The current trend of demographic aging can be alleviated by extending the working activity of older workers and seniors. In this thesis the attention is focused on the relationship between the employment of older people and setting of the pension scheme, since both affect the behaviour of older workers and seniors. The aim of this thesis was to find out the level of employment support of older workers and seniors, and to describe not only the view of seniors, who continue with work after their claim on old-aged pension but also attitudes of the potential employers on this group of workers. Secondary data analysis with emphasis on foreign experience and qualitative interviews supplemented by quantitative research were used as research methods. The research has shown that the pension system does not motivate older people to delay retirement, the level of education in old age is undersized and the awareness of current trends and opportunities in the field of seniors employment is missing.

The present thesis focuses on the comparison of the Czech pension system before 2010 with the one after the changes made in 2010-2013. The parameters of the first pillar which changed in the mentioned period are analysed. The partial adjustments of the first pillar are viewed by prism of the following criteria: budget accountability, quality of life, solidarity, contributory principles, participation and the persistence of the chosen solution in the time. Furthermore the thesis focuses on the effects induced by the implementation of the second pillar. And last but not least is attention paid to the chosen components of the third pillar, which under went changes in 2010-2013 years. Important part of the thesis is a research conducted by online questionnaire, which aimed to find out what knowledge about the pension system and its changes in 2010-2013, do the citizens have. Theoretical bases includes the theory of path dependency, the theory of institutionalism, the welfare state theory and the criterion anchoring. The present thesis applies the method of analysis of secondary data and the method of comparative analysis. To obtain secondary data, methods of document and data record searching are used. Powered by TCPDF (www.tcpdf.org)

In an era where life expectancy among the population is increasing, the retirement age in Sweden is growing proportionally according to the increase. A mix of good work motivation and the right conditions is required for employees to be able to continue working. This study will investigate physically burdened occupations and find the basic factors for work loyalty to the Swedish recommended retirement age (65 years). Six different semi-structured interviews were conducted on full-time employees working in a physically burdensome job. A qualitative approach was chosen as the purpose of the study is to describe in depth employees' experiences of a physically burdensome work. Previous research shows that physically strenuous professions are psychologically stimulated by well-being where colleagues in the workplace share a good relationship. Through the interviewees, the conclusions are that the sustainable work environment needs to be a pro motif for the body to physically cope. Sustainable work environment can be achieved through joint commitment, where the employer shall enable ergonomic approaches and the employee will be responsible for following these guidelines. It is later presented with the support of the SwAge model.

[pt] Esse trabalho procura verificar como se comportaram os fundos de Previdência Renda Fixa no Brasil, no período de 2003 a 2014. A amostra utilizada nesta pesquisa corresponde a 382 fundos, que representam aproximadamente 99 por cento do total de recursos investidos em fundos de previdência de renda fixa. O intuito da pesquisa foi (i) analisar o comportamento dos fundos da categoria e observar se possuem capacidade satisfatória de desempenho, (ii) ampliar tal análise para um grupo segregado de fundos selecionados pela característica de isenção de cobrança de taxas, nomeados como Fundos Master, (iii) avaliar se existe diferença de gestão entre gestores nacionais e estrangeiros e, (iv) investigar a possibilidade de criação de um índice benchmark para o setor, com o intuito de facilitar a avaliação por parte do investidor ao longo do investimento. Os resultados indicaram, através do estudo do Índice de Sharpe Histórico, que os fundos de Previdência Renda Fixa, no período analisado, não conseguiram atingir um resultado satisfatório. Entretanto, o grupo de Fundos Master conseguiu uma performance superior aos da categoria, obtendo também um excesso de retorno com significância estatística de 5 por cento. Em relação ao comparativo entre gestores nacionais e estrangeiros, não se pode afirmar que existe diferença significativa entre eles. Os resultados ainda concluíram que o coeficiente relativo ao CDI é extremamente relevante, demonstrando o seu uso como único benchmark. / [en] This dissertation analyses the performance of the Brazilian Fixed Income Pension funds, from 2003 to 2014. The sample used in this study corresponds to 382 funds, representing approximately 99 percent of total assets in fixed income pension funds industry. The aim of the study was (i) to analyze the behavior of such category of funds and observe if they have satisfactory performance capacity, (ii) extend this analysis to a segregated group of selected funds by the characteristic of charging fees exemption, named Master Funds (iii) assess whether there are differences in management between brazilian and foreign managers, and (iv) investigate the possibility of creating a benchmark index for the sector in order to facilitate the assessment by the investor during the investment decision. The results indicated, considering Historical Sharpe ratio, that the Fixed Income Pension funds failed to achieve a satisfactory result. However, the Master Fund group achieved a superior performance to the category, also getting an excess return with statistical significance of 5 percent. Regarding the comparison between domestic and foreign managers, we cannot say that there is significant difference between them. The results also found that the relative ratio to CDI is highly relevant, demonstrating its use as a unique benchmark.

No description available.

