Assessing Chile's Pension System: Challenges and Reform Options

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Author :
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.

Pensions at a Glance 2019 OECD and G20 Indicators

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Author :
Publisher : OECD Publishing
ISBN 13 : 9264876103
Total Pages : 224 pages
Book Rating : 4.2/5 (648 download)

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Book Synopsis Pensions at a Glance 2019 OECD and G20 Indicators by : OECD

Download or read book Pensions at a Glance 2019 OECD and G20 Indicators written by OECD and published by OECD Publishing. This book was released on 2019-11-27 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2019 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the last two years. Moreover, two special chapters focus on non-standard work and pensions in OECD countries, take stock of different approaches to organising pensions for non-standard workers in the OECD, discuss why non-standard work raises pension issues and suggest how pension settings could be improved.

Reforming the Greek Pension System

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1513588842
Total Pages : 26 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Reforming the Greek Pension System by : Mr. Alvar Kangur

Download or read book Reforming the Greek Pension System written by Mr. Alvar Kangur and published by International Monetary Fund. This book was released on 2021-07-16 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Greek pension system has been costly, complex, and distortive, which has contributed to Greece’s fiscal problems and discouraged labor force participation. Several attempts to reform the system faltered due to lack of implementation, pushback by vested interests, and court rulings leading to reversals. A series of reforms introduced throughout 2015–17 unified benefit and contribution rules, removed several distortions and reduced fragmentation and costs. If fully implemented throughout the long-term, these reforms can go a long way towards enhancing the pension system affordability. However, reforms faced setbacks and fell short of creating stronger incentives to build long contribution histories, to deliver sustainable growth by improving the fiscal policy mix, and to ensure fairness and equitable burden sharing across generations and interest groups. Policy priorities should aim towards fully implementing the 2015–17 reforms and complementing them with additional reforms to address these remaining objectives.

OECD Reviews of Pension Systems: Portugal

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Author :
Publisher : OECD Publishing
ISBN 13 : 9264313737
Total Pages : 166 pages
Book Rating : 4.2/5 (643 download)

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Book Synopsis OECD Reviews of Pension Systems: Portugal by : OECD

Download or read book OECD Reviews of Pension Systems: Portugal written by OECD and published by OECD Publishing. This book was released on 2019-03-20 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: This review builds on the OECD’s best practices in pension design and provides policy recommendations on how to improve the Portuguese pension system, detailing the Portuguese pension system and its strengths and weaknesses based on cross-country comparisons. The Portuguese pension system ...

Pensions at a Glance 2021 OECD and G20 Indicators

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Author :
Publisher : OECD Publishing
ISBN 13 : 9264641335
Total Pages : 224 pages
Book Rating : 4.2/5 (646 download)

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Book Synopsis Pensions at a Glance 2021 OECD and G20 Indicators by : OECD

Download or read book Pensions at a Glance 2021 OECD and G20 Indicators written by OECD and published by OECD Publishing. This book was released on 2021-12-08 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2021 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the past two years. Moreover, the special chapter focuses on automatic adjustment mechanisms in pensions systems in OECD countries, discusses the usefulness and limitations of these policy instruments, and suggests ways to improve them in order to enhance the capacity of pension systems to fulfil their objectives.

Costa Rican Pension System

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Author :
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4./5 ( download)

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Book Synopsis Costa Rican Pension System by : Asl? Demirgüç-Kunt

Download or read book Costa Rican Pension System written by Asl? Demirgüç-Kunt and published by World Bank Publications. This book was released on 1995 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Social Security Pensions

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Author :
Publisher : International Labor Office
ISBN 13 :
Total Pages : 808 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Social Security Pensions by : C. Gillion

Download or read book Social Security Pensions written by C. Gillion and published by International Labor Office. This book was released on 2000 with total page 808 pages. Available in PDF, EPUB and Kindle. Book excerpt: By providing a balanced assessment and factual review of the praticalities and structure behind various pension schemes around the world, this book assists decision-makers in forming effective, viable pension policy.

