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1

SUBOPTIMALITY OF IMMEDIATE ANNUITIZATION IN PRIVATE PENSION SCHEMES

100%
Šebo J., Šebová Ľ.
Ekonomický časopis (Journal of Economics)
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2016
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vol. 64
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issue 2
169 – 190
EN
Immediate annuitization as a strategy for a welfare maximization for a pay-out phase in private pension schemes has been widely criticized. We examine the self-annuitization strategies under two different consumption rates using programmed withdrawal compared to the immediate annuitization for a retired individual subject to uncertain portfolio returns and longevity risk. The aim is to examine the utility of both approaches under the existence of longevity risk on one side and bequest on the other. The results could serve as a basis for further discussion on improving the legislature on pay-out phase in Slovak private DC pension pillar.
2

UPLATNENIE AUTOMATICKÉHO VYROVNÁVACIEHO MECHANIZMU V PRIEBEŽNOM PILIERI DÔCHODKOVÉHO SYSTÉMU V SLOVENSKEJ REPUBLIKE

100%
Virdzek T., Šebo J.
Ekonomický časopis (Journal of Economics)
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2012
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vol. 60
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issue 5
482 – 494
EN
Article deals with the existence and functioning of automatic balance mechanism (ABM) in the PAYG pension systems. By uncovering theoretical knowledge on ABM, we focus on its ability to overcome political risks and to stabilize the PAYG system in short and long run without drastic shock interventions, which are politically unstable. Further, we created and applied the ABM model into specific conditions of Slovak PAYG system and found its ability to balance PAYG system on cash and accrual basis. At the same time, we propose inevitable steps and changes in order to implement the model into practice and legislation.
3
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Fiscal and redistributive impacts of the introduction of dynamic components in maternity benefits

81%
Danková D., Halásková R., Šebo J.
Equilibrium. Quarterly Journal of Economics and Economic Policy
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2022
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vol. 17
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issue 1
103-131
EN
Research background: Social security systems combine several subsystems aimed at addressing the risks of temporary or permanent loss of an individual's income. The subject of the research are parametric changes of alternative public policy aimed at addressing the temporary loss of income caused by the dropout from the labour market due to childcare. The effects of public policies may be fiscally neutral from the entire system, but not from the point of view of the individual. Purpose of the article: The purpose of this study is to examine the fiscal and redistributive effects of parametric changes in social insurance subsystem with an accent on maternity benefits in the conditions of the Slovak Republic by using a modified microsimulation model. Methods: Using a microsimulation model, we investigate the impacts of the alternative policy setting. Microsimulation model contains four basic modules (i) macroeconomic module, (ii) demographic module simulating future population structure from 2017 to 2080 (iii) status module modelling particular attributes (characteristics), (iv) social policy module. The model is applied to maternity benefits in two scenarios in the Slovak Republic: scenario 1 ? the current legislative setting of maternity benefit policy parameters and scenario 2 ? dynamic maternity benefit. Findings & value added: Results in the area of redistributive impacts in social insurance focused on maternity benefits show that dynamic policy parameters can positively affect work-life balance, especially for individuals with higher education. The results in the area of fiscal impacts show that the dynamic model of maternity benefits increases the efficiency of public spending and stimulates the faster return on the labour market. The results indicate the direction of possible government interventions and provide valuable information for policy makers in areas public policies that are associated with temporary labour market dropouts in the case of maternity.
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