Modelling the influence of working career breaks on pension using retrospective simulation: A case of the Baltic states

Olga Rajevska, Inesa Voroncuka

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

Abstract

The authors demonstrate application of retrospective simulation in comparative analysis of the differences in influences that career breaks exert on pension replacement rates in state old-age pension systems in Estonia, Latvia and Lithuania. Step-by-step model building is described, using historical statistical data from numerous databases and comprehensive analysis of pension regulation. 18 model cases are further considered for each country presenting different wage levels and service record lengths. The results of simulation prove significant dissimilarities in study countries in respect of benefit progressivity and responses to career breaks, caused by differences in their pension systems’ designs. The model can be used for increasing financial literacy and educating adults in career development.

Original languageEnglish
Title of host publicationWMSCI 2019 - 23rd World Multi-Conference on Systemics, Cybernetics and Informatics, Proceedings
EditorsNagib C. Callaos, Shigehiro Hashimoto, Bruce E. Peoples, Belkis Sanchez, Michael Savoie
PublisherInternational Institute of Informatics and Systemics, IIIS
Pages54-58
Number of pages5
Volume4
ISBN (Electronic)9781950492206
Publication statusPublished - 2019
Externally publishedYes
Event23rd World Multi-Conference on Systemics, Cybernetics and Informatics, WMSCI 2019 - Orlando, United States
Duration: 6 Jul 20199 Jul 2019

Publication series

NameWMSCI 2019 - 23rd World Multi-Conference on Systemics, Cybernetics and Informatics, Proceedings
Volume4

Conference

Conference23rd World Multi-Conference on Systemics, Cybernetics and Informatics, WMSCI 2019
Country/TerritoryUnited States
CityOrlando
Period6/07/199/07/19

Keywords*

  • Baltic States
  • Career Development
  • Financial Education
  • Knowledge Management
  • Modelling
  • Pension System
  • Simulation

Field of Science*

  • 5.2 Economy and Business
  • 5.4 Sociology

Publication Type*

  • 3.1. Articles or chapters in proceedings/scientific books indexed in Web of Science and/or Scopus database

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