State and Local Pensions

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Author :
Publisher : Rowman & Littlefield
ISBN 13 : 0815724136
Total Pages : 266 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis State and Local Pensions by : Alicia H. Munnell

Download or read book State and Local Pensions written by Alicia H. Munnell and published by Rowman & Littlefield. This book was released on 2012-08-27 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the financial crisis and Great Recession, the health of state and local pension plans has emerged as a front burner policy issue. Elected officials, academic experts, and the media alike have pointed to funding shortfalls with alarm, expressing concern that pension promises are unsustainable or will squeeze out other pressing government priorities. A few local governments have even filed for bankruptcy, with pensions cited as a major cause. Alicia H. Munnell draws on both her practical experience and her research to provide a broad perspective on the challenge of state and local pensions. She shows that the story is big and complicated and cannot be viewed through a narrow prism such as accounting methods or the role of unions. By examining the diversity of the public plan universe, Munnell debunks the notion that all plans are in trouble. In fact, she finds that while a few plans are basket cases, many are functioning reasonably well. Munnell's analysis concludes that the plans in serious trouble need a major overhaul. But even the relatively healthy plans face three challenges ahead: an excessive concentration of plan assets in equities; the risk that steep benefit cuts for new hires will harm workforce quality; and the constraints plans face in adjusting future benefits for current employees. Here, Munnell proposes solutions that preserve the main strengths of state and local pensions while promoting needed reforms.

Lessons from Pension Reform in the Americas

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Author :
Publisher : Oxford University Press, USA
ISBN 13 : 0199226806
Total Pages : 446 pages
Book Rating : 4.1/5 (992 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 Oxford University Press, USA. This book was released on 2008 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an analysis of pension reform in all the major countries in the Americas, including successes and failures.

Better Pensions, Better Jobs

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Author :
Publisher : Inter-American Development Bank
ISBN 13 : 1597821780
Total Pages : 248 pages
Book Rating : 4.5/5 (978 download)

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Book Synopsis Better Pensions, Better Jobs by : Mariano Bosch

Download or read book Better Pensions, Better Jobs written by Mariano Bosch and published by Inter-American Development Bank. This book was released on 2013-10-16 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Latin America and Caribbean (LAC) region has reduced its inequality and poverty, and is looking towards the future with greater optimism than in the past. As the region grows, new problems appear that economic policymakers must address. How to provide adequate pensions for the elderly is one such problem. This book offers an analysis of pension systems from the perspective of the functioning of the regions labor markets. It clarifies why, more than half a century after pension systems were created, only a minority of workers in the region save for their pension in the contributory systems through payroll taxes. The study points out that the problem lies not only in the lack of coverage, but also in the low level of benefits, even of contributory pensions. It argues that to design public policies for pensions, it is essential to understand the complex web of interactions between employers and workers that take place in the labor market.

Pensions in the Middle East and North Africa

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Author :
Publisher : World Bank Publications
ISBN 13 : 0821361856
Total Pages : 286 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Pensions in the Middle East and North Africa by : Edward Whitehouse

Download or read book Pensions in the Middle East and North Africa written by Edward Whitehouse and published by World Bank Publications. This book was released on 2005-01-01 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first comprehensive assessment of pension systems in the Middle East and North Africa. While other regions—Central Asia, Eastern Europe, and Latin America, in particular—have been actively introducing reforms to their pension systems, Middle East and North African countries have lagged behind. This is explained, in part, by the common belief that, because demographics remain favorable—the countries are young and the labor force is expanding rapidly—financial problems are far in the future; as a result, pension reform does not have to be a priority in the broader policy agenda.However, the authors show that aging is not the only factor behind a financial crisis; the problem is the generosity of the current schemes. Moreover, badly designed benefit formulas and eligibility conditions introduce unnecessary economic distortions and make the systems vulnerable to adverse distributional transfers. The book does not present a general model that could solve the problems of all pension systems in Middle East and North Africa countries. Instead the authors focus on outlining a framework for guiding discussions on pension reform and making objective policy choices.This assessment will be useful for policy makers and government officials involved in pension reform in the Middle East and North Africa region.

Old-age Income Support in the 21st Century

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Author :
Publisher : World Bank Publications
ISBN 13 : 082136040X
Total Pages : 246 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Old-age Income Support in the 21st Century by : Robert Holzmann

Download or read book Old-age Income Support in the 21st Century written by Robert Holzmann and published by World Bank Publications. This book was released on 2005-01-01 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past decade has brought an increasing recognition to the importance of pension systems to the economic stability of nations and the security of their aging populations. This report attempts to explain current policy thinking and update the World Bank's perspective on pension reform. This book incorporates lessons learned from recent Bank experiences and research that have significantly increased knowledge and insight regarding how best to proceed in the future. The book has a comprehensive introduction and two main parts. Part I presents the conceptual underpinnings for the Bank's thinking on pension systems and reforms, including structure of Bank lending in this area. Part II highlights key design and implementation issues where it signals areas of confidence and areas for further research and experience, and includes a section on regional reform experiences, including Latin American and Europe and Central Asia.

