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Toward an Inclusive, Equitable, and Sustainable National Pension System in Iraq

Autor: Banco Mundial
Año: 2024
Resumen: A pension system is at the heart of social protection. By ensuring income security for older persons and other vulnerable groups, it prevents poverty, reduces inequality, and facilitates consumption smoothing. A pension system also affects the working population’s labor market choices and has important fiscal implications. Iraq’s current pension system is highly fragmented, inequitable, and inefficient. First, it fails to provide adequate income protection to most of Iraq’s old age population and other vulnerable groups, such as survivors and persons with disabilities. Second, the public sector pension is already putting substantial pressure on the budget and is potentially unsustainable given the projected acceleration of the total pension bill due to recent policy changes. Third, it sets an uneven playing field between the public and private sectors, contributing to the continued expansion of an already outsized civil service and holding back much needed economic diversification and private sector growth. Thus, a comprehensive pension reform is urgently needed and would align with commitments made by the Government of Iraq through the ratification of ILO Convention No. 102. Based on collaboration between the IMF, ILO, and the World Bank, this paper aims to (1) Provide an assessment of the existing public and private pension system across the four dimensions: fiscal sustainability, labor market implications, coverage, and adequacy of benefits. (2) Develop and propose options to adjust the pension system with a view to improve adequacy of benefits and expand coverage, enhance financial and fiscal sustainability, make the system viable across generations, reduce distortions in the labor market, and align the system with international social security standards and international best practices. (3) Provide a basis to engage key stakeholders—including workers, employers’ organizations, and the civil society - on strategies to achieve a more inclusive system, importantly by including workers in the informal economy, female workers, workers with disabilities, and other disadvantaged groups. The reform proposals presented here provide one possible route to address the most critical shortcomings of the current fragmented system, in line with international standards and good practices. Convergence on the specific reform options and parameters should result from further discussions and dialogue among all relevant stakeholders in Iraq.

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

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Making Pension Savings Easy and Efficient for Informal Sector Workers - Learning from Kenya’s Haba Haba Pilot

Autor: Banco Mundial
Año: 2024
Resumen: Haba Haba, which means “bit by bit” in Swahili, is a voluntary pension scheme in Kenya for workers in informal employment and promises to be a scheme through which they can slowly but surely save for their old age. The scheme, administered by the National Social Security Fund (NSSF) was launched as a pilot in 2019. Haba Haba allows for easy, anytime, anywhere savings by informal economy workers. Registration, contributions, and access can be handled via mobile phone by dialing USSD (Unstructured Supplementary Service Data) *303# or by contacting the NSSF via WhatsApp. The registration process only requires an individual’s first and last names, and government identification (ID) number. Contributions can be paid in person at NSSF offices or through the mobile money platform M-Pesa.

Fuente: Banco Mundial
Clasificación: Ahorro Previsional
Tipo de Publicación: Informes
Idioma:

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Are There Jobs for Everyone? An Analysis of the Relationship between the Employment of Older and Younger Persons in Indonesia

Autor: Banco Mundial
Año: 2024
Resumen: Against the backdrop of aging, Indonesia has started to address important policy challenges, including by gradually raising the retirement age. However, the increase in the retirement age and the prospect of longer employment of older persons raises concerns about its potential impact on the employment of younger persons. This paper is the first to analyze the relationship between the employment rate of older persons and the labor market outcomes of younger persons in Indonesia. Using data from the Indonesia Labour Force Survey (Sakernas) for 2016 to 2023, the analysis explores the relationship between the labor market outcomes – that is, the employment rates, unemployment rates, hours worked, and income – of younger persons and older persons. The findings show that overall, an increase in the employment rate of older persons is significantly associated with an increase in the employment rate of youth and prime-aged persons. The positive relationship is robust and is found across most of the specifications tested, that is, across genders, education levels, sectors, and within the formal sector. Encouragingly, there is no evidence of a significant negative relationship between the employment of older persons and younger persons. When there is a significant negative relationship between the employment of older persons and other employment outcomes of younger persons, the magnitude is small. These findings support the notion that raising the retirement age can address some of the challenges faced by an aging society. Finally, lifelong learning, upskilling, and reskilling are important to facilitate longer working lives by ensuring that older workers remain employable in a changing economy.

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

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How to Harness Local Investors in Emerging Markets: The Example of Local Pension Funds

Autor: Davis, Richard; Rusconi, Robert; Levine, Aaron
Año: 2024
Resumen: There is a significant gap in financing sustainable development in emerging economies to meet the climate commitments under the Paris Agreement and to fulfill the Sustainable Development Goals (SDGs). The Organization for Economic Co-operation and Development (OECD) estimates that more than US$4 trillion of financing is needed annually. While much of the capital required will come from OECD-country sources, which hold 80% of worldwide financial assets, there is an untapped pool of local investments to be drawn on. This paper offers three practical directions for policymakers in order to make the promise of local investors contributing to sustainable development a reality. While this level of focus will require concerted effort to implement, it increases the opportunity for local investors to play a crucial role in closing the financing gap.

Fuente: Banco Mundial
Clasificación: Fondos de Inversión
Tipo de Publicación: Informes
Idioma:

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Social Protection Inclusion in Indonesia’s Remote Areas - Identifying and Addressing Gaps and Challenges

Autor: Wahyudi, Revita; Sondakh, Farida; Permatasari, Vina Noor AR
Año: 2024
Resumen: This report assesses specific barriers experienced by poor and vulnerable households in Indonesia with accessing social protection benefits in remote areas and recommends specific policy and operational measures to improve access and mitigate potential risks of further exacerbating exclusion for these households.

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

Para visualizar el documento, clic aquí »

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