| Abstract [eng] |
Population ageing, changes in the social structure, the increase of the role of the social partnership, economic downturns, the globalisation, and technological development encourage reforms in the social security, especially in the pension field. We could underline four groups of factors, impeding changes in the pension policy: demographic (increase of life expectancy, decline in the fertility rate, ageing); social (inequality issues and changes in the employment structures); economic (economic crisis and globalisation); and political. The coherent social security investment policy and the creation of the pension reserve fund is one of the key elements to ensure the sustainability of the pension system guarantees for the future generations in the light of social and economic downturns. Moreover, besides the investment policy, the modern pension policy should provide adequate and targeted income support for all population, encourage the participation in the labour market, ensure uniform access, and transparency. The aim of the social security investment policy and the creation of the pension reserve fund is to guarantee sufficient amounts for future generations. By ensuring the implementation of the principle of social solidarity between generations and taking into account the social-economic challenges in the future towards the pension guarantees, the pension reserve fund and the investment policy should be implemented in the social policy. The need for a social security investment policy in Cambodia is clearly stated following the recommendations of the European Union experts: since the Cambodian population is still very young with an average age of approximately 24, the pension contribution inflows may be well above the needs to pay out benefits. Depending on the legislation, pension benefits may not be paid at all in the first years of the scheme’s operation. This implies that accumulated financial reserves inevitably should be invested somewhere safely, responsibly and profitably. Exchanges and analysis of the best international pension policy practices are the key elements to design or reform the pension system and the expertise of EU funded SOCIEUX+ programme contributes to achieve this goal. |
