By Robert Holzmann
The previous transition nations of valuable, japanese, and Southern Europe (CESE) inherited outlined profit public pension structures financed on a pay-as-you-go foundation. lower than vital making plans, those structures exhibited financial lines which worsened through the early years of the transition and have become unsustainable less than a marketplace economic system and projected inhabitants getting older. All CESE international locations brought reforms that various with reference to the alternative among parametric and systemic reforms and over the creation of investment yet more often than not serious about problems with sustainability instead of gain adequacy. to evaluate profit adequacy of the reformed structures opposed to the central of long term economic sustainability person reviews for 9 CESE international locations Bulgaria, Czech Republic, Croatia, Hungary, Poland, Romania, Slovakia, Slovenia, and Serbia were ready. gain adequacy is thereby assessed through the gross and web alternative charges for regular kingdom stipulations approximated through the 12 months 2040 for either source of revenue and contribution list measurement of the insured. those 9 case experiences plus a precis are compiled during this e-book suggesting the subsequent large coverage conclusions: (i) economic sustainability has more desirable in such a lot research international locations, yet few are totally ready for the inevitability of inhabitants getting older; (ii) the linkage among contributions and advantages has been reinforced, and pension method designs are larger suited for marketplace stipulations; (iii) degrees of source of revenue substitute are in most cases sufficient for all yet a few different types of staff (including people with intermittent formal region employment or low lifetime wages) - addressing their wishes would require macro and microeconomic tasks that transcend pension coverage; (iv) additional reforms to deal with inhabitants getting older should still specialise in extending hard work strength participation by means of the aged to prevent gain cuts which may undermine adequacy and extremely excessive contribution premiums which can discourage formal area employment; and (v) extra decisive monetary industry reforms are wanted for funded provisions to carry at the go back expectancies of members.
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Additional info for Adequacy of Retirement Income after Pension Reforms in Central, Eastern and Southern Europe: Eight Country Studies (Directions in Development; Finance)
Taxation of voluntary third-pillar schemes varies widely across the eight study countries (as well as with respect to the way in which first- and second-pillar schemes are taxed). All eight countries exempt contributions, investment income, and capital gains (except the Slovak Republic); all countries except Hungary and Poland tax benefits (consistent with an expenditure tax approach). Because voluntary schemes are more popular with higher-income groups, the exemption of benefits is regressive.
The allowance is means tested and adjusted in value such that the beneficiary’s total income reaches the minimum threshold (roughly 18 percent of the average wage). In Hungary, eligibility is limited to individuals age 62 and older who can demonstrate that their total income falls below 80 percent (95 percent for couples) of the minimum old-age pension. In Slovenia, eligibility is limited to individuals age 65 and older who have lived in Slovenia for at least 30 years and who do not qualify for an old-age pension.
There is great uncertainty regarding the taxation of benefits after 2013. g. Thirty percent of contributions are tax deductible up to an annual cap of HK$100,000. h. Benefits are exempt from tax if taken as a qualified annuity and the accumulation period is at least 20 years. If the accumulation period is 10–20 years, benefits are partially taxed. i. Employer contributions to the third pillar are deductable from the employer’s taxable income. j. Employees are granted tax relief up to 150 percent of the average wage, above which they must pay taxes for capital gains and retirement savings.