Download or read book Pension Reform Growth and the Labor Market in Ukraine written by Michelle Riboud and published by World Bank Publications. This book was released on 1999 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: February 1997 Ukraine's pension system requires radical reforms to restore credibility to the system and remove distorted incentives that make it unsustainable. Resumption of growth alone will not solve the current difficulties. In recent years -as a result of economic contraction, declining employment and real wages, and changes in labor market behavior- Ukraine's tax base of the social security system has declined, threatening its sustainability. About 40 percent of the labor force works in the informal sector, paying no taxes, and many members of the formal workforce underpay taxes because they also do informal work. Using a model that links the social security system, the labor market, and the macroeconomy, the authors ran simulations to assess the sustainability of the current pension system and the relevance and viability of possible reforms. All simulations assume economic reform and the resumption of growth. They conclude: (1) Economic contraction is not the only cause of problems with the pension system. To reverse current trends, most of the labor force would need to be working in the formal sector -an unlikely event, given current incentives. (2) Reform is essential. Restoring the former system would be too costly, and maintaining the status quo would make the system unsustainable. ((3) Reforms focusing on short-term budgetary effects and neglecting the interactions between the social security and the labor market are likely to fail. (4) Raising the retirement age to 65 would have a significant financial impact, but would need to be accompanied by deeper structural reforms. Raising the retirement age quickly may entail the least political cost, as many old people are currently working. (5) For the deeper structural reforms needed, introducing a funded-tier should be considered. It would be an effective way to correct distortions and restore credibility. (6) Introducing such reforms will be costly and affect several generations of workers and pensioners in different ways. Tradeoffs must be carefully evaluated. This paper--a product of the Country Operations Division 2, Country Department IV, Europe and Central Asia Region--is part of a larger effort in the region to foster pension reforms. The study was funded by the Bank's Research Support Budget under research project Social Safety and Growth: An Analysis of Interactions and Tradeoffs (RPO 680-35).
Download or read book The Political Economy of Reform Lessons from Pensions Product Markets and Labour Markets in Ten OECD Countries written by Tompson William and published by OECD Publishing. This book was released on 2009-08-24 with total page 501 pages. Available in PDF, EPUB and Kindle. Book excerpt: By looking at 20 reform efforts in ten OECD countries, this report examines why some reforms are implemented and other languish.
Download or read book Assessing Chile s Pension System Challenges and Reform Options written by Samuel Pienknagura and published by International Monetary Fund. This book was released on 2021-09-10 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.
Download or read book The Challenge of Public Pension Reform in Advanced and Emerging Economies written by Mr.Benedict J. Clements and published by International Monetary Fund. This book was released on 2013-01-25 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volume examines the outlook for public pension spending over the coming decades and the options for reform in 52 advanced and emerging market economies.
Download or read book Pensions at a Glance 2019 OECD and G20 Indicators written by OECD and published by OECD Publishing. This book was released on 2019-11-27 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2019 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the last two years. Moreover, two special chapters focus on non-standard work and pensions in OECD countries, take stock of different approaches to organising pensions for non-standard workers in the OECD, discuss why non-standard work raises pension issues and suggest how pension settings could be improved.
Download or read book Pensions at a Glance 2021 OECD and G20 Indicators written by OECD and published by OECD Publishing. This book was released on 2021-12-08 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2021 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the past two years. Moreover, the special chapter focuses on automatic adjustment mechanisms in pensions systems in OECD countries, discusses the usefulness and limitations of these policy instruments, and suggests ways to improve them in order to enhance the capacity of pension systems to fulfil their objectives.
Download or read book Reforming the Greek Pension System written by Mr. Alvar Kangur and published by International Monetary Fund. This book was released on 2021-07-16 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Greek pension system has been costly, complex, and distortive, which has contributed to Greece’s fiscal problems and discouraged labor force participation. Several attempts to reform the system faltered due to lack of implementation, pushback by vested interests, and court rulings leading to reversals. A series of reforms introduced throughout 2015–17 unified benefit and contribution rules, removed several distortions and reduced fragmentation and costs. If fully implemented throughout the long-term, these reforms can go a long way towards enhancing the pension system affordability. However, reforms faced setbacks and fell short of creating stronger incentives to build long contribution histories, to deliver sustainable growth by improving the fiscal policy mix, and to ensure fairness and equitable burden sharing across generations and interest groups. Policy priorities should aim towards fully implementing the 2015–17 reforms and complementing them with additional reforms to address these remaining objectives.
Download or read book Pension Reform written by Robert Holzmann and published by World Bank Publications. This book was released on 2006 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents 25 state of the art papers on the conceptual foundations and issues surrounding Non-financial, or Notional, Defined Contribution (NDC), country implementation of NDC (Italy, Latvia, Poland, and Sweden) and case studies for countries where NDC is figured in the reform debate. This book is intended to be a handbook for academics and policy makers who want to become informed about what NDC is and to learn about the pros and cons of this attractive reform proposal.
Download or read book Old age Income Support in the 21st Century written by Robert Holzmann and published by World Bank Publications. This book was released on 2005-01-01 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past decade has brought an increasing recognition to the importance of pension systems to the economic stability of nations and the security of their aging populations. This report attempts to explain current policy thinking and update the World Bank's perspective on pension reform. This book incorporates lessons learned from recent Bank experiences and research that have significantly increased knowledge and insight regarding how best to proceed in the future. 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.
