@inproceedings{1b55063d07e744059c67a965efc26784,
title = "Modelling the influence of working career breaks on pension using retrospective simulation: A case of the Baltic states",
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{\textquoteright} designs. The model can be used for increasing financial literacy and educating adults in career development.",
keywords = "Baltic States, Career Development, Financial Education, Knowledge Management, Modelling, Pension System, Simulation",
author = "Olga Rajevska and Inesa Voroncuka",
note = "Funding Information: [1] M. van Duijn, M. Mastrogiacomo, M. Lindeboom, P. Lundborg, “Expected and actual replacement rates in the pension system of the Netherlands: how and why do they differ?”, Journal of Pension Economics and Finance, Vol. 12, 2013, pp. 168-189. [2] R. Bottazzi, T. Jappelli, M. Padula, “Retirement expectations, pension reforms, and their impact on private wealth accumulation”, Journal of Public Economics, Vol. 90(12), 2006, pp. 2187–2212. [3] T. Mattson, Estonia needs long-term plan to guarantee sustainability of pension system. National Audit Office of Estonia, 26/02/2014. http://www.riigikontroll.ee/tabid/168/amid/557/ItemId/704/l anguage/en-US/Default.aspx [4] F. Rajevska, O. Rajevska, D. Stavausis, “Challenges for the sustainability of Latvian pension system”, in: B. Bela (ed.), Latvia Human Development Report 2012/2013. Sustainable Nation, Riga: Advanced Social and Political Research Institute of the University of Latvia, 2014, pp. 34-44. [5] N.B. Ishak, U.C. Eze, I.S. Ling, “Integrating Knowledge Management and Human Resource Management for Sustainable Performance”, Journal of Organisational Knowledge Management, Vol. 2010, 2010, pp. 1-13. [6] I. Voronchuk, O. Starineca, “Knowledge Managemenet and Possibilities of Professional Development in Public Sector”, European Integration Studies, Vol. 8, 2014, pp. 168-179. [7] O. Starineca, I. Voronchuk, “Methodological Management Approach to Knowledge Assessment and its Possibility of Implementation{"}, in: N. Callaos et al. (eds.) Proceedings of The 19th World Multi-Conference on Systemics, Cybernetics and Informatics (WNSCI 2015), Vol. II, IIIS 2015, pp. 376-381. [8] A. Cekuls, “Aspects of Ethics and Social Responsibility in Competitive Environment: Research in Latvia”, in: SGEM 2016: 3rd International Multidisciplinary Scientific Conference on Social Sciences & Arts: Conference Proceedings, Book 3, Vol. 1, pp. 383-388. [9] B. Ebbinghaus, J. Neugschwender, “The Public-Private Pension Mix and Old Age Income Inequality in Europe.”, in: B. Ebbinghaus (ed.), The Varieties of Pension Governance: Pension Privatization in Europe, Oxford, England: Oxford University Press, 2011, pp. 384-423. [10] European Commission. The 2018 Pension Adequacy Report; current and future income adequacy in old age in the EU (Volumes I and II). Joint Report prepared by the Social Protection Committee and the European Commission, Luxembourg: Publications Office of the European Union, 2018. [11] O. Rajevska, “Theoretical Old-Age Pension Benefits and Replacement Rates in the Baltic States: A Retrospective Simulation”, Economics and Business, Vol. 28, 2016, pp. 13-19. [12] O. Rajevska, “Pre-reform Service Component in Pension Systems of the Baltic States: How Fair is the Play?”, in: Economic Science for Rural Development : Proceedings of the International Scientific Conference, Jelgava : LLU ESAF, 2017. Vol. 46: New Dimensions in the Development of Society, Home Economics, Finance and Taxes, pp.338-344. [13] I. Ska{\v c}kauskienė, Z.Tuncikiene, „Comparative evaluation of the labour income taxation in the Baltic States”, Procedia - Social and Behavioral Sciences, Vol. 110, 2014, pp. 439-449. Statistical data sources (online databases): -Eurostat - https://ec.europa.eu/eurostat -Statistical Office of International Labour Organisation - http://www.ilo.org/ilostat/ -State Social Insurance Board of Lithuania - http://atvira.sodra.lt/en-eur/index.html -State Social Insurance Agency of Latvia – http://www.vsaa.gov.lv Publisher Copyright: {\textcopyright} WMSCI 2019 - 23rd World Multi-Conference on Systemics, Cybernetics and Informatics, Proceedings. All rights reserved.; 23rd World Multi-Conference on Systemics, Cybernetics and Informatics (WMSCI), WMSCI 2019 ; Conference date: 06-07-2019 Through 09-07-2019",
year = "2019",
language = "English",
volume = "4",
series = "WMSCI 2019 - 23rd World Multi-Conference on Systemics, Cybernetics and Informatics, Proceedings",
publisher = "International Institute of Informatics and Systemics, IIIS",
pages = "54--58",
editor = "Callaos, {Nagib C.} and Shigehiro Hashimoto and Peoples, {Bruce E.} and Belkis Sanchez and Michael Savoie",
booktitle = "WMSCI 2019 - 23rd World Multi-Conference on Systemics, Cybernetics and Informatics, Proceedings",
url = "https://www.iiis.org/CDs2019/CD2019Summer/PapersS4.htm",
}