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Asian Provident Funds: Meeting Tomorrow’s Challenges

Autor: Jackson, Richard; Inglis, Evan
Año: 2021
Resumen: Across the emerging world, policymakers are grappling with how to build retirement systems that meet the needs of their rapidly developing and rapidly aging societies. Nowhere is the challenge more urgent than in Asia, which is both developing and aging more rapidly than anywhere else on earth. Provident funds, which are fully funded, government-managed, defined contribution systems, have long been the dominant form of retirement provision in much of Asia. The purpose of this report is to assess the strengths and weaknesses of the provident fund model, evaluate the performance of three of Asia’s four largest provident funds, and identify steps that they and other provident funds can take to improve retirement security. The funds covered in the report are India’s Employees’ Provident Fund (EPF), Indonesia’s Jaminan Hari Tua (JHT), and Malaysia’s Employees Provident Fund (EPF). The report identifies two key features of the provident fund model that may make it an attractive choice for both governments and workers in emerging markets.

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

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Chile - Financial Sector Assessment Program, November 2021: Pension System

Autor: Cohen, Charles; Dijkman, Miquel
Año: 2021
Resumen: The pension system in Chile is known for the 1980 establishment of a defined contribution, individual account system managed by private pension funds (AFPs). In 2008 a major reform of the system took place to address issues of low coverage and low pension rates. In 2019 the Solidarity Pension rate was raised to the poverty rate following severe social unrest which included protests against the pension system, whilst in 2020-2021 large emergency withdrawals have been allowed from the funds in the context of the Coronavirus (COVID-19) pandemic. The funded pension system has made a significant contribution to financial sector diversification and stability, while promoting sustained economic growth and development, and should be maintained. Further withdrawals should be avoided, and the contribution rate increased. An employer contribution of at least the proposed 6 percent is needed to improve pension levels and could be managed by a public entity with strong governance in a way which complements the AFP system. A non-profit AFP could be established to compete with and act as a standard setter for the private funds managing the existing 10 percent employee contributions. To contribute to long-term investment and financial stability, the multifondos investment regulation should be replaced with a ‘target date’ default, delineated by retirement age, along with a limited number of investment options, with switching contained and some access to funds for specific purposes strictly controlled. The risk-based supervision model of the SP should be recalibrated to further transition from a compliance approach.

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

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Social Policy and Social Protection Measures to Build Africa Better Post-COVID-19

Autor: Organización de las Naciones Unidas (ONU), Departamento de Asuntos Económicos y Sociales; Rafalimanana, Hantamalala; Sherif, Meron
Año: 2021
Resumen: This policy brief reviews the socio-economic impacts of the COVID-19 crisis in Africa and presents the continent’s social protection responses. The crisis has hit the poorest and most vulnerable hardest and laid bare structural shortcomings such as inadequate health, educational and technological infrastructure, limited social protection, gender inequality, large informal economies, lack of access to basic services, constrained fiscal policy space and a high risk of debt distress in many countries, making them particularly vulnerable to the lasting effects of the pandemic. African countries have realized the need to scale-up social protection programmes and measures to meet the challenges brought about by the COVID-19 crisis as well as to ensure preparedness for other unexpected future events. Thus, they have introduced or adapted over 200 social protection and labour market policies in response to the pandemic. Recognizing the ongoing efforts as well as the persistent gaps and challenges, the brief stresses the need for allocating adequate resources for social protection systems and programmes, aiming for universal coverage to adequately address the different risks and vulnerabilities that individuals face throughout the lifecycle. It also urges development partners to provide financing support to the poorest countries to help them create fiscal space for increased public spending for social protection that is sustainable and equitable through multilateral development co-operation as well as national and regional multi-sectoral partnerships.

Fuente: Organización de las Naciones Unidas (ONU)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Artículo Académico
Idioma:

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Does Elderly Employment Reduce Job Opportunities for Youth?

Autor: Jasmin, Alyssa Farha
Año: 2021
Resumen: The aging of populations around the world and the associated fall in the working age population are expected to adversely affect countries’ GDP growth in coming decades. These demographic shifts will also place fiscal pressure on governments, given the need either to finance pension systems or to support the most vulnerable in retirement. Extending working lives is imperative but often politically challenging, due to the widespread belief that extending employment for older workers will limit employment opportunities for youth. Global empirical evidence summarized in this brief, as well as original analysis, does not support this belief, and in fact suggests that elderly employment has positive effects on youth employment, on the well-being of older workers, and on economies and societies. There is much to gain in creating a supportive regulatory environment to harness the economic potential of older workers by eliminating age-biased hiring practices, allowing for flexible working conditions, and providing equal opportunities for upskilling and reskilling.

Fuente: Banco Mundial
Clasificación: Mercado Laboral
Tipo de Publicación: Notas de Pensiones
Idioma:

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A Balance-Sheet Analysis of the Dutch Economy

Autor: Chen, Ruo
Año: 2021
Resumen: The Dutch economy is characterized by substantial financial balance sheets in the private sector. Uncommonly large gross financial assets and liabilities are found in the financial sector, whereas households own significant net financial wealth. The large gross financial assets and liabilities reflect a dominant role of multinational corporations (MNCs). Despite their size, these financial positions have not brought significant financial stability risks to the country. On the other hand, Dutch households’ long balance sheets have been associated with depressed consumption and volatile real estate investment, which has probably exacerbated the cyclicality of the economy. The expected reform of the pension system is likely to change the way household balance sheets interact with private consumption.

Fuente: Fondo Monetario Internacional (FMI)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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