The purpose of this legal article is to demonstrate how to be required in an absolute manner and without establishing parameters, or exceptions to compliance with the special requirement contained in article 565-A of the TUO of the Civil Procedure Code, that is, "to demonstrate to be up to date in the payment of alimony ”, whoever wants the court to extinguish a maintenance obligation to which they are obliged, violates their right to effective judicial protection, for the purposes of developing the issue it will be established that they are understood as a right to judicial protection effective and the regulatory framework in which it is developed, it will also be taken into account that it is understood by the right to food and who is obliged to grant it, and then carry out a specific analysis of the specific causes on which the claim can be sustained. of exemption of alimony, which are established in article 483 of the Civil Code, as are the s following; due to the material inability to continue fulfilling said obligation on the part of the obligor, in such a way that demanding such fulfillment puts his own subsistence at risk; for having disappeared the state of need of the obligee and finally when the obligee reaches the age of majority. Once each specific cause has been established, the parameters or exceptions for the application of said special requirement will be established at the time of qualifying the claim, and the judge must in any case via diffuse control, make the right to effective judicial protection prevail against a formal requirement that limits access to the defendants even a statement on the merits after carrying out a judicial process where the minimum guarantees are met to verify and establish on the foundations of the claim. / El presente artículo jurídico tiene por finalidad demostrar como el exigir de manera absoluta y sin establecerse parámetros, ni excepciones, al cumplimiento del requisito especial contenido en el artículo 565-A del T.U.O del Código Procesal Civil, esto es “demostrar estar al día en el pago de la pensión de alimentos”, de quien pretenda que el órgano jurisdiccional extinguida una obligación de carácter alimentaria al cual se está obligado, vulnera su derecho a la tutela jurisdiccional efectiva, para efectos del desarrollo del presente trabajo, se busca establecer, que se entienden por derecho a la tutela jurisdiccional efectiva y el marco normativo en el cual este se desarrolla. Asimismo se analiza que debemos de entender por derecho a alimentos y quienes están obligados a otorgarlos, realizando un análisis en concreto de las causales especificas en las cuales se sustentan la pretensión de exoneración de alimentos, establecidas en el artículo 483° del Código Civil, como lo son las siguientes; por la incapacidad material de seguir cumpliendo dicha obligación por parte del obligado, de manera tal que exigirle dicho cumplimiento ponga en riesgo su propia subsistencia; por haber desaparecido el estado de necesidad del alimentista y por ultimo cuando el alimentista alcanza la mayoría de edad. Siendo que una vez fijadas cada causal se establecerá cuáles son los parámetros o excepciones para la aplicación de dicho requisito especial al momento de calificar la demanda, llegando a la conclusión de que el juzgador en todo caso vía control difuso, deberá hacer prevalecer el derecho de carácter constitucional a la tutela jurisdiccional efectiva, frente a un requisito formal que limita el acceso a los justiciables aun pronunciamiento de fondo llevado a cabo en un proceso judicial donde se cumplan las garantías mínimas para verificarse y establecerse sobre la fundabilidad de la pretensión.

Due to employees’ reduced entitlements to the German statutory state pension on the one hand, and the challenge to employers of a skilled worker shortage on the other, employers’ contributions towards occupational pension schemes (OPS) might be an effective human-resources management tool. Thus, the overarching research question is: What is the relevance of OPS for the employment relationship in Germany? Five sub-research questions address the role of OPS in recruitment and retention management, organisational commitment, the potential differences between women and men and between young and old employees and the employees’ psychological contract. The empirical study is a single case study in the financial-services sector. Key findings: OPS are of more relevance for retaining employees than for recruiting them. Their role differs significantly between employees with different generations of the OPS and, therefore, different pension entitlements. Only minor differences can be found between women and men and between younger and older employees. Satisfaction with the occupational pension scheme has no significant impact on organisational commitment. The majority of employees perceived psychological contract fulfilment with respect to the OPS. The contribution to theory is the closure of five research gaps. As far as is known, this is the first study in Germany that analyses the role of OPS in a specified context and from multifaceted viewpoints (recruitment/retention, quantitative/qualitative, men/women, age groups). The contribution to practice comprises the provision of a transferable analysis blueprint of the role of OPS in the employment relationship and the provision of recommendations that relate, among others, to communication and information aspects, cost-benefit calculations and the usage of additional employer contributions as a possible selective reward element.

