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Abstract
Social protection systems are a key factor for ensuring the long-term sustainability and stability of economies in the European Union, their reform being nowadays present in the political agenda of member states. Aging and the dependence on mandatory levies applied to the employed population on the labor market represent a threat for the sustainability of public social protection systems. In terms of sustainability, our purpose was to highlight the factors influencing social insurance budgets, considering the fiscal policies implemented in six countries of Central and Eastern Europe and their particular labor market characteristics. Therefore, a panel study based on a regression model using the Ordinary Least Squares method (OLS) with cross section random effects was used to determine the correlations between funding sources and labor market specific indicators. The data analyzed led to relevant results that emphasize the dependence of social insurance budgets on positive factors such as the average level of salaries, the share of compulsory social contributions, the unemployment rate, and the human development index, suggesting the continuing need for professional and personal development of the workforce.
Highlights
Budget revenues have an important role in the achievement of sustainable development goals in an economy
Financing source of social insurance budgets: revenues collected from social contributions (SPR_SC); socio-economic characteristics of the labor market: employment rate (ER), unemployment rate (UR), human development index (HDI), average gross wage (AGW), share of social contributions (SCQ); socio-medical characteristics of the labor market: duration of the working life (DWL), healthy life expectancy (HLY), working accidents (WA)
Social insurance budget revenues obtained from social contributions are defined as the total level of revenues collected from financial levies, in the form of compulsory social contributions applied to the gross income, borne by persons employed in the labor market, as a percentage of GDP
Summary
Budget revenues have an important role in the achievement of sustainable development goals in an economy. Sabates-Wheeler and Devereux highlighted its role in reducing the social, economic, and financial vulnerability of the population [2], and Boadway and Keen supported the effectiveness of the state in organizing and operating social protection systems to achieve this goal [3]. Anderson and Pontusson indicated that the social security system can reduce job insecurity [4], while Sverke et al brought evidence that welfare regimes and social policies can increase employee’s performance [5]. Cortès-Franch et al showed that welfare state regimes and job quality are important factors in determining the mental wellbeing of the population [6]
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