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Financial Analytics: Science and Experience
 

The main provisions of the voluntary pension insurance for self-employed persons and projected effect of its implementation

Vol. 8, Iss. 31, AUGUST 2015

PDF  Article PDF Version

Received: 19 June 2015

Accepted: 1 July 2015

Available online: 4 September 2015

Subject Heading: Economic policy

JEL Classification: 

Pages: 50-62

Blokhin S.A. Izhevsk State Agricultural Academy, Izhevsk, Udmurt Republic, Russian Federation
tonic78box@yandex.ru

Importance Whereas individual entrepreneurs demonstrate poor compliance with the payment discipline and make insignificant pension savings, it is very relevant to outline an effective system of pension insurance for small businesses.
     Objectives The research determines what causes the low efficiency of the current pension model, elaborates the main provisions of a new model designated to increase the self-employed population's interest in, and responsibility for ultimate pension savings.
     Methods The research is based on the general scientific methods of comparison, analysis and generalization, and special econometric methods for data processing and generating general indicators.
     Results The research investigates key issues of the existing system for individual entrepreneurs' pension insurance. I propose a model for the voluntary pension insurance of self-employed population, with its effectiveness assessed on the basis of the Udmurt Republic's indicators.
     Conclusions and Relevance I conclude that the proposed model, if implemented, will decrease the social security burden for the self-employed population, thus increasing their real income, reduce the unemployment rate, eliminate socio-economic tensions in individual entrepreneurship and give an impetus to new formats of pension insurance. As for the economic effect, Russia may reduce annual spending of the Federal budget by more than 45 bn rubles and delegate a portion of the State pension system's expenditures to private and corporate plans, thus making the national consolidated budget more balanced.

Keywords: insurance contributions, tax burden, tariffs, expenditures, budget

References:

  1. Kuz'minich G.G. [The competitiveness of small and medium-sized business in Russia]. Ekonomika, upravlenie, finansy: materialy II mezhdunarodnoi nauchnoi konferentsii (Perm', dekabr' 2012) [Proc. 2nd Int. Sci. Conf. Economics, Management, Finance (Perm, December 2012)]. Perm, Merkurii Publ., 2012, pp. 21–24.
  2. Blokhin S.A. Ekonomicheskaya effektivnost' osnovnykh napravlenii sovershenstvovaniya sushchestvuyushchikh vzaimootnoshenii mezhdu sub"ektami v pensionnoi modeli Rossiiskoi Federatsii [Economic efficiency of the main areas of improving the existing relationship between parties to the pension model of the Russian Federation]. Nauka Udmurtii = Science of Udmurtia, 2012, no. 3, pp. 148–165.
  3. Lukasevich I.Ya. Investitsii [Investment]. Moscow, INFRA-M Publ., 2013, 413 p.
  4. Blokhin S.A. Ekonomicheskaya tselesoobraznost' opredeleniya effektivnogo razmera tarifa strakhovykh vznosov, na primere predpriyatii promyshlennosti Udmurtii [Economic reasonableness of determining the effective rate of social security charges, using the case of industrial enterprises of the Udmurt Republic]. Matematicheskie modeli i informatsionnye tekhnologii v organizatsii proizvodstva = Mathematical Models and Information Technologies in Production, 2013, no. 1, pp. 83–90.
  5. Serbinovskii B.Yu., Gar'kusha V.N. Strakhovoe delo [Insurance business]. Rostov-on-Don, Southern Federal University Publ., 2010, 387 p.

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