Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.5/2190
Título: The paradox of ageing
Autor: Silva, Carlos Pereira da
Corte Real, Pedro
Bravo, Jorge Miguel
Vaz-Paralta, Sara Sofia
Palavras-chave: ageing
longevity
Social Security
pension
Data: 2006
Editora: ISEG – Departamento de Gestão
Citação: Silva, Carlos Pereira da ... [et al.]. 2006. "The paradox of ageing". Instituto Superior de Economia e Gestão – Departamento de Gestão Working papers series nº 2-2006
Relatório da Série N.º: Working papers series;nº 2-2006
Resumo: In this paper, we discuss the so-called paradox of ageing, with respect to the members of the age group 55-64 years of age. This generation is (currently) too young to retire, despite the length of their working lives - for some in excess of forty years - and high earnings, yet is too old to continue working, since employers prefer to hire younger, more flexible and less expensive workers. Furthermore, official statistics show that the longevity of this generation is higher than its predecessors, an evolution that would apparently call for a gradual increase in the retirement age. The argument put forward by its advocates is that by keeping people at work for some more years, additional contributions will be received while delaying pension expenditure, thus compensating for the longer longevity prospects. We argue that, from the point of view of the long-term financial sustainability of the Social Security system, it would be preferable to provide this generation with an option to anticipate the retirement age, while penalising their retirement pension until they reach the age of 65. Such an option would serve as an alternative to a scenario of long-term unemployment in which individuals are granted unemployment benefits, normally exceeding the amount of the "anticipated pension", at the same time as they continue to accumulate pension rights with no contributions to the system. Faced with a situation in which rationing exists in the supply of individual life annuities by the insurance market, we discuss the creation of a financial reserve fund to support life-expectancy increases for all generations, funded by a supplementary contribution, which would be used to pay for the pensions in excess of those resulting from a constant lifespan at the age of retirement for all of the generations. Since the "ageing equation" has no single solution, our aim is to broaden the current debate on the long-term financial sustainability of the Social Security systems towards a richer perspective, in which raising the age of retirement is not the only solution.
Descrição: Paper prepared for presentation at the 28th International Congress of Actuaries, Paris 2006
URI: http://hdl.handle.net/10400.5/2190
ISSN: 0874-8470
Versão do Editor: http://www.iseg.utl.pt/departamentos/gestao/wp/N2_2006.pdf
Aparece nas colecções:DG - Documentos de trabalho / Working Papers

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