The Social and Economic Impact of the State Pension

Liliana Roxana Ionescu ()
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Liliana Roxana Ionescu: “Dimitrie Cantemir†Christian University of Bucharest

Ovidius University Annals, Economic Sciences Series, 2020, vol. XX, issue 1, 971-974

Abstract: When a person reaches retirement age he wants to have the same standard of living as before retirement. The fundamental social function of the pension system is to ensure universal coverage, to provide decent pensions for retires, for those suffering from accidents at work or people who became ill and could no longer work. Achieving these goals is difficult due to many factors that influence each person's living conditions differently and applying the same conditions to everyone is often unfair and wrong. The main source of income that a person will have when he reaches the legal retirement age is the state pension. This will represent up to 50% of the income that the person had before retiring. There are countless factors that influence its level: gross income, contribution period, retirement conditions, economic situation, number of employees, number of retirees and legislation in the field. This paper will present general questions relating to social security, social insurance type, authorized institutions, and their evolution over the last years.

Keywords: ension system; social insurance; contributions (search for similar items in EconPapers)
JEL-codes: G24 G51 H55 (search for similar items in EconPapers)
Date: 2020
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