Retirement Insurance Research Articles

Proposal for a comprehensive retirement insurance solution (CRIS) to mitigate retirement risk based on theory of change

Proposal for a comprehensive retirement insurance solution (CRIS) to mitigate retirement risk based on theory of change

Advancing mortality rate prediction in European population clusters: integrating deep learning and multiscale analysis

Accurately predicting population mortality rates is crucial for effective retirement insurance and economic policy formulation. Recent advancements in deep learning time series forecasting (DLTSF) have led to improved mortality rate predictions compared to traditional models like Lee-Carter (LC). This study focuses on mortality rate prediction in large clusters across Europe. By utilizing PCA dimensionality reduction and statistical clustering techniques, we integrate age features from high-dimensional mortality data of multiple countries, analyzing their similarities and differences. To capture the heterogeneous characteristics, an adaptive adjustment matrix is generated, incorporating sequential variation and spatial geographical information. Additionally, a combination of graph neural networks and a transformer network with an adaptive adjustment matrix is employed to capture the spatiotemporal features between different clusters. Extensive numerical experiments using data from the Human Mortality Database validate the superiority of the proposed GT-A model over traditional LC models and other classic neural networks in terms of prediction accuracy. Consequently, the GT-A model serves as a powerful forecasting tool for global population studies and the international life insurance field.

Demographic burden and average insurance retirement benefit: Scenario approach

This research examines the main types of retirement systems for citizens of the Russian Federation. The forecasting of population size and dependency ratio was carried out using the Verhulst equation as a tool for demographic projection. A comparative analysis of the obtained forecasts with the official data of the United Nations (UN) was carried out. It is assessed that the demographic forecast based on the Verhulst equation is accompanied by a more moderate decrease in the dependency ratio compared to the UN forecasts. Therefore, a scenario analysis of the impact of a negative demographic forecast based on UN data and a positive one according to the results obtained by the Verhulst equation on the size of the average insurance retirement is proposed. It is concluded that under the negative scenario of the demographic situation the size of the insurance retirement benefit increases by 11 .69%, while under a positive scenario it increases by 58.54%, which exceeds the growth rate of retirement provision for citizens of the Russian Federation by more than 5 times compared to the negative scenario of the demographic situation in the country.

Discussion on Multi-Tiered Pension Insurance and Old Age Benefit in Vietnam: Overview Study and Policy Recommendations

Ensuring income security for old age for workers is considered the main goal of any pension system in the world. In the context of rapid population aging, building and implementing a multi-tiered retirement system to ensure old-age benefits for all elderly people is an inevitable development trend, bringing about universal social security. This study focuses on analyzing and clarifying arguments about old-age benefits, multi-tiered pension insurance, and related issues. Based on the results of an overview, analysis, and comparison between the current retirement insurance and old-age benefits in Vietnam and the multi- tiered pension insurance models in the world, the authors propose some policy suggestions to build and implement a multi-tiered pension insurance system associated with the current context of the aging population in Vietnam.

Older workers’ employment and Social Security spillovers through the second year of the COVID-19 pandemic

AbstractThe COVID-19 pandemic triggered a large and immediate drop in employment among U.S. workers, along with major expansions of unemployment insurance (UI) and work from home. We use Current Population Survey and Social Security application data to study employment among older adults and their participation in disability and retirement insurance programs through the second year of the pandemic. We find ongoing improvements in employment outcomes among older workers in the labor force, along with sustained higher levels in the share no longer in the labor force during this period. Applications for Social Security disability benefits remain depressed, particularly for Supplemental Security Income. In models accounting for the expiration of expanded UI, we find some evidence that the loss of these additional financial supports resulted in an increase in disability claiming. Social Security retirement benefit claiming is approximately 3% higher during the second year of the pandemic.

