Households and social policies both serve as vehicles of lifecycle financing through intergenerational transfers, with working-age people as net contributors and children and the elderly as beneficiaries. However, there is a marked socialization asymmetry. Working-age people pay taxes and social...

Preparations are underway to revise national accounting to implement actuarial recording of pension liabilities for corporations and government as an employer. This paper extends this to unfunded public pensions with the help of "implicit tax" in pension contributions. The clearest advantages of...