAYG) pension schemes cannot coexist with higher-return, private, retirement-saving schemes. The ensuing literature shows if agents voluntarily undersave for retirement due to myopia or time-inconsistency, then a paternalistic, rationale for PAYG pensions arises only if voluntary retirement saving is fully crowded out because of a binding borrowing constraint. This paper generalizes the discussion to the reference-dependent utility setup of Kőszegi and Rabin (2009) where undersaving happens naturally. No borrowing constraint is imposed. We show it is possible to offer a non-paternalistic, welfare rationale for return-dominated, PAYG pensions to coexist with private, retirement saving.

Aims:\ud To summarize the international empirical literature to provide a comprehensive understanding of older nurses’ decision‐making surrounding the timing of their retirement.\ud \ud Background:\ud The global nursing shortage is increasing. Among some countries it has become an economic imperative to consider raising the state pension age and to extend working lives.\ud \ud Design:\ud An integrative literature review using an integrated design.\ud \ud Data sources:\ud MEDLINE, CINAHL and Business Source Premier databases were searched for studies between January 2007 – October 2019.\ud \ud Review Methods:\ud Quality appraisal of the studies was conducted. Findings were summarized, grouped into categories and themes extracted. Two models were developed for data representation.\ud \ud Results:\ud A total of 132 studies were identified by the search strategy. Of these, 27 articles were included for appraisal and synthesis. Sixteen papers were quantitative, seven qualitative, and four mixed methods. The research took place in 13 different geographical locations. Most studies were of a questionnaire design, followed by interviews and focus groups. The total participant sample was 35,460. Through a synthesis of the studies, four themes were identified: Health, Well‐being, and Family factors; Employer factors; Professional factors; and Financial factors.\ud \ud Conclusion:\ud This review not only revealed the heterogeneity of studies on this subject and confirmed previous findings but also established a ranking of criteria that influences nurses’ decision‐making: age, followed by personal and organizational factors. Four extracted themes of push and pull factors map onto these factors. No ‘one‐size‐fits‐all’ strategy exists to ensure the extension of older nurses’ working lives. Organizations need to foster an environment where older nurses feel respected and heard and where personal and professional needs are addressed.\ud \ud Impact:\ud Organizations need to implement HR policies addressing nurses’ personal well‐being and retirement preparation. Older nurses are more likely to extend their working lives if they feel committed to their organization and when professional standards are maintained.

This paper proposes Entity-Netted Notionals (ENNs) as a metric of interest rate risk transfer in the interest rate swap (IRS) market. Unlike the ubiquitous metric of notional amount, ENNs normalize for risk and account for the netting of longs and shorts within counter party relationships. Using regulatory data for U.S.-reporting entities, the size of the market measured by notional amount is $231 trillion, but, measured by ENNs, is only $13.9 trillion 5-year swap equivalents, which is the same order of magnitude as other large U.S. fixed income markets. This paper also quantifies the size and direction of IRS positions across and within various business sectors. Among the empirical findings are that 92% of entities using IRS are exclusively long or exclusively short. Hence, the vast majority of market participants are prototypical end users, and the extensive amount of netting in the market is attributable to the activity of relatively few, larger entities. Finally, some sector-specific empirical findings are inconsistent with widespread, prior beliefs. For example, pension funds and insurance companies are typically thought to be long IRS to hedge their long-term liabilities, and these sectors are indeed net long, but approximately 50% of individual entities in these sectors are actually net short.

What is the optimal default contribution rate or default asset allocation in pension plans? Could active decision (i.e., not setting a default and forcing employees to make a decision) be optimal? These questions are studied in a model in which each employee is biased regarding her optimal contribution rate or asset allocation. In this model, active decision is never optimal and the optimal default is, depending on parameter values, one of three defaults. The paper also explores how the parameters affect the optimal default and the total loss in the population at the optimal default.

