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Gender Effects of Social Security Reform in Chile

Autor: Cox Edwards, Alejandra
Año: 2002
Resumen: In 1981 Chile replaced a mature government-run social security system that operated on a pay-as-you-go basis with a privately managed system based on individual retirement accounts. The new system is more fiscally sustainable because pension benefits are defined by contributions. The minimum pension guaranteed to beneficiaries with at least 20 years is funded from general taxes, preserving the tight matching between contributions and benefits. The new system also eliminates several cross-subsidies. Men and women with less than secondary education gain under the new system, but single women with more education lose. Comparison of the old and the new systems reveals a complex set of factors that cause gender effects given constant behavior or change behavior across genders.

Fuente: Banco Mundial
Clasificación: Reformas de Pensiones
Tipo de Publicación: Artículo Académico
Idioma:

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Policies to Promote Saving for Retirement: A Synthetic Overview

Autor: Vittas, Dimitri
Año: 2002
Resumen: The author argues that public and private pillars are essential for a well-functioning pension system. Public pillars, funded or unfounded, offer basic benefits that are independent of the performance of financial markets. Since financial markets suffer from prolonged, persistent, and large deviations from long-term trends, they cannot be relied on as the sole provider of pension benefits. Funded pillars provide benefits that are based on long-term capital accumulation and financial market performance. But they need to be privately managed to minimize dependence on public sector institutions and avoid government dominance of the economy and financial markets. The author focuses mainly on the promotion, structure, and regulation of funded pillars. He discusses the case for using compulsion and tax incentives, for exempting some categories of workers such as the very young (under 25), the very old (over the normal retirement age), the very poor (those earning less than 40 percent of the average wage), and the self-employed, and for offering a credit transfer to be added to individual capitalization accounts to encourage participation by lower-income groups. A robust regulatory framework with a panoply of prudential and protective rules covering "fit and proper" tests, asset diversification and market valuation rules, legal segregation of assets and safe external custody, independent financial audits and actuarial reviews, and adequate disclosure and transparency would be essential. An effective, proactive, well-funded, and properly staffed supervision agency would be necessary. Tight investment rules could initially be justified for countries with weak capital markets and limited tradition of private pension provision. But in the long run, adoption of the "prudent expert" approach with publication of "statements of investment policy objectives" (SIPOs) would be preferable and more efficient. Various guarantees covering aspects such as minimum pension levels and relative investment returns need to be provided to protect workers from aberrant asset managers and insolvency of annuity providers, but care must be taken to address effectively the risk of moral hazard. The author also argues for greater individual choice, including the creation of a dual regulatory structure. One part would involve heavy regulation with constrained choice of investment funds, limits on operating fees and on account switching, and strong government safeguards and guarantees. This would cater to those workers with low risk tolerance. The other part would be more liberal but based on strong conduct rules. It would offer greater choice of investment funds, allowing multiple accounts and liberal account switching, impose no limits on operating fees, and providing no or fewer state guarantees. This would cater to workers seeking a higher return and who are willing to tolerate a higher level of risk.

Fuente: Banco Mundial
Clasificación: Ahorro Previsional
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Social Protection Situational Analysis : Montenegro

Autor: Banco Mundial
Año: 2002
Resumen: A period of economic growth over the past decade led to a reduction in poverty and improvements in labor market outcomes in Montenegro. Substantial challenges remain, which have been aggravated by the COVID-19 pandemic, drawing attention to the role that social protection plays in reducing poverty and promoting human capital. This note presents a situational analysis of the social protection system in Montenegro. It assesses the extent to which the social protection system in Montenegro fulfils its purpose and proposes areas for reform in the short, medium, and long term. To this end, this note seeks to assess each category of social protection, namely: social assistance, social services, social insurance (specifically pensions) and labor market programs, in terms of program coverage, equity, sustainability and effectiveness.

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

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Kingdom of Morocco: Social Protection Note

Autor: Banco Mundial
Año: 2002
Resumen: This note on social protection has as its objective establishing an exhaustive analysis/diagnosis of the existing social protection framework and of preparing an integrated approach through developing better social protection priorities and plans of actions. It a) identifies the social risks which the Moroccan people face generally; b) examines current social protection initiatives (public, private, and civil society-sponsored) set up to reduce poverty and the vulnerability of the population to shocks to their income and standard of living in both rural and urban environments; and c) identifies the different elements needed for an effective social protection strategy as well as analyzes the current strategies undertaken by the World Bank and other donors. This study is precipitated by numerous sectoral studies done previously. It completes the last "Poverty Update" (report no. 21506) and the last Country Assistance Strategy for Morocco (report no. 22115).

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

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Employment Creation and Social Protection in the Middle East and North Africa

Autor: Handoussa, Heba; Tzannatos, Zafiris
Año: 2002
Resumen: This book describes and analyzes critical aspects of the labor market and social protection in the Arab world. The authors address the interrelationship between labor, human development, and social well-being in the Middle East and North Africa region -- an interaction that is viewed against the backdrop of a globalization process that is a crucial shaping factor in national and international relations alike. The authors scrutinize the implications for workers of the new forms of insecurity being ushered in by the globalization era. At the forefront is the issue of social protection, which creates several dilemmas for policymakers, since formal social security covers only a small percentage of the labor force. The idea of social reinsurance, which would integrate the informal sector and allow for social dialog, emerges at various levels, and there is general agreement that any such dialog, or new social contract, must include government, the private sector, and civil society.

Fuente: Banco Mundial
Clasificación: Mercado Laboral
Tipo de Publicación: Informes
Idioma:

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