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Determinants of the Level of Contributions for Pension and Disability Insurance: The EU and Serbia

Author

Listed:
  • Nikolić Milena

    (PhD student, University of Niš, Faculty of Economics, Serbia)

  • Rakić Biljana

    (University of Niš, Faculty of Economics, Serbia)

Abstract

Both in theory and practice, great attention is paid to the analysis of the pension expenditures level, their determinants, as well as the options for their reduction, whereas the analysis of the revenues level and contributions, as the most significant revenue in contribution-based pension systems, is often neglected. The aim of this paper is to analyse the determinants of the level of contributions for pension and disability insurance in order to identify options for increasing their levels in the pension system of the Republic of Serbia. By using the comparative method, a comparative analysis of data about the trends of the most significant determinants of contribution levels among the European Union Member States and Serbia is performed. Research results have shown that increase in the contribution level for pension and disability insurance in the Republic of Serbia can be achieved by extending the definition of contribution base of employees, increasing the average effective retirement age and increasing the effective population coverage by this insurance. In addition to pointing out the options for increasing the contribution level for pension and disability insurance, the authors also propose the measures which can be applied in order to affect the increase of the contribution level for this insurance and, therefore, the total revenues level of the pension system of the Republic of Serbia.

Suggested Citation

  • Nikolić Milena & Rakić Biljana, 2016. "Determinants of the Level of Contributions for Pension and Disability Insurance: The EU and Serbia," Economic Themes, Sciendo, vol. 54(1), pages 61-82, March.
    • Handle: RePEc:vrs:ecothe:v:54:y:2016:i:1:p:61-82:n:4
    DOI: 10.1515/ethemes-2016-0004
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    References listed on IDEAS

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    1. Bailey, Clive & Turner, John, 2001. "Strategies to Reduce Contribution Evasion in Social Security Financing," World Development, Elsevier, vol. 29(2), pages 385-393, February.
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    3. Pallares-Miralles, Montserrat & Romero, Carolina & Whitehouse, Edward, 2012. "International patterns of pension provision II : a worldwide overview of facts and figures," Social Protection Discussion Papers and Notes 70319, The World Bank.
    4. Rofman, Rafael & Demarco, Gustavo, 1999. "Collecting and transferring pension contributions," Social Protection Discussion Papers and Notes 20122, The World Bank.
    5. Montserrat Pallares-Miralles & Carolina Romero & Edward Whitehouse, 2012. "A Worldwide Overview of Facts and Figures," World Bank Publications - Reports 11891, The World Bank Group.
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    More about this item

    Keywords

    pension system; pension and disability insurance; determinants of the level of contributions; the European Union; Serbia;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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