We deploy a stochastic life‐cycle model to examine how the superannuation guarantee (SG) impacts on welfare for Australian superannuation fund members under a reference‐dependent utility function that evaluates consumption relative to target, allowing for existing superannuation, taxation and Age Pension eligibility rules. The analysis highlights how the optimal SG can vary substantially with pre‐retirement income, the post‐retirement consumption target and various other assumptions. We conclude that no single SG rate is appropriate for all members and suggest that the main reason for increasing the SG above 9.5 percent would be an aim of replacing the Age Pension where possible.

The future of defined benefit (DB) pensions is a hotly debated topic in reward management. Drawing on agency and managerial power theories, the conditions under which CEOs can affect their sustainability have been examined. We show that when the CEO is a member of the same DB plan as their employees or when the CEO is both a member and a trustee of the plan, this affects the agency and power dynamics increasing the likelihood of these plans being retained. To address endogeneity concerns, we mimic randomisation using propensity score matching and the results continue to hold. Using the introduction of pension tax penalties as an exogenous shock on CEO self‐interest, we find that it affects the propensity of DB plan closures. The study highlights the key role that CEO incentives play on pension–provision decisions and indicates how HR practitioners/regulators can harness CEO self‐interest to safeguard the sustainability of DB pension plans.\ud \ud

This study examines the effect of the Tax Cuts and Jobs Act of 2017 (TCJA) on corporate defined benefit pension contributions. The TCJA decreases the corporate tax rate from 35 percent in 2017 to 21 percent in 2018 and thereafter. This change incentivizes firms to increase 2017 pension contributions to take advantage of tax deductions at a higher rate. Consistent with this incentive, we find firms increase defined benefit pension contributions by an average of 25 to 31 percent in 2017 compared with earlier years. We also find that taxpaying firms are the primary contributors. Further, taxpaying firms with high levels of pension‐related deferred tax assets contribute over three times as much as taxpaying firms with low levels of pension‐related deferred tax assets. We also find firms that increase pension contributions in 2017 reduce 2018 contributions, consistent with intertemporal income shifting rather than a permanent change in pension funding strategy. Effets de la Tax Cuts and Jobs Act de 2017 sur les cotisations aux regimes de retraite a prestations determinees Cette etude examine l'effet de la Tax Cuts and Jobs Act (TCJA) de 2017 sur les cotisations des societes aux regimes de retraite a prestations determinees. En vertu de la TCJA, le taux d'imposition des societes est passe de 35 % en 2017 a 21 % en 2018 et par la suite. Ce changement a incite les entreprises a augmenter leurs cotisations aux regimes de retraite en 2017 pour profiter de deductions fiscales a un taux plus eleve. Conformement a cet incitatif, nous etablissons que les entreprises ont augmente leurs cotisations aux regimes de retraite a prestations determinees de 25 a 31 % en moyenne en 2017 par rapport aux annees precedentes. Nous constatons egalement que les societes contribuables sont les principaux cotisants. De plus, les cotisations des societes contribuables qui possedent une grande quantite d'actifs d'impots differes associes aux regimes de retraite sont plus de trois fois plus elevees que celles des societes contribuables qui ne possedent que peu d'actifs d'impots differes de ce type. Nous constatons aussi que les societes qui ont augmente leurs cotisations en 2017 les ont reduites en 2018, ce qui correspond a un transfert de revenus intertemporel plutot qu’a une modification permanente de la strategie de financement des regimes de retraite.