Работа состоит из введения, трех глав, заключения, списка литературы, изложенных на 91 странице машинописного текста. Цифровой и графический материал представлен в 20 таблицах и 19 рисунках. Список литературы содержит 75 наименований. Во введении обоснована актуальность темы исследования, определены цель и задачи, выделены объект и предмет исследования, рассмотрена методологическая и информационная база, раскрыты научная новизна и практическая значимость работы, приведена апробация результатов исследования. В первой главе раскрывается сущность понятия инвестиции, его виды и особенности; описываются положения, раскрывающие специфику формирования инвестиционного портфеля физическим лицом; рассматривается мировой опыт инвестиций физических лиц. Во второй главе проводится оценка эффективности формирования пенсионных накоплений как способа инвестирования; анализируются возможности инвестирования физическими лицами с использованием различных инструментов; проводится анализ тенденций развития рынка инвестирования для физических лиц. В третьей главе работы рассматриваются существующие и предлагаются усовершенствованные методы стимулирования инвестирования физическими лицами; производится прогнозный расчет потенциального дохода инвестиционного портфеля абстрактного индивидуального инвестора. В заключении подводятся итоги проведенного исследования; делаются основные выводы и обобщаются предложения по решению проблем инвестирования физическими лицами в России. / The work consists of an introduction, three chapters, a conclusion, a list of references, set out on 91 pages of typewritten text. Digital and graphic material is presented in 20 tables and 19 figures. The list of references contains 75 titles. In the introduction, the relevance of the research topic is substantiated, the purpose and objectives are defined, the object and subject of the study are highlighted, the methodological and information base is considered, the scientific novelty and practical significance of the work are disclosed, the approbation of the research results is given. The first chapter reveals the essence of the concept of investment, its types and features; describes the provisions that reveal the specifics of the formation of an investment portfolio by an individual; examines the world experience of investment by individuals. The second chapter evaluates the effectiveness of the formation of pension savings as a method of investment; analyzes the investment opportunities of individuals using various tools; analyzes the trends in the development of the investment market for individuals. In the third chapter of the work, existing and improved methods of stimulating investment by individuals are considered and proposed; a forecast calculation of the potential income of the investment portfolio of an abstract individual investor is made. In conclusion, the results of the study are summarized; the main conclusions are made and proposals for solving the problems of investing by individuals in Russia are summarized.

The role of Institutional investors in alleviating the agent problem of management and its valuation effect has been studied extensively in corporate finance. We complement this stream of research by exploring management's control over institutional investors with misaligned objectives, particularly public pension fund, and the consequential valuation effect. We investigate the politic motive of public pension fund's shareholder activism and its impact on the target firms' operational performance, address the control of a strong management on public pension funds' self-serving agenda, and finally we compare the ownership adjustment pattern of public pension funds to other institutional investors to conclude public pension funds' ownership adjustment reflects their private pursuit. The first chapter explores the politic facet and performance effect of shareholder activism sponsored by public pension fund. In this study, we show that having a public pension fund as the leading sponsor of a shareholder proposal significantly improves the proposal's likelihood of being accepted by the target firm. The increased acceptance rate sources from the subset of proposals addressing a social responsibility issue, and targeting firms with weak insider control. An investigation of the public pension board reveals that the board's political profile is the primary determinant of public pension fund's propensity to lead a proposal, and the target firm's acceptance rate. We also assess the performance impact of shareholder proposals. For target firms with strong insider control, the performance impact of accepted social responsibility proposals is significantly positive; that of governance proposals is negligible. For target firms with weak insider control, the performance impact associated with public pension funds is either negative or negligible. These results suggest that the motive driving public pension funds' dominant presence in shareholder activism is not market based, but laden with purpose other than value creation. In the second chapter, we postulate that the widely documented negative valuation effect of ownership by public pension will be weak on firms with extra managerial control mechanism and/or whose managerial ownership of cash flow is high. For firms with high level managerial ownership of cash flow, management bears higher cost for a concession made with public pension fund's misaligned objective. An efficient market will expect this effect and value the managerial control over public pension fund to the extent that the management's benefit is aligned with outside shareholders. Consequently, the cross section valuation difference of firms held by public pension funds can be explained by the managerial ownership of cash flow, managerial control derived from extra mechanism such as dual class share, however, has no explanative power. The last chapter investigates the link between private benefits and institutional holding change. We assume the cross section equilibrium of block holding will break when market sentiment is high. Consequently, block holder tends to shed more shares loaded with less private benefits by taking advantage of opportunities available in a high sentiment market. The empirical results support this conjecture. When the market sentiment is high, Institutional block holders tend to shed more private benefits meager dual-class share than private benefits affluent non-dual class share. This pattern does not exist when the market sentiment is low. Most importantly, public pension fund is identified as the major driver of this effect. / Business Administration

Yes / This paper uses a novel numerical optimization technique – robust optimization – that is well suited to solving the asset–liability management (ALM) problem for pension schemes. It requires the estimation of fewer stochastic parameters, reduces estimation risk and adopts a prudent approach to asset allocation. This study is the first to apply it to a real-world pension scheme, and the first ALM model of a pension scheme to maximize the Sharpe ratio. We disaggregate pension liabilities into three components – active members, deferred members and pensioners, and transform the optimal asset allocation into the scheme’s projected contribution rate. The robust optimization model is extended to include liabilities and used to derive optimal investment policies for the Universities Superannuation Scheme (USS), benchmarked against the Sharpe and Tint, Bayes–Stein and Black–Litterman models as well as the actual USS investment decisions. Over a 144-month out-of-sample period, robust optimization is superior to the four benchmarks across 20 performance criteria and has a remarkably stable asset allocation – essentially fix-mix. These conclusions are supported by six robustness checks.