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Equitable and Sustainable Pensions

Equitable and Sustainable Pensions PDF Author: Mr.Benedict J. Clements
Publisher: International Monetary Fund
ISBN: 1616359501
Category : Business & Economics
Languages : en
Pages : 432

Book Description
Pension reform is high on the agenda of many advanced and emerging market economies, for many reasons. First, public pensions often constitute a large share of government expenditure. Second, population aging means that reforms would be needed just to keep pension spending from rising in the future. Third, in many economies, low or falling pension coverage will leave large segments of the population without adequate income in old age and at risk of falling into poverty. Although a number of studies have assessed the effects of pension reforms on fiscal sustainability, a systematic analysis of equity issues in pension systems—and how countries have grappled with these issues—has yet to be undertaken. This book brings together the latest research on equity issues related to pension systems and pension reforms in the post-crisis world. Some of the key issues covered include: the effect of pension systems on intergenerational equity and the impact of pension reforms on poverty, the effects of pension reform measures on fiscal sustainability and equity, and the fiscal consequences of achieving different equity goals. It also presents country case studies. The volume provides a rich menu of material to assist policymakers and academic audiences seeking to understand the latest research in this area, as well as the lessons and challenges for the design of reforms.

Equitable and Sustainable Pensions

Equitable and Sustainable Pensions PDF Author: Mr.Benedict J. Clements
Publisher: International Monetary Fund
ISBN: 1616359501
Category : Business & Economics
Languages : en
Pages : 432

Book Description
Pension reform is high on the agenda of many advanced and emerging market economies, for many reasons. First, public pensions often constitute a large share of government expenditure. Second, population aging means that reforms would be needed just to keep pension spending from rising in the future. Third, in many economies, low or falling pension coverage will leave large segments of the population without adequate income in old age and at risk of falling into poverty. Although a number of studies have assessed the effects of pension reforms on fiscal sustainability, a systematic analysis of equity issues in pension systems—and how countries have grappled with these issues—has yet to be undertaken. This book brings together the latest research on equity issues related to pension systems and pension reforms in the post-crisis world. Some of the key issues covered include: the effect of pension systems on intergenerational equity and the impact of pension reforms on poverty, the effects of pension reform measures on fiscal sustainability and equity, and the fiscal consequences of achieving different equity goals. It also presents country case studies. The volume provides a rich menu of material to assist policymakers and academic audiences seeking to understand the latest research in this area, as well as the lessons and challenges for the design of reforms.

Towards an Inclusive, Equitable and Sustainable National Pension System in Iraq

Towards an Inclusive, Equitable and Sustainable National Pension System in Iraq PDF Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 73

Book Description
A pension system is at the heart of social protection. By ensuring income security for older persons and other vulnerable groups, it prevents poverty, reduces inequality, and facilitates consumption smoothing. A pension system also affects the working population’s labor market choices and has important fiscal implications. Iraq’s current pension system is highly fragmented, inequitable, and inefficient. First, it fails to provide adequate income protection to most of Iraqi’s old age population and other vulnerable groups, such as survivors and persons with disability. Second, the public sector pension is already putting substantial pressure on the budget and is potentially unsustainable given the projected acceleration of the total pension bill due to recent policy changes. Third, it sets an uneven playing field between the public and private sectors, contributing to the continued expansion of an already outsized civil service and holding back much-needed economic diversification and private sector growth. Thus, a comprehensive pension reform is urgently needed. Based on collaboration between the IMF, ILO and the World Bank this policy note aims to: 1) Provide an assessment of the existing public and private pension system across the four dimensions: fiscal sustainability; labor market implications; coverage; and adequacy of benefits. 2) Develop and propose options to adjust the pension system with a view to making it fiscally sustainable, more inclusive and adequate, and conducive to private sector development and labor market formalization. 3) Provide a basis to engage key stakeholders—including workers, employers organizations and the civil society—on strategies to achieve a more inclusive system, importantly by including workers in the informal economy, female workers, workers with disabilities, and other disadvantaged groups.