Rapid economic growth, declining fertility and changes in family structures have encouraged the Kingdom of Cambodia to reform its old‐age pension system. The Government of Cambodia reached an important milestone in 2019, when the Law on Social Security was promulgated. The Law includes provisions for a compulsory defined benefit pension scheme, establishing a sound framework for extending compulsory pension coverage beyond the public sector to formal private‐sector workers. As a future step, the compulsory pension scheme should be extended to informal workers. To accompany the reform, the investment policy for the pension scheme’s reserve funds, including the supervisory regime and investment strategy, will be essential for the modernization of the Cambodian social security system. In this regard, Cambodia has successfully sought policy advice. However, the country should continue to seek further advice, and to act on this. Otherwise, the necessary and increasingly pressing policy ambitions of Cambodia to develop an adequate and sustainable social protection system may not be fully realized. La croissance economique rapide, la baisse de fertilite et les changements au niveau des structures familiales ont pousse le Royaume du Cambodge a reformer son systeme de pension de vieillesse. Le gouvernement du Cambodge a franchi un cap important en 2019, avec la promulgation de la Loi sur la securite sociale. Cette loi comporte des dispositions relatives a un regime de prestations de pension obligatoire, qui etablit un cadre solide pour etendre le regime de pension obligatoire au‐dela du secteur public aux travailleurs formels du secteur prive. La prochaine etape consistera a etendre le regime de pension aux travailleurs informels. Pour soutenir cette reforme, la politique d’investissement pour le fonds de reserve du regime de pension, y compris le regime de surveillance et la strategie d’investissement, sera essentielle a la modernisation du systeme de securite sociale cambodgien. A cet egard, le Cambodge a sollicite des conseils en matiere de politique. Toutefois, le pays doit poursuivre sur cette voie et mettre ces conseils en pratique. Sinon, les ambitions politiques necessaires et de plus en plus urgentes du Cambodge relatives a un systeme de protection sociale adequat et durable ne seront pas pleinement concretisees. El rapido crecimiento economico, la disminucion de las tasas de fecundidad y los cambios en las estructuras familiares han alentado al Reino de Camboya a reformar su sistema de pensiones de vejez. El Gobierno de Camboya alcanzo un hito importante en 2019, cuando se promulgo la Ley de Seguridad Social. En virtud de las disposiciones de esta ley se establece un regimen de pensiones obligatorio de prestaciones definidas, por el que se crea un marco solido para ampliar la cobertura obligatoria de las pensiones que ya existe para el sector publico a los trabajadores del sector privado formal. En el futuro, el regimen de pensiones obligatorio deberia ampliarse a los trabajadores de la economia informal. Para acompanar esta reforma, la politica de inversiones del fondo de reserva del regimen de pensiones, incluidos el regimen de supervision y la estrategia de inversion, sera esencial para modernizar el sistema de seguridad social de Camboya. En este sentido, el pais ha buscado y conseguido asesoramiento politico. Sin embargo, debe seguir pidiendo asesoramiento y actuar sobre la base de los consejos recibidos. De no hacerlo, sus aspiraciones necesarias y cada vez mas urgentes en materia de politicas destinadas a desarrollar un sistema de proteccion social adecuado y sostenible corren el riesgo de no lograrse completamente. Das Konigreich Kambodscha hat aufgrund des schnellen Wirtschaftswachstums, der abnehmenden Geburtenrate und der veranderten Familienstrukturen beschlossen, sein Altersrentensystem zu reformieren. Mit der Verabschiedung des Gesetzes uber soziale Sicherheit im Jahr 2019 erreichte die Regierung Kambodschas dabei einen wichtigen Meilenstein. Das Gesetz sieht ein obligatorisches Rentensystem mit festgelegten Beitragen vor und liefert damit einen gesunden Rahmen fur die Ausweitung der obligatorischen Rentendeckung uber den offentlichen Sektor hinaus auf Arbeitnehmer im privaten Sektor. Als nachster Schritt soll das obligatorische Rentensystem auch auf informell Beschaftigte ausgeweitet werden. Begleitend zur Reform wird uberdies die Neugestaltung der Anlagepolitik des Reservefonds des Rentensystems, zu der auch die Aufsichtsregelung und die Anlagestrategie gehoren, entscheidend fur die Modernisierung des