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Investing in People: Social Protection for Indonesia's 2045 Vision

Autor: Holmemo, Camilla; Acosta, Pablo; George, Tina; Palacios, Robert J.; Pinxten, Juul; Sen, Shonali; Tiwari, Sailesh.
Año: 2020
Resumen: The Government of Indonesia's Vision for 2045 sets an ambitious path that will require significant investments in human capital and social protection Indonesia continues to set ambitious goals for its growth and development. The Government of Indonesia's (GoI) vision for 2045—when the country celebrates 100 years of independence—is to achieve high income status and reduce poverty to nearly zero. In addition to sustained growth and income opportunities for all, an inclusive and efficient social protection (SP) system will be essential to meet these ambitious goals. In most countries today, effective risk-sharing and SP policies play important roles in building equity, resilience and opportunity, and in strengthening human capital. Indonesia is no different. Risk sharing interventions can reduce and prevent poverty, and make growth more equitable by safeguarding households' human and physical capital. Over the past two decades, Indonesia's SP system has been fundamentally transformed. In particular, it has moved from the dominance of regressive consumer subsidies and ad-hoc crisis response to targeted and household based social assistance programs, with a massive coverage expansion. In terms of social insurance, recent years have seen an ongoing building and integration of its policies and institutions. This has all been made possible through better spending allocations and a build-up of the needed platforms to deliver programs effectively and efficiently.

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

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Reverse Mortgages, Financial Inclusion, and Economic Development: Potential Benefit and Risks

Autor: Knaack, Peter; Miller, Margaret; Stewart, Fiona.
Año: 2020
Resumen: This paper examines the state of reverse mortgage markets in selected countries around the world and considers the potential benefits and risks of these products from a financial inclusion and economic benefit standpoint. Despite potentially increasing demand from aging societies -- combined with limited pension income -- a series of market failures constrain supply and demand. The paper discusses a series of market failures on the supply side, such as adverse selection, moral hazard, and the costly regulation established to address these problems, leading to only a small number of providers, even in developed markets. Demand-side constraints are equally relevant, in particular high non-interest costs, abuse concerns, and the inability of reverse mortgages to cover key risks facing the elderly, particularly health and elder care. In developing countries, constraints are likely to be even higher than in advanced economies, due to high transaction costs and lack of consumer knowledge and protection. The enabling conditions for such markets to develop are outlined, along with examples of regulatory oversight. The paper concludes that these still seem to be largely products of last resort rather than well-considered purchases as part of good retirement planning.

Fuente: Banco Mundial
Clasificación: Regulación y Supervisión
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Sustainable Investment: Best Practice Disclosure Checklist for Pension Funds

Autor: Banco Mundial
Año: 2020
Resumen: There are compelling reasons for asset owners – in particular large pension funds and sovereign wealth funds – to adopt sustainable investment, and for governments to support them in these endeavors. First, asset owners have a key role to play in providing the capital that supports national economic and development goals. Second, sustainability issues – for example, climate change, labor rights, public health – are important drivers of investment value. Third, asset owners play a key role in building the conditions for the widespread adoption of sustainable investment.

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

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Acceso al ahorro obligatorio para el retiro en tiempos de COVID-19: Consideraciones de política pública

Autor: Bosch, Mariano; Cabrita Felix, Carolina; García-Huitrón, Manuel; Silva Porto, María Teresa
Año: 2020
Resumen: En el contexto de la pandemia del coronavirus y su impacto en la pérdida de ingresos laborales, esta nota discute brevemente la experiencia internacional con respecto al acceso temprano a los fondos de pensiones, analizando sus ventajas y desventajas. Tres son los principales mensajes. Primero, en situaciones normales, permitir un grado de liquidez de los fondos de pensiones presenta un dilema de política entre construir una pensión y dotar al individuo de liquidez ante choques de ingresos. Corresponde a cada país ponderar este dilema. La experiencia internacional cuenta con buenos ejemplos de cómo se puede dar ese grado de liquidez, pero también muestra que la gran mayoría de países que permiten el acceso a los fondos fuera de América Latina y el Caribe lo hacen sobre pilares voluntarios/complementarios, o bien cuentan con pilares adicionales para proporcionar una pensión básica para la gran mayoría de los adultos mayores. Segundo, en el contexto actual de recesión, el acceso a los fondos de pensiones debería ser una herramienta de última instancia, y debería evitarse cristalizar las pérdidas asociadas a la volatilidad del mercado financiero. Tercero, si no es posible evitar esta medida de política por falta de otros instrumentos, se subrayan en este documento algunos principios de diseño y de implementación, basados en la experiencia internacional, que podrían mitigar el impacto en la suficiencia futura de los sistemas de pensiones. Finalmente, como enfatiza esta nota, es muy importante asegurar que los mecanismos de pago sean seguros para el ciudadano en el contexto de la actual pandemia.

Fuente: Banco Interamericano de Desarrollo (BID)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Informes
Idioma:

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Stepping Up During a Crisis: The Unintended Effects of a Noncontributory Pension Program during the Covid-19 Pandemic

Autor: Bottan, Nicolas L.; Hoffmann, Bridget; Vera-Cossio, Diego A.
Año: 2020
Resumen: This paper uses a regression discontinuity design to study the impacts of a noncontributory pension program covering one-third of Bolivian households during the COVID-19 pandemic. Although the program was not designed to provide emergency assistance, it took on additional importance during the crisis, providing unintended positive impacts. Becoming eligible for the program during the crisis increased by 25 percent the probability that households had a week's worth of food stocked and decreased the probability of going hungry by 40 percent. Relative to the pre-pandemic years, the program's effect on hunger is magnified during the crisis. The program's effects were particularly large for households that lost their livelihoods during the crisis and for low-income households. The results suggest that, during a systemic crisis, a preexisting near-universal pension program can quickly deliver positive impacts in line with the primary goals of a social safety net composed of an income-targeted cash transfer and an unemployment insurance program.

Fuente: Banco Interamericano de Desarrollo (BID)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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