94

94 12

1

2

2

10

5

9

10 11

36

36

41

48

10 48

57

61

63

69

70

2-1 9312

2-2 3 14

2-3 3 14

2-4 14

2-5 3 15

2-6 17

2-7 19

2-8 20

4-1 10 GNP50

4-2 1051

4-3 1051

4-4 1051

4-5 1052

4-6 1014055

4-7 10

14056

4-8 10

14056

4-9 10

14056

2-1 3 12

2-2 3 15

2-3 5516

2-4 17

2-5 18

2-6 3

19

3-1

37

3-2

38

3-3 CSRS FERS 42

3-4 1989 43

3-5 2000 43

4-1 10GNP

49

4-2 10

49

4-3 10 50

4-4 10 52

4-5 10 54

4-6

57

4-7 58

4-8 710 58

- 1 -

32

84 7 1

85 2 1 85 5 1 86 1

1

84

10

- 2 -

10

2

Literature Survey

Comparative Analysis

84 7 1

- 3 -

84 7 1

93 1 1

- 4 -

3

10

- 5 -

10

3 16 9 9

36 8

23 3 26

32 11 16

32 363748 68

48

Pay as You go,PAYG1

1 PAYG

- 6 -

Defined Benefit,DB2

5 9

15 61

15 75%

1% 90%

61

30 90%

48

49 1

31 32

49

18%

2 DBdefined contribution,DCDB

DB

- 7 -

63

30 40

32

33

3 81 70

- 8 -

15 75%

5% 15 1% 90%

5

68 1

12

77 4

4 47 93

- 9 -

5

82 1

84 7 1

85 2 1 86 1 1

1996147-149

200110-11

2 8% 12% 65%

35%

8

5 3

3

5 67 99

- 10 -

2

30 35

2 2

1.5 35 53

63 106

2% 35 70%

8 140%

84 7 1

80

10 35 45

55 25

5 10

15

826

25 50

6 65 7%

- 11 -

40

35 45 55

50

10

857,768

93 7,755 85 452,211

90 61 93

605,739 85

253,945 93 286,123 85 198,266

93 202,603 86 106,482 93

117,013 3 10

2-1

- 12 -

2-1 93

2-1

2-1 3

1162

43.97%

1481

56.03%

951

35.98%

1692

64.02%

110

78.57%

30

21.43%

53

37.86%

87

62.14%

85

2643 140

86

2428

57.84%

1770

42.16%

1495

35.61%

2703

64.39%

2553

81.91%

564

18.09%

929

29.80%

2188

70.20%

5983

89.96%

668

10.04%

4198 3117 6651

87

2068

61.02%

1321

38.98%

1158

34.17%

2231

65.83%

3429

89.13%

418

10.87%

1107

28.78%

2740

71.22%

9553

84.09%

1808

15.91%

3389 3847 11361

88

2724

71.23%

1100

28.77%

1079

28.22%

2745

71.78%

5214

90.90%

522

9.1%

1199

20.90%

4537

79.10%

9440

79.15%

2440

20.85%

48%

33%

19%

- 13 -

3824 5736 11880

89

5260

73.74%

1912

26.66%

1572

21.92%

5600

78.08%

9825

91.35%

930

8.65%

1807

16.80%

8948

83.20%

13524

73.40%

4764

26.60%

7172 10755 18288

90

5942

83.80%

1149

16.20%

1269

17.90%

5822

82.10%

7788

92.36%

644

7.64%

1256

14.90%

7176

85.10%

7558

77.15%

2239

22.85%

7091 8432 9797

91

5137

79.75%

1304

20.25%

827

13.31%

5584

86.69%

8812

92.89%

675

7.11%

1067

11.25%

8420

88.75%

8108

80.52%

1961

19.48%

6441 9487 10069

92

6122

83.61%

1200

16.39%

583

7.96%

6739

92.04%

8328

93.69%

561

6.31%

712

8.01%

8177

91.99%

8391

80.41%

2044

19.59%

7322 8889 10435

93

6089

85.60%

1024

14.40%

486

6.70%

6768

93.30%

10374

94.90%

557

5.10%

1229

11.24%

9702

88.76%

11438

80.87%

2706

19.13%

7254 10931 14144

2-22-32-4

- 14 -

2-2 3

2-3 3

2-4

3

02000400060008000100001200014000160001800020000

85 86 87 88 89 90 91 92 93

3

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

85 86 87 88 89 90 91 92 93

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

85 86 87 88 89 90 91 92 93