Sustainability of Pension Systems in the New EU Member States and Croatia

Sustainability of Pension Systems in the New EU Member States and Croatia PDF Author: Leszek Kasek
Publisher: World Bank Publications
ISBN: 9780821373705
Category : Business & Economics
Languages : en
Pages : 48

Book Description
This study finds that pension reforms in recent years have improved the efficiency and sustainability of pension systems in the new member states of the European Union and Croatia. However, for many countries, these probably have not gone far enough to ensure long-term sustainability, given the aging of the population. Reforms have included changes to Pay-As-You-Go (PAYG) systems, including increases in retirement ages (not at least for women), new benefit formulas, and new indexation mechanism. Some countries (Latvia and Poland) have further strengthened the link of contributions and benefits to the sustainability of the PAYG system through the introduction of national defined contribution accounts. The link is strengthened also by moving to a point system, which has been adopted by many of the countries. Several countries have introduced a second, private, pension pillar, funded through diversion of part of the pension contributions, thereby diversifying risk. However, some countries (in particular the Czech Republic, Slovenia, and Romania) will need to do more to safeguard the long-term viability of their pension systems, while others face challenges to ensure equitable pension systems and adequate living standards for all elderly people.

Sustainability and Equity Challenges

Sustainability and Equity Challenges PDF Author: Mariusz Jarmuzek
Publisher: International Monetary Fund
ISBN: 151354148X
Category : Business & Economics
Languages : en
Pages : 20

Book Description
Reform of Lebanon’s pension system is indispensable. The country already faces fiscal sustainability risks, which will be compounded in the future by significantly higher pensionrelated spending and liabilities, mainly reflecting adverse demographics. In addition to sustainability issues, the pension system also suffers from equity shortcomings—Lebanon is the only MENA country that does not offer social security for retirees in the private sector. While several reform proposals have been formulated since the early 2000s, none has been implemented to date. Costs mount with every year of delay, so action is required soon to address these challenges.

Towards an Equitable and Sustainable Points System

Towards an Equitable and Sustainable Points System PDF Author: Erik Schokkaert
Publisher:
ISBN:
Category :
Languages : en
Pages :

Book Description


Sustainability and Equity Challenges

Sustainability and Equity Challenges PDF Author: Mariusz Jarmuzek
Publisher:
ISBN: 9781513557236
Category : Lebanon
Languages : en
Pages :

Book Description


Retirement Income Policy and Intergenerational Equity

Retirement Income Policy and Intergenerational Equity PDF Author: Judith Davey
Publisher:
ISBN: 9781877347429
Category : Old age pensions
Languages : en
Pages : 200

Book Description
Population ageing is widely recognised as a major issue throughout the world. A crucial implication of ageing is its impact on retirement income policy. Having a reliable income in retirement or being able to look forward to a comfortable standard of living is important for everyone. It is not just a concern for older or even middle-aged people. Retirement income policy raises questions of fairness and intergenerational equity. Whether a tax-funded pension system is sustainable depends on the balance between the number of recipients and the number of taxpayers who can contribute to it. If the financial support of pensioners is indeed a 'burden', then how could that fiscal burden be shared between current and future taxpayers, and pension recipients? These and related issues are discussed in Retirement Income Policy and Intergenerational Equity in a series of papers from a wide range of perspectives. These papers were originally presented at a conference run by the Institute of Policy Studies, with the support of the Retirement Commissioner, in July 2010.

China's Pension System

China's Pension System PDF Author: Jun Peng
Publisher: Routledge
ISBN: 9780367550981
Category : Business & Economics
Languages : en
Pages : 0

Book Description
This book tells the story of how China has managed to build a national pension system that now covers most of its population and what this system holds for its future.

Reforming the Greek Pension System

Reforming the Greek Pension System PDF Author: Mr. Alvar Kangur
Publisher: International Monetary Fund
ISBN: 1513588842
Category : Business & Economics
Languages : en
Pages : 26

Book Description
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.

Intergenerational Equity and Sustainability

Intergenerational Equity and Sustainability PDF Author: J. Roemer
Publisher: Springer
ISBN: 0230236766
Category : Business & Economics
Languages : en
Pages : 368

Book Description
This book addresses distributive justice across generations and includes original theories from distinguished economists on intergenerational equity, efficiency and rationality, which discuss policies on social security, pensions, and environmental degradation, as examples of policies of the present generation which impact upon future generations.