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New Ideas about Old Age Security : Toward Sustainable Pension Systems in the 21st Century

Autor: Stiglitz, Joseph E.; Holzmann, Robert. Holzmann, Robert; Stiglitz, Joseph E.
Año: 2001
Resumen: Given the impact of the multipillar approach to pension reform and the diversity of its implementation, the authors, who presented papers at the 1999 conference on "New Ideas About Old Age Security," re-examine the evidence and thinking on pensions and retirement security. This report examines global issues on pension reform which help put in perspective three major sets of questions. A first set of questions deals with generic issues that concern policymakers worldwide, almost independently of apporaches to reform. Most prominent but also least understood are the economic policy questions regarding the economic circumstances that are most conducive to the initiation of a reform and to its eventual success. Equally important are questions relating to the coverage of the labor force under a reformed system. Other questions concern the distributive effects of reformed systems with respect to generation, income group, and gender. A second set of questions is linked with a move toward funded provisions under a multipillar approach. A third set of questions concerns the multipillar reform approach itself. A wide consensus has emerged inside and outside the World Bank about the multipillar framework, but that consensus does not extend to several key issues regarding how the framework should be implemented in practice. The introduction to this report sums up each chapter in the report and concludes with a discussion of policy issues and on areas requiring further research.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Informes
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Enhancing Economic Reforms through Social Development : Brazil State Pension Systems Reform LIL

Autor: Kuehnast, Kathleen.
Año: 2001
Resumen: Resolving the pension crisis in Brazil has been neither straightforward nor technically easy. The World Bank provided technical assistance via diagnostic tools that assessed the impacts of current pensions at the state level. The analysis identified likely impacts various pension reform models might have on different social groups, including the poor. The project was realistic in scope. It was intended only to equip the states technically to address pension reform and to assist in setting up stakeholder discussion groups to openly examine and debate the merits of various pension reform proposals. The government allowed the testing of these diagnostic tools on the social security system. In the end, such technical assistance could achieve only part of the reform. The critical component was building internal government support for constitutional reforms of the pension system. This Note summarizes how the State Pensions system Reform LIL Project created the capacity for learning, trust, and reform.

Fuente: Banco Mundial
Clasificación: Reformas de Pensiones
Tipo de Publicación: Documentos de Trabajo
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Reforma a los sistemas de pensiones y los desafíos de la dimensión de género

Autor: Gana Cornejo, Pamela; Arenas de Mesa, Alberto; Ogranización de las Naciones Unidas (ONU), Comisión Económica para América Latina (CEPAL), Centro Latinoamericano y Caribeño de Demografía (CELADE)
Año: 2001
Resumen: El libro contribuye al conocimiento de la seguridad social desde la perspectiva de género, analizando las reformas de pensiones a la luz de los casos de Bolivia, Colombia y el Salvador, estudios que sirvieron de base para ampliar el debate en Argentina, Brasil y Chile, así como para otros estudios de carácter regional que evidencian la necesidad de abordar este tema desde un enfoque de derechos y de ciudadanía. Los estudios sintetizados en el libro revelan que las desigualdades más explícitas son la cobertura y el monto de las pensiones, las que adquieren especial relevancia tomando en cuenta que hay más mujeres mayores que hombres y que viven mayor tiempo como pensionadas, debido a que jubilan antes y viven más. Estas desigualdades obedecen a diversos factores. Las diferencias del mercado laboral se trasladan al sistema de pensiones, por lo que la segmentación de género tanto vertical como horizontal y la consecuente concentración femenina en trabajos informales, discontinuos, temporales y precarios inciden en el acceso y permanencia de las mujeres en el sistema de pensiones. Por su parte la discriminación en las remuneraciones, en estrecha relación con la ocupacional, determina que las mujeres obtengan pensiones inferiores a las de los varones. Pero no todo se debe al mercado laboral. En el estudio de las leyes previsionales se identifican disposiciones expresamente discriminatorias. En todos los casos se establece la utilización de tablas actuariales que diferencian entre la expectativa de vida masculina y femenina para el cálculo de las prestaciones. De esta forma, una de las pocas ventajas de las mujeres es transformada en un perjuicio que se agrava en los países en que existe para ellas una menor edad de jubilación, ya que un monto acumulado menor debe dividirse por un número mayor de años, dando como resultado una pensión inferior.

Fuente: Comisión Económica para América Latina (CEPAL)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Libros
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Pension Reform in Hungary: A Preliminary Assessment

Autor: Rocha, Roberto; Vittas, Dimitri
Año: 2001
Resumen: Hungary is entering the fourth year of a multi-pillar pension reform that has proved popular among workers despite initially lukewarm support from the government that succeeded the reforming government, and despite the poor initial performance of capital markets because of Russia's crisis in 1998. Roughly half the labor force joined the new system voluntarily. Most who switched were younger than 40. Many people switched to the system because it offered more risk diversification. The pay-as-you-go (PAYG) system, which had been severely damaged by repeated manipulation of its parameters, clearly offered a low return on contributions. The new system is still predominantly PAYG. The first pillar accounts for more than two-thirds of the total contribution, but the new second pillar offers the chance of higher average returns on contributions. Most workers probably intuited the risk and returns inherent in a pure PAYG system and mixed system, including the capital market risk in the second pillar and the political risk in the PAYG pillar. The new system offers better prospects of long-run risk-adjustment returns for young workers, and most young workers effectively opted for the new system. But the new system was probably oversold as well, making older workers - who would be better off staying in the reformed PAYG system - switch too. The government has so far decided not to increase the contribution to the second pillar from 6 to 8 percent, as originally planned, so efficiency gains in labor and capital markets may also be smaller than expected. Addressing projected deficits in the PAYG system may require further adjustments, such as delaying the retirement age and shifting to indexed prices, reducing net benefits to future generations. Reform has sharply reduced the severe initial bias against future generation but hasn't eliminated it altogether. The voluntary switching strategy achieves the same outcome as a forced switch based on an arbitrarily cutoff age, while preventing legal problems and contributing to the reduction of the implicit pension debt. But it leaves a few individuals worse of the if they'd chosen their best option - a problem a well-designed public information campaign can reduce.

Fuente: https://hdl.handle.net/10986/19596
Clasificación: Reformas de Pensiones
Tipo de Publicación: Documentos de Trabajo
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Generational Accounting and Hungarian Pension Reform

Autor: Gál, Róbert I.; Simonovits, András; Tarcali, Géza
Año: 2001
Resumen: The essence of generational accounting is to break down total net contributions in a given year to each cohort and to project this profile into the future. Using additional assumptions on the discount rate and the growth of productivity and population, the per capita net contribution of future generations can be determined, which satisfies the inter-temporal budget constraint. Generational accounts in the Hungarian pension system show that the 1997 reform package significantly reduced the financial tension generated by demographic and institutional factors.

Fuente: Banco Mundial
Clasificación: Reformas de Pensiones
Tipo de Publicación: Documentos de Trabajo
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