Retirement benefit programs : analysis and a proposal for Hong Kong
Hong Kong Journal of Gerontology = 香港老年學報
Hong Kong Association of Gerontology
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.