Ermolieva Eleonora Gueorguievna – Ph.D. in Economic Sciences, Leading Researcher Institute of Latin American Studies RAS Shestakova Еlena Evguenievna – Ph.D. in Economic Sciences, Leading Researcher Institute of Economics RAS
The article observes the evolution of pension policy in European and Latin American countries over the last 25–30 years. The main reason for the profound changes occurred in this area lies in the marked acceleration in population aging, taking place both in the Old and the New World, including Latin America, considered a young region for a long time. The crosscountry comparative analysis shows that the main tasks of reforms consist in ensuring the long-term financial sustainability of pension systems, preventing further growth of spending on public pension schemes by raising the retirement age and prolonging the labor activity of senior people. Gradual expansion of population covered by accumulative (funded) pension plans, in addition to distribution component, is another tool. Meanwhile the actual situation demonstrates that the initiatives of some European governments, following the recommendations of international financial institutions, are not always adequately perceived by the society (Spanish and French cases are representative examples). Moreover, it should be pointed out that European experience is actively examined in Latin America during the ongoing reforms to create multi-level national retirement systems, and greater attraction of private entrepreneurial capital for public financing of social security models. A review of the publications of Russian scientists shows that the latest world experience is not ignored in our country, where the task of more reliable social protection of pensioners is on the agenda.
population aging, pension systems, long-term fiscal sustainability, world experience in pension reforms
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