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Notional Defined Contributions
The term Notional Defined Contributions or Non-financial Defined Contributions or NDC refers to type of public pension system in which contributions made by the public behave in similar way they would in most public funds. This system is implemented in several countries in Europe such as Latvia, Poland, Italy and Sweden.Holzmann, Robert., Palmer, Edward. & Robalino, David. ''Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World''. The World Bank, 2012. p. 31-85. Basic idea NDC is in many ways similar to classical PAYG pension scheme. Working age individuals contribute to the system and pay for the benefits of current retirees. However, NDCs are different when it comes to determining the size of the benefits. For each individual the amount contributed to this system is added to a pot which is appreciated by a rate of return. However, this rate is only notional one – set by the government based on some formula, in reality the money collected from contri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a " defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called ''retirement plans ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Latvia
Latvia ( or ; lv, Latvija ; ltg, Latveja; liv, Leţmō), officially the Republic of Latvia ( lv, Latvijas Republika, links=no, ltg, Latvejas Republika, links=no, liv, Leţmō Vabāmō, links=no), is a country in the Baltic region of Northern Europe. It is one of the Baltic states; and is bordered by Estonia to the north, Lithuania to the south, Russia to the east, Belarus to the southeast, and shares a maritime border with Sweden to the west. Latvia covers an area of , with a population of 1.9 million. The country has a temperate seasonal climate. Its capital and largest city is Riga. Latvians belong to the ethno-linguistic group of the Balts; and speak Latvian, one of the only two surviving Baltic languages. Russians are the most prominent minority in the country, at almost a quarter of the population. After centuries of Teutonic, Swedish, Polish-Lithuanian and Russian rule, which was mainly executed by the local Baltic German aristocracy, the independent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Poland
Poland, officially the Republic of Poland, , is a country in Central Europe. Poland is divided into Voivodeships of Poland, sixteen voivodeships and is the fifth most populous member state of the European Union (EU), with over 38 million people, and the List of European countries by area, seventh largest EU country, covering a combined area of . It extends from the Baltic Sea in the north to the Sudetes and Carpathian Mountains in the south, bordering seven countries. The territory is characterised by a varied landscape, diverse ecosystems, and Temperate climate, temperate transitional climate. The capital and List of cities and towns in Poland, largest city is Warsaw; other major cities include Kraków, Wrocław, Łódź, Poznań, and Gdańsk. Prehistory and protohistory of Poland, Humans have been present on Polish soil since the Lower Paleolithic, with continuous settlement since the end of the Last Glacial Period over 12,000 years ago. Culturally diverse throughout ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Italy
Italy ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical region. Italy is also considered part of Western Europe, and shares land borders with France, Switzerland, Austria, Slovenia and the enclaved microstates of Vatican City and San Marino. It has a territorial exclave in Switzerland, Campione. Italy covers an area of , with a population of over 60 million. It is the third-most populous member state of the European Union, the sixth-most populous country in Europe, and the tenth-largest country in the continent by land area. Italy's capital and largest city is Rome. Italy was the native place of many civilizations such as the Italic peoples and the Etruscans, while due to its central geographic location in Southern Europe and the Mediterranean, the country has also historically b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sweden
Sweden, ; fi, Ruotsi; fit, Ruotti; se, Ruoŧŧa; smj, Svierik; sje, Sverji; sju, Sverje; sma, Sveerje or ; yi, שוועדן, Shvedn; rmu, Svedikko; rmf, Sveittiko. formally the Kingdom of Sweden, is a Nordic countries, Nordic country located on the Scandinavian Peninsula in Northern Europe. It borders Norway to the west and north, and Finland to the east. At , Sweden is the largest Nordic country and the List of European countries by area, fifth-largest country in Europe. The Capital city, capital and largest city is Stockholm. Sweden has a population of 10.5 million, and a low population density of ; around 87% of Swedes reside in urban areas in the central and southern half of the country. Sweden’s urban areas together cover 1.5% of its land area. Because the country is so long, ranging from 55th parallel north, 55°N to 69th parallel north, 69°N, the climate of Sweden is diverse. Sweden has been inhabited since Prehistoric Sweden, prehistoric times, . T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pay-as-you-earn Tax
