Abstract
An analysis of the desirable qualities of retirement benefit programs in the light of both economic theory and the practical experience of countries suggests that a publicly administered, mandatory, and basic income-support program that is fully funded for each age cohort will cause the least distortions and will provide the most security to people facing a variable life span. Unlike most existing schemes which follow more closely the pay-as-you-go model, this proposal recommends a fully funded version under which the contribution formula carries age-cohort-specific paramenters. Contributions should rise with income while benefits should be flat in order to achieve desired redistributive objectives and to minimize distortions.
| Original language | English |
|---|---|
| Pages (from-to) | 16-22 |
| Number of pages | 7 |
| Journal | Hong Kong Journal of Gerontology = 香港老年學報 |
| Volume | 5 |
| Issue number | 1 |
| Publication status | Published - Jun 1991 |
| Externally published | Yes |