The economic consequences of changes in the pension system for the state budget in 2000–2010
Journal Title: Zarządzanie i Finanse - Year 2013, Vol 11, Issue 2
Abstract
The pension system is seen as an important part of society. At the same time it is one of the most important factors determining the condition of public finances, which for many recent years, the imbalance and the state continues to grow. The main problem for the public finances on the pension system is the total volume of transfers earmarked for pensions and their financing. The direct influence of the social security system to the situation of public finances is exercised inter alia, by the constant need to subsidize the social security institutions from public funds. As a consequence, especially in shortage of the Social Insurance Fund, which implements the payment of benefits under the PAYG system, was required to cover the state budget, which contributed to an increase in the burden of public finances. Pension system funding from the state budget covers two main sources: a grant budget and the refund of premiums. Transferred to the pension contribution is evidenced as an expense budget, which cover a fiscal budget revenue. Thus, an important revenue the Social Security Fund and affects the level of the budget deficit. The end of 2003 a refund of contributions transferred to pension funds should be treated as an expense of the state budget and evidenced in the position granted subsidies from the state budget. Starting from 2004 there was a change, and the refund of contributions to the funded pillar is financed by the proceeds from the privatization of the assets of the Treasury, which is the expenditure of the state budget. In this way does not increase the budget deficit. Accounting for the funds spent on the reform of the social security system as a result of budgetary expenditures obtaining false information about the real state of the state budget for each financial year. This causes the development shown undercutting size of the budget deficit.
Authors and Affiliations
Ewa Gubernat
Keywords
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