International Journal of Empirical Research Methods

ISSN NO : 2995-6110

The International Journal of Empirical Research Methods is dedicated to promoting and advancing empirical research methodologies across various disciplines. This journal aims to provide a platform for researchers, scholars, educators, and practitioners to share insights, methodologies, and findings that contribute to the improvement of empirical research practices and the enhancement of evidence-based decision-making.

  • 80
    Views
  • 0
    CrossRef citations to date

Sustainability and Adequacy of Pension Systems: Importance of Innovative Risk Management

1 The University of Belgrade, Faculty of Economics,Serbia   |   2 EDUCONS University, Faculty of Project and Innovation Management,Serbia

Volume 1

Issue 2

Page: [67 - 78]

Published Online: September 13, 2024

  • Abstract

    In modern conditions, with an increase in the risk of poverty due
    to inadequate pension income, a responsible approach is necessary
    in terms of management in public and private pension
    systems. To maintain a decent standard of living for the elderly
    population, the rights of non-pension and adequate pension income
    have been defined. Pensions should be commensurate with
    contributions, it is necessary to provide equal opportunities for
    the acquisition of pension rights for women and men and to the
    means that create the conditions for a dignified life in old age.
    The goal of the work is to investigate the possibilities of adequate
    management by state authorities, employers of pension
    systems, individuals, and interested parties with the application
    of innovative approaches and gain insight into the best systems
    for implementation in practice. The subject of the work is the
    sustainability of the pension system, with the application of riskfree
    management principles. The method that will be applied is
    descriptive, and comparative with the scientific literature of electronic
    databases of scientific journals and international databases.

    Keywords: Pension Systems Sustainability Risks Management Innovation Technology GPI IRM

