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In three chapters, I focus on how, and which, policy parameters of Canada’s public pension system affect seniors’ labour supply decisions. First, I study seniors’ labour supply responses to a series of reforms in 2012 and 2013 that incentivized many pensioners to extend their working lives; second, I assess how and whether receipt of public pension benefits affects seniors’ retirement timing differentially for those with different past earnings at ages 50-53; and, finally, I investigate older immigrants’ retirement and pension claiming decisions and how these decisions are impacted by permanent residency requirements for benefit eligibility. My analyses were carried out using income-tax and related panel data from the Longitudinal Administrative Databank (LAD), a 20% sample of taxpayers spanning the years 1982-2019 at the time of writing. In addition to detailed income-tax information, it contains information on receipt of non-taxable transfer income. / Dissertation / Candidate in Philosophy

Este trabalho tem como objetivo analisar os diferenciais existentes na estrutura das aposentadorias entre diversas ocupações. Espera-se mostrar em que grau ocupações relativamente semelhantes possuem tratamentos diferenciados no que se refere à estrutura dos benefícios de aposentadoria, por estarem em regimes diferentes. Serão analisados os diferentes tratamentos aos quais estão sujeitas estas ocupações, levando-se em conta parâmetros como a Dívida Previdenciária Implícita, a Alíquota Necessária e a Taxa de Reposição dos Benefícios. / The main goal of this paper is to analyse the differences in the structure of pension schemes between several occupations. It is expected to show in what degree similar occupations have different treatments regarding their pension structure, depending under wich pension scheme they are. The parameters used in this analysis are the Implicit Pension Debt, the Balanced Payroll Rate and the Reposition Rate of Pensions.

Este trabalho tem como objetivo analisar os diferenciais existentes na estrutura das aposentadorias entre diversas ocupações. Espera-se mostrar em que grau ocupações relativamente semelhantes possuem tratamentos diferenciados no que se refere à estrutura dos benefícios de aposentadoria, por estarem em regimes diferentes. Serão analisados os diferentes tratamentos aos quais estão sujeitas estas ocupações, levando-se em conta parâmetros como a Dívida Previdenciária Implícita, a Alíquota Necessária e a Taxa de Reposição dos Benefícios. / The main goal of this paper is to analyse the differences in the structure of pension schemes between several occupations. It is expected to show in what degree similar occupations have different treatments regarding their pension structure, depending under wich pension scheme they are. The parameters used in this analysis are the Implicit Pension Debt, the Balanced Payroll Rate and the Reposition Rate of Pensions.

Chapter 1: Interregional Transfers through Public Pension in Canada- In this chapter, I build a regional computable general equilibrium model with an overlapping generations (OLG) structure of the Canadian economy to analyze population aging dynamics and public pensions. Canada is divided into three regions: Atlantic, Quebec and Rest of Canada (ROC). The impact of population aging is investigated on each of three regions' pension systems. The results confirm that as a result of aging all regions are affected negatively if they choose to have an independent pension system. Under a joint pension system most of the pressure of the provision of the pension system is on the ROC. Atlantic region benefits the most from a joint pension plan as the implicit funds ow from ROC to Atlantic region. Quebec benefits from having its own program, but the benefits disappear slowly in future years. Chapter 2: Age-Variable Rate of Time Preference in CGE-OLG Model- Contrary to the mainstream studies in the area of intertemporal optimization that assume a constant rate of time preference over individuals' life cycles, in this chapter I propose a new approach to measure the rate of time preference by assuming that the rate of time preference evolves by age. I construct an overlapping generations model (OLG) and calibrate rate of time preference. The age-variable rate of time preference would permit to capture many other elements that affect the life cycle profile of consumption as observed in the data. The results show that rate of time preference exhibits three phases and is different for young versus old. Chapter 3: Computing Demographic Change Simulation under Constant and Age-variable Rate of Time Preference - This chapter simulates the impact of an aging population on various macroeconomic variables and calculates the cohort welfare as well as social welfare. The outcomes from simulations are dependent on the choice of rate of time preference as well as the structure of the model. The results in this chapter provide a new approach to determining the impact of aging population. The choice of a realistic rate of time preference, which allows its variability by age, affects the cohort welfare noticeably.