Analysis of retirement insurance in mexican law, from the economic perspective of law

El derecho y el Estado deben garantizar los derechos de los ciudadanos, brindando seguridad jurídica y seguridad humana. En este escenario la seguridad social han sido un anhelo histórico y una esperanza social cuyo deseo es acercarse a la dignidad humana, la solidaridad y la ética; en estos tiempos de globalización económica, la relación jurídico – económica entre el patrón y el trabajador se sumerge en una ola de intereses contrapuestos, interés social e interés privado. Por una parte, la generación de utilidades y ganancias y por la otra, la preocupación de satisfacer necesidades familiares; el análisis y preocupación en este ejercicio se concentra en la última etapa de la vida laboral, el retiro, con la esperanza de obtener una pensión suficiente para cubrir el mínimo vital, encaminado a una vida digna, encontrando un equilibrio de intereses del binomio Estado- Mercado.

The impact of Socio-Demographic variables on the Retirement Environment

Objective - Demands for Urban Retirement Environments have attracted much attention in the industry for senior citizens. This study aimed to examine the socio-demographic profile and antecedent factors influencing adults' decisions and preparedness toward retirement environment facilities in two urban settings. Methodology/Technique – This study uses a quantitative cross-sectional approach using the descriptive-normative survey method with a modified self-administered questionnaire. Data was collected in Greater Kuala Lumpur and Kota Kinabalu. Mail survey respondents returned 369 usable questionnaires yielding a 14.5% response rate. Hypotheses were analyzed using the structural model. Finding – The study found that the urban population was receptive to retirement preparation with financial Planning and health insurance commitments. The majority, 72%, engaged with exercise and 80% with lifelong learning activities and profited from a better health status. In addition, 69% to 72% were more well-prepared to welcome home care and daycare service packages. However, it was a natural preference to accept lower fees up to RM300, even though most hold health insurance plans, and the higher-income respondents with more than RM75,000 annual income showed a willingness to pay between RM1000 to RM5000 for institutional care services. Novelty – This study has examined significant relationships between the level of retirement preparedness, namely the three elements, financial Planning, health insurance, and lifelong Learning, with their socio-demographic profile. It also provides the gaps and potential greenfield versus brownfield areas for investment. The aged care providers and insurance companies have a potential niche market in developing and collaborating using the above elements in developing retirement insurance and investment package strategies. Together they can generate more options to build sustainable retirement environment business agenda. Type of Paper: Empirical JEL Classification: I11, I12, I13, Keywords: Retirement, Financial Planning, Health Insurance, Lifelong Learning, Technology Advancement Reference to this paper should be referred to as follows: Fung, C.S; Jaafar, S; Ismail, R.M; Rahim, A.S.A. (2022). The impact of Socio-Demographic variables on the Retirement Environment, GATR-Global J. Bus. Soc. Sci. Review, 10(3), 190–219. https://doi.org/10.35609/gjbssr.2022.10.3(8)

COMMUNICATION STRATEGY OF BPJS EMPLOYMENT MEDAN BRANCH OFFICE IN DISSEMINATING THE RETIREMENT INSURANCE PROGRAM

The purpose of this study was to describe the communication strategy of BPJS Employment Medan Branch Office in disseminating the retirement insurance program and to find out the obstacles faced by the Manpower Office in disseminating the retirement insurance program. This study uses a descriptive method with a communication approach. Methods of collecting data through observation, interviews and documents. The results showed that (1) the strategies used by BPJS Employment Medan Branch in the socialization of the retirement insurance program were knowing or identifying the target audience, translating messages in this case the BPJS Employment Law, Government Regulations (PP), Minister of Manpower Regulations (PMTK), BPJS Employment Vision and Mission, Benefits of the retirement insurance program, registration procedures, as well as coordination with the local labor government and social services related to the socialization of the retirement insurance program, (2) Obstacles faced by BPJS Employment Medan Branch Office in socializing the retirement insurance program, especially for determine the audience socialized by participants Currently not workers in charge of processing company data, so the message document is not right on target, as well as to determine the method used when BPJS Employment Medan Branch Office and related agencies. Expected search results This can maximize the form of communication strategies in the socialization of the retirement insurance program in the future and become material for the development of further studies related to the retirement insurance program at BPJS Employment at the Medan Branch Office.

