Download or read book Reform of the Public Pension System in Spain written by José A. Herce and published by "la Caixa". This book was released on 1995 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Endogenous Retirement and Public Pension System Reform in Spain written by and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 An Assessment of the 2011 Spanish Pension Reform Using the Swedish System as a Benchmark written by Carlos Vidal-Meliá and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this paper is to make an assessment of the 2011 reform of the public pension system in Spain using the Swedish pension system as a benchmark, although some reference to the US pension system is also made. The paper focuses on the reform, explaining its aims, breaking down the main contents, critically examining the official view and describing the expected ageing of the Spanish population. This approach complements the quantitative analyses performed by other researchers and will enable us to assess the reformed system with the focus on four main areas: actuarial fairness, actuarial transparency, solvency and communication with the public. The main conclusion is that the reform was a wasted opportunity given that Spain did not take advantage of the lessons learned in Sweden, it did not include any elements for improving the management of pay-as-you-go systems, and there is no sound basis for claiming that the system's sustainability is assured in the medium term, the long term or even the short term. The new parametric reforms currently under consideration in Spain are targeted to correct some of the pension system's design faults that have been highlighted in this paper.
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 A proposal for the reform of the pension system in Spain written by and published by . This book was released on 1996 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economic Challenges of Pension Systems written by Marta Peris-Ortiz and published by Springer Nature. This book was released on 2020-03-20 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the major economic challenges associated with the sustainability of public pensions, specifically demographic change, labor-market relations, and risk sharing. The issue of public pensions occupies the political and economic agendas of many major governments in the world. International organizations such as the World Bank and the OECD warn that the economic changes driven by an aging society negatively affects the sustainability of pension systems. This book analyzes different global public pension systems to offer policies, methods and tools for sustainable public pensions. Real case studies from France, Sweden, Latin America, Algeria, USA and Mexico are featured.
Download or read book The Spanish Social Security written by Mr.Joaquim Vieira Ferreira Levy and published by International Monetary Fund. This book was released on 1995-07 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The social security system in Spain has steadily expanded since the late 1970s. Currently, social security expenditure exceeds 15 percent of GDP, being a factor of fiscal imbalance. This paper reviews achievements and the current situation of the social security system, discusses changes in the financing of health-care expenditure in view of the need for fiscal consolidation by the general government, and analyzes the scope for a partial prefunding of future liabilities of the pension system.
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 The Challenge of Public Pension Reform in Advanced and Emerging Economies written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2011-12-28 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews past trends in public pension spending and provides projections for 27 advanced and 25 emerging economies over 2011–2050. In constructing these projections, the paper incorporates the impact of recent pension reforms and highlights the key assumptions underlying these projections and associated risks. The paper also presents reform options to address future pension spending pressures in the advanced and emerging economies. These reforms—mainly increasing retirement ages, reducing replacement rates, or increasing payroll taxes—are discussed in the context of their role in fiscal consolidation, and their implications for both equity and economic growth. In addition, the paper examines the challenge of emerging economies of expanding coverage in a fiscally sustainable manner
Download or read book The Politics of Pension Reform in a Comparative Perspective A Cross Regional Analysis of Argentina Uruguay Spain and Italy written by Leandro Nicolas Carrera and published by . This book was released on with total page 564 pages. Available in PDF, EPUB and Kindle. Book excerpt: What factors explain pension reform decisions in countries with generous public pension systems and an ageing population? To answer this question I analyze four countries with some similar characteristics: (1) a well expanded and fragmented public pension system that follows the traditional Bismarckian structure of different funds for specific occupational categories; (2) a public pension system with high degrees of coverage and based on the pay-as-you-go (PAYG) principle in which current workers pay for current retirees; (3) increasing public pension spending levels that towards the 1990s made the public pension system unsustainable. The four selected countries differ along one significant dimension. Two of them are newly industrialized countries and in Latin America: Argentina and Uruguay. The other two countries are industrialized economies of the European Union: Italy and Spain. I hypothesize that while international and domestic factors matter in explaining pension reform, the former will play an indirect role by stressing the need to make the pension system more sustainable to put public finances in order. Thus, I contend that domestic economic and political factors will determine the reform outcome. I find support for my theory in the analysis of the four countries. International and supranational organizations played a role in supporting policymakers' reform efforts and highlighting the necessity to reduce pension liabilities in the long run to put public finances in order. However, these organizations did not determine the reform outcome. Instead, I find that domestic economic and political factors explain the final reform decision. On the economic side, the maturity of the pension system - represented by the magnitude of pension promises to future retirees - and the state of public finances, determined policymakers' first choice for reform; which ranged from proposals to change the parameters of the public pillar to that pillar's structural reform together with the introduction of a private pillar of individual accounts. Once this choice was made, the reform was negotiated with those with a special interest in the pension system: pensioners and labor. Thus, these actors' organizational strength and preferences explains the type of specific pension reform finally adopted in each country.
Download or read book Beyond the Toledo Agreement written by Holger Bonin and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper investigates the intergenerational impact of the Spanish public pension system after the 1997 Pension Reform Act. Using a Generational Accounting framework we find that maintaining the new legal setting could leave future generations with liabilities as high as 176 percent of base year GDP. As the recent reform measures have been insufficient to achieve sustainability of the current pension system, we also analyse the impact of alternative reform strategies. Within the current pay-as-you-go setting, a further improvement of the tax-benefit linkage in the original spirit of the Toledo Agreement is shown to yield the intergenerationally most balanced outcome, compared to an increase in retirement age or an expansion of public subsidies financed through indirect taxes. Finally, we investigate the generational impact of a move toward a partially funded pension system which could restore the intergenerational balance.
Download or read book From Bismarck to Beveridge written by J. Ignacio Conde-Ruiz and published by . This book was released on 2014 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aging is an unstoppable process and it remains a major challenge for the sustainability of the PAYG pension system in most developed countries, including in Spain. Many countries need to introduce reforms of their pension systems in order to control their expenditure, and in some cases this has already begun. However, there are other sorts of changes to certain parameters that are perceived as secondary, e.g. the different path of minimum and maximum pensions, and the upper and lower caps on contributions. This has significant implications for the distributive structure of the social security system that cannot be readily perceived by the population. That is why some economists in Spain refer to it as the "Silent Reform". The aim of this paper is to analyse the consequences this type of reform would have in Spain; indeed, it is the first paper to actually quantify and evaluate the potential impact it would have on the country. We have used an accounting model with heterogeneous agents and overlapping generations in order to project pension expenditures up until 2070. The results show that this kind of reform could potentially contain future expenditure and could also change the nature of the pension system from a contributory or Bismarckian-type system into an assistential or Beveridgean-type one. This change could have significant consequences as both systems have different objectives. The paper also shows that the institutional characteristics that make this kind of reform in Spain feasible are also present in most developed countries with Bismarckian pension systems. Therefore, we believe that the lessons learned in this paper on this kind of reform could well prove useful to other countries.
Download or read book Pension Reform in Spain 1975 1997 written by Ana M. Guillén and published by . This book was released on 1999 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 System s Reform in Spain written by and published by . This book was released on 2011 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt:
