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Pyrex Journal of Economics and International Finance (PJEIF)

June 2016 Vol. 1(1), pp. 1-13

Copyright © 2016 Pyrex Journals




Full Length Research Paper


Comparison of Canadian and Bangladeshi Pension Systems and Implications on Economic Policy


Jaan Islam

Department of Political Science, Dalhousie University, Halifax, NS, Canada, B3H 4R2.

Corresponding Author E-mail: Jaan.Islam@dal.ca

Accepted 19th May, 2016



Abstract


Purpose: The purpose of this paper is to propose the most economically efficient policy to countering the pension crisis in Bangladesh and other “least developed” countries with unique socio-cultural background. Design: A background of costs and benefits of Canada, a representative of a well-off OECD country’s pension system is reviewed and its policies applied to the context of Bangladesh, to determine potential socio-economic outcomes. Findings: The analysis shows that it is not in the social or economic interest of Bangladesh or similar countries to use the same policies currently being deployed by Canada and most other OECD countries. Research implications: This type of analysis opens up the prospect of cultural considerations when looking at the viability of a pension policy; it is not always logical to use policies being used in countries of other cultural backgrounds. Originality/value: This paper is the first of its kind to apply socioeconomic costs and benefits of developed countries ‘policies and apply them to the context of a developing country keeping in mind the cultural aspect and its implications. It aims at bringing back original ethical and moral values and a social orientation that should inspire all stakeholders in the sector and offer to ensure self-regulation initiatives and rules that converge toward a solid foundation of principles. These rules will help both western and eastern countries to build on their inherent strength and fundamental human qualities.

Keywords: Pension crisis, least developed countries (LDCs), Sustainable development, Cultural economics, pension systems.

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