kambodschanischen Systems der sozialen Sicherheit sein. Kambodscha hat sich dazu bereits erfolgreich strategisch beraten lassen. Das Land sollte jedoch weitere Beratungen einholen und sein Handeln danach ausrichten. Andernfalls konnte es sein, dass die notwendigen und immer drangenderen politischen Ziele Kambodschas fur den Aufbau eines angemessenen und tragfahigen Sozialschutzsystems nicht vollstandig umgesetzt werden konnen. Быстрый экономический рост, падение рождаемости и изменения в структуре семьи побудили Королевство Камбоджа реформировать устаревшую систему пенсионного обеспечения. На этом пути правительство Камбоджи достигло важной вехи в 2019 году, когда был обнародован Закон «О социальном обеспечении». Он включает положения о программе обязательного пенсионного обеспечения с установленными выплатами, что создаёт прочную основу для охвата обязательным пенсионным обеспечением не только работников государственного сектора, но и формальных работников частного сектора. В дальнейшем программа должна быть расширена на неформальных работников. Реформу будет сопровождать инвестиционная политика в отношении резервных фондов пенсионной системы, включая методы контроля и инвестиционную стратегию, которые будут играть важную роль в модернизации системы социального обеспечения Камбоджи. В этой связи страна успешно реализует рекомендации по вопросам политики. Однако ей следует стремиться к получению дальнейших рекомендаций и их претворению в жизнь. В противном случае Камбоджа может не до конца реализовать необходимые и всё более насущные цели политики по развитию адекватной и устойчивой системы социальной защиты. 扩大柬埔寨养老金覆盖面:社会保障投资基金的治理和投资挑战 海基·希拉莫(Heikki Hiilamo)、奥德留斯·比蒂纳斯(Audrius Bitinas)和纳里什·占(Narith Chân) 经济快速增长、生育率下降和家庭结构变化推动柬埔寨王国对其养老金制度进行改革。柬埔寨政府于2019年颁布实施《社会保障法》, 实现了重要里程碑。《社会保障法》包括强制型确定福利金额的养老金计划, 为强制型养老金覆盖面从公共部门扩展至正规私营部门的工人建立了夯实的框架。下一步, 强制型养老金计划将进一步扩展至非正规工人。配套改革中, 养老金计划储备基金的监督制度和投资战略等投资政策, 对于柬埔寨社会保障体系的现代化至关重要。在这方面, 柬埔寨成功寻求了政策咨询。但是, 该国也应继续进一步咨询, 并采取相应的行动。否则, 柬埔寨发展适当和可持续社会保护体系的必要而日益紧迫的政策目标可能无法充分实现。 توسيع نطاق التغطية بالمعاشات في كمبوديا: التحديات التي تواجه الحوكمة والاستثمار في صندوق الاستثمار في الضمان الاجتماعي Heikki Hiilamo و Audrius Bitinas و Narith Chân لقد شجع النمو الاقتصادي السريع وانخفاض معدلات الخصوبة والتغيرات في بنية الأسرة مملكة كمبوديا على إصلاح نظامها المتعلق بمعاشات المسنين. وحققت مملكة كمبوديا معلما هاما في عام 2019 بسن قانون الضمان الاجتماعي. ويشمل هذا القانون أحكاما تخص خطة المعاشات الإلزامية المحددة المنافع، التي تنشئ إطارا متينا لتوسيع نطاق التغطية بالمعاشات الإلزامية ليتجاوز القطاع العام، وليشمل العاملين في القطاع الخاص الرسمي. وتتمثل الخطوة الموالية في توسيع نطاق خطة المعاشات الإلزامية لتشمل العاملين غير الرسميين. ولمرافقة هذا الإصلاح، ستكون سياسة الاستثمار في الصناديق الاحتياطية للمعاشات التقاعدية، بما يشمل نظام الإشراف واستراتيجية الاستثمار، أمرا ضروريا لتحديث نظام الضمان الاجتماعي الكمبودي. وفي هذا السياق، نجحت كمبوديا في الحصول على المشورة السياساتية. ومع ذلك، على البلد أن يواصل السعي للحصول على النصائح وأن يتصرف بناء عليها. وإلا، ربما لن تتحقق كمبوديا الطموحات السياساتية الضرورية والمتزايدة الإلحاح لكي تطور نظاما ملائما ومستداما للضمان الاجتماعي تحقيقا كاملا. Ampliacao da cobertura previdenciaria no Camboja: desafios de governanca e investimentos do Fundo de Investimento da Seguridade Social Heikki Hiilamo, Audrius Bitinas e Narith Chân O rapido crescimento economico, o declinio da fertilidade e as mudancas nas estruturas familiares encorajaram o Reino do Camboja a reformular seu sistema de aposentadoria por idade. O governo do Camboja atingiu um marco importante em 2019, quando foi promulgada a Lei de Seguridade Social. Esta lei inclui disposicoes para um regime de aposentadoria com beneficio definido obrigatorio, que estabelece uma solida estrutura para ampliacao da cobertura de aposentadoria obrigatoria para alem do setor publico, atingindo trabalhadores formais do setor privado. Em uma etapa futura, o regime de aposentadoria compulsoria devera se estender aos trabalhadores informais. Para acompanhar a reforma, a politica de investimento dos fundos de reserva do regime de aposentadoria, incluindo o regime de supervisao e de estrategia de investimentos, sera essencial para a modernizacao do sistema de seguridade social cambojano. Inclusive o Camboja tem tido exito em buscar consultoria sobre politicas nesta esfera de atuacao. No entanto, o pais deve continuar a buscar consultoria e agir de acordo com ela. Caso contrario, as ambicoes politicas necessarias e cada vez mais prementes do Camboja no sentido de desenvolver um sistema de protecao social adequado e sustentavel podem nao se cumprir na integra.

