362 research outputs found

    The Best of Times and the Worst of Times: Lessons from Recent Reforms of the French Retirement System

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    Principally because of increasing life expectancy and the fact that the baby boom generation is reaching retirement age and is followed by a much smaller generation, the American social security system is facing a long-term funding deficit. The Board of Trustees of the Federal Old-Age and Survivors and Disability Trust Funds predicts that unless corrective action is taken, social security benefits will exceed dedicated tax revenues by the year 2016, and the social security system will become insolvent, that is, unable to pay benefits in full, by the year 2038. The United States is not alone in facing these circumstances. Industrialized countries throughout the world are facing similar challenges and reforming their retirement systems in response to them. The experiences of these foreign countries can provide important guidance for the United States as it considers reform of its social security system. Indeed, the House Ways and Means Committee recently devoted a hearing to “social security reform lessons learned in other countries.” Following that lead, this Article examines recent reforms of the French retirement system to see what lessons can be applied to reform of the American social security system. The Article begins by giving a broad overview of the French retirement system. It then describes the more significant reforms of the system instituted over the last decade. Finally, it discusses the lessons these reforms offer for reform of the American social security system

    Career Interruptions : How Do They Impact Pension Rights ?.

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    The aim of this article is to analyse the question of career interruptions and to evaluate their impact on pension retirement for French private sector workers. Using the last French survey on households' wealth (2003-2004), we first study the career set-backs for individuals born between 1937 and 1949. We highlight the new trends in professional paths. The risk of unemployment and job flexibility has sharply risen. As a consequence, some cohorts appear to be more exposed to career interruptions. Second, we determine how pension rights for French employees are affected by different career accidents. We consider unemployment, part-time employment and inactivity periods. Our results show how, by compensating for some career accidents, the French legislation allows individuals to receive, in some cases, the same level of social security pension that they would have received with a smooth professional path.Part Time; Pension; Retirement; Social Security; France;

    Pension rules and implicit marginal tax rate in France

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    International audienc

    Reform der Alterssicherung in Europa : gibt es einen französischen Weg ? (La réforme des retraites en Europe : y a-t-il une voie française ?)

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    Im Laufe der letzten fünfzehn Jahre sind in Frankreich zwei wichtige Reformen der Basisrentensysteme (1993 und 2003) verabschiedet sowie zahlreiche MaBnahmmen zur Reform der gesetzlichen Zusatzversorgung getroffen worden. Im Gegensatz zu anderen Ländern ist die Rolle des Umlageverfahrens als wichtigstes Finanzierungsverfahren für die Zukunft anscheinend bestätigt worden. Die frühe Mindestaltersgrenze (60. Lebensjahr) ist unverändert geblieben. Der Kern der zugrunde liegenden Strategie der 2003er Rentenreform ist das erhoffte Sinken der Arbeitslosigkeit, das eine Steigerung der Beschäftigungsquote der Älteren und damit eine Verlängerung der Versicherungsdauer und eine Flexibilisierung der Rentenzugangsmöglichkeiten erlauben soll. Gleichzeitig wäre unter diesen Umständen eine begrenzte Erhöhung der Rentenbeiträge ohne Anstieg der Gesamtsozialabgaben möglich. Gibt es tatsächlich einen französischen Weg zur Rentenreform ? Nach einem Überblick des gesetzlichen Alterssicherungssystems in Frankreich, der es uns erlaubt den Inhalt der Rentenreform von 1993 vorzustellen, analysieren wir, in einem zweiten Teil, die erklärenden Faktoren der neuen Reform, die im Jahre 2003 verabschiedet wurde. Der dritte Teil unseres Beitrags wird einer Bewertung der Reformstrategie und der erwarteten Wirkungen dieser Reform gewidmet. Dabei wird gezeigt, dass die Antwort auf unsere Frage stark differenziert sein soll, insbesondere weil nach heutigem Zustand in Frankreich einer der spürbarsten Rückgänge des Rentenniveaus in der EU zu erwarten ist.Pension reform, France, evaluation.

    ASISP Annual National Report 2010: Pensions,Health and Long-Term Care. France

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    This report reflects the views of its authors and these are not necessarily those of either the European Commission or the Member States

    Pension Funds in France: Still a Dead-End?

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    Today there still lack a consensus on pension funds in France. The only issue that seems not to be debatable is the willingness to maintain a PAYG public scheme for the basic and complementary pension schemes. The debate concerns the introduction of pension funds as a third pillar. We show in this paper that, even if pension funds hardly exist in France, they have close, but imperfect, substitutes such as life insurance and employee-saving schemes. The difficulty is that these saving instruments are not specifically designed for retirement purposes. There is thus a risk of insufficient saving at old-age. We advocate the introduction of pension-oriented schemes, but not as designed by the Thomas Act, since there is an insufficient protection of wage-earners against financial risks. The first section is devoted to an institutional overview of the French pension system, and presents basic statistics. The second section gives some details on the supplementary occupational funded schemes. In section 3, we argue that funding does exist in France, through personal savings. In section 4 we show that the last reforms did not pave the way to pension funds. Section 5 concludes.pension funds, employee savings schemes, risk sharing

