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The Role of choice in the Transition to a Funded Pension System

Autor: Banco Mundial
Año: 2005
Resumen: The transition from a wholly public, pay-as-you go pension system to one where pensions are also provided by individual, privately managed pension accounts does not directly affect those receiving pensions at the time of the reform. Nevertheless, it could affect all current and future workers. A critical policy choice is whether these workers should be allowed, encouraged or forced to divert their pension contributions to the new private element. The note continues with an in depth analysis of the spectrum of switching strategies; and further, describes the objectives of a successful reform. First, the new scheme should aim to provide a reasonable level of retirement income. Secondly, the benefit level must be consistent with long-run fiscal policy. The diversion of payroll taxes from financing current pay-as-you-go pensions into the funded scheme will increase deficits at first, so short-term fiscal constraints are also important. Thirdly, pension reform has microeconomic objectives: improve the workings of capital and labor markets. Finally, the reform must be politically palatable. Some of the note conclusions are : older workers are best excluded from reforms, because there is little time to build substantial funds in the new private scheme; a mandatory cut-off age is arbitrary and leads to political or legal challenges; and Governments can and should manage the switching process, by altering incentives and ensuring people make informed choices.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Informes
Idioma:

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Social Security Coverage and the Labor Market in Developing Countries

Autor: Auerbach, Paula; Genoni, María Eugenia; Pagés, Carmen
Año: 2005
Resumen: This paper analyzes the reasons behind the low rates of contribution to social security programs in developing countries. Using a large set of harmonized household surveys from Latin America we compare contribution patterns among wage employees, for whom participation is compulsory, with contribution patterns among self-employed workers, for whom participation is often voluntary. In all countries, contribution rates among salaried workers are similarly correlated with education, earnings, size of the employer, household characteristics and age. In addition, contribution patterns among salaried workers are highly correlated with contribution patterns among the self-employed. Our results indicate that on average more than 30 percent of the explained within-country variance in contributions patterns may be accounted for by individuals low willingness to participate in old-age pension programs. Nonetheless, we also find evidence suggesting that some workers are rationed out of social security against their will.

Fuente: Banco Interamericano de Desarrollo (BID)
Clasificación: Mercado Laboral
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Desafíos Actuariales de la creación y sostenibilidad del Régimen de Capitalización Colectiva en la Junta de Pensiones y Jubilaciones del Magisterio Nacional (JUPEMA)

Autor: Tuk Mena, Juan Rafael
Año: 2005
Resumen: La tesis pretende demostrar las razones que justifican la sostenibilidad de la creación del Régimen de Capitalización Colectiva (RCC) como una alternativa positiva para los beneficiarios, en el sentido de que cuando se decidió cerrar el régimen vigente, en el año 1992 por medio de la Ley 7302 Ley Marco de Pensiones, permitiera que los docentes continuaran con su propio régimen de pensiones, con la condición de que el nuevo régimen garantizara las prestaciones de los administrados, bajo el alero de los principios informadores de la seguridad social y que a la vez el régimen fuera actuarialmente estable, la cual se espera lograr, que a través de los próximos 45 años desaparecer el déficit y así, cuando se utilicen las reservas, se pueda cubrir la población jubilada y pensionada. En la actualidad el régimen se sostiene por las reservas producto de los títulos de inversión que se encuentran principalmente en el portafolio correspondiente a títulos de Ministerio de Hacienda, BCCR y del sector bancario público.

Fuente: Centro Interamericano de Estudios de Seguridad Social (CIESS)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Second Pillars : Provider and Product Selection for Funded Individual Accounts

Autor: Banco Mundial
Año: 2005
Resumen: There are many ways to structure mandatory private pension funds that rely on individual accounts. As in any market there are products and firms that provide them. Both are typically circumscribed by the government for public policy reasons. Relevant legislation will specify the agent responsible for making key choices as to who manages the money and where it is invested. As discussed below, the focus of decision-making in funded schemes varies widely with potentially important implications for the performance of the scheme. In the context of mandated private pensions, this note looks at what investment and withdrawal products can be offered, who can offer them, and who chooses from among the alternatives available in this market.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Informes
Idioma:

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Ageing and Poverty in Africa and the Role of Social Pensions

Autor: Kakwani, Nanak; Subbarao, Kalanidhi
Año: 2005
Resumen: In many low income African countries, three factors are placing an undue burden on the elderly. First, the burden on the elderly has enormously increased with the increase in mortality of prime age adults due to HIV AIDS pandemic and regional conflicts. Second, the traditional safety net of the extended family has become ineffective and unreliable for the elderly. Third, in a few countries, the elderly are called upon to shoulder the responsibility of the family as they became the principal breadwinners and caregivers for young children. While a number of studies have examined the welfare consequences of these developments on children, few studies have systematically analyzed the poverty situation among the elderly (relative to other groups) in low income countries Africa, and the role of social pensions. This study aims to fill this gap. Drawing on household survey information, the study profiles the elderly for 15 African countries which include both East and West African countries, and countries with a high and low prevalence of HIV-AIDS pandemic. The findings show much heterogeneity across countries with respect to the proportion of the elderly population, the living arrangements and the composition of households, and household headship. The variations in household types and living arrangements presumably reflect the variations in, and changing character of, the traditional family support system and household coping strategies in the wake of covariate shocks and the HIV-AIDS pandemic. However, the proportion of the single elderly is still very small in most countries. A household type "elderly and children" or what is known as "skipped generation household" has emerged as an important structure in some countries. In addition, "households headed by the elderly" has also emerged as a significant household type in several countries. The analysis shows that the poverty situation, and especially the poverty gap ratio, for the household types the elderly only, the elderly with children and the elderly-headed households is much higher than the average in several countries and the differences are statistically significant.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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