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Difficulties of the supporting pensioners by current employees – alternative to pension systems at international level. Empirical analysis in Romania

Mirela Cristea (), Nicu Marcu () and Raluca Drăcea
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Raluca Drăcea: University of Craiova, Romania

Theoretical and Applied Economics, 2014, vol. XXI, issue 5(594), 51-68

Abstract: The current problems of the labor market, evidenced by decrease the number of contributors in relation to the number of pensioners, is manifested throughout the world and it is increasing from year to year. The origin of this imbalance is increasing the aging phenomenon that occurs at the international level, correlated with declining of the birth rates. Direct effects of aging population are a decrease in the amount of social security contributions for pension payments, as a result of reducing the number of taxpayers, and the increase in pension expenditure, as a result of increasing the number of beneficiaries. An alternative to these problems of public pensions is the orientation of the population towards private pensions, in the same time with increasing their confidence in such solutions. This requires an effective management of private pension fund assets, by using the adequate strategies to perform investment assets. Thus, in this paper, we realize a statistical study about the influence of the main factors on the size of private pension fund assets in Romania. The research methodology is to test the influence of selected factors, as independent variables, to the net assets of the two components of private pensions in Romania: privately managed pension funds and facultative pension funds. At European Union level, is seeking to implement a variety of strategies to increase the share of pensioners line to remain in the workforce, thus extending their working life.

Keywords: labor market; aging population; pension systems; private pension; statistical correlation. (search for similar items in EconPapers)
Date: 2014
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Handle: RePEc:agr:journl:v:xxi:y:2014:i:5(594):p:51-68