- 15 -

2-2

2-2 3

() 85 86 87 88 89 90 91 92 93

61.13 60.84 60.55 58.77 58,35 56.70 56.60 55.86 55.85

56.73 57.97 57.02 56.23 56.04 56.05 55.32 54.98 54.54

26.61 26.10 29.76 30.28 29.55 28.70 28.74 28.47

2-2 30

60

87 60.55 93 55.85 6 5

56.73

61.13 4.4 93 54.54

55.85 1.31 3

2-5

2-5 3

3

010203040506070

85 86 87 88 89 90 91 92 93

()

- 16 -

55 50 65 3

55 91 55

53.99%92 63.34%93 63.05%

91 55 68.32%92 73.37%

93 76.43%

55

3 55

5 2-3

2-3 55

85 86 87 88 89 90 91 92 93

139 268 282 330 746 959 1233 1763 1614

(

)

5.26% 6.38% 8.32% 8.63% 10.40% 13.52% 19.14% 24.08% 22.25%

3 527 908 1402 2935 2091 2625 2741 2655

(

)

2.14% 16.91% 23.60% 24.44% 27.29% 24,80% 27.67% 30.84% 24.29%

93 12 31 2,611

8 31.51% 20.26%

18.20% 18.04% 10.19%

1.8%

2-4 2-6

- 17 -

2-4

(

)

()

%

85 15227378 161115 1.06 15066263

86 25977943 1239841 4.77 24738102

87 30017163 2426365 8.08 27590798

88 31433795 4289413 13.65 27144382

89 49209357 9475795 19.26 39733562

90 34128603 9429091 27.63 24699512

91 37959822 10159348 26.76 27800474

92 38647555 12378551 32.03 26269004

93 42375675 17566518 41.45 24809157

152

412

712

1,027

1,519

2,240

2,626

3,050

671

1,860

372496

2 14 3881 176

270

0

500

1,000

1,500

2,000

2,500

3,000

3,500

85 86 87 88 89 90 91 92 93

2-6

- 18 -

2-5 2-7

2-5

()

(

)

(%)

(

)

(%)

()

(%)

()

(%)

85 74539791 483486 7.78 419450 6.93 64036 0.85 483486 7.78

86 334904817 3466232 12.42 1737107 6.29 1729125 6.13 3419234 12.25

87 695573278 5285585 9.12 3524785 6.31 1760800 2.81 1550558 2.68

88 1085046158 7397087 8.18 5058429 5.85 2338658 2.34 11039617 12/21

89 2369535045 19692017 9.97 9634859 5.14 10057158 4.83 -17182735 -8.702

90 1706801343 6713407 4.72 6676997 4.02 36410 0.70 5471167 3.85

91 2101651566 4543430 2.59 4473896 2.25 69534 0.35 -4425518 -2.527

92 2435514817 3950210 1.95 3613930 1.57 336280 0.38 16497871 8.13

93 2891033137 6331973 2.63 3872001 1.5 2459972 1.13 5313578 2.21

2-5 2-7 93 12

31 578 6

5.071% 93 2.628%

1.946% 0.682% 2

1.496% 1.132% 53

1 2.206%7

7 94 6

- 19 -

7.7847.784

-8.702

2.6281.946

9.973

12.420

9.119

8.181

2.594

4.720

2.206

8.129

2.675

12.251

12.209

-2.527

3.847

-10

-8

-6

-4

-2

0

2

4

6

8

10

12

14

85 86 87 88 89 90 91 92 93

%

2-7

3

3

3

2-6 2-8

2-6 3

85 1.33% 0.26%

86 4.74% 2.61% 14.73%

87 5.49% 5.37% 21.59%

88 8.41% 9.81% 37.95%

88 89 10.09% 17.30% 52.41%

90 20.00% 26.31% 53.16%

91 15.36% 30.38% 50.83%

92 19.15% 36.32% 59.08%

- 20 -

93 23.29% 48.30% 77.08%

12.90% 22.84% 50.00%

2-6 2-8 3

93

93 23.29%

93 48.3%

22,220,498(50.00%)25,568,739

(22.84%)19,110,076

(12.90%)

226,724(53.71%)

148,171,658422,117

111,940,741

44,442,775

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

() ()

2-8

- 21 -

8 8

27 8%

12%

3 8%

8

17

3

50

2 2

89

1

89 6 1

7% 8% 3

15.5%17.9% 21.9% 94 99 98

102115 110

90

1 8%

3

10% 8.8% 2

1.4% 10.8% 3 2 1.4%

3 1.2% 12%

90 5

- 22 -

91

3 91 1 1 8.8%

3

90 8

9 91 1 1

8.8%

91 1

1 8.8%

92

5 31.

