Aging and Pension reform with Change contribution rates

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Bahmani Marzieh; RAGHFAR HOSSEIN; MOUSAVI MIR HOSSEIN

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Journal: Journal of Economic Research and Policies Year:2020 | Volume:28 | Issue:93 Page(s): 61-91

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Title

Aging and Pension reform with Change contribution rates

Author(s)

Bahmani Marzieh | RAGHFAR HOSSEIN | MOUSAVI MIR HOSSEIN | Issue Writer Certificate

Keywords

Pension SystemsQ1

contribution ratesQ1

Imperfect Labor MarketQ1

Overlapping Generations General Equilibrium ModelQ1

Abstract

Increased life expectancy and reduced fertility rates have led to aging which is one of the main causes of the pension funds imbalances in Iran’ s pension funds. In order to resolve these imbalances, some reforms are required. The first option is to use parametric reforms, such as changing contribution rates of the pension system. The purpose of this study is to examine the impact of aging and changes of contribution rates on macroeconomic variables. The model used in this research is the Overlapping Generations General Equilibrium Model with Imperfect Labor Market. The findings indicate that aging leads to a reduction in the rate of interest (4%), an increase in labor demand and a drop in unemployment (3%) in the labor market. It also leads to an increase in the cost of the pension system (7%) as a percentage of GDP. With parametric reforms, including increase contribution rates, leads to the reduction of the pension system costs (2. 5%), But young people have to pay more contribution than elder at the time of their employment, and intergenerational justice will suffer. With a reduction in the contribution rates, in the long run, saving increases (due to 7% reduction in interest rates) and consumption also will increase (1%), which will lead to improve intergenerational justice and economic growth.

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APA: Copy

Bahmani, Marzieh, RAGHFAR, HOSSEIN, & MOUSAVI, MIR HOSSEIN. (2020). Aging and Pension reform with Change contribution rates. JOURNAL OF ECONOMIC RESEARCH AND POLICIES, 28(93 ), 61-91. SID. https://sid.ir/paper/362659/en

Vancouver: Copy

Bahmani Marzieh, RAGHFAR HOSSEIN, MOUSAVI MIR HOSSEIN. Aging and Pension reform with Change contribution rates. JOURNAL OF ECONOMIC RESEARCH AND POLICIES[Internet]. 2020;28(93 ):61-91. Available from: https://sid.ir/paper/362659/en

IEEE: Copy

Marzieh Bahmani, HOSSEIN RAGHFAR, and MIR HOSSEIN MOUSAVI, “Aging and Pension reform with Change contribution rates,” JOURNAL OF ECONOMIC RESEARCH AND POLICIES, vol. 28, no. 93 , pp. 61–91, 2020, [Online]. Available: https://sid.ir/paper/362659/en

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