Journal of Applied Economic Research
ISSN 2712-7435
The Institutional Innovations in Russian Pension Schemes and Their Impact on Pension Strategy Of Persons
Moseiko V.V., Frolova E.A.
Abstract
The analysis of predictors for participation in producing the pension good for different age groups (pension strategies) on the basis of the life course theory after the changes in the pension legislation in 2015 is presented in this article. The purpose of this study is to identify the most effective strategies for retiring people in Russia, taking into account the pension innovations which were implemented in 2015. The effects of delayed retirement, increasing retirement age, the pension rates, changes in savings mechanisms are described in the article. The institutional contract theory was used as the theoretical background of the study. The databases of the Organization for Economic Cooperation and Development, Federal State Statistic Service, Pension Fund of Russia data and data from sociological surveys were also used for this research. In this study we have found the difference of the Russian pension contract: main decisions about pension schemes are made only by government without negotiating them with society. These features do not induce financial independence and autonomy for individuals as to their participation in the pension system. The changes to the pension system introduced in 2015 do not allow for increasing individuals’ motivation to produce the pension good, do not drive their activity in life course. The most popular mechanisms of participation in the pension system in Russia for different age groups are either the adaptation to or participation in modern pension innovations. The conclusions of the study can be useful for future research in the development of the Russian pension system.
Keywords
Key words: pensioning; pension insurance; social contract; pension; pension good; life course strategy.
About Authors
DOI: http://dx.doi.org/10.15826/vestnik.2016.15.2.15
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