Social Security Reforms in Chile

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Publisher :
ISBN 13 :
Total Pages : 84 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Social Security Reforms in Chile by : Peter A. Diamond

Download or read book Social Security Reforms in Chile written by Peter A. Diamond and published by . This book was released on 1993 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Social Security

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Publisher :
ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Social Security by :

Download or read book Social Security written by and published by . This book was released on 2007 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past few years, there has been intense debate about Social Security reform in the United States. A number of options, ranging from changing the benefit formula to adding individual accounts, has been discussed. The policy debate takes place against the backdrop of an aging population, rising longevity, and relatively low fertility rates, which pose long-range financial challenges to the Social Security system. According to the 2007 Social Security Trustees Report's intermediate assumptions, the Social Security trust funds are projected to experience cash-flow deficits in 2017 and to become exhausted in 2041. As policymakers consider how to address Social Security's financing challenges, efforts of Social Security reform across the world have gained attention. One of the most oft-cited international cases of reform is Chile. Chile initiated sweeping retirement reforms in 1981 that replaced a state-run, pay-as-you-go defined benefit retirement system with a private, mandatory system of individual retirement accounts where benefits are dependent on the account balance. As a pioneer of individual retirement accounts, Chile has become a case study of pension reform around the world. Although Chile's experience is not directly comparable to the situation in the United States because of large differences between the countries, knowledge of the case may be useful for American policymakers. This CRS report focuses on the Chilean individual retirement accounts system. It begins with a description of the U.S. Social Security policy debate, along with a brief comparison of Chile and the United States. Next, the report explains what Chile's individual retirement accounts system is and how it works. The pension reform bill sent to the Chilean Congress for debate in 2007 is also discussed. The report does not address other components of Chile's social security system, such as maternity, work injury, and unemployment. The final section provides an assessment of Chile's now 26-year-old individual retirement accounts system. Pension reforms have contributed to the rapid growth in the Chilean economy over the past two decades and returns on pension fund investments have been greater than expected. Administrative costs, however, have been high and participation rates have been modest at best. There is concern that the system does not cover the entire labor force and provides inadequate benefits to low income workers.

Social Security Reform in Chile

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Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Social Security Reform in Chile by : Mario Marcel

Download or read book Social Security Reform in Chile written by Mario Marcel and published by . This book was released on 1992 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Assessing Chile's Pension System: Challenges and Reform Options

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Publisher : International Monetary Fund
ISBN 13 : 151359611X
Total Pages : 52 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Assessing Chile's Pension System: Challenges and Reform Options by : Samuel Pienknagura

Download or read book Assessing Chile's Pension System: Challenges and Reform Options written by Samuel Pienknagura and published by International Monetary Fund. This book was released on 2021-09-10 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.

Vital Connections

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Publisher :
ISBN 13 :
Total Pages : 328 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Vital Connections by : Silvia Borzutzky

Download or read book Vital Connections written by Silvia Borzutzky and published by . This book was released on 2002 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Borzutzky offers a counter-argument to privatisation and to traditional interpretations of Chilean politics. She analyses the intimate connections between politics, policies, and the distributation of socioeconomic resources in Chile.

Social Security Reform

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Publisher : World Scientific
ISBN 13 : 9789810241049
Total Pages : 512 pages
Book Rating : 4.2/5 (41 download)

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Book Synopsis Social Security Reform by : Jason Z. Yin

Download or read book Social Security Reform written by Jason Z. Yin and published by World Scientific. This book was released on 2000 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first-ever book to provide a comprehensive analysis of Chinese social security reforms with a variety of views. It addresses issues such as what kind of social security system China should establish, how this system should be managed and financed, and how the transition from the old system to the new system can best be accomplished. The authors of the papers in this book include internationally renowned Chinese and Western social security experts (such as Martin Feldstein and Henry Aaron), Chinese policy makers, and scholars who have worked on Chinese social security for years.

Gender Effects of Social Security Reform in Chile

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Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (16 download)

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Book Synopsis Gender Effects of Social Security Reform in Chile by : Alejandra Cox Edwards

Download or read book Gender Effects of Social Security Reform in Chile written by Alejandra Cox Edwards and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Privatization of Social Security

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Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Privatization of Social Security by : Peter A. Diamond

Download or read book Privatization of Social Security written by Peter A. Diamond and published by . This book was released on 1993 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Chile, all covered workers must place 10% of monthly earnings in a savings account with a highly regulated intermediary that manages a single fund and provides survivors and disability insurance. Workers pay a commission charge, in addition to the mandatory 10%, to finance this insurance and to cover the costs and profits of the intermediaries. On becoming eligible to receive benefits, a worker can choose between a sequence of phased withdrawals and a real annuity. In addition, there is a sizable guaranteed minimum pension. Unlike the purchased annuities, the minimum pension is not indexed, but adjusted by the government from time to time. The Chilean reform gets high marks for defending the system from political risk and for its effects on capital accumulation and on the functioning of the capital market. The Chilean reform gets low marks for the provision of insurance and for administrative cost. Perhaps the most surprising aspect of the Chilean reform is the high cost of running a privatized social security system, higher than the 'inefficient' system that it replaced. Valdes-Prieto has estimated that the average administrative charge per effective affiliate while active is U.S. $89.10 per year (for 1991) which is 2.94% of average taxable earnings. This is close to 30% of the 10% mandatory savings rate. The cost per person is not far from costs observed in other privately-managed pension systems, such as defined- benefit private pensions in the U.S. However, it compares unfavorably with administrative costs in well-run unified government managed systems. The issue here is the administrative efficiency of reliance.

Privatizing Social Security

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Publisher : University of Chicago Press
ISBN 13 : 0226241823
Total Pages : 484 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis Privatizing Social Security by : Martin Feldstein

Download or read book Privatizing Social Security written by Martin Feldstein and published by University of Chicago Press. This book was released on 2008-04-15 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts. "Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal "[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest

Keeping the Promise of Social Security in Latin America

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Publisher : World Bank Publications
ISBN 13 : 0821383752
Total Pages : 368 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Keeping the Promise of Social Security in Latin America by : Indermit S. Gill

Download or read book Keeping the Promise of Social Security in Latin America written by Indermit S. Gill and published by World Bank Publications. This book was released on 2004-10-25 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical analysis of two decades of pioneering pension and social security reform in Latin America and the Caribbean shows that much has been achieved, but that critical challenges remain. In tackling this unfinished agenda, a great deal can be learned from the reform experience of countries in the region. 'Keeping the Promise,' produced by the chief economist's office for the Latin America and Caribbean region at the World Bank, evaluates policy reforms in 12 countries, points to successes and shortcomings, and proposes priorities and options for future reform.

Learning from Social Security Reforms

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Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.:/5 (531 download)

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Book Synopsis Learning from Social Security Reforms by : Alberto Arenas De Mesa

Download or read book Learning from Social Security Reforms written by Alberto Arenas De Mesa and published by . This book was released on 1997 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Reassembling Social Security

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Publisher : Oxford University Press
ISBN 13 : 0199233772
Total Pages : 480 pages
Book Rating : 4.1/5 (992 download)

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Book Synopsis Reassembling Social Security by : Carmelo Mesa-Lago

Download or read book Reassembling Social Security written by Carmelo Mesa-Lago and published by Oxford University Press. This book was released on 2008-01-31 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: The reform of social security pensions and healthcare is a key issue for the modern world, and in many ways Latin America has acted as a social laboratory for the reform of these systems. This is the first book to comprehensively study these influential reforms in Latin America's pension and health care systems.

Social Security

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Publisher : Nova Publishers
ISBN 13 : 9781604562439
Total Pages : 172 pages
Book Rating : 4.5/5 (624 download)

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Book Synopsis Social Security by : Paul O. Deaven

Download or read book Social Security written by Paul O. Deaven and published by Nova Publishers. This book was released on 2008 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Security, in the United States, currently refers to the Federal Old-Age, Survivors, and Disability Insurance (OASDI) program. The original Social Security Act[1] and the current version of the Act, as amended encompass several social welfare or social insurance programs. The larger and better known initiatives of the program are: Federal Old-Age, Survivors, and Disability Insurance; Unemployment Insurance; Temporary Assistance to Needy Families; Health Insurance for Aged and Disabled (Medicare); Grants to States for Medical Assistance Programs (Medicaid); State Children's Health Insurance Program (SCHIP); Supplemental Security Income (SSI). Social Security in the United States is a social insurance program funded through dedicated payroll taxes called Federal Insurance Contributions Act (FICA). The term, in everyday speech, is used only to refer to the benefits for retirement, disability, survivorship, and death, which are the four main benefits provided by traditional private-sector pension plans. By dollars paid, the U.S. Social Security program is the largest government program in the world. Largely because of solvency questions ranging from immediate crisis to large projected future shortfalls, reform of the Social Security system has been a major political issue for more than three decades. This book presents the latest issues and developments related to this program.

