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Costa Rican Pension System
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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:
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.
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 ...
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.
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.
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.
Book Synopsis Pensions at a Glance Asia/Pacific by : OECD
Download or read book Pensions at a Glance Asia/Pacific written by OECD and published by OECD Publishing. This book was released on 2009-01-08 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: The report analyses the retirement income systems of 18 Asian countries, including Australia, China, India, Indonesia, Pakistan, the Philippines and Vietnam. It says that reform is needed because: coverage of formal pension systems is relatively ...
Book Synopsis Costa Rican Pension System Options for Reform by : Asli Demirgüç-Kunt
Download or read book Costa Rican Pension System Options for Reform written by Asli Demirgüç-Kunt and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: June 1995 Costa Rica's demographic structure is becoming increasingly unfavorable, and its pension system is maturing, so reform of the social security system should be implemented without delay. One option for comprehensive reform is to move toward a multipillar system, with a basic pay-as-you-go public pillar complemented by a defined-contribution savings pillar and additional voluntary savings schemes. The Costa Rican Social Insurance Fund--the country's main social security institution--was established in 1941 to provide compulsory social insurance coverage for employees, through old-age, disability, and survivor pensions, as well as sickness and maternity benefits. The current status of the pension system is alarming, and reform is urgently needed. Among other things: * The system is costly to the government. * It promises generous benefits that are difficult to sustain. * Contribution rates are low. * The link between contributions and benefits is weak. * Inflation indexing is inadequate and ad hoc. * Although there is no explicit early retirement system, individuals have found a substitute for early retirement in disability pensions. * Health benefits to pensioners are paid out of pension contributions. * The system's reserves have not been well invested. Reform of the system should be immediate. At a minimum, reform should include: * Reduced benefits. * Higher contribution rates. * A higher retirement age. * A stronger link between contributions and benefits. * The unbundling of health and pension accounts. This paper--a product of the Finance and Private Sector Development Division, Policy Research Department--is part of a larger effort in the department to study old age security.
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 SUNY Press. This book was released on 2001-07-19 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: In-depth case study of Costa Rican economic reform efforts.
Book Synopsis Pension Reform and the Development of Pension Systems by : Emily S. Andrews
Download or read book Pension Reform and the Development of Pension Systems written by Emily S. Andrews and published by World Bank Publications. This book was released on 2006 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Formal pension systems are an important means of reducing poverty among the aged. In recent years, however, pension reform has become a pressing matter, as demographic aging, poor administration, early retirement, and unaffordable benefits have strained pension balances and overall public finances. Pension systems have become a source of macroeconomic instability, a constraint to economic growth, and an ineffective and/or inequitable provider of retirement income."
Author :International Monetary Fund. Western Hemisphere Dept. Publisher :International Monetary Fund ISBN 13 :148430456X Total Pages :91 pages Book Rating :4.4/5 (843 download)
Book Synopsis Costa Rica by : International Monetary Fund. Western Hemisphere Dept.
Download or read book Costa Rica written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2017-06-27 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper describes Costa Rica’s vulnerability to potential policy changes in the United States after the November 2016 presidential election and its effects on Central America. In the near term, the most likely US policy shift is a change in the macroeconomic policy mix, involving an expansionary fiscal policy—implemented initially through tax cuts—and a tighter than previously expected monetary policy stance. The results suggest that Costa Rica could be more affected through the foreign direct investment and trade channels, unlike the rest of Central America, where remittances and immigration play a key role.
Book Synopsis Costa Rica by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Costa Rica written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2024-05-17 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the request of the Ministry of Finance, a mission from the International Monetary Fund visited San Jose. The purpose of the mission was to assess the proposal to a universal basic pension and to estimate its fiscal and welfare impact on the budget, on pension schemes, and on old age income poverty. Costa Rica is entering a demographic transition which will see the old age dependency ratios significantly worsen in the coming 20 years. The long-term financial sustainability of the general social security pension scheme (IVM) is a concern, despite various reforms introduced over the past three decades and the scheme’s reserves are expected to be exhausted by the mid-2030s. The government’s proposal intends to address financial sustainability, the adequacy of coverage and of benefit levels, as well as distributional equity through the introduction of a universal basic pension. The IMF team’s assessment is that the proposal is unlikely to fully meet its stated objectives. The proposal will worsen social security pension scheme’s financial sustainability and create additional financing needs. This will translate into an accelerated exhaustion of IVM reserves and, after the reserves are depleted, require significant adjustments to IVM parameters or higher government transfers. Old age income security may be more effectively addressed, with less pronounced fiscal side-effects, through improving coverage and compliance in IVM and expanding the reach of the social pension scheme. The primary instruments of achieving these goals are: (a) amending the rules undermining compliance with registration and wage reporting regulations in the contributory schemes, (b) improving coordination between tax and contribution collection agencies, (c) amending the regulations governing eligibility for noncontributory social pensions and (d) ensuring the noncontributory social pension is adequately financed.
Book Synopsis Pensions at a Glance Latin America and the Caribbean by : OECD
Download or read book Pensions at a Glance Latin America and the Caribbean written by OECD and published by OECD Publishing. This book was released on 2014-12-01 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive book on pensions in Latin America and the Caribbean examines recent demographic trends, pension design and entitlements before providing a series of country profiles. The special chapter examines coverage and adequacy.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1484347315 Total Pages :44 pages Book Rating :4.4/5 (843 download)
Book Synopsis Costa Rica by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Costa Rica written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2018-04-02 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Assistance Report discusses the findings and recommendations made by the IMF mission to assist Costa Rica in delivering sound financial sector reform in support of financial stability. It was found that despite progress, the financial stability framework in Costa Rica is not well prepared to handle a potential systemic financial crisis without seriously compromising fiscal resources. Supervision of the financial sector is becoming risk-based and intensive, but it lacks key legal powers, tools, and responsibilities for the effective oversight of institutions and markets. Serious vulnerabilities in the pension sector, the secondary markets, and financial-crisis safety nets need urgent attention.
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.
Book Synopsis OECD Reviews of Labour Market and Social Policies: Costa Rica by : OECD
Download or read book OECD Reviews of Labour Market and Social Policies: Costa Rica written by OECD and published by OECD Publishing. This book was released on 2017-10-18 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Costa Rica has recorded many social and economic achievements and currently enjoys one of the highest levels of well-being in the OECD. But progress has come to a standstill in most recent years and challenges have emerged along several social and labour market dimensions.
Book Synopsis Report on Trade Mission to Costa Rica, Chile, and Argentina by :
Download or read book Report on Trade Mission to Costa Rica, Chile, and Argentina written by and published by . This book was released on 1996 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: