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China's Pension System: A Vision

Autor: Dorfman, Mark C.; Holzmann, Robert; O'Keefe, Philip; Wang, Dewen; Sin, Yvonne; Hinz, Richard
Año: 2013
Resumen: China is at a critical juncture in its economic transition. A comprehensive reform of its pension and social security systems is an essential element of a strategy aimed toward achieving a harmonious society and sustainable development. Among policy makers, a widely held view is that the approach to pension provision and reform efforts piloted over the last 10-15 years is insufficient to enable China's economy and population to realize its development objectives in the years ahead. This volume suggests a national pension system that no longer distinguishes along urban and rural locational or hukou lines yet takes account of the diverse nature of employment relations and capacity of individuals to make contributions. This volume is organized as follows: the main text outlines this vision, focusing on summarizing the key features of a proposed long-term pension system. It first examines key trends motivating the need for reform then outlines the proposed three-pillar design and the rationale behind the design choices. It then moves on to examine financing options. The text continues by discussing institutional reform issues, and the final section concludes. The six appendixes provide additional analytical detail supporting the findings in the main text. The pension system design can play an important role in supporting or constraining such economic and demographic transitions: 1) fragmentation and lack of portability of rights hinder labor market efficiency and contribute to coverage gaps; 2) multiple schemes for salaried workers, civil servants, and, in some areas, migrants similarly impact labor markets; 3) legacy costs that are largely financed through current pension contributions weaken incentives for compliance and accurate wage reporting; 4) very limited risk pooling and interurban resource transfers limit the insurance function of the urban pension system and create spatial disparities in old-age income protection; 5) low retirement ages affect incentives and benefits and undermine fiscal sustainability; and 6) relatively low returns on individual accounts result in replacement rates significantly less than anticipated while at the macro level, are likely to inhibit wider efforts to stimulate higher domestic consumption.

Fuente: Banco Mundial
Clasificación: Reformas de Pensiones
Tipo de Publicación: Libros
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Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World: Volume 2. Gender, Politics, and Financial Stability

Autor: Holzmann, Robert; Palmer, Edward; Robalino, David
Año: 2013
Resumen: The concept of nonfinancial (notional) defined contribution (NDC) was born in the early 1990s and implemented from the mid-1990s in a number of countries. This innovative unfunded individual account scheme emerged and created high hopes at a time when the world seemed to have been locked into a stalemate between making piecemeal reforms of ailing traditional pay- as-you-go defined benefit schemes and introducing prefunded financial account schemes. Nonfinancial (notional) defined contribution (NDC) plans are designed to eliminate the work disincentives and nontransparent redistributions of defined benefit (DB) social security schemes without the transition costs and risk shifting that occurs in the context of a switch to a funded defined contribution (DC) scheme. To a large extent, they sweep away the special privileges that, intentionally or inadvertently, accrue to various groups in traditional schemes and pay everyone in accordance with his or her own contributions. However, not surprisingly, these new provisions will have different effects on diverse population subgroups, including men and women. Most of the effects do not stem from explicit gender-specific provisions in the plans, but rather from the interaction of gender-free policies with differing demographic and employment characteristics of men and women. The same policies affect the two genders differently because of the more limited labor force attachment of women as a result of their childbearing and childrearing roles, their lower earnings when they do work, their longer life expectancy, and the likelihood that they will eventually become widows and live alone in very old age. Both financial defined contribution (FDC) and NDC plans make certain design choices explicit that are implicit in DB plans. Although this feature allows for more informed decision making, it can also be politically sensitive and divisive. In some cases, the decision process is simpler for NDC plans than for FDC plans. NDC plans do not have individual investments and, therefore, do not have the problems that FDCs face and that stem from decentralized investment decisions.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Libros
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European Union: Publication of Financial Sector Assessment Program Documentation ––Technical Note on European Insurance and Occupational Pensions Authority Assessment

Autor: Fondo Monetario Internacional (FMI)
Año: 2013
Resumen: Slow economic growth and continuing low interest rate environment is putting pressure on the insurance sector. Delays in the implementation of Solvency II could create vulnerabilities in the insurance sector. The approval of internal models is important for determining adequacy of capital levels to warrant a solvent industry. The new European system of financial supervision has been proactive, but much work has to be done. Access to information for monitoring, analyzing trends, and preventing systemic risk need to improve, along with operational independence.

Fuente: Fondo Monetario Internacional (FMI)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Informes
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Pension Coverage in Latin America : Trends and Determinants

Autor: Oliveri, Maria Laura; Rofman, Rafael
Año: 2012
Resumen: This document presents an analysis of pension coverage trends in Latin America for the past decades. Its preparation involved the collection, revision, and processing of household surveys in over 18 countries in the region, spanning a period of almost 40 years in some cases. The main goal of this document is to offer comparable data on pension coverage among the economically active population and the elderly, considering the relevance of several demographic, social, and economic variables on these coverage levels. By producing this large and comparable regional dataset, the document supports the discussion of several stylized facts on pension coverage in Latin America. The results show that coverage among active workers is low in most countries, although there has been a relative improvement since the early 1990s. The situation is still distressing among workers in the primary sector or employed by small enterprises as well as for women, primarily because of their persistent lower rates of labor market participation. In recent years coverage of some of the most vulnerable groups has increased, but it still presents very low rates. Among the elderly, regional averages have been very stable since the early 1990s, although this average hides important differences among countries.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Informes
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ILO survey on social dialogue and pension reform in times of crisis and beyond: Slovenia

Autor: Guardiancich, Igor
Año: 2012
Resumen: This paper examines the political economy of pension reforms in times of economic crisis and its impact on social dialogue and tripartite institutions in Slovenia. It has been prepared in the framework of the research project carried out by the ILO Industrial and Employment Relations Department and the Social Security Department, focusing on the issue of social dialogue and social security governance. Indeed, amongst all the topics addressed in the world of work, none, perhaps, reflect the principles of tripartism and social dialogue better than social security.

Fuente: Organización Internacional del Trabajo (OIT)
Clasificación: Reformas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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