A pay-as-you-earn tax (PAYE), or pay-as-you-go (PAYG) in Australia, is a withholding of taxes on income payments to employees. Amounts withheld are treated as advance payments of income tax due. They are refundable to the extent they exceed tax as determined on tax returns. PAYE may include withholding the employee portion of insurance contributions or similar social benefit taxes. In most countries, they are determined by employers but subject to government review. PAYE is deducted from each paycheck by the employer and must be remitted promptly to the government. Most countries refer to income tax withholding by other terms, including pay-as-you-go tax. United Kingdom Origins Devised by Sir Paul Chambers, PAYE was introduced into the UK in 1944, following trials in 1940–1941. As with many of the United Kingdom's institutional arrangements, the way in which the state collects income tax through PAYE owes much of its form and structure to the peculiarities of the era in which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Annuity
In investment, an annuity is a series of payments made at equal intervals.Kellison, Stephen G. (1970). ''The Theory of Interest''. Homewood, Illinois: Richard D. Irwin, Inc. p. 45 Examples of annuities are regular deposits to a savings account, monthly home mortgage payments, monthly insurance payments and pension payments. Annuities can be classified by the frequency of payment dates. The payments (deposits) may be made weekly, monthly, quarterly, yearly, or at any other regular interval of time. Annuities may be calculated by mathematical functions known as "annuity functions". An annuity which provides for payments for the remainder of a person's lifetime is a life annuity. Types Annuities may be classified in several ways. Timing of payments Payments of an ''annuity-immediate'' are made at the end of payment periods, so that interest accrues between the issue of the annuity and the first payment. Payments of an ''annuity-due'' are made at the beginning of payment perio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Life Expectancy
Life expectancy is a statistical measure of the average time an organism is expected to live, based on the year of its birth, current age, and other demographic factors like sex. The most commonly used measure is life expectancy at birth (LEB), which can be defined in two ways. ''Cohort'' LEB is the mean length of life of a birth cohort (all individuals born in a given year) and can be computed only for cohorts born so long ago that all their members have died. ''Period'' LEB is the mean length of life of a hypothetical cohort assumed to be exposed, from birth through death, to the mortality rates observed at a given year. National LEB figures reported by national agencies and international organizations for human populations are estimates of ''period'' LEB. In the Bronze Age and the Iron Age, human LEB was 26 years; in 2010, world LEB was 67.2 years. In recent years, LEB in Eswatini (formerly Swaziland) is 49, while LEB in Japan is 83. The combination of high infant ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interest Rate
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited, or borrowed. The annual interest rate is the rate over a period of one year. Other interest rates apply over different periods, such as a month or a day, but they are usually annualized. The interest rate has been characterized as "an index of the preference . . . for a dollar of present ncomeover a dollar of future income." The borrower wants, or needs, to have money sooner rather than later, and is willing to pay a fee—the interest rate—for that privilege. Influencing factors Interest rates vary according to: * the government's directives to the central bank to accomplish the government's goals * the currency of the principal sum lent or borrowed * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defined Contribution
A defined contribution (DC) plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts (through employee contributions and, if applicable, employer contributions) plus any investment earnings on the money in the account. In defined contribution plans, future benefits fluctuate on the basis of investment earnings. The most common type of defined contribution plan is a savings and thrift plan. Under this type of plan, the employee contributes a predetermined portion of his or her earnings (usually pretax) to an individual account, all or part of which is matched by the employer. In the United States, specifies a defined contribution plan as a "plan which provides for an individual account for each participant and for benefits based solely on the amount contributed to the participant's account, and any income, expens ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liquidity
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Liquidity is a concept in economics involving the convertibility of assets and obligations. It can include: * Market liquidity, the ease with which an asset can be sold * Accounting liquidity, the ability to meet cash obligations when due * Liquid capital, the amount of money that a firm holds * Liquidity risk, the risk that an asset will have impaired market liquidity See also * Liquid (other) *Liquidation (other) Liquidation is the conversion of a business's assets to money in order to pay off debt. Liquidation may also refer to: * Murder * Fragmentation (music), a compositional technique * ''Liquidation'' (miniseries), a Russian television series See ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defined Benefit Pension Plan
Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provide defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay.Lemke and Lins, ''ERISA for Money Managers'', §1:1 (Thomson West, 2013). A defined benefit plan is 'defined' in the sense that the benefit formula is defined and known in advance. Conversely, for a " defined contribution retirement saving plan," the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance. In the United States, specifies a defined benefit plan to be any pension ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