Organizations like 350.org, Insure our Future, and DivestInvest are leading campaigns to urge boycott and divestment from fossil fuels as a means of addressing climate change. Increasingly, they are finding success, from individual consumers to massive pension and sovereign wealth funds. However, as organized group boycotts, divest campaigns may be vulnerable to prosecution under antitrust law. This article explores the likelihood of success in such a case, considering the history of the legal treatment of organized boycotts, the scope and purpose of antitrust law, and the possible application of the First Amendment to the divestment context. The article finds that fossil fuel boycotts straddle a number of contradictory characteristics, making application of existing theories inadequate. In particular, existing precedent protects political boycotts, but not those with primarily economic objectives, and fails to definitively address whether a non-competitive actor may undertake concerted action under antitrust law. In the context of climate change, where the political is economic, and political goals may seek significant economic changes (such as undermining an entire industry), we find existing theories may lead to a result that threatens both free expression and the health of the planet. The essential flexibility of the Sherman Act, however, provides room for protection of political activity, even where the ultimate objective is economic in nature.

Objective In China's drifting elderly explosive growth context, in spite the importance of intergenerational support for drifting elderly is well recognised, but the association of related satisfaction with expectation is neglected. So current study was designed to explore this. Methods A mixed study with two-stage survey was undertaken involving 136 drifting elderly in Shanghai from June to September in 2019, among which 17 patriciates were involved in the in-depth interviews in stage 2. The intergenerational support in two directions, which were support drifting elderly provided and received, and in three dimensions, which were material, service and emotional, were analysed. Results The intergenerational support relationship of drifting elderly and their adult children were strengthened by the unsatisfied social support context. A stronger satisfaction with service support and material support was associated with weaker related expectation, and weaker satisfaction with emotional support was associated with a stronger related expectation. Conclusion A stronger satisfaction of drifting elderly with intergenerational material and service support can result in a weaker related expectation. While a weaker satisfaction intergenerational emotional support can result in a stronger related expectation. Thus, strengthen drifting elderly's emotional support as they expected is necessary for satisfying their old-ageing pension in urban.

Public employee pension systems around the world show remarkable diversity in design and execution. Among these, the U.S. defined benefit public pension system has drawn increased attention because of questions about the long-term sustainability of many of the underlying pension funds – as well as concerns of equity between pension plan members, retirees, taxpayers, bondholders, and users of public services. The Covid-19 pandemic introduced new fissures in state and local government finances, heightening the need to bolster long-term public pension fund robustness. As an alternative model, the Canadian public pension system is widely respected. This was not foreordained. The authors trace difficult decisions undertaken in Canada in the 1980s and 1990s along with essential descriptive features of the Canadian Model. Using a novel primary dataset, the authors benchmark the 25 largest U.S. plans against their ten largest Canadian peers, exploring key issues in a paired analysis. The authors extract fundamental lessons from the Canadian experience, proposing a roadmap for reform of the U.S. public pension system. They argue that long-term pension sustainability, once politically prioritized, most be built on equity and discipline in plan design, funding, and amortization of existing deficits. They emphasize the importance of legal framework, particularly joint sponsorship, alongside enhanced governance and unified legislation. They also draw lessons from the Canadian experience with respect to enhanced investment organizations and investment strategies.