Updating the method of monetary conversion of remuneration for work within the concept of assessing the value of human capital

The economic formation of the present time is characterized by innovative processes occurring at all levels of organization of economic systems. The object of the study is a complex of knowledge, skills, abilities that characterize conscious human activity and form the concept of human capital. The subject of the study is salary as an economic category that reflects the cost of remuneration for a person’s labor activity within the framework of the economy of the People’s Republic of China. The purpose of the study is to update the method of monetary conversion of the cost of remuneration for the labor activity of a person. The objectives of the study are: 1. The study of theoretical sources of the subject area; 2. Consideration on a scientific basis of the traditional method of monetary conversion of remuneration for work adopted in the People’s Republic of China; 3. Scientific substantiation of the actualization of the method of monetary conversion of the remuneration of labor activity within the framework of the concept of human capital; 4. Practical approval of the proposed method of monetary conversion of remuneration for work in the activities of the subject of economic relations of the People’s Republic of China. The research methodology is a theoretical and heuristic approach, based on economic methods of cognition.The results of the study are a calculation formula for the method of monetary conversion of remuneration in the form of the cost of future salary in accordance with modern economic and social conditions. The essence of the proposed updating of the method is to divide the income from the monthly remuneration of employees into direct income (salary after taxes, allowances, overtime pay, bonuses, etc.) and indirect income, which is not paid to the employee and is a monthly compulsory national insurance, paid by the company to employees (retirement insurance, health insurance, work injury insurance, unemployment insurance, and maternity insurance). The authors also presented the evaluation of the method at the Chinese enterprise Goertek to calculate the value of the human capital of the enterprise for seven years, and at the same time, the advantages and disadvantages of the improved model in practice were analyzed.

Satisfaction of Rehabilitation Patients on Social Media Websites and Online Rating Portals

Patients increasingly express themselves about their medical rehabilitation stay, evaluate health service providers with star ratings, and write reviews on the internet. So far, no results are available regarding online patient satisfaction for inpatient medical rehabilitation in Germany. For the first time, this study conducted a systematic analysis of rehabilitation patient satisfaction on social media websites and hospital rating portals. We collected reviews of medical rehabilitation on the portal Klinikbewertungen.de and the social network Facebook for 8 indication groups (orthopedics, psychosomatics/psychotherapy, oncology, cardiology, neurology, internal medicine, pulmonology/dermatology, gastroenterology) with a full data extraction over 3 survey years (October 2014-September 2017) and for rehabilitation clinics with main bed occupancy of retirement insurance (N=497). The star ratings, aggregated according to indication groups, were evaluated to determine patient satisfaction (Pearson's chi-square test, Fisher's exact test, Phi coefficient). A total of 97.2% of the rehabilitation clinics were represented, with 24,806 ratings on Klinikbewertungen.de. The most frequently evaluated indication groups were orthopedics (38.5%) and psychosomatics/psychotherapy (27.1%). Facebook ratings (N=4,127) were collected for rehabilitation clinics with one department (38.6%) in order to ensure an indication group assignment. Almost the same number of ratings were determined on official (48.7%) and unofficial Facebook pages (51.3%), with no significant correlation between website management and overall satisfaction (p>0.05). On the Facebook pages of the rehabilitation clinics, 49.1% of the ratings were written by women (38.5% by men; 12.4% not assignable). Sociodemographic information on Klinikbewertungen.de was based solely on the status of the insured (89.1% of those with statutory insurance). Overall, 95.4% of the reviews were written by patients and 4.0% by relatives, with 77.5% of patients recommending the clinic to other users (relatives: 37.2%). Most patient ratings were positive. However, there were differences in overall satisfaction between the indication groups. Patients in oncology (77.9%) were more satisfied than those in neurology (59.0%). Online ratings of inpatient medical rehabilitation were collected to a considerable extent. These were mostly positive. The results are comparable to standardized surveys. Despite restrictions in the use of social media data, the results indicated that the publicly available real-time online feedback from patients can provide useful information for the quality management of clinics as well as for patients in exercising their right to choose a rehabilitation clinic.