Thesis (M.B.A.)--Boston University / PLEASE NOTE: Boston University Libraries did not receive an Authorization To Manage form for this thesis or dissertation. It is therefore not openly accessible, though it may be available by request. If you are the author or principal advisor of this work and would like to request open access for it, please contact us at open-help@bu.edu. Thank you. / The Purpose of making this study is to gain a fuller knowledge of the modern pension movement and how it relates to today's social structure, economic forces, and political trends. The first part of the text is devoted to an examination of the forces which have brought pensions to tte significant position they hold today. The next section deals with the problems that arise in the inauguration, administration, financing, funding, and selling of a pension plan. Emphasis has been placed in the decision areas that face management, and how its decisions may affect the structure of the pension field. The remaining section describes the impact that the advent of pensions has had on the capital market, and what we may expect in the future. As a tremendous source of funds for the capital market and no indications of a slowing down of growth, the influence of the future is indeterminable, but the author has endeavored to point out where developments can be expected. / 2031-01-01

<p>Population aging is a global phenomenon occurring both in developed and less developed countries. While families are still playing an important role in providing support for elderly people, governments are also expanding their public old-age support programs in many societies. Public pensions are one of the major policy tools geared to social protection of the elderly. However, little is known about how the programs affect elders particularly in terms of their subjective well-being. Such effectiveness depends in part on the extent to which public pension income displaces or `crowds out' family elder support. Using the introduction of the Basic Old-Age Pension (BOAP), a non-contributory old-age pension in Korea, this dissertation examines the relationship among public support, family support, and life satisfaction of the elderly.</p><p>As an introductory chapter, chapter 1, "The continuing importance of children in relieving elder poverty: evidence from Korea," describes the actual financial status of elderly Koreans and the amount of financial support they receive from children. Analysis of the 2006 Korean Longitudinal Study of Ageing shows that almost 70 per cent of Koreans aged 65 or more years received financial transfers from children and that the transfers accounted for about a quarter of the average elder's income. While over 60 per cent of elders would be poor without private transfers, children's transfers substantially mitigate elder poverty, filling about one quarter of the poverty gap. Furthermore, children's transfers to low-income parents tend to be proportionally larger, so elder income inequality is reduced by the transfers. Over 40 per cent of elders lived with a child and co-residence helps reduce elder poverty. </p><p>Using the introduction of BOAP, chapter 2, "Does money buy happiness?: Evidence from a new government pension in Korea," assesses how the program affected elders' life satisfaction. Notably, this study adds valuable evidence to the literature of whether money buys happiness, a question of great interest but notoriously difficult to answer given the difficulties associated with isolating income as a causal factor. To make the causal inference, this chapter utilizes a difference-in-difference research design and analyzes longitudinal data from the Korean Retirement and Income Study (KReIS). Results show that BOAP did raise elders' life satisfaction: annual benefits of 1,000 kW, approximately 1,000 U.S. dollars, raised elders' life satisfaction by 0.16-0.22 of one standard deviation and the effect was statistically significant. </p><p>Chapter 3, "Public support crowds out family support: Evidence from a new government pension in Korea," investigates how public financial provision affects family support. In particular, the present study provides a novel estimate of crowd-out by BOAP by using a combined measure of financial support and in-kind support received from all adult children regardless of their co-residence status with elderly parents. This paper also examines the impact on co-residence and is the first quasi-experimental study on the crowd-out question using data from an Asian nation. Results from difference-in-difference analyses of the KReIS data show that every $1 from the pension led to a 30-cent drop in children's support, netting a 70-cent increase in elders' income. The impact on the likelihood of elders' co-residing with children was positive but not statistically significant. </p><p>By showing that Korean children still play a crucial role in providing financial old-age security, chapter 1 demonstrates how important it is for the Korean government to design old-age policies that preserve the incentives for private assistance. The second chapter suggests that, at least in the context of modern-day Korea, pensions do buy happiness, or at least satisfaction. This finding suggests that researchers and policymakers need to pay further attention to public pensions as a tool to intervene people's subjective well-being. Finally, chapter 3 confirms that crowd-out of family support does occur in Korea and that increases in income, more so than other factors, have a positive impact on elders' life satisfaction found in chapter 2. These findings may generalize to other rapidly changing societies with a strong family elder-support tradition and emerging public elder-support system.</p> / Dissertation