This paper provides new evidence on the relation between CEO inside debt and firm risk‐taking by exploiting the change in the tax treatment of UK pensions following two pension amendments. The 2006 pension reform introduces the annual and lifetime allowance for UK pension schemes, significantly increasing income taxes associated with CEO inside debt. The 2011 allowance cut, which substantially reduces the annual allowance introduced in 2006, further increases income taxes on inside debt. We find that CEO inside debt, in the form of executive pensions declines after the 2006 reform while cash‐in‐lieu increases significantly. This effect is more severe after the 2011 allowance cut than the 2006 pension reform. UK firms appear to substitute away from pensions towards cash‐in‐lieu, where income taxes are less punishing. If the association between CEO inside debt and firm risk‐taking is causal, we should observe a change of risk‐taking after the decline of inside debt. Our results, which exploit the exogenous nature of the reforms, show that the decline of CEO pensions does not lead to any change in firm risk‐taking. This result suggests that no causal relationship exists between CEO inside debt and firm risk‐taking. Our results extend the inside debt literature, where empirical evidence is mainly documented in the US. Contrary to findings in the US, our evidence suggests that the use of CEO inside debt is motivated to minimise income tax rather than a tool to moderate firm risk.

Accompanying the rapidly aging populations of high-income countries are increasing transfers of time and money from adult children to elderly parents (ascending altruism). In this paper we first develop a theoretical model to characterize the general reaction-functions of two adult siblings choosing transfer amounts (possibly time) to their needy parents under two alternative motivations: pure altruism and strategic altruism. We show that transfers are strategic substitutes under pure altruism and strategic complements under strategic altruism. The Nash-equilibrium generates distinct predictions associated with each motivation and we then explore some implications of our findings. A result with potentially important policy implications is that the response of children transfers to increased pension payments to the parents depends on the children's motivations. This contrasts with much of the literature which assumes transfers decrease with increased pension payments.

Using hand‐collected data on the level of pension‐related mandatory disclosures required by International Accounting Standard 19 Employee Benefits , we test whether compliance levels with these disclosures convey information that affects firms’ access to the public instead of the private debt market, as well as the cost of their new debt issues. We document a higher tendency to access the public debt market for firms with higher levels of pension‐related disclosure. Furthermore, we find that firms with higher levels of pension‐related disclosure enjoy a lower cost in terms of issuance of public debt, but not a lower cost for private debt issues. Thus, the benefits of disclosure in reducing information risk are only realisable when creditors rely heavily on financial statements in their decision making, due to the limited access to private information. Additional tests reveal that high compliance levels effectively mitigate the negative effect of pension deficits on the cost of public debt. These findings provide novel evidence in the extant literature on the role of mandatory (and, in particular, pension‐related) disclosures on firms’ debt financing. They also have important policy implications.

As a response to unforeseeable market turbulence—such as the 2008 financial crisis and the most recent market drawdown triggered by the COVID-19 pandemic—we propose a new pension investment strategy that could better protect a long-term pension plan in volatile market conditions. Over a hypothetical 20-year pension scheme and various target volatility scenarios, we show that our newly proposed strategy, which attaches a target volatility mechanism to a lifecycle strategy, could provide more effective capital protection and risk control for pension investment vehicles. Our results are robust with a consideration of transaction costs.

