Socially optimal contribution rate and cap in a proportional (DC) pension system View Full Text


Ontology type: schema:ScholarlyArticle      Open Access: True


Article Info

DATE

2015-12

AUTHORS

András Simonovits

ABSTRACT

In our model, the government operates a mandatory proportional (DC) pension system to substitute for the low life-cycle savings of the lower-paid myopic workers, while maintaining the incentives of the higher-paid far-sighted ones in contributing to the system. The introduction of an appropriate cap on pension contribution (or its base)—excluding the earnings above the cap from the contribution base—raises the optimal contribution rate, helping more the lower-paid myopic workers and reserving enough room for the saving of higher-paid far-sighted ones. The social welfare is almost independent of the cap in a relatively wide interval but the maximal welfare is higher than the capless welfare by 0.3–4.5 %. More... »

PAGES

45-63

References to SciGraph publications

  • 2008-10. Designing a linear pension scheme with forced savings and wage heterogeneity in INTERNATIONAL TAX AND PUBLIC FINANCE
  • 2009-08. Short horizons, time inconsistency, and optimal social security in INTERNATIONAL TAX AND PUBLIC FINANCE
  • Identifiers

    URI

    http://scigraph.springernature.com/pub.10.1007/s10258-015-0107-0

    DOI

    http://dx.doi.org/10.1007/s10258-015-0107-0

    DIMENSIONS

    https://app.dimensions.ai/details/publication/pub.1033957686


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