Public Sector Economy: Pension Funds And Health Insurance

Introduction. Pensions and Pension Systems. I. Pension systems in EU. Features of Pension System and their Types. I. Main Risks. Health Protection Insurance. II. Health inequality in Europe. III. Healthcare Models in EU. IV. Healthcare System Models in the World. Conclusion.

For the health protection insurance part, I will also concentrate mainly on the European countries. In this part, I will explain what kind of rules, methods or systems does a health protection in European Union has and how they differ from each other. Later on, I will also analyze the government spending on the health sector of different countries. At the end, I will represent the forecast of the healthcare in European Union.

The graph above shows the European Union‘s population structure by age and gender. As it was previously mentioned, EU suffers from ageing population. The biggest population group consists of people from 45 to 49, for both, female and male. However, the younger population group, from 20 to 24, is low. This data from the graph helps to understand how many working age people does EU has and how many people in the EU already get pensions and do not belong to a working population group.

Table 2: Life Expectancy and Retirement Age by the country

The table above shows the life expectancy and retirement rate for different countries. The lowest life expectancy is in Russia and because of this reason, this country has the lowest retirment age. However, Turkey and Lithuania have the same life expectancy rates, but different retirement age.

The table above shows the tax rates in the EU from the year of 2014 to the year of 2017. As we can see from the table, the tax rates were quite stable during the last four years and the changes in the tax rates were not very different. However, the tax that changed the most during the last four years was the Corporate tax rate. During the last four year, the corporate tax rate decreased by 1 %. Other taxes, did not have a significant or drastic change.

The table above shows the total pension expenditure in million Euro. In this table we can see how much each country invests into pensions during the last 3 years. Lithuania had the smallest pension expenditure, while UK had the highest. However, this table also depends on the population of the country. It is natural that UK has higher expenditures because they have bigger population than Lithuania.

In the table above, we can see government spending from the total percentage of GDP. In this table, I decided to compare different countries‘ government spending together with the total EU government spending percentage. As we can see, Sweden and UK have the highest government spendings.