DOI: 10.32609/j.ruje.10.115594

Authors: Alexander E. Abramov, Maria I. Chernova

Abstract: Many countries seek to improve their pension systems by introducing corporate and individual savings plans to address the challenges of demography, social security, and economy. However, the establishing of a long-term, reliable savings system encounters multiple impediments. The retrospective analysis of Russian pension reforms offers some recommendations on solving the typical problems faced by reformers. Thus, in 2002 the Russian pension system was implemented by a mandatory savings pillar, which 20 years later the Ministry of Finance substituted by voluntary savings. As this period appeared shorter than the average life span, this measure proved ineffective in increasing pension payouts for future retirees. The frequent regulatory changes and the shrinking workforce coverage as the state prioritized the welfare of the current pension recipients also infringed upon the interests of future retirees. Pension savings investments were further affected by the economic policy aimed at the minimal return requirements which resulted in a more conservative asset allocation strategy and inefficient active management in non-state pension funds. The study demonstrates that policy actions to overcome these impediments and to raise the replacement rates for future retirees should include (a) steady regulations within a pension savings system of no shorter than 40 years; (b) the savings pillar covering no less than 80% of the workforce; and (c) the asset allocation strategy involving a bigger share of equity, longer time horizon and clear benchmarks. These recommendations can be applied to emerging market economies concerned with improving and reforming their pension systems.

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DOI: 10.32609/j.ruje.9.106825

Authors: Marina A. Kartseva, Anatoly A. Peresetsky

Abstract: This paper studies the impact of sandwich generation caregiving on the health behavior, self-assessed health and life satisfaction of Russian women. It presents evidence that sandwich generation caregiving reduces the likelihood of medical examinations, and regular meals. Alcohol consumption and likelihood of smoking are reduced. The like­lihood of obesity increases, the proportion of chronic diseases decreases, and self-assessed health improves. The proportion of depression decreases. These effects may be the result of an inattentive attitude to one’s health and a consciousness of the social significance of fulfilling one’s duty. These effects vary with socio-demographic characteristics.

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