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As a consequence and since the more productive individuals would prefer a higher pensionable age, an efficiency criterion could implement a pension system with a positive level of intra-generational redistribution.
The majority voting process on the legal retirement age in the second stage may have such a crucial impact that governments placing more emphasis on efficiency than on equity could have incentives to implement a pension system with some level of redistribution.
Similar(58)
Therefore, when the indirect effect outweighs the direct effect, even a government with a Right-wing criterion would implement a positive level of intra-generational redistribution in the pension system in order to encourage people to work longer.
"We will implement this pension deal which is a fair and sustainable deal for NHS workers".
The government is implementing a wide range of reforms to pensions including switching the uprating of pensions from the higher RPI rate of inflation to the lower CPI rate, linking the public sector retirement age to the rising state pension age and transferring employees on final-salary schemes to career-average schemes.
To this end, we consider an experimental investigation to test the potential effects on consumption behavior of implementing a lump-sum payment in a public pension system.
"The last employers to be required by law to implement workplace pension schemes will be those who don't have them - thereby losing out on cash - and by and large never did have them, while those going first will be those who, by and large, already have them and always have done," he says.
In order to respond to this, in 2009, Thailand implemented a large-scale expansion of its tax-financed "social" pension.
It also implemented a new IT system, and at the same time is preparing for the new civil service pension scheme, which comes into force next April.
That said, Mr Varoufakis was very clear that his government is not required to implement pension cuts and VAT rises which it has been resisting.
The kind of "reforms" that they were referring to were those that the current Spanish government has already implemented or tried to implement: cutting pensions, weakening labor's collective bargaining rights, cutting public services.
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