The issue of increasing unfunded pension liabilities of state and local governments has drawn increasing attentions in the last few years, especially after the 2008 stock market downturn. To maintain sustainability many state and local governments have put public pension reform at the top of their priority list. Previous research and practices provide two strategies to reform the current pension systems: Incremental changes to amend the existing defined benefit plans (DB plans), and the pension model switch from the DB model to defined contribution plans (DC plans). This study aims to uncover reform strategies to cope for public pension systems. It first examined the appropriateness of the incremental reform strategies by identifying the determinants of the financial solvency of DB plans, utilizing the existing panel data of 151 local DB plans in Florida municipalities. Second, it gathered the primary data through the surveys and interviews with the Finance and HR directors in Florida local governments to analyze their perceptions of public pension reform and reveal their readiness to conduct the public pension paradigm switch. These approaches revealed the critical interperiod equity issue along with the impact of the two-tier benefit structure during the recent pension reform. The results suggest that incremental reform strategies that reduce benefits and increase contributions are not effective in improving the financial solvency of public DB plans. The alternative reform approach—the DB-to-DC transition—is attractive to local governments because it will relieve the employer of the pension cost burden and transfer the investment risk to employees themselves. The transition is also politically palatable because the taxpayer sentiment is not supportive of what are perceived to be generous retirement benefit of public employees. Meanwhile, local governments are hesitant to implement the paradigm switch due to prohibitive transition costs, political pressure, and perhaps more importantly, the potential negative impacts to public recruitment and retention. Local officials do not perceive a reduction of morale with the two-tier benefit structure at the present time; they believe this issue will solve itself along the retirement of senior employees.

從風險的角度來看，所謂的老年風險主要有二：一是對存活期長短的不確定，一為對近老年時的工作能力狀態的不確定。因此，為針對此一風險之特性，以提供自進入老年時期以致死亡時的基本生活保障，個人可藉各種資源移轉的方式，獲取經濟生活的安全。而資源的移轉可分為三種類型：（一）家庭內的移轉，也就是俗稱的養兒防老；（二）生命週期的移轉，即個人透過儲蓄或投資，將生命中早期或中期的資源移轉至晚期使用；（三）社會移轉，例如透過政府的稅收制度或擬議中的國民年金保險，將資源從青壯年人口移轉給屆齡退休的老年人口。 　　然隨著晚近臺灣地區生育水準的降低及工業化、都市化的結果，想要藉家庭內資源移轉形式取得老年生活的照顧，已不可期待，促使父母尋求以積蓄或投資理財方法作為退休後生活的保障。但此種透過市場機制的資源移轉行為，也難免發生因通貨膨脹或生活水準提高，而吞蝕個人一生積蓄的風險。因此，使用社會移轉如國民年金保險制度的建立，來彌補或取代家庭資源和私人儲蓄的不足，成為國家介入老年福利資源移轉機制的理由。 　　年金保險制度既然有其需要性，自需做審慎的計畫與評估，而其中財務面的考量是不可欠缺的一環。唯有充足的財源與健全的財務責任制度，才能使年金保險徹底發揮其保障人民基本生活的功能，並使制度可長可久。故本文即著眼於年金保險的財務流程，探討其財源籌措方式、基金管理與運用策咯以及給付內容的擬訂。希望藉由完善的財務規劃，成為年金保險永續經營的支撐力量。 　　根據估算結果，開辦國民年金保險制度，將約增加六百四十六億元的國庫負擔。考慮當前政府的財政收支狀況及各種財源籌措方法後，以提高營業稅稅率與開徵所得稅附加捐為最適宜的財源取得管道。除了可支應年金保險的成本外，並能用來挹注財政收入。惟應先獲得民眾加稅的共識，才有利於制度的推行。 　　就基金管理與運用方面而言，為避免重蹈過去勞保責任準備金之投資，太重視安全性而忽咯收益性致使報酬過低之覆轍，今後年金基金的規劃方向應以收益性原則為主，安全性原則為輔，並兼顧基金所具有之公益性特質。一方面開放投資空間；一方面將民間資金導入國家建設，在獲取高收益的同時，亦能達成「取諸於被保險人，用諸於被保險人」的目的。 　　而合理給付內容之設計，不僅攸關被保險人權益，亦關係政府的財務負荷能力。由於國民年金係定位在提供「防貧」功能的基礎年金上，故考慮最低生活費及貧窮線後，以平均薪資額的30%為給付標準。另顧及個人因素、勞動市場需要及年金財務壓力，針對提早或延後退休的受雇者而有減額、增額年金之規定。此外，為確保年金給付實值與提昇大眾對年金保險的認同感，可分別採取給付調整措施及租稅優惠的方式，使制度更加合理化與普及化。 　　總之，一項周詳的計畫，應有縝密的考慮。以完備的財務力量做後盾，制度的目標才能落實，而民眾的福祉也才有所依歸。

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