Costa Rica, a Pension Reform Strategy

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Author :
Publisher : World Bank Publications
ISBN 13 : 9780821346549
Total Pages : 88 pages
Book Rating : 4.3/5 (465 download)

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Book Synopsis Costa Rica, a Pension Reform Strategy by :

Download or read book Costa Rica, a Pension Reform Strategy written by and published by World Bank Publications. This book was released on 2000-01-01 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Early retirement and lax eligibility for disability are bad for the economy because they reduce labor productivity and the supply of experienced workers, and they are bad for the system because they impose a heavy financial burden that makes it nonsustainable." Costa Rica is at a turning point with respect to its social security system. While half the work force is covered and beneficiaries have fared well in the past, the pay-as-you-go (PAYG) pension system is unsustainable for the future. This publication describes the present pension system, its shortcomings, and defends the need for urgent reform. It also makes recommendations on how to reform the system, what should be changed first, and exactly what areas of the pension system should be modified.

Foreign Labor Trends Costa Rica

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Author :
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.3/5 (129 download)

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Book Synopsis Foreign Labor Trends Costa Rica by :

Download or read book Foreign Labor Trends Costa Rica written by and published by . This book was released on 1992 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Governance and Investment of Public Pension Assets

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Author :
Publisher : World Bank Publications
ISBN 13 : 0821384708
Total Pages : 364 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Governance and Investment of Public Pension Assets by : Sudhir Rajkumar

Download or read book Governance and Investment of Public Pension Assets written by Sudhir Rajkumar and published by World Bank Publications. This book was released on 2011 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: And key messages -- Key principles of governance and investment management -- Governance of public pension assets -- Governance structures and accountabilities -- Qualification, selection, and operation of governing bodies -- Operational policies and procedures -- Managing fiscal pressures in defined-benefit schemes -- Policy responses to turbulent financial markets -- Investment of public pension assets -- Defining the investment policy framework for public pension funds -- Managing risk for different cohorts in defined-contribution schemes -- An asset-liability approach to strategic asset allocation for pension funds -- In-house investment versus outsourcing to external investment managers -- International investments and managing the resulting currency risk -- Alternative asset classes and new investment themes.

From Right to Reality

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Author :
Publisher : World Bank Publications
ISBN 13 : 0821389068
Total Pages : 455 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis From Right to Reality by : Helena Ribe

Download or read book From Right to Reality written by Helena Ribe and published by World Bank Publications. This book was released on 2012-03-13 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study highlights the interaction between social protection (SP) programs and labor markets in the Latin America region. It presents new evidence on the limited coverage of existing programs and emphasizes the challenges caused by high informality for achieving universal social protection for old age income, health, unemployment risks and anti-poverty safety nets. It identifies interaction effects between SP programs and the behavioral responses of workers, firms and social protection providers, which can further undermine efforts to expand coverage, summarizing evidence from recent work across the region. The book argues for a re-design of financing to eliminate cross subsidies between members of contributory programs and subsidies that effectively tax income from formal employment. It advocates well-targeted, tax-funded, tapered subsidies to provide incentives to the savings efforts of low-income workers, coupled with an effective safety net for the extreme poor who have no capacity to contribute to financing their own social protection arrangements. It also argues for the consolidation of programs and harmonization of benefits packages across different insurers. The book develops an overall conceptual framework and presents in-depth analysis of the main SP sectors of pensions, health, unemployment insurance and labor market programs, and safety net transfers.

Gradual Economic Reform in Latin America

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Author :
Publisher : State University of New York Press
ISBN 13 : 0791490327
Total Pages : 216 pages
Book Rating : 4.7/5 (914 download)

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Book Synopsis Gradual Economic Reform in Latin America by : Mary A. Clark

Download or read book Gradual Economic Reform in Latin America written by Mary A. Clark and published by State University of New York Press. This book was released on 2001-07-19 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gradual Economic Reform in Latin America questions why most Latin American countries have not nearly completed neoliberal economic reforms. Examining Costa Rica as an important example of the gradual, as opposed to radical, approach, Mary A. Clark utilizes over one hundred fifty interviews as well as secondary data to present ten mini-case studies of structural adjustment in the 1980s and 1990s. In analyzing the economic, social, and political outcomes of Costa Rica's experience, Clark concludes the gradual approach has yielded positive results, and compares this country's experiences with that of other Latin American welfare states.