Factors Affecting Intention to Purchase Voluntary Pension Insurance in Vietnam

The research was carried out with the aim to identify factors affecting the intention to purchase voluntary pension insurance in Vietnam. With data collected from 334 subjects across the country, mainly in Hanoi, the results showed that attitude towards risk, subjective norms, percieved behavioral control, past experiences and corporate branding have positive influences on the central factor, which is intent. After quantitative analysis, the study proposes recommendations for businesses to improve their services as well as methods of distribution to meet the needs of potential customers to save in pension funds. Additionally, the study will provide the basis for regulators to come up with measures to promote the retirement insurance market and at the same time, raise public awareness about social security. Keywords: voluntary pension insurances, pension funds, puchase intention, TPB, annuity. DOI: 10.7176/EJBM/13-10-06 Publication date: May 31 st 2021

Analysis of changes in the retirement insurance system in Poland in 2002-2018

The year 1999 marked the beginning of reforms in social insurance in Poland. Changes which were implemented then regarded mainly retirement insurance. Until the reform was introduced, the retirement insurance had operated under a pay-as-you-go system. However, political changes in Poland, as well as adverse demographic trends, led to ineffective functioning of the existing system of financing liabilities arising from retirement insurance. It was necessary to introduce changes that, above all, would allow for maintaining an appropriate level of retirement pension. The following article concentrates on one selected aspect of this insurance - Open Pension Funds (in Polish: Otwarte Fundusze Emerytalne; OFEs) and presents major changes occurring in 2002-2018, their reasons and effects. The analysis is mainly based on data from the Financial Supervision Authority and the Social Insurance Institution.

Redefinicja idei w polskim systemie ubezpieczeń społecznych

The Polish social security system was partially re-defined in 1999, however, the re-definition concerned only retirement and accident insurance at that time (excluding sickness and disability insurance). This re-definition was based, among other things, upon a change in the concept of the system's functioning, from the principle of solidarity to the principle of individual precaution. This change meant, in fact, the privatization of the Polish social security system. Unfortunately, the implementation of the redefinition ideas resulted in a significant decline in the financial effectiveness of the social security system in Poland. This article presents the lack of uniformity of the social security system in Poland and the financial effects of the solutions that are being currently applied. The conclusions presented in the paper indicate the possible directions of corrective actions aimed at unifying the system to make it coherent and financially effective. The research method used for the purposes of the study was an analysis of documents (legal regulations regarding the social security system and financial reports of the Social Insurance Trust Fund (FUS). The research tool used to evaluate the financial efficiency of the existing solutions was the financial efficiency meter of the system, developed for the purposes of the analysis.

Career and Financial Situation of Patients Diagnosed with Soft Tissue Sarcomas

Background: After receiving a cancer diagnosis patients face many challenges. The association between career situation and financial problems caused by cancer has a substantial impact on quality of life (QoL) among cancer patients. Indeed, the QoL such as physical and mental health of cancer patients is lower when the risk of psychological disorders or distress increases, and chances for cancer cure are reduced. Progress in therapeutic intervention allows many cancer patients a social reintegration into their careers. About one third of cancer patients are younger than 65 years, and with the constant increase in work life periods, a cancer diagnosis also presents a financial burden for those affected. Objectives: The main objective of this study was to analyse the social QoL in the context of factors related to career and financial situation among patients diagnosed with soft tissue sarcomas (STS). Methods: A descriptive non-experimental research design was used to conduct a cross-sectional survey over a period of 6 months, between May and November 2016, in collaboration with the Sarcoma Unit at the Mannheim University Medical Centre, Mannheim, Germany, the patient organisation “Das Lebenshaus e.V.,” and the German Pension Insurance Hessen (Deutsche Ren­tenversicherung: DRV Hessen)/Pension Fund. We analysed data of 30 patients diagnosed with STS using self-outcome questionnaires in combination with retirement insurance data from the date of first diagnosis up to 3 years afterwards. Out of 280 questionnaires, we received 86 completed forms, of which 56 were excluded. The remaining questionnaires of 30 patients were analysed according to self-determined outcomes and included a calculation of the financial changes caused by the disease. Only patients covered by pension insurance were included in the study. Results: Thirty patients (24 women) whose median age at first diagnosis was 48.7 years (range 31–61 years) were included in the analysis. The average unemployment rate was 8.8 months, and for 67% (20 patients) the employment situation changed after the period of unemployment. Eight patients requested a retirement pension (reduced income insurance), 4 patients reduced their weekly working hours, and 3 patients lost their jobs due to complications of the disease. The data analysis revealed that, among these patients, one benefited from an income increase of about 24%, another one received a regular old-age pension, and 4 patients reported reduced income for other reasons. In total, mean income has been reduced by 26%. Considering only the 8 patients who applied for a pension, partial or total unemployment benefits resulted in an average loss of income of up to 62%. Conclusions: Reduced ability to work may cause severe financial problems for those affected by the diagnosis of STS. We found an average income reduction of 26%, for those requesting pension payments of 62%. This eventually relates to a higher risk of reduced wealth and may lower the patients’ social standing.

