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Issue № 78. February 2020

On the Way to Reform the Pension System: New Technologies and Old Problems

Elena E. Shestakova

PhD, Leading researcher, Institute of Economics of the Russian Academy of Sciences, Moscow, Russian Federation.

The article analyzes the most pressing issues of reforming pension systems in Western countries and Russia, introduction of notional defined and points technologies, mechanisms for automatic adjustment of pension systems various parameters. The state policy general trend in a large number of developed countries is to reduce the pension expectation of citizens in relation to mandatory pension insurance, especially in those states where the highest level of labor income replacement with a pension is provided. Traditional solidary pension systems are being rebuilt in accordance with the criteria for ensuring long-term sustainability and adaptability. The level that was previously guaranteed by the insured mandatory state pension insurance is proposed to be reached in the medium term through participation in private and corporative pension schemes. The main focus is on the planned reforms to raise the retirement age and unify pension regimes in France that are causing active protests among the population. This country has been chosen due to certain parallels that can be drawn between Russia and France in particular with regard to the use of point system for accounting for pension rights or the need to reduce the large number of preferential categories of work included in special mandatory pension insurance schemes. The article considers the different approach in France and a number of other countries to the choice of mechanisms for achieving financial stability of pension provision, rules for valorization of accumulated pension rights and pensions themselves. It is concluded that for French pension system the most difficult task is to reconcile the interests of different professional groups and unify special insurance regimes, abolishing significant privileges for certain categories of employees while maintaining the insurance nature of the system. The issues of the importance of creating fair conditions and expanding participation in pension insurance for employees with non-standard employment, the new practice of introducing individual social security accounts designed to transfer the accumulated rights to social protection from the status of employment-related to the status of individual notional defined saving are discussed.


Social sphere, pension reform, labour relations, financial stability of pension system, valorization and indexation of pensions.

DOI: 10.24411/2070-1381-2020-10039

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