6 82. 4 8

3. 5 8 4. 25

27

92

93 1 1 3

12%

3 93 1 1 3

12% 12 1% 3 1.2%

92 7 17 10 43 93 1 1

- 23 -

12%

2

92 12 2

3.65% 26.4%28.6%

32% 7% 13%22.1% 26%

12%

93

95 12%

2 12% 12%

12% 15% 92 9 18

15%

93 4 20 92 12 17

94

92 5

94 8

25 50

50

- 24 -

86

60

86

90

55

91

1

91

55

- 25 -

50 55

3 1

60 ( 16

60 )

25

1 5

5 25

30 55

25

50

80.7 50.4

60.4 44.4

75 60

2003

131-133

92

92

- 26 -

92 5 14

92 9 18

92

10

1

92 10

92 10

1

92

12

3

1

1

10

- 27 -

10 30

30

93

5

2

2

1

2

50

2 1 60

21 60

30 55

25

50

1

2

2

93

11

3

3

3

3

- 28 -

94

6

3

394 3

4 6 30

94

8

92

5

85

25

- 29 -

60

30

55

15 55

525

25

50

10

11

15

5

6

94 8

- 30 -

89 89 11

- 31 -

90 90 3

1. 9

3

2.

3.

4.

7

5.

6.

4

91 91 826

90 3

91 4

89

91 4

92 92 918

92 1

8

92 12

- 32 -

92

1. 12% 15%

2.

50%

3.

3

4.

5. 555

6. 50

1 21

3

92 9

18

15%

3

45

93 93 4

92 9

18

15% 55

- 33 -

3

91 4

91 6 7

92 12

5

94

94 8

1. 91 92

55

3

2.

85

3.

4.

66

5.

55

- 34 -

2

6.

18%

8 30%

91 91 9 5 10 1

5

1.

2.

3. 18%

92

1 16

10 18

18%

8 income replacement rate200222

- 35 -

92 92

92 6

94

18% 90%

10

10 158

12 14

25

75% 1 0.5% 35 80%

25 85%

1 1% 35 95%

- 36 -

10

200139-562003

24-312004108-140200414-2543-54

1920Civil

Service Retirement System,CSRS 1987

- 37 -

Federal Employees Retirement System,FERS

FERS

CSRS

FERS

62 65

67 3-1

3-1

62

1937 65 20% 1938 65 2 20.83% 1939 65 4 21.67% 1940 65 6 22.5% 1941 65 8 23.33% 1942 65 10 24.17% 1943 1954 66 25% 1955 66 2 25.84% 1956 66 4 26.66% 1957 66 6 27.5% 1958 66 8 28.33% 1959 66 10 29.17% 1960 67 30%

