ORGANIZATION OF THE EMISSION OF THE BONDED LOAN OF THE PENSION FUND OF RUSSIA AS A WAY OF FINANCING ITS BUDGET DEFICIT

Autor: T.G. Volkova
Rok vydání: 2019
Předmět:
Zdroj: Bulletin of Udmurt University. Series Economics and Law. 29:564-573
ISSN: 2413-2446
2412-9593
DOI: 10.35634/2412-9593-2019-29-5-564-573
Popis: In recent years, revenues and expenditures of the PFR budget are constantly growing, and their growth is about the same magnitude. The decrease in revenues in 2014 was due to a decrease in allocations from the Federal budget, as well as a change in the legislation on compulsory pension insurance, in accordance with which it was decided to send all insurance contributions at the individual rate to finance the insurance part of the labor pension. Since 2014, there has been a stable deficit. According to forecast data, the budget for the next years is also planned to be deficit. Taking into account that the state pension provision is planned and financed by the target method at the expense of allocations, it can be stated that the deficit of the PFR budget is associated with a shortage of incoming insurance contributions for the payment of insurance pensions. This may be due to the following reasons: a significant increase in the number of old-age pensioners with a relatively stable working-age population; insufficient income in the form of insurance contributions (informal wages, shadow business); lack of alternative sources of funding. With the first problem, the Russian Government decided to fight by an unpopular method - to reduce the increase in the number of pensioners by increasing the retirement age. This, in our view, exacerbates the existing problem of public distrust in the pension system in general and in the pension policy in particular. That in turn, among other factors, is the cause of the second problem - the growth of "gray" wages and unpaid insurance premiums. Thus, these problems need to be solved radically, which requires considerable time and a serious elaborated pension policy of the Government of the Russian Federation. It is proposed to use the issue of a pension bond loan as a measure in the operational management of the pension cash gap and strategic management of the budget deficit of the PFR.
Databáze: OpenAIRE
Externí odkaz: