Problems of Pension Provision Caused by COVID-19
https://doi.org/10.21686/2413-2829-2022-5-99-107
Abstract
The corona virus infection (COVID-19) had a destructive impact on the finance and economic system. There were interruptions in business processes, general slowing-down in economic activity, sharp rise in unemployment rate and initial drop in asset value due to finance market contraction. Monetary-credit and taxation-budget policy resulted in even higher interest rates, sharp growth in budget deficit and state debt. These factors affected both the state pension distribution and defined contribution pension systems. The goal of the research is to assess the impact of the corona virus infection (COVID-19) on financial wellbeing of the population and economic development of the country. Conditions were studied, when pensioners could invest their savings. The following methods of academic investigation were used: analysis, forecasting, synthesis, induction, deduction, observation and comparison. A conclusion was drawn about the adverse impact of the pandemic on the pension system and changes in the global inflation and unemployment rates during the period of pandemic worsening in 2020–2021. Forecasts of the mentioned indicators were calculated up to 2024. Feasible measures of people support during the pandemic were proposed. The problem of pension system vulnerability to cyber attacks and various frauds was highlighted.
About the Authors
L. A. Omelyanovich
Donetsk National University of Economics and Trade Named after Mikhail Tugan-Baranovskiy
Russian Federation
Russian Federation
Lydia A. Omelyanovich Doctor of Economics, Professor, Head of the Department for Finance, First Vice-Rector
31 Shchors Str., Donetsk, 83050, Donetsk People's Republic
A. S. Kirizleeva
Donetsk National University of Economics and Trade Named after Mikhail Tugan-Baranovskiy
Russian Federation
Russian Federation
Alisa S. Kirizleeva Doctor of Economics, Assistant Professor, Professor of the Department for Finance
31 Shchors Str., Donetsk, 83050, Donetsk People's Republic
V. A. Ostashova
Donetsk National University of Economics and Trade Named after Mikhail Tugan-Baranovskiy
Russian Federation
Russian Federation
Vlada A. Ostashova Master's Student
31 Shchors Str., Donetsk, 83050, Donetsk People's RepublicReferences
1. Iltelfax R., Kolchin S. P. Vliyanie pandemii koronavirusa na uroven inflyatsii v mirovoy ekonomike [The Impact of Corona Virus on Inflation Rate in Global Economy]. Ekonomika i upravlenie: problemy, resheniya [Economics and Management: Challenges and Solutions], 2021, Vol. 3, No. 11 (119), pp. 245–250. (In Russ.).
2. Amirkhanova R. A. Dinamika rossiyskoy pensionnoy sistemy: vozmozhnosti i ogranicheniya (metody obrabotki i analiza razvitiya pensionnoy sistemy) [Dynamics of the Russian Pension System: Opportunities and Restrictions (Methods of Processing and Analyzing Pension System Development)]. Statistika i Ekonomika [Statistics and Economics], 2020, Vol. 17, No. 5, pp. 16–26. (In Russ.).
3. Gorlin Yu. M., Lyashok V. Yu. Krizis-2020: posledstviya i riski dlya rossiyskoy pensionnoy sistemy [Crisis – 2020: Aftereffects and Risks for Russian Pension System]. Ekonomicheskoe razvitie Rossii [Economic Development in Russia], 2020, Vol. 27, No. 10, pp. 89–92. (In Russ.).
4. Karimova L. R., Marina A. V. Vliyanie krizisnykh yavleniy na pensionnuyu sistemu [The Impact of Crisis Events on Pension System]. Nauka segodnya: teoriya i praktika: sbornik nauchnykh statey VII Mezhdunarodnoy nauchno-prakticheskoy konferentsii. Ufa, 30 iyunya 2020 goda [Science Today: Theory and Practice: collection of academic articles of the 7th International Conference]. Ufa, the Ufa State Oil Technical University, 2020, pp. 67–70. (In Russ.).
5. Kolesnik A. P. Pensionnaya sistema v usloviyakh globalnykh peremen [Pension System in Time of Global Transformations]. Pensionnyy fond Rossii: opyt, traditsii, innovatsii: materialy III Mezhdunarodnoy nauchno-prakticheskoy konferentsii. Barnaul, 20–21 iyunya 2020 goda [The Pension Fund of Russia: Experience, Traditions and Practice: materials of the Л. А. Проблемы пенсионного обеспечения, 3rd International Conference], edited by B. A. Trofimov. Barnaul, Altayskiy gosudarstvennyy universitet, 2020, pp. 140–147. (In Russ.).
6. Milonova M. V., Baranov S. V. Klyuchevye problemy mirovoy ekonomiki na fone pandemii koronavirusnoy infektsii [Key Challenges of Global Economy during Corona Virus Pandemic]. Mezhdunarodnaya torgovlya i torgovaya politika [International Trade and Trade Policy], 2020, Vol. 6, No. 3 (23), pp. 30–38. (In Russ.).
7. Solovev A. K. Problemy izmereniya effektivnosti gosudarstvennoy pensionnoy sistemy v usloviyakh globalnykh riskov [Assessing the Efficiency of State Pension System in Conditions of Global Risks]. Khronoekonomika [Chrono-economics], 2021, No. 5 (33), pp. 12–16. (In Russ.).
8. Solovev A. K. Tenevaya zanyatost – glavnyy rezerv preodoleniya krizisa pensionnoy sistemy [Shadow Employment as Major Reserve for Overcoming Pension System Crisis]. Gosudarstvennoe regulirovanie ekonomiki: politiko-ekonomicheskie aspekty: sbornik nauchnykh trudov po materialam 5-y Mezhdunarodnoy nauchno-prakticheskoy konferentsii. Moskva, 8 dekabrya 2017 goda[State Regulation of Economy: Political and Economic Aspects: collection of academic works based on materials of the 5th International Conference. Moscow, December 8, 2017]. Moscow, Gosudarstvennyy universitet upravleniya, 2018, pp. 130–135. (In Russ.).
Review
For citations:
Omelyanovich L.A., Kirizleeva A.S., Ostashova V.A. Problems of Pension Provision Caused by COVID-19. Vestnik of the Plekhanov Russian University of Economics. 2022;(5):99-107. (In Russ.) https://doi.org/10.21686/2413-2829-2022-5-99-107
Views:
276
Email this article 