30 Minimum

- 38 -

Retirement Age,MRA 55

57 3-2

20 60

5 62

25 20 50

1% 3 20

62 1.1%

3-2 Minimum Retirement Age,MRA

MRA

1948 55

1948 55 2

1949 55 4

1950 55 6

1951 55 8

1952 55 10

1953 1964 56

1965 56 2

1966 56 4

1967 56 6

1968 56 8

1969 56 10

1970 57

5

62 10 30

MRA 62

- 39 -

5%

1%

59.5

9

The Public

Service Superannuation Act

2 60

30 55

2

2% 5

260

60

50

60()5%

25

50

55()5%

9

- 40 -

30()5%

65 5 65

60

55 67

1.79375%

63

3.6%

1960

20

60

20 60

- 41 -

5% 5

25%

20

3 50/100 ( 3

20 2/100) 20 2.5% 20

2%

5

120/100

5

150/100 5

/100

3-8 3-10

- 42 -

3-3 CSRS FERS

CSRS FERS

CSRS

30 55

20 60

5 62

FERS

65

67

MRA

55 57

CSRS

3

1

5 1.5 6

10 1.75

10 2

80 35

66.25

FERS

3

1

20

62

1.1

35

35 62

38.5

CSRS

7

14

FERS

10.7 0.8

11.5

6.2

CSRS

FERS

Multi pillar System

- 43 -

CSRS FERS

3-4 1989 1992

62

63

1992

10

35 1

2 25 65

1 1

35 75

1992

1 1.875

40

75 2002

12 31 1

1.79375

40

71.75

3

3-5 2000

20

50

60

20

20

2001 2002 50

2003 2004 51

2005 2006 52

2007 2008 53

- 44 -

2009 2010 54

2011 2012 55

2013 2014 56

2015 2016 57

2017 2018 58

2019 2020 59

3

5%2001

4 55 2001 4 61

2001 4 3 1 2013

65

60

1994

- 45 -

Averting Old Age Crisispolicies to protect the old and

promote growth

50

50 2000

60

deferred annuity

63 65

3.6%

- 46 -

5%

FERS

30 55 57

60 20

62 2

30

55 60 2

30

55

1992

3

10 3.5% 15 11 25

2% 10 26 35 1%

1.875%

- 47 -

1992 1.875%

35 75% 40

75 2002 12

1.79375% 40

75% 71.75% CSRS FERS

35 CSRS

66.25% FERS 35%

CSRS

FERS 14% 11.5%

6.2%

FERS

65 (CPP/QPP)

- 48 -

10

10

10

10

86 92 SARS

10 86 336,042

93 468,956 86

6.32%90-2.42%93 1.53% 84

6.37%90-2.22% 91 3.94%93 5.71%

94

- 49 -

4.21%10 4-1

4-1 10GNP

84 85 86 87 88 89 90 91 92 93

GNP(

) 71291 77876 83949 89678 93350 97520 96397 99779 101731 105848

6.42% 6.10% 6.37% 4.33% 5.32% 5.78% -2.22% 3.94% 3.33% 5.71%

7879 9%11

81 8%84 7%87 6%90

2.41%91 93 2%

9% 10% 84 85 3%90

92 -0.01%-0.20%-0.28% 94

8

3.56% 7 4-2

4-2 10

84 85 86 87 88 89 90 91 92 93

9.32% 9.61% 9.70% 9.86% 9.88% 10.00% 10.00% 9.98% 9.95% 10.11%

3.67% 3.08% 0.89% 1.69% 0.17% 1.26% -0.01% -0.20% -0.28% 1.62%

6.73% 6.02% 6.03% 5.44% 5.03% 5.00% 2.41% 1.86% 1.40% 1.52%

10

10 94.2.24 11

- 50 -

57%58% 85 86

4% 3%84 1.79%

93 4.44% 91 5.17%12 4-3

4-3 10

84 85 86 87 88 89 90 91 92 93

1.79% 2.60% 2.72% 2.69% 2.92% 2.99% 4.57% 5.17% 4.99% 4.44%

58.70% 58.40% 58.33% 58.04% 57.93% 57.68% 57.23% 57.34% 57.34% 57.66%

(

)( )

33521 34796 36292 37371 38568 39679 39184 38995 39933 40868

(

)()

37484 38778 40864 42133 43259 44180 44802 44229 44534 45064

(

)()

35412 36735 38530 39726 40908 41938 42042 41667 42287 43021

4-1 4-4

4-1 10 GNP

12

2000030000400005000060000700008000090000100000110000120000

()

G

N

P

- 51 -

4-2 10

4-3 10

4-4 10

-0.03

-0.02

-0.01

0

0.01

0.02

0.03

0.04

0.05

0.06

0.07

84 85 86 87 88 89 90 91 92 93

(100%)

-0.01

0

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

0.1

0.11

84 85 86 87 88 89 90 91 92 93

(100%)

0

0.01

0.02

0.03

0.04

0.05

0.06

84 85 86 87 88 89 90 91 92 93

(100%)

- 52 -

2

4-5

4-5 10

10

4-484 93

84

86 87 88

90 91 92

93

10

4-4 10

1 2 3 4 5 6 7 8 9 10 11 12

84

85

86

87

88

89

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

84 85 86 87 88 89 90 91 92 93

(100%)