Do Start-Up Subsidies for the Unemployed Affect Participants' Well-Being? A Rigorous Look at (Un-)Intended Consequences of Labor Market Policies.

The literature on start-up subsidies (SUS) for the unemployed finds positive effects on objective outcome measures such as employment or income. However, little is known about effects on subjective well-being of participants. Knowledge about this is especially important because subsidizing the transition into self-employment may have unintended adverse effects on participants' well-being due to its risky nature and lower social security protection, especially in the long run. We study the long-term effects of SUS on subjective outcome indicators of well-being, as measured by the participants' satisfaction in different domains. This extends previous analyses of the current German SUS program ("Gründungszuschuss") that focused on objective outcomes-such as employment and income-and allows us to make a more complete judgment about the overall effects of SUS at the individual level. Having access to linked administrative-survey data providing us with rich information on pretreatment characteristics, we base our analysis on the conditional independence assumption and use propensity score matching to estimate causal effects within the potential outcomes framework. We perform several sensitivity analyses to inspect the robustness of our findings. We find long-term positive effects on job satisfaction but negative effects on individuals' satisfaction with their social security situation. Supplementary findings suggest that the negative effect on satisfaction with social security may be driven by negative effects on unemployment and retirement insurance coverage. Our heterogeneity analysis reveals substantial variation in effects across gender, age groups, and skill levels. Estimates are highly robust.

ANALYSIS OF THE ESSENCE OF PENSION INSURANCE AND ITS PLACE IN THE SYSTEM OF SOCIAL PROTECTION OF THE POPULATION

The purpose of this article is to deepen the analysis of theoretical and practical foundations of pension insurance for rural population, to substantiate its further reform and development. Theoretical aspects of pension insurance have been analyzed according to different scientific opinions of both the Ukrainian and foreign scientists, according to which pension insurance is considered a difficult category, and the diversity of its interpretation means that it has not been fully disclosed yet and remains the subject of research. Method. In most countries of the world, the same problems of the pension system as in our country have arisen. But thanks to pension reform, they have achieved successful results. Each country chose its own way of building a pension system based on its own demographic and socio-economic characteristics. However, despite this, the main task of any pension system is to protect against poverty and to provide a pension that can guarantee a decent standard of living for a pensioner. It is proved that to carry out effective pension protection policy in the country it is necessary to continue to study the essence of the concept of "pension insurance", as well as it is important and urgent to find ways to improve the reliability and effectiveness of mechanisms for ensuring the implementation of social guarantees in the pension insurance system. It is noted that insurance came about when humanity realized the danger that the environment hides. With regard to pension insurance, its formation took place in the context of the development of the entire insurance system. Results. The Ukrainian scholars in the field of pensions, exploring the nature and concept of pension insurance at the current stage of development, have determined that pension insurance is based on two important principles: the principle of solidarity and the principle of personal responsibility, also scientists focus on the principles put forward by the works on social protection of the population by the International Labour Organization, which are defined in the adopted Conventions of this organization. Value/originality. Analyzing the theoretical nature of pension insurance, one can determine that the essence of the social nature of pension insurance lies in the social protection of persons who have reached retirement age due to disability or loss of a breadwinner, pension insurance provides social security with minimal social security, approved by the International Labour Organization for the payment of pensions. Retirement insurance is also considered to be a complex category, and its diversity of treatment means that it is has not fully disclosed yet and remains a subject of study.

