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Redistribution across income levels in pay-as-you-go (英语)

Pay-as-you-go pension schemes can redistribute lifetime income from the rich to the poor. To achieve this redistributive objective, the United States and the Philippines provide higher wage replacement rates for individuals with lower lifetime wages. The Netherlands uses a flat benefit and Switzerland a combination of employment-related flat and progressive earnings-related benefits. Many developing countries use explicit minimum or maximum pension levels for the same purpose. None of these mechanisms seems to work as expected. Not a single study for any country has presented strong evidence that the public pension scheme has substantially redistributed income from the lifetime rich to the lifetime poor once mortality differences are taken into account. In fact, in some countries, the redistribution goes from the poor to the rich.