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Administrative Requirements and Prospects for Universal NDCs in Emerging Economies

Autor: Palacios, Robert
Año: 2019
Resumen: Many public policies are impossible to implement without adequate administrative systems in place. This is true for modern pension schemes and in particular, notional defined contribution (NDC) schemes. Today these systems must be digital yet most pension systems predate computerization and must find a way to bridge past and present. The shift from defined benefit (DB) to NDC brings particular challenges in recordkeeping. This paper briefly reviews the administrative requirements of NDCs and offers a simple checklist for countries considering this type of reform. The last section describes a universal NDC scheme that harnesses the modern digital infrastructure that may allow developing countries to overcome the limitations of traditional contributory systems and their reliance on payroll taxes.

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

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Setting Up a Communication Package for the Italian NDC

Autor: Boeri, Tito; Cozzolino, Maria; Di Porto, Edoardo
Año: 2019
Resumen: In the last 30 years the Italian pension system was repeatedly reformed and counter-reformed, increasing uncertainty about future pensions. A low level of financial literacy exacerbated this problem. In 2015, the Italian Social Security Institute (INPS) launched a project to allow all insured workers to have more precise information about their future benefits. This paper analyzes the results of a survey carried out to evaluate the project’s performance. The findings are encouraging – around 80 percent of respondents rate the INPS service as at least “very helpful.” Even if 42 percent of the sample overestimates their future pension, 16 to 29 percent reveal a willingness to change their expectation on retirement income after receiving new information.

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

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The Norwegian NDC Scheme: Balancing Risk Sharing and Redistribution

Autor: Stølen, Nils Martin; Fredriksen, Dennis; Hernæs, Erik; Holmøy, Erling
Año: 2019
Resumen: The main goals of reforming the Norwegian old-age pension system toward nonfinancial defined contributions (NDC) in 2011 were to improve long-run fiscal sustainability and labor supply incentives. Maintaining much of the redistributive effects of the former public pension system was also an important concern. Econometric analyses reveal the 2011 reform’s significant effects on postponing retirement. Results from a dynamic microsimulation model show that the reform is expected to have substantial effects on old-age pension expenditures in the long run without any large negative distributional effects. Macroeconomic analyses indicate that the reform is likely to make a great fiscal impact in the long run, and higher employment plays an important role in this aspect.

Fuente: Banco Mundial
Clasificación: Fondos de Inversión
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Chile’s Solidarity Pillar: A Benchmark for Adjoining Zero Pillar with DC Schemes

Autor: Fajnzylber, Eduardo
Año: 2019
Resumen: In 2008, Chile introduced a New Solidarity Pillar (NSP) designed to eliminate the incidence of poverty among elderly adults by setting a floor at around forty percent of the minimum monthly income for the poorest sixty percent of the population. This paper describes the NSP’s main characteristics and the main results achieved during its first seven years of operations: coverage, fiscal cost, poverty reduction, and the system’s role in reducing the significant gender gap in pensions. Its effects on incentives to contribute are discussed, as well as the literature that has attempted to measure these effects. Finally, the main challenges facing the NSP and the implications for other countries under defined contribution pension schemes are summarized.

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

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Pathways to Reducing Poverty and Sharing Prosperity in India: Schemes to Systems - Lessons from Social Protection in India

Autor: Banco Mundial
Año: 2019
Resumen: The changing nature of work is upending traditional employment globally, and with it, social protection systems. As countries like India aspire to grow further and navigate a phase of rapid economic transformation, investments in social protection programs are critical to ensure broad gains for societies in general, and the poorest in particular. The series of articles take stock of India’s major social protection programs, including pension programs, health insurance, the public distribution system, and the Mahatma Gandhi National Rural Employment Guarantee Scheme. The latter two are among the largest anti-poverty measures in India and indeed the world, while the former are relatively new instruments for unorganized workers. However, these programs are important for India’s future social policy architecture as they attempt to de-link social security benefits from a person’s place of work. The final two articles draw on experiences from the past decade to highlight how best to use information technology to strengthen the capability of governments to design and implement social protection programs.

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

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