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Social Security and Individual Equity - Evolving Standards of Equity and Adequacy (Hardcover, New)
Loot Price: R2,893
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Social Security and Individual Equity - Evolving Standards of Equity and Adequacy (Hardcover, New)
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The compulsory nature of social security makes it possible for
income to be distributed within and across beneficiary cohorts.
Focusing on the Federal Social Security system, encompassing OASDI
and Medicare, this volume examines the equity and adequacy criteria
that serve as standards for determining how payroll tax revenues
are to be distributed. Social Security distributes cash benefits to
retired and disabled workers in accordance with past taxable
earnings, and the book describes and evaluates the procedures for
determining each worker's earnings-related benefit base. The
benefit base serves as a standard of individual equity. Primary
worker payments are determined by applying a cohort-specific
benefit formula to the benefit base of each worker. The benefit
formula includes a rate structure with a progressive tilt,
resulting in a higher benefit-to-earnings ratio for workers with
lower prior earnings. Other features of the benefit structure
adjust benefits to allow for age at entitlement and presence of
eligible dependents or survivors. This book examines all of these
features from an individual equity perspective. The authors also
use equity considerations to provide a framework for examining the
disability determination process and the current procedure for
financing the Hospital Insurance and Supplementary Medical
Insurance components of Medicare. In conclusion, the authors
contrast the existing system with alternatives that would conform
more closely with an actuarial standard. They also conclude with a
discussion of the effects of the impending OASI trust fund surplus
on successive generations of beneficiaries.
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