- 53 -

1 2 3 4 5 6 7 8 9 10 11 12

90

91

92

93

45-38

37-32

31-23

22-17

16-9

200414-15

84 93 65

15 16

64 10

- 54 -

urn-shape200418 3-5

10

4-5 10

84 85 86 87 88 89 90 91 92 93

() 21304 21471 21683 21871 22034 22216 22340 22453 22535 22689

0-14

23.76% 23.15% 22.60% 21.96% 21.43% 21.12% 20.81% 20.42% 19.83% 19.30%

15-64

68.61% 69.00% 69.35% 69.80% 70.14% 70.27% 70.39% 70.57% 70.94% 71.20%

65

7.60% 7.90% 8.10% 8.30% 8.40% 8.60% 8.80% 9.00% 9.20% 9.50%

34.64% 33.54% 32.59% 31.46% 30.56% 30.05% 29.56% 28.94% 27.95% 27.10%

11.12% 11.38% 11.60% 11.81% 12.02% 12.26% 12.50% 12.77% 13.00% 13.30%

32.10% 34.00% 35.70% 37.60% 39.40% 40.90% 42.30% 44.20% 46.60% 49.00%

93 140

200

70200414-15

65 10% 20% 20

93 0.43%

111 140-1.27%

93 2 2 111 2 3

140 1 9

- 55 -

15

140 8.9%

115 67.6% 140 55.6%

65 115 20%

140 35.5%

65 /15 64 100

0 14 /15

64 100

93 13.3%

115 30.3% 140 63.8%

93 27.1 115 17.8%

140 16.0%

93 0

73.4 79.31 115

78.48 85.39 140 0

79.16 86.07

10

4-6 4-9 X 93 10

4-6 10 140

0

5000

10000

15000

20000

25000

()

84 86 88 90 92 113 133

(

)

- 56 -

4-7 10 140

4-8 10 140

4-9 10 140

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

84 86 88 90 92 113 133

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

84 86 88 90 92 113 133

65

15-64

0-14

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

84 85 86 87 88 89 90 91 92 93 113 123 133 140

- 57 -

10

85 93

671

4-6

1 3 954

1376 90 1349 1233

85 954 4-7

4-6

85 95,478,725 8.41%

86 127,771,040 10.69%

87 137,672,838 11.23%

88 133,815,059 10.15%

88

89

207,657,979 9.29%

90 134,914,420 8.56%

91 130,736,602 8.60%

92 129,538,521 8.35%

93 123,363,728 7.65%

- 58 -

4-7

90 37,574,302 31,410,621

91 34,052,519 32,629,567

92 37,148,880 34,365,012

93 47,070,121

5 90% 4 5

61 30

2 2

30 35

4-8

4-8 710

710 61

2842295

53

4840490

710 90%

42029

70%

63931

- 59 -

385

710 7

25 37.5 342

4875 12%

266 8392 15% 333 5490

16% 355 7856

16%

2

85

162 43.97% 93 6089

85.60% 86 2553

81.91% 93 10374

94.9%83 1407

36.63%

- 60 -

74 58

17,089 85%

87.83%

80%

2 76%

1988 1 7

86 1 88 3 90 8

92 4 4

1

29.81% 4 18.37%

1 15.51% 4 32.43%

200430

88 19.06% 4 12.27%

1 27.4% 92

36.81%200447

- 61 -

10

10

- 62 -

2

2.4

full funding

partial funding

3 8%

13%

2-5

- 63 -

10

2

10

10

- 64 -

10

10

- 65 -

91

95 12%

2 3

3

2

12%

15%

65%

- 66 -

1 3

5 10

93

25

60 30 55

10

25 50

- 67 -

25

1 4%

91 67

4 5

- 68 -

3

20037

- 69 -

10

2

- 70 -

2002

2005

2004

1979 67 99

1992 86 31

2003

2004

2004

2005 475

2004 93 140

2004

2001

2003

2003

2

2001

56

2000

1

- 71 -

2004

1996

1988

2003

2003

18%

2004

http://www.ly.gov.tw/index.jsp

http://210.69.188.227/analysis/taiwan-eco/

http://mocs.gov.tw

Your Pension PlanTreasury Board of Canada Secretariat

http;//www.tbs-sct.gc.ca

http://en.wikipedia.org/wiki/Social_Security_%28United_S

tates%29#Retirement_benefits

http://www.opm.gov/fers_election/fersh/h_fers3.htm