Quelle est la valeur actualisée nette de l’adhésion au système public de retraites?
Quelle est la valeur actualisée nette de l’adhésion au système public de retraites?

Summary/Abstract: The participation in the first pillar of the Romanian public retirement systems (pay-as-you-go) has a negative present value for the affiliate with an average salary. The introduction of capitalization (second pillar) changes this conclusion only in few cases and, sometimes, under unrealistic assumptions. The high opportunity cost of the public systems is obvious when the alternative of full capitalization is taken in account. This suggests the necessity and the direction of a more radical reform of the retirement system.

• Details
• Contents