Fiscal and non-fiscal determinants behind the creation of new work places in the private sector - a review of chosen areas

The author of this article presents fiscal and non-fiscal factors that determine the creation of new work places in the private sector. To help explain this topic it was important to study the legal acts and available literature as well as use of other qualitative theoretical methods such as: analysis, synthesis, comparison, generalization, deductive and inductive reasoning methods. This resulted in distinguishing public levies which are significant to determine the costs of employment. These costs mainly include contributions to the pension (retirement insurance, disability insurance premium and work accident insurance) as well as to the Labour Fund. In the following part the author presents the specifics of the human and social capital, employee’s competencies, globalisation and generational differences that impact the current job market. The outcome of this study concludes that employment costs have remained fairly stable for the last few years (the last major increase of employment contributions took place in 2012). Nonetheless, a growing scarcity of human resources, especially generation Y, has become the biggest challenge.

„Z żarów nad Nilem w ogień rewolucji nad Wisłą”. Izydor Kajetan Wysłouch (1869–1937) i jego działalność społeczna

“From the Heats by Nile to the Fire of Revolution by Vistula”. Izydor Kajetan Wysłouch (1869–1973) and His Social Activity The paper reminds the profile of a respected religious reformer and social activist whose life was also connected to Egypt. From 1902 to 1904, due to ill-health, he visited Egypt twice as he required climatotherapy. At that time he stayed in Helwan, a popular resort near Cairo. During his treatment, he was probably residing in Wanda Bilińska’s guesthouse, where residents from the territories of former-day Poland met. The stay in Egypt made a huge impression on Wysłouch. An ample evidence of his fascination with heritage and monuments of ancient Egypt is the neatly published volume, issued soon after the author’s return to Poland, titled From the Land of Ruins (Warsaw 1906); what is also interesting is its graphic design, using Egyptian motives, created by Franciszek Siedlecki (1867–1934). The volume, containing the author’s reflections on existence and prose poetry, signals the state of his soul, which was filled with loneliness and bitter sadness. Its content also suggests that the author had visited most of the country, from the Giza Pyramid Complex to the city of Aswan. Egypt influenced him to such a great degree that he called the country his second homeland. He also took his pen-name “Szech” (ar. Sheikh) at that time. Having returned to his motherland, Wysłouch became a keen supporter of working-class protests (1905). He also strongly backed the reforms in the Ethical and Social Teachings of the Church; he published numerous brochures in which he described an utopian programme that would connect Christianity with Communism and Polish patriotism; he decided to leave Church in 1908. After Poland regained its independence in 1918, Wysłouch, as a public servant, played a vital role in organising and introducing the system of public disability pensions and retirement insurance in the reborn Poland.

Інституціональне забезпечення функціонування системи обов’язкового накопичувального пенсійного страхування

Інституціональне забезпечення функціонування системи обов’язкового накопичувального пенсійного страхування

ПРОБЛЕМЫ И ПЕРСПЕКТИВЫ РЕФОРМИРОВАНИЯ СИСТЕМЫ ОБЯЗАТЕЛЬНОГО МЕДИЦИНСКОГО СТРАХОВАНИЯ В РОССИИ

After liberal economical and democratic reforms in 1990-s, Russia proclaimed itself as social state, social state status legally defined in 7th article of Russian Constitution: “The Russian Federation is a social State whose policy is aimed at creating conditions for a worthy life and a free development of man.” Russian authorities created as part of social program two different systems: social insurance system and social security system. But from 1990-s to our days there are still many problems in both systems. Authorities still cutting basic social insurance program, in 2013 Russian authorities begun implementing plan to reform retirement insurance by implanting deposit-linked insurance scheme. But this process was freeze in 2014. Government have not resume process since there. Everything highlighted above indicates problems in modern state of the system which means that this question deserves more deep researches.