The Gender Impact of Social Security Reform

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Publisher : University of Chicago Press
ISBN 13 : 0226392023
Total Pages : 294 pages
Book Rating : 4.2/5 (263 download)

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Book Synopsis The Gender Impact of Social Security Reform by : Estelle James

Download or read book The Gender Impact of Social Security Reform written by Estelle James and published by University of Chicago Press. This book was released on 2008-09-15 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: As populations age and revenues diminish, government and private pension funds around the world are facing insolvency. The looming social security crisis is especially dire for women, who live longer than men but have worked less in the formal labor force. This groundbreaking study examines alternative social security systems and their disparate impacts on men and women. Emphasis is placed on the new multi-pillar systems that combine a publicly managed benefit and a mandatory private retirement saving plan. The Gender Impact of Social Security Reform compares the gendered outcomes of social security systems in Chile, Argentina, and Mexico, and presents empirical findings from Eastern and Central European transition economies as well as several OECD countries. Women’s positions have improved relative to men in countries where joint pensions have been required, widows who have worked can keep the joint pension in addition to their own benefit, the public benefit has been targeted toward low earners, and women’s retirement age has been raised to equality with that of men. The Gender Impact of Social Security Reform will force economists and policy makers to reexamine the design features that enable social security systems to achieve desirable gender outcomes.

The Power Struggles over the Post-neoliberal Social Security System Reforms in Venezuela and Ecuador

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Publisher : Springer
ISBN 13 : 3319981684
Total Pages : 293 pages
Book Rating : 4.3/5 (199 download)

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Book Synopsis The Power Struggles over the Post-neoliberal Social Security System Reforms in Venezuela and Ecuador by : Ezequiel Luis Bistoletti

Download or read book The Power Struggles over the Post-neoliberal Social Security System Reforms in Venezuela and Ecuador written by Ezequiel Luis Bistoletti and published by Springer. This book was released on 2018-08-25 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book carries out a comparative analysis of the power struggles over the post-neoliberal social security reforms in Venezuela and Ecuador. The research breaks down why the social security system reform initiated by Hugo Chávez’ government in Venezuela has come down since its passing in 2002, whereas the social security system reform initiated by Rafael Correa’s government in Ecuador has come along in spite of the obstacles since 2007. All in all, the analysis determined that the struggles over the social security system reforms in both countries remarkably corresponded to each other with regard to their structural conditions, points of contention, and contending actors. In contrast, the analysis established substantial divergences regarding the ways in which the struggles over both reforms came about, due to the divergent development of the struggles for hegemony between government and opposition. These divergences finally brought about the indefinite stagnation of the reform in Venezuela and the advancement of subsequent partial reforms aimed at the universalization of social security in Ecuador.

Lessons from Pension Reform in the Americas

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Publisher : OUP Oxford
ISBN 13 : 0191527696
Total Pages : 448 pages
Book Rating : 4.1/5 (915 download)

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Book Synopsis Lessons from Pension Reform in the Americas by : Stephen J. Kay

Download or read book Lessons from Pension Reform in the Americas written by Stephen J. Kay and published by OUP Oxford. This book was released on 2007-11-22 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: Latin American experiments with pension reform began when Chile converted its public pay-as-you-go system to a system of private individual accounts in the early 1980s. Several other Latin American countries then followed suit, inspired both by Chile's reforms and by World Bank recommendations stressing compulsory government-mandated individual saving accounts. Individual accounts were subsequently introduced in a number of countries in Europe and Asia. Many are now re-evaluating these privatisations in an effort to 'reform the reform' to make these systems more efficient and equitable. This volume is the first to assess pension reforms in this new 'post-privatization' era. After a discussion on demographic trends in the foreword by Nobel laureate Robert W. Fogel, Section 1 of the book includes chapters on the role of pension system default options, the impact of gender, and a discussion of the World Bank's policies on pension reform. The chapter on the evidence from Chile's new social protection survey points to key lessons from the world's first privatization. Section 2 offers in-depth analysis of several significant reform initiatives in the hemisphere, and includes chapters on the United States, Canada, Mexico, Costa Rica, Brazil, Peru, Uruguay and Argentina. The volume provides an unparalleled account of the lessons from pension reform in the Americas, addressing the most pressing policy issues and highlighting a broad range of country experiences.

Social Policies in Chile

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Publisher :
ISBN 13 :
Total Pages : 128 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Social Policies in Chile by : Dagmar Raczynski

Download or read book Social Policies in Chile written by Dagmar Raczynski and published by . This book was released on 1994 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: