The Role of the Fourth Pillar in the Redesign of Social Security

Yung-Ping Chen

The Geneva Papers on Risk and Insurance - Issues and Practice, 1996, vol. 21, issue 4, 469-477

Abstract: Social security programs are under intense criticism around the world; increasingly, privatization is proposed as a solution. However, neither the public nor the private approach is problem-free. The choice may not be between public and private approaches but a combination of the two. The paper argues for creating a self-sustaining social security to serve as a stable foundation for some basic level of retirement income. In addition, after pointing out the importance of social security, the paper advocates strengthening the potential of employment as an additional source of income security.

Date: 1996
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