Download or read book Reform Options for Mature Defined Benefit Pension Plans The Case of the Netherlands written by Mr.Marc Gerard and published by International Monetary Fund. This book was released on 2019-01-25 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Netherlands has been operating fully funded, defined benefit second pillar pension schemes that have consistently ranked high worldwide for delivering high replacement rates while featuring strong solidarity among members. Yet the long-term sustainability of the Dutch pension funds has been undermined in recent years by protracted low interest rates and unfavorable demographic developments, exacerbating controversies over intergenerational transfer mechanisms within the plans. This has prompted a national debate over ways to move toward more individualization while preserving financial security at retirement for all. This paper draws on this experience, illustrated by stress testing simulations and assessed vis-à-vis solutions implemented in peer countries, to discuss the main policy trade-offs associated with the reform of mature pension systems in advanced economies.
Download or read book Pension Reforms and Growth in Ukraine written by Michelle Riboud and published by . This book was released on 1997 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Lessons from Pension Reform in the Americas written by Stephen J. Kay and published by Oxford University Press, USA. This book was released on 2008 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an analysis of pension reform in all the major countries in the Americas, including successes and failures.
Download or read book Pension Reform and the Development of Pension Systems written by Emily S. Andrews and published by World Bank Publications. This book was released on 2006 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Formal pension systems are an important means of reducing poverty among the aged. In recent years, however, pension reform has become a pressing matter, as demographic aging, poor administration, early retirement, and unaffordable benefits have strained pension balances and overall public finances. Pension systems have become a source of macroeconomic instability, a constraint to economic growth, and an ineffective and/or inequitable provider of retirement income."
Download or read book Reforming Pensions Principles and Policy Choices written by Nicholas Barr and published by Oxford University Press. This book was released on 2008-09-17 with total page 785 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mandatory pensions are a worldwide phenomenon. However, with fixed contribution rates, monthly benefits, and retirement ages, pension systems are not consistent with three long-run trends: declining mortality, declining fertility, and earlier retirement. Many systems need reform. This book gives an extensive nontechnical explanation of the economics of pension design. The theoretical arguments have three elements: * Pension systems have multiple objectives--consumption smoothing, insurance, poverty relief, and redistribution. Good policy needs to bear them all in mind. * Good analysis should be framed in a second-best context-- simple economic models are a bad guide to policy design in a world with imperfect information and decision-making, incomplete markets and taxation. * Any choice of pension system has risk-sharing and distributional consequences, which the book recognizes explicitly. Barr and Diamond's analysis includes labor markets, capital markets, risk sharing, and gender and family, with comparison of PAYG and funded systems, recognizing that the suitable level of funding differs by country. Alongside the economic principles of good design, policy must also take account of a country's capacity to implement the system. Thus the theoretical analysis is complemented by discussion of implementation, and of experiences, both good and bad, in many countries, with particular attention to Chile and China.
Download or read book Pensions in the Middle East and North Africa written by Edward Whitehouse and published by World Bank Publications. This book was released on 2005-01-01 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first comprehensive assessment of pension systems in the Middle East and North Africa. While other regionsCentral Asia, Eastern Europe, and Latin America, in particularhave been actively introducing reforms to their pension systems, Middle East and North African countries have lagged behind. This is explained, in part, by the common belief that, because demographics remain favorablethe countries are young and the labor force is expanding rapidlyfinancial problems are far in the future; as a result, pension reform does not have to be a priority in the broader policy agenda.However, the authors show that aging is not the only factor behind a financial crisis; the problem is the generosity of the current schemes. Moreover, badly designed benefit formulas and eligibility conditions introduce unnecessary economic distortions and make the systems vulnerable to adverse distributional transfers. The book does not present a general model that could solve the problems of all pension systems in Middle East and North Africa countries. Instead the authors focus on outlining a framework for guiding discussions on pension reform and making objective policy choices.This assessment will be useful for policy makers and government officials involved in pension reform in the Middle East and North Africa region.
Download or read book OECD Reviews of Pension Systems Portugal written by OECD and published by OECD Publishing. This book was released on 2019-03-20 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: This review builds on the OECD’s best practices in pension design and provides policy recommendations on how to improve the Portuguese pension system, detailing the Portuguese pension system and its strengths and weaknesses based on cross-country comparisons. The Portuguese pension system ...
Download or read book Pension Reform in Europe written by Camila Arza and published by Routledge. This book was released on 2007-08-07 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new book provides a cross-country comparative analysis of the key issues shaping the latest pension reforms in Europe: political games, welfare models and pathways, population reactions, and observed and expected outcomes. Pension reform has been a top policy priority for European governments in the last decade. Ageing populations, changing labour market patterns and the process of European integration are the ‘irresistible forces’ pushing for reform throughout the region. The Political Economy of Pension Reform evaluates the political forces that make pension reform viable in different national and institutional contexts and the nature of political bargains, actors and cleavages surrounding policy change. The volume also examines the nature and outcomes of pension reform experiences in Europe, searching for a solution to the financial challenge posed by growing pension budgets. By addressing the nature of change, the pathways of reform, and the outcomes of the new pension mix in the region, the authors conclude with an analysis of people’s perceptions and attitudes towards pension policy and their acceptance or otherwise of different reform options. This book will be of interest to students and scholars of international political economy, European politics, and social policy.
