Annuity Disparities of the Farmland Pension and Policy Instruments for Rural Farmer’s Financial Security
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Objectives: This study examined the effects of the farmland pension on financial security of the elderly rural farmers and conducted an investigation of the determinants of the replacement rates. Method: The actuarial model was employed to estimate the annuities of the farmland pension and consumption expenditure replacement rates. The conditional logit model was adopted to investigate the disparities of replacement rates among groups. The analysis was conducted based on the data of “The 2013 Survey of Farm and Fishery Household” by KOSTAT. The sample farm households which were involved in the Survey were assumed to subscribe the farmland pension. Findings: Based on the actuarial model it was suggested that the annuities of farmland pension might cover approximately 50% of the household consumption expenditures in average. However, it was shown that the annuities were a highly right skewed distribution, implying substantial disparities of replacement rates among groups. It demonstrated that although the farmland pension might increase financial security of rich rural farmers, the contributions were not sufficient for a majority of rural farmers to induce their retirement from farming. Using the conditional logit model, it was proposed that the variables involving age of household head, number of household member,household income, transfer income, farmland and asset prices were the determinants that may influence on the possibility to be involved in different brackets of the consumption replacement rates. The analysis seems to make a unique and significant contribution to the understanding of the effects of the farmland pensions on financial security and to derive policy implications to improve the instruments. Application: This paper suggested some useful policy implications to address imminent issues of the farmland pension system for the farm households with low consumption replacement rates.
Abstract
Objectives: This study examined the effects of the farmland pension on financial security of the elderly rural farmers and conducted an investigation of the determinants of the replacement rates. Method: The actuarial model was employed to estimate the annuities of the farmland pension and consumption expenditure replacement rates. The conditional logit model was adopted to investigate the disparities of replacement rates among groups. The analysis was conducted based on the data of “The 2013 Survey of Farm and Fishery Household” by KOSTAT. The sample farm households which were involved in the Survey were assumed to subscribe the farmland pension. Findings: Based on the actuarial model it was suggested that the annuities of farmland pension might cover approximately 50% of the household consumption expenditures in average. However, it was shown that the annuities were a highly right skewed distribution, implying substantial disparities of replacement rates among groups. It demonstrated that although the farmland pension might increase financial security of rich rural farmers, the contributions were not sufficient for a majority of rural farmers to induce their retirement from farming. Using the conditional logit model, it was proposed that the variables involving age of household head, number of household member,household income, transfer income, farmland and asset prices were the determinants that may influence on the possibility to be involved in different brackets of the consumption replacement rates. The analysis seems to make a unique and significant contribution to the understanding of the effects of the farmland pensions on financial security and to derive policy implications to improve the instruments. Application: This paper suggested some useful policy implications to address imminent issues of the farmland pension system for the farm households with low consumption replacement rates.
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