    Social Security and Well-Being of the Elderly: the Case of France

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    We use the 1982 and 1993 reforms of the French pension system in the private sector to study the relationship between Social Security benefits and the well-being of the elderly between the late 70s and the beginning of the new century. Affecting people in a different way, depending on year of birth, gender or socio-economic status, these reforms provide some sources of identification to estimate the effect of benefit changes on the standard of living of elderly families. To avoid spurious correlation or endogeneity problems in the determination of the impact of Social Security benefits on well-being we compute simulated social security payments and compare their evolution to various measures of well-being based on income, consumption, poverty, inequality or life satisfaction for both elderly and non-elderly families. We then focus on the 1982 and 1993 reforms. Our estimations conclude to a general increase in income, consumption and subjective well-being. However, a one euro increases in simulated benefit does not induce a one euro increase in after tax income (except at the top of the distribution), which shows some substitution between the different sources of income available for the elderly households. Estimation of difference in difference models to evaluate the impact on income and consumption of the 1982 and 1993 reforms underlines that it may exist asymmetry in the substitution effect between the different sources of income of the elderly depending on the sign of the change in generosity of the pension reforms.Retirement policies, Income, Poverty

    Career Interruptions: how do they impact pension rights?

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    International audienceThe aim of this article is to analyze the question of career interruptions and to evaluate their impact on pension retirement for French private sector workers. Using the last French survey on households' wealth (2003-2004), we first study the career setbacks for individuals born between 1938 and 1948. We highlight the new trends in professional paths. The risk of unemployment and job flexibility has sharply risen. As a consequence, some cohorts appear to be more exposed to career interruptions. Second, we determine how pension rights for French employees are affected by different career accidents. We consider unemployment, part-time employment and inactivity periods. Our results show how, by compensating for some career accidents, the French legislation allows individuals to receive, in some cases, the same level of pension that they would have received with a smooth professional path

    Reform der Alterssicherung in Europa : gibt es einen französischen Weg ? (La réforme des retraites en Europe : y a-t-il une voie française ?)

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    URL des Documents de travail :http://ces.univ-paris1.fr/cesdp/CESFramDP2007.htmDocuments de travail du Centre d'Economie de la Sorbonne 2007.34 - ISSN : 1955-611XIm Laufe der letzten fünfzehn Jahre sind in Frankreich zwei wichtige Reformen der Basisrentensysteme (1993 und 2003) verabschiedet sowie zahlreiche MaBnahmmen zur Reform der gesetzlichen Zusatzversorgung getroffen worden. Im Gegensatz zu anderen Ländern ist die Rolle des Umlageverfahrens als wichtigstes Finanzierungsverfahren für die Zukunft anscheinend bestätigt worden. Die frühe Mindestaltersgrenze (60. Lebensjahr) ist unverändert geblieben. Der Kern der zugrunde liegenden Strategie der 2003er Rentenreform ist das erhoffte Sinken der Arbeitslosigkeit, das eine Steigerung der Beschäftigungsquote der Älteren und damit eine Verlängerung der Versicherungsdauer und eine Flexibilisierung der Rentenzugangsmöglichkeiten erlauben soll. Gleichzeitig wäre unter diesen Umständen eine begrenzte Erhöhung der Rentenbeiträge ohne Anstieg der Gesamtsozialabgaben möglich. Gibt es tatsächlich einen französischen Weg zur Rentenreform ? Nach einem Überblick des gesetzlichen Alterssicherungssystems in Frankreich, der es uns erlaubt den Inhalt der Rentenreform von 1993 vorzustellen, analysieren wir, in einem zweiten Teil, die erklärenden Faktoren der neuen Reform, die im Jahre 2003 verabschiedet wurde. Der dritte Teil unseres Beitrags wird einer Bewertung der Reformstrategie und der erwarteten Wirkungen dieser Reform gewidmet. Dabei wird gezeigt, dass die Antwort auf unsere Frage stark differenziert sein soll, insbesondere weil nach heutigem Zustand in Frankreich einer der spürbarsten Rückgänge des Rentenniveaus in der EU zu erwarten ist.In France over the last fifteen years two important reforms in the basic pension systems (1993 and 2003) were made and numerous measures concerning the legal supplementary benefits systems were put into effect. Contrary to other countries, the role of the pay-as-you-go system as the main pension financing system has apparently continued. The early age at which a worker can claim a retirement benefit has remained unchanged. The core of the 2003 pension reforms strategy is the hopped reduction of unemployment in the next years, which will allow an increase of the employments' rate of older worker and thus an extension of the insurance period to get a full rate pension. In this context a limited increase of the pension contributions without a rise of the total social security contributions would be possible. Is there actually a French way to the pension reform ? After an overview of the legal pension system in France, which allow us to present the content of the most important pension reform of 1993, we analyse and discuss, in a second part, the explaining factors of the new reform, which was adopted in the year 2003. The third part of our contribution is dedicated to an evaluation of the reform strategy and the expected effects of this reform. We will show that the answer to our question must be strongly qualified, notably because of the very important reduction of gross replacements rates in the long term, which could be one of the sharpest in the EU
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