The future pension system as a system to protect population against poverty
Speakers of the discussion “Modern Pension systems: Possible answers to expected challenges” discussed what the future pension system should become like, on January 15, at the Gaidar Forum. Today, in his Message to the Federal Assembly, President Vladimir Putin brought out the need for to enshrine the right of Russians to a decent pension in the Constitution.
In his speech, Alexey Moiseev, Deputy Finance Minister of the Russian Federation, told that the bill on establishment of a new defined contribution pension system – guaranteed pension plan – shall be brought for discussion at the government already this spring: “The guaranteed pension plan shall enable the public to influence the level of their pension income. This will provide flexibility that is entirely absent in the mandatory pension insurance system.”
“What should the ideal pension reform be like? The major purpose is to make people save up money and protect them against risks. Only reliable instruments and institutions shall be selected for investment. It is important that the social insurance system works,” Laurence Kotlikoff, Head of the International Laboratory for Mathematical Modeling of Economic Processes, the Gaidar Institute for Economic Policy, said.
The European pension system needs reformation too, Bernd Marine, Director, the European Bureau for Policy Consulting and Social Research, noted: “To stabilize it, many problems should be resolved. For instance, differences in salaries between men and women. Or the migration issue. The migratory influx should be increased ten-fold as compared to what we have today.”
One of the hottest was the issue of feasibility of effective use of the defined contribution component of the pension in our country. Evsey Gurvich, Head of the Center for Budget Analysis and Forecasting at the Research Institute of Physics and Engineering of the Ministry of Finance of the Russian Federation, said that the defined contribution pension system can only operate effectively in economic growth conditions, “it will not become the Aladdin's lamp by itself”. Today, the pension system has two the most problematic Is:informality of public employment and inequality of salary,” Oksana Sinyavskaya, Deputy Director, Institute for Social Policy , National Research University - Higher School of Economics, said in turn.
“The future pension system should be, first of all, the system to protect the population against poverty,”Yury Gorlin, Deputy Director, Institute of Social Analysis and Forecasts, RANEPA, summed up.
The 11th Gaidar Forum “Russia and the World: Challenges of the New Decade” is being held at the Presidential Academy on January 15 and 16, 2020. The forum is focused on the goals of national and global development and the search for practical answers to the most pressing challenges of our time. The forum is attended by ministers of the Government of the Russian Federation, members of the Federal Assembly, governors of the Russian regions, prominent international experts, and representatives of foreign states.
The organizers of the 11th Gaidar Forum are the Russian Presidential Academy of National Economy and Public Administration, the Gaidar Institute for Economic Policy, and the Association of Innovative Regions of Russia.
The title partners of the Gaidar Forum are PJSC Gazprom and JSC Gazprombank. The strategic partners are Coca-Cola, Mastercard, Russian Railways, Pharmstandard group of companies, Johnson & Johnson, Sanofi, Novartis group of companies, MSD, AKIG group of companies, EF Education First. Partners are Prosveshchenie group of companies, EY, Huawei, RVC JSC, Russian Agricultural Bank JSC.
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