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Pension Funds and Financial Repression

Autor: Banco Mundial
Año: 2021
Resumen: Pension funds in some economies are used as a captive audience to channel capital at below market rates to government. This policy is only one tool in the financial repression toolkit, but it is receiving increased attention as governments around the world struggle to increase fiscal space and reduce their sovereign debt burden as they rebuild their economies after the pandemic. First, this paper provides an analysis of financial repression using pension funds from a historical perspective. It then assesses the welfare and distributional implications of this policy and distills lessons learned from a variety of advanced and emerging economies. The wide range of possible interventions and idiosyncratic country conditions make a general set of policy recommendations elusive, but the paper suggests four high-level principles that can help policymakers assess the costs and benefits of implementing policies that employ pension funds as a captive audience for financial repression.

Fuente: Banco Mundial
Clasificación: Fondos de Inversión
Tipo de Publicación: Informes
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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: Notas de Pensiones
Idioma:

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Economic Insecurity and Well-being

Autor: Organización de las Naciones Unidas (ONU), Departamento de Asuntos Económicos y Sociales; Osberg, Lars
Año: 2021
Resumen: In Article 25 (1) of the Universal Declaration of Human Rights, the United Nations recognized in 1948 the basic human right to “security in the event of unemployment, sickness, disability, widowhood, old age or other lack of livelihood in circumstances beyond ... control.” This paper examines how economic insecurity is related to, yet different from, poverty and inequality, why it matters for human well-being and how it has been changing in different countries around the world in recent years. The paper concludes with discussion of how economic insecurity has been and will be affected by the Covid-19 pandemic/recession.

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

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Older Persons in Emergency Situations

Autor: Comisión Económica de la Organización de las Naciones Unidas para Europa (UNECE)
Año: 2021
Resumen: Between 2001 and 2019, emergency crises in the UNECE region affected an estimated 130 million people, injuring over 90 million, and making nearly 674,000 people homeless. Though generally disproportionately impacted by emergency crises, older men and women are often neglected in disaster risk reduction strategies and emergency responses. The COVID-19 (coronavirus) pandemic has highlighted the vulnerability of older persons carrying the burden of severe illness and mortality as well as of acute loneliness and isolation. As of September 2020, nearly 9 out of 10 COVID-19 related deaths reported in the UNECE region have been among adults aged 65 years and older. Disaster risk reduction and preparedness plans need to be “older persons friendly and inclusive” to prevent and mitigate the UNECE | Standing Working Group on Ageing | www.unece.org/population | unece.ageing@un.org UNECE Policy Brief on Ageing No. 25 November 2020 potentially devastating implications of emergency crises among them. The challenge is not only to protect older persons and ensure essential services provide for their needs, as part of the emergency response and recovery after crises, it is also to account for the diversity of this population group, recognize their capacities and harness their experience to maximize the preparedness for and minimize the impact of emergencies.

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

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Harnessing Longevity in the Future of Work

Autor: Organización de las Naciones Unidas (ONU), Departamento de Asuntos Económicos y Sociales; Abou Rafeh, Amal; Ferre, Julia
Año: 2021
Resumen: Promoting the inclusion of older persons in the new realities of work requires addressing barriers in their access to decent work, including age-based discrimination, rigid labour markets, inadequate access to life-long learning, and participation in informal employment and unpaid care work.

Fuente: Organización de las Naciones Unidas (ONU)
Clasificación: Mercado Laboral
Tipo de Publicación: Notas de Pensiones
Idioma:

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