Abstract
Sweden’s welfare system once ensured the sustained economic growth and stable social order, but as the worldeconomic situation changes and structural changes in Swedish society, the welfare system controlled bygovernment confronted with severe challenges and need to reform urgently. This paper analyzes the specificreform measures based on the problems faced by the Swedish pension system and discusses in depth theoperating system of nominal personal account system, the transformation cost of pension reform and the impacton labor market. Finally, according to the developments and reform effects of Swedish pension system, wecombined with China’s specific national conditions and brought forward the policy recommendations for pensionreform such as the gradual path and sustainable development.
Highlights
Sweden’s welfare system once ensured the sustained economic growth and stable social order, but as the world economic situation changes and structural changes in Swedish society, the welfare system controlled by government confronted with severe challenges and need to reform urgently
This paper gets the foundation of the programe from hebei province science bureau: study on pension system of farm loster in Hebei province (10457204D—3); from the hebei province human resource and social security bureau: study on social security of farm loster in Hebei province
This paper analyzes the specific reform measures based on the problems faced by the Swedish pension system and discusses in depth the operating system of nominal personal account system, the transformation cost of pension reform and the impact on labor market
Summary
1.1 The contradiction between slow economic growth and rapid expansion of public pension expenditure. Since 1973, Sweden’s economic growth rate was significant decreased. (Ding Bing, 1996) during this period, with the deepening of aging, welfare spending substantially exceeded the economic growth. Social security expenditure in 1965 accounted for 7% of GDP. From 1981 to 1990, the social insurance and welfare spending accounted for 46.1%, and from 1991 to 1995 accounted for 50.1%. (Zhou Hong, 2006) Sweden’s weak economic growth and the expansion of public pension expenditure had led to the government’s huge financial deficit. Financial deficit of GDP ratio increased from 3% in 1950, to 7% in 1970, and rose to 13% in 1982. Sweden’s public pension funds were in face of plight, which gave a mounting pressure for the government.
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