Iceland and the Netherlands presently have the best pension systems in the world, according to the Mercer CFA Institute Global Pension Index 2021. In the meantime, Indonesia ranked 35th. This study compares and analyzes Iceland’s and the Netherlands’ current pension systems as the finest in the world, as well as the future threats to their pension systems, and applies the lessons learned from both nations to Indonesia, which intends to alter its public pension system. According to a comparative analysis of Iceland, the Netherlands, and Indonesia, the overall pension systems of Iceland and the Netherlands are advantageous for ensuring adequacy and sustainability of the pension system. However, Iceland and the Netherlands may suffer adequacy and sustainability issues in the long run. As a result, they should continue to evaluate their own countries’ present structures, notably in demographics. Concerning the Indonesia pension system, Indonesia policymakers should consider enforcing the social security system, since these systems have enabled Iceland and the Netherlands to have lower poverty rates. Furthermore, the Indonesian government should strengthen the existing PAYG and DB pension systems, raise the minimum pension eligibility age, contribute to the system regularly, and apply the cost-of-living adjustments to improve the adequacy and sustainability of the civil service pension system. Simultaneously, civil servants should contribute more to ensure the long-term viability of this pension system. The Indonesian government should implement such adjustments, as they would enhance budgetary sustainability in the long run.
Recently, environmental issues have increased, whereas the Earth’s natural resources have deteriorated. These problems have forced people and companies to engage in environmental economics to achieve sustainability. However, several barriers have been identified in the implementation of environmental economics. This literature review provides insights into environmental economics and the sustainable development goals (SDGs), as well as the correlation between these two subjects in general. Thus, information about potential barriers to the implementation of environmental economics and possible solutions will be presented. A total of 75 documents were analyzed, including articles, books, official reports, or paperwork from governments and/or related institutions. This study is beneficial, especially for developing countries that are just preparing for, or in the process of conducting, the initial implementation of environmental economics, as well as achieving the sustainable development goals. Interdisciplinary topics that integrate human aspects with environmental economics are limited yet crucial for future research.
Small and medium-sized enterprises are extremely important to the economy. However, businesses in this sector and their employees need help to obtain social security. Hungary, Indonesia, and Vietnam are nations in various geographical locations with obvious disparities in ethnography and pension system structure. Meanwhile, the proportion of SMEs in all three countries is comparable, accounting for a large fraction of the estimated enterprises that play important roles in the national economy. As a result, this research analyzes the pension system and the present condition of pension schemes for SMEs in Hungary, Indonesia, and Vietnam. In this paper, the researchers conducted a literature review. According to the comparison of the three nations, there are various barriers in the SME sector in accomplishing employee pension schemes: limited financial resources, employees who do not perceive immediate benefits and are not risk-averse, low awareness of current pension schemes, the expense of social contributions and increased in the minimum wage, both employers and employees negotiate to stop social insurance payments, a high job turnover rate, and employees are more likely to earn prepaid social insurance payments to assist them in making ends meet. Hungary, Indonesia, and Vietnam's governments should make participation mandatory for people working in SMEs, actively publicize the importance of pension schemes to SME employees, simplify registration and payment of pension contributions through digital channels, incentivize SMEs to participate in pension systems, and enact legislation against SMEs and their employees to encourage participation.
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