The changing relationship between productivity, wages and unemployment in the UK

Article Abstract:

The cointegration of real wages, productivity and unemployment rate in the UK is investigated using time-series analysis. Results indicate that prior to 1979, unemployment was the central variable as it was affected by both wages and productivity. The period 1979-91 which represent theadministration of UK PM Margaret Thatcher show a bi-variate causality between wages and productivity and the virtual separation of unemployment from the system.

Analysis, Economic aspects, Unemployment, Labor productivity

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Contracting-out and lifetime redistribution in the UK State pension system

Article Abstract:

An analysis of the UK state pension scheme is conducted based on data from the Family Expenditure Survey. The simulation of age-earnings profiles indicate that the pension-contribution formula allows redistribution of income from high to low lifetime earners. However, the contracting-out strategy to circumvent low returns on contributions weakens the intragenerational redistribution when applied to occupational pension systems.

Contracts, Welfare, Public assistance

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Public pension reform in Europe: policies, prospects and evaluation

Article Abstract:

The article examines public pension reform strategies. These include the development of formula-based actuarially fair pension programs, parametric reforms to currently existing programs, and larger pre-funding of pensions and expanded second-tier private components.

Europe, Government expenditures, Government domestic functions, Management dynamics, Management, Social policy, Comparative analysis, Company business management, Econometric models

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