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Notional Defined Contribution Accounts: Are They Part of the Answer to China's Social Security Problems?

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Abstract:

Most public old-age pension schemes around the world are based on the pay-as-you-go defined benefit (PAYGO DB) model. As these schemes have matured and some of the limitations of this model have become more salient, pension experts have begun considering alternative models. The notional defined contribution (NDC) model has emerged as one of the major new models. This paper has three goals: (1) to provide a brief history of pension policy in China, (2) to describe the core elements of the NDC model, and (3) to assess the relative merits of the NDC alternative as a possible option for China. For China the NDC's mechanisms for dealing with population aging and regional differences in wage levels would be definite strengths, particularly in light of the projected consequences of the nation's one child policy. The transparency of the NDC model would be advantageous given China's corruption problems and the de facto partial default in connection with the prior enterprise based pay-as-you-go defined benefit scheme. The NDC model provides an incentive for workers to remain in the labor force longer which would help alleviate the nation's projected dependency burden, but at the cost of exacerbating another problem, the high unemployment rates among young workers. The fear that the NDC model might contribute to higher unemployment rates among younger worker indirectly contributing to labor unrest and political instability could by itself make the model politically unacceptable to Chinese policy makers.

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pension (120), scheme (90), ndc (83), china (82), model (67), secur (61), social (54), age (48), fund (46), system (44), contribut (42), worker (41), benefit (39), db (38), nation (38), 2002 (35), account (35), paygo (35), dc (34), reform (34), would (32),

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China, social security reform, notional accounts
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Williamson, John. "Notional Defined Contribution Accounts: Are They Part of the Answer to China's Social Security Problems?" Paper presented at the annual meeting of the American Sociological Association, Atlanta Hilton Hotel, Atlanta, GA, Aug 16, 2003 <Not Available>. 2009-05-26 <http://www.allacademic.com/meta/p108016_index.html>

APA Citation:

Williamson, J. B. , 2003-08-16 "Notional Defined Contribution Accounts: Are They Part of the Answer to China's Social Security Problems?" Paper presented at the annual meeting of the American Sociological Association, Atlanta Hilton Hotel, Atlanta, GA Online <.PDF>. 2009-05-26 from http://www.allacademic.com/meta/p108016_index.html

Publication Type: Conference Paper/Unpublished Manuscript
Review Method: Peer Reviewed
Abstract: Most public old-age pension schemes around the world are based on the pay-as-you-go defined benefit (PAYGO DB) model. As these schemes have matured and some of the limitations of this model have become more salient, pension experts have begun considering alternative models. The notional defined contribution (NDC) model has emerged as one of the major new models. This paper has three goals: (1) to provide a brief history of pension policy in China, (2) to describe the core elements of the NDC model, and (3) to assess the relative merits of the NDC alternative as a possible option for China. For China the NDC's mechanisms for dealing with population aging and regional differences in wage levels would be definite strengths, particularly in light of the projected consequences of the nation's one child policy. The transparency of the NDC model would be advantageous given China's corruption problems and the de facto partial default in connection with the prior enterprise based pay-as-you-go defined benefit scheme. The NDC model provides an incentive for workers to remain in the labor force longer which would help alleviate the nation's projected dependency burden, but at the cost of exacerbating another problem, the high unemployment rates among young workers. The fear that the NDC model might contribute to higher unemployment rates among younger worker indirectly contributing to labor unrest and political instability could by itself make the model politically unacceptable to Chinese policy makers.

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Document Type: .PDF
Page count: 20
Word count: 7654
Text sample:
SOCIAL SECURITY CHINA PAGE 1 OF 20 NOTIONAL DEFINED CONTRIBUTION ACCOUNTS: ARE THEY PART OF THE ANSWER TO CHINA’S SOCIAL SECURITY PROBLEMS? By John B. Williamson Department of Sociology Boston College Chestnut Hill MA 02467 E-mail: jbw@bc.edu and Ce Shen Academic Technology Services Gasson Hall 012 Boston College Chestnut Hill MA 02467 E-mail: shenc@bc.edu This paper has been prepared for presentation at the Annual Meeting of the American Sociological Association to be held in Atlanta Georgia August 16-19. SOCIAL
Scandinavian Journal of Economics 102 395-417. Wang Y. Xu D. Wang Z. & Zhai F. (2001). Implicit pension debt transition cost options and impact of China’s pension reform: A computable general equilibrium analysis. (Policy Research Working Paper No. 2555). Washington DC: World Bank. Williamson J.B. (2001). Privatizing public pension systems: Lessons from Latin America. Journal of Aging Studies 15 285-302. SOCIAL SECURITY CHINA PAGE 20 OF 20 World Bank (1997). China 2020: Old Age Security and Pension Reform in


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