Retirement benefit programs : analysis and a proposal for Hong Kong
Hong Kong Journal of Gerontology = 香港老年學報
An analysis of the desirable qualities of retirement benefit programs in the light of both economic theory and the practical experience of countries suggests that a publicly administered, mandatory, and basic income-support program that is fully funded for each age cohort will cause the least distortions and will provide the most security to people facing a variable life span. Unlike most existing schemes which follow more closely the pay-as-you-go model, this proposal recommends a fully funded version under which the contribution formula carries age-cohort-specific paramenters. Contributions should rise with income while benefits should be flat in order to achieve desired redistributive objectives and to minimize distortions.
Ho, L. S., Lee, J. J., & Leung, J. P. (1991). Retirement benefit programs: Analysis and a proposal for Hong Kong. Hong Kong Journal of Gerontology = 香港老年學報, 5(1), 16-22.