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Transition: Paying for a Shift from Pay-as-You-Go Financing to Funded Pensions

Autor: Banco Mundial
Año: 2005
Resumen: There is a widespread perception that public pension systems in richer countries are in crisis. As schemes mature and the population ages, the burden of financing pensions has grown and, on current policies, will rise much further. Developing countries are younger and pension systems relatively immature. But the transformation in demographics and pension benefits that took over a century in richer nations is forecast to take less than 30 years in developing economies. The Bank has argued that a 'three-pillar' pension system can mitigate emerging problems in developing countries' public pension systems. The recommended system, set out in Averting the Old Age Crisis consists of 'a publicly managed system with mandatory participation and the limited goal of reducing poverty among the old; a privately managed mandatory savings system; and voluntary savings'. The note compares funded and pay-as-you-go finance of retirement incomes, highlighting the transition double burden, and, stipulates size of the transition will depend on the starting point: How generous is the current pay-as-you-go pension promise? How mature is the pay-as-you-go pension system? What is the age structure of the population? Transition costs can be controlled by a number of policies: Limiting the coverage of the funded program to new labor-market entrants or younger workers spreads the transition cost over a longer period; Scaling down existing pay-as-you-go liabilities is likely to play an important part in any fundamental pension reform; Governments can share in any extra returns to the funded system and use them to help pay for the transition cost. Countries have in practice used a mix of strategies. The precise balance between debt and budgetary finance (spending cuts or tax increases) should be chosen in the general context of a country's fiscal policy.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Informes
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Mexico - Income Generation and Social Protection for the Poor: Volume 3. An Overview of Social Protection

Autor: Banco Mundial
Año: 2005
Resumen: This report provides a strategic overview of Mexico's federal social protection system, comprised of both social insurance and social assistance programs. It assesses its performance to date regarding income risk management for vulnerable groups, and identifies options for stepping up that performance. In doing so it responds to an increasing consensus in Mexico regarding the need for a major social protection policy reform, even if the direction of those reforms is still in flux. The report is designed to provide a first stage diagnostic of major issues facing the social protection system, as an input to ongoing discussion and debate in Mexico, and as a platform for further technical work on the specifics of reform. The report focuses on the role of federal government in the design and implementation of social protection policies, while recognizing that sub-national governments are playing an important role in the provision of these services. In doing so, it draws upon the first phase of the Mexico Programmatic Poverty Work, as well as the urban, rural and vulnerability studies conducted in parallel with this analysis. The report is organized into four chapters. Chapter 1 presents a brief review of social protection concepts, and establishes a framework for determining the optimal role for government in the provision of social protection (risk management) tools, as distinct from market-provided risk management tools, and those undertaken informally by and between households. Chapter 2 discusses the major sources of income vulnerability in Mexico, identifying the major risks that Mexican families faces, and explores the extent to which households have access to private risk management mechanisms for addressing these risks. Chapter 3 provides an overview and assessment of the social protection system in Mexico, and finally Chapter 4 discusses issues and options.

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

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Old Age Income Support in the 21st century: An International Perspective on Pension Systems and Reform

Autor: Hinz, Richard; Holzmann, Robert.
Año: 2005
Resumen: The book has a comprehensive introduction and two main parts. Part I presents the conceptual underpinnings for the Bank's thinking on pension systems and reforms, including structure of Bank lending in this area. Part II highlights key design and implementation issues where it signals areas of confidence and areas for further research and experience, and includes a section on regional reform experiences, including Latin American and Europe and Central Asia.

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

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Mexico - Income Generation and Social Protection for the Poor: Volume 1. Integrated Executive Summary

Autor: Banco Mundial
Año: 2005
Resumen: This document summarizes the findings of three reports: Urban Poverty in Mexico, Mexico: a Study of Rural Poverty, and Mexico: an Overview of Social Protection, and, focuses on 1) the generation of income opportunities for the urban and rural poor, and, 2) social protection for the poor. The main messages can be summarized as follows. The poor are a heterogeneous group; importantly, long-term income-generating opportunities and coping strategies differ significantly between urban and rural areas, among different regions, between small and larger cities, and even within neighborhoods. This translates into having urban poor limited to low-quality jobs, marked by low productivity and with limited social protection. Additionally, to continue supporting the rural poor move out of poverty, it is important to increase agricultural productivity, especially for small- and medium-sized farmers, and facilitate their diversification into rural non-farm activities (RNF) of higher agricultural value-added. The rural poor depend mainly on self-subsistence agriculture, self-employment, and non-agricultural activities, and have typically not completed primary education. Conversely, the urban poor depend on access to salaried employment, on non-agricultural activities, mainly as employees in manufacturing or services, and have not completed lower secondary education. Since its inception in the 1940s, Mexico's social protection system has not been well-suited to respond to the risks the poor face. A key conclusion of this report is that geographical location must be taken into account, in order to design adequate poverty interventions - income generation opportunities and social protection needs vary depending upon the poor's location.

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

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Household Risk Management and Social Protection in Chile

Autor: Banco Mundial
Año: 2005
Resumen: This volume takes a critical look at the country's social protection "system" - broadly defined to include policy interventions, public institutions, and the regulation of private institutions that lower the welfare costs of adverse shocks to income from job loss and extended unemployment, health episodes, old age, and life-time poverty - to determine if a system exists or simply a set of loosely coordinated programs. The study also assesses whether households are provided with appropriate tools to mitigate risks to their income, identifying gaps in coverage and where instruments are missing. As well, the study provides the Government with a set of guidelines grounded in a conceptual framework that, if carefully applied, could increase the effectiveness of social protection. The author of the study finds that Chile succeeds in providing households with the instruments that they need to mitigate shocks to income. The institutions Chile has put in place to help households lower losses from these shocks - from the new unemployment insurance system, the retirement security system and the mixed health insurance system - are generally appropriately designed to match the nature of the risks they are intended to cover. Yet, while still in a minority, too many Chilean households - even among the non poor - do not have access to the sophisticated, state of the art social protection institutions that are in place.

Fuente: Banco Mundial
Clasificación: Regulación y Supervisión
Tipo de Publicación: Informes
Idioma:

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