We investigate whether potential pension contracting benefits lead institutions that provide pension services to acquire ownership blocks in firms and the implications of such blockholdings on the firms' corporate governance. We use the 2006 Pension Protection Act, which expanded pension participation in certain states, as a quasi‐exogenous shock and find an increase in block ownership by pension‐providing institutions in firms with substantial operations in affected states. Further, we find that the acquisition of a large block increases the likelihood that the institution will provide future pension services to the firm. With regard to corporate governance, we find that the acquisition of large pension blockholdings is associated with higher CEO pay and lower CEO turnover following poor financial performance. However, contrary to the prediction of the private benefits hypothesis, we do not find consistent evidence that large pension blockholdings are associated with declining firm profitability, suggesting that pension institutions are incentivized to exert monitoring to preserve the investment value of their blockholdings. Overall, our evidence is consistent with pension service institutions acquiring ownership blocks to obtain pension contracts, but our evidence does not support the prediction that they use their influence to compromise shareholder value. L'influence de l'acquisition de blocs d'actions par des institutions de gestion de retraite sur la rentabilite de l'institution et la gouvernance de l'entite emettrice Les auteurs cherchent a determiner si les retombees contractuelles potentielles qu'anticipent les institutions offrant des services de gestion de retraite incitent ces dernieres a faire l'acquisition de blocs d'actions de societes et quelles sont les consequences de la detention de ces blocs d'actions sur la gouvernance des entites emettrices. Ils utilisent la Loi de 2006 sur la protection des pensions (Pension Protection Act), en vertu de laquelle la participation des institutions de gestion de retraite a ete etendue dans certains Etats, a titre de choc quasi‐exogene et observent une hausse des blocs d'actions que detiennent les institutions de gestion de retraite dans des societes dont le volume des activites est important dans les Etats touches. Les auteurs constatent en outre que l'acquisition d'un important bloc d'actions augmente la probabilite que l'institution fournisse ulterieurement des services de gestion de retraite a l'entreprise. En ce qui a trait a la gouvernance d'entreprise, les auteurs notent que l'acquisition d'importantes participations par les institutions de gestion de retraite est associee a une remuneration superieure du chef de la direction et a un taux de rotation inferieur a la fonction de chef de la direction a la suite d'une pietre performance financiere. Toutefois, contrairement a ce que laisse supposer l'hypothese des « avantages propres », les auteurs ne relevent pas de donnees qui concourraient a demontrer que la detention de participations importantes par les institutions de gestion de retraite est associee a un declin de la rentabilite des entites emettrices, ce qui semble indiquer que les institutions de gestion de retraite sont enclines a exercer une surveillance dans le but de preserver la valeur de leur investissement. Dans l'ensemble, les donnees recueillies tendent a demontrer que les institutions de gestion de retraite font l'acquisition de participations pour obtenir des contrats, mais elles ne confirment pas l'hypothese selon laquelle elles jouent de leur influence d'une maniere qui compromet la valeur pour les actionnaires.

Based on Ono (2010), this short note presents consideration of the consumption tax and examines how tax reform to maintain the neutrality of pension benefit affects income growth rate and the employment rate. A decrease in the contribution rate of workers with an increase in consumption tax raises employment, but the effect on income growth is ambiguous. A decrease in the contribution rate of firms with an increase in consumption tax decreases the employment and facilitates income growth.

In the last decades, pension funds and other institutional investors have significantly increased their allocations to alternative assets: however, until today, there is no empirical research that evaluates this growth. In the pension fund industry, experts point at two important reasons for the growing interest in alternative assets: historically low interest rates and trends in portfolio diversification. The aim of this article is to assess whether these factors actually have an impact on the investment behaviour of pension funds in alternative assets. For this article, we analysed the CEM Benchmarking Inc. database with pension funds from North America, Europe, Australia, and New Zealand. The empirical analysis includes 890 pension funds for the period 2000–2015. The results confirm that portfolio diversification trends play an essential role in the growing popularity of alternative assets, most probably because these assets allow the pension funds to optimize their portfolio structure. Furthermore, our results reject the popular belief that pension funds have increased their allocations to alternative assets because of the low interest rate environment; in contrast, our findings suggest that pension funds invest more in alternative assets when interest rates are higher.