Labor and Capital: the Problem of Increasing the Effectiveness of the System of Labor Pensions in Modern Russia

Elena Basovskaya; Leonid Basovskiy

doi:doi:10.12737/2587-9111-2020-29-33

UDC 33

Labor and Capital: the Problem of Increasing the Effectiveness of the System of Labor Pensions in Modern Russia

Published в Scientific Research and Development. Economics · Volume 8, Issue 3, 2020 · Pages 29–33 · Rubrics: Сommon questions

DOI 10.12737/2587-9111-2020-29-33

Received: 01.06.2020 Accepted: 17.06.2020 Published: 17.06.2020

Authors

Elena Basovskaya ¹ · Leonid Basovskiy ²

1 Leo Tolstoy Tula State Pedagogical University (Department of Economics and Management, Associate Professor)
Tula, Tula, Russian Federation

2 Leo Tolstoy Tula State Pedagogical University (Department of Economics and Management, Head)
Tula, Tula, Russian Federation

ABSTRACT

Reducing the coefficient of demographic support (the ratio of the number of people of working age to the number of people older than working age) makes the use of the principle of social solidarity underlying the pension system of modern Russia unpromising. Using the equations of financial mathematics, the basic characteristics of a pension system based on the accumulation of pension capital is estimated. The norms for replacing wages with pensions at various levels of the interest rate for increasing pension capital have been established. The obtained estimates showed that even with a pessimistic assessment of the interest rate for increasing pension capital of 2%, a wage replacement rate of 80% can be achieved. The pension system, which based on the accumulation of pension capital, makes it possible to provide decent retirement benefits for workers in modern Russia. It allows you to reduce the tax burden on the economy by reducing the amount of mandatory contributions to the song fund, since even with a pessimistic economic development scenario; the rate of contributions to the pension fund should be much lower than the existing one. Another advantage of the system is the emergence of a new source of long-term investment.

KEYWORDS

demographic support pension capital replacement rate insurance premium interest rate length of service life expectancy

Information References

Authors:

1. Leo Tolstoy Tula State Pedagogical University (Department of Economics and Management, Associate Professor)

Tula, Tula, Russian Federation

2. Leo Tolstoy Tula State Pedagogical University (Department of Economics and Management, Head)

Tula, Tula, Russian Federation

Type:

Article

Pages:

from 29 to 33

Status:

Published

Subject area:

UDC 33

Language:

Russian

Keywords:

demographic support, pension capital, replacement rate, insurance premium, interest rate, length of service, life expectancy

References

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