  • Figures

    Figure Image

  • References

      Aaron, H. (1966). The Social Insurance Paradox.
      Canadian Journal of Economics and
      PoliticalScience/Revue Canadienne
      de Economiques et Science Politique,
      32 ( 3), 371-374 .
      https://doi.org/10.2307/139995
      Altiparmakov, N. (2013). Is There an Alternative
      to the Pay-As-You-Go Pension
      System in Serbia? Economic Annals,
      58 (198), 89-114, DOI:10.2298/
      EKA1398089A, ISSN: 0013-3264.
      https://www.ekof.bg.ac.rs/wp-content/
      uploads/2014/06/199.pdf
      Barr, N. (2000). Reforming Pensions: Myths,
      Truths and Policy Choice. IMF Working
      Pepers, 139. IMF, Fiscal Affairs
      Department, 1-57.
      https://www.imf.org/external/pubs/
      ft/wp/2000/wp00139.pdf
      CFA Institute (2023). Mercer CFA Institute Global
      Pension Index 2023. CFA Institute
      Melbourne, 1-144.
      https://www.mercer.com/
      Chai, H., & Kim, J. I. (2018). Demographics, Pension
      Systems and the Saving-Investment
      Balance. IMF Working Paper,
      18/265. IMF, Fiscal Affairs Department,
      1-21.
      /www.imf.org
      Djukic, G. (2016). The Significance of the Reform
      of the Pension Insurance System in
      Serbia in Order to Overcome the
      Problem of its Non-Sustainability:
      thesis, in Serbian [Značaj reforme
      penzijskog sistema u Srbiji u cilju
      prevazilaženja njegove neodrživosti].
      University of John Naisbitt, Faculty
      of Management. Zajecar, Serbia.
      Dudel, C., & Schmied, J. (2019). Pension Adequacy
      Standards: An Empirical Estimation
      Strategy and Results for the
      United States and Germany. MPIDR
      Working Paper, 1-48.
      https://www.demogr.mpg.de/
      European Commission. (2015). The 2015 Pension
      Adequacy Report: Current and Future
      Income Adequacy in Old Age in
      the EU. Social Protection Committee,
      Luxembourg, 1-396, ISBN: 978-92-
      79-51682-5.
      https://doi.org/10.2767/050466.
      EC (European CommissionEmployment, Social
      Affairs & Inclusion: ensions.
      https://ec.europa.eu/
      EPC (Economic Policy Committee) (2020). Joint
      Paper on Pensions 2019. EPC, Brussels,
      1-45.
      https://economic-policy-committee.
      europa.eu/system/files/2020-01
      EU (2010). Progress and Key Challenges in the
      Delivery of Adequate and Sustainable
      Pensions in Europe: A Joint Report on
      Pensions. Occasional Papers, 71. EU,
      Social Protection Committee, Brussels,
      1-83. DOI: 10.2765/71222,
      ISBN 978-92-79-16442-2.
      https://ec.europa.eu/
      EUROSTAT (2024). At-Risk-of-Poverty Rate for
      Pensioners - EU-SILC survey 2024.
      DOI:10.2908/tespn100.
      https://ec.europa.eu/eurostat/databrowser/
      view/tespn100/default/bar
      Hitchcox, A. N., Patel, C., Ramsey, C. J., Studd, E.
      L., Ma, L. T. Elliott, M. B., & Keogh,
      T. W. (2017). Integrated Risk Management
      for Defined Benefit Pension
      Schemes: A Practical Guide. British
      Actuarial Journal, 23, 1–60.
      https://doi.org/10.1017/
      S1357321717000095
      Glynn, L., & Dovey, J. (2023). A Closer Look at
      Pension Technology and its Impact
      on Communication Innovation. Paragon
      - Customer Communication,
      1-14.
      https://www.paragon.world/
      Gumola-Kardas, M. (2021). Change in a Pension
      System: A Manageable and Measurable
      Process? European Research
      Studies Journal, 24 (3B).
      https://ersj.eu/journal/2474/
      Ilic, B., Stankovic, S., & Ostojic, B. (2024). Key
      Factors of Promoting Innovative
      Performance in Agribusiness SMEs:
      Project an Empirical Method. Economics
      of Agriculture, 71(1), 135-
      154. DOI:
      https://doi.org/10.59267/ekoPolj2401135I
      Ilic, B. S., Al Salaimeh, S., Andjelic, S. S., & Djukic,
      G. P. (2023). Human Resource
      Management Effects Functioning
      on Balanced Scorecard: Jordanian
      Public Joint-Stock Companies. In U.
      Akkucuk (Ed.), Managing Inflation
      and Supply Chain Disruptions in the
      Global Economy (pp. 81-103). IGI
      Global.
      https://doi.org/10.4018/978-1-
      6684-5876-1.ch006
      Jurek, L. (2023). The Impact of (In)Stability of
      Pension System on Retirement Timing:
      Macro-Level Analysis Based on
      Certainty Effect. Journal of Social
      Policy, 1-21.
      https://doi.org/10.1017/
      S004727942300020X
      Katanich, D. (2024). Which European Country
      Has the Best Pension System and
      What Does AI Have to Do with it?
      Euronews. Source online.
      https://www.euronews.com/business/
      Li, Z., & Dalaker, J. (2022). Poverty Among the
      Population Aged 65 and Older. CRS
      Report, RE5791. Congressional Research
      Service, 1-26.
      h t t p s : / / s g p . f a s . o r g / c r s / m i s c /
      R45791.pdf
      Liberto, D., Anderson, S., & Perez, Y. (2023). Stability
      and Growth Pact (SGP): Meaning,
      History, and Criticism.
      https://www.investopedia.com/
      terms/s/stability-growth-pact.asp
      OECD (2023). Pensions at a Glance 2023: OECD
      and G20 Indicators, 1-236, ISBN
      978-92-64-48100-8.
      https://www.astrid-online.it/static/
      upload/6780/678055dd-en.pdf
      Pape, M. (2023). Understanding EU Action on
      Pensions. European Parliamentary
      Research Service, 1-12.
      https://www.europarl.europa.eu/
      PPI (Pensions Policy Institute) (2023). The DC
      Future Book 2023: the Ninth Annual
      Report. Pension Policy Institute,
      London, 1-86, ISBN 978-1-914468-
      12-4.
      https://www.pensionspolicyinstitute.
      org.uk/
      Sandberg, D., Kessler, K. K. E., Crossan, W. P. Mc.,
      Milligan, A., Petertil, J., Rappaport,
      A., & Rizzo, J. (2020). Risk Management
      and Public Plan Retirement
      Systems. PPPTF Report to American
      Academy of Actuaries Board of Directors,
      1-56.
      https://www.actuary.org/
      Samuelson, P. A. (1958). An Exact Consumption-
      Loan Model of Interest with or
      Without the Social Contrivance of
      Money. The Journal of Political Economy,
      66 (6).
      https://dx.doi.org/10.1086/258100
      Sarfati, H., & Ghellab, Y. (2012). The Political
      Economy of Pension Reforms in
      Times of Global Crisis: State Unilateralism
      or Social Dialogue? Working
      Paper 37. International Labour Office,
      Gene a, 1-101.
      https://www.ilo.org/
      Sanchez-Romero, M., Schuster, P., & Prskawetz,
      A. (2023). Redistributive Effects of
      Pension Reforms: Who are the Winners
      and Losers? Journal of Pension
      Economics and Finance, 1-27.
      https://10.1017/
      S147474722300015X
      SPC (Social Protection Committee) (2021). Pension
      Adequacy Report: Current and
      Future Income Adequacy in Old Age
      in the EU. European Union, Luxembourg,
      152. ISBN 978-92-76-38203-
      4.
      https://org/10.2767/013455
      Stankovic, S., Ilic, B., & Rabrenovic, M. (2024).
      Using the Composite EEPSE Green
      Economy Index to Assess the Progress
      of Emerging Economies in
      Achieving the Sustainable Development
      Goals. Problemy Ekorozwoju,
      19(1), 78–88.
      h t t p s : / / d o i . o rg / 10. 3578 4/ p reko.
      5751
      Stewart, F. (2022). Understanding Poverty: Pension
      and Insurance Funds. The World
      Bank. Source online.
      https://www.worldbank.org/
      Trading Economics (2023). Euro – Area – At
      Risk of Poverty Rate of Pensioners.
      Source online.
      https://tradingeconomics.com/euro-
      area/
      WB (World Bank) (2023). Pensions. Source online.
      https://www.worldbank.org/en/topic/
      pensions
  • Article Metrics

    Views

    80
  • Copyright and Permissions

    At Guinness Press, authors retain the copyright for all articles published in our journals. These articles are licensed under the open-access Creative Commons CC BY 4.0 license, granting free access for reading and download. Additionally, the original published version must be appropriately cited when reusing or quoting the article. These terms ensure widespread accessibility while ensuring proper attribution to the authors.

    All content published by Guinness Press is safeguarded by international copyright and intellectual property regulations. We kindly request that you honor these protections when utilizing our materials.

    For further information, please contact us at info@guinnesspress.org.