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Performance and Challenges of the Income Protection System for Older People in Ecuador

Autor: Apella, Ignacio
Año: 2019
Resumen: The purpose of this work is to analyze the performance of the Ecuadorian pension system, its challenges, and available policy options. Therefore, the study analyzes coverage, financing sufficiency, and sustainability indicators that were created based on information from the Encuesta Nacional de Empleo, Desempleo y Subempleo (National Employment, Unemployment and Underemployment Survey) that was carried out over 2003-16. Likewise, actuarial simulations are made by using the World Bank pension reform options simulation toolkit. The findings show that, although in the latest 13 years there has been coverage extension, resulting from an increase in reported employment and an extension of noncontributory pensions, current coverage is still insufficient. In addition to the challenge posed to coverage extension, in the medium term, population aging would exert some pressure on financial sustainability that, within the current framework, would imply a deficit trend starting in the mid-2030s. However, some public policy areas, parametric as well as structural, have been identified that, together with an extension of noncontributory coverage, may provide a more supportive and sustainable scheme.

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

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The Latvian NDC Scheme: Success Under a Decreasing Labor Force

Autor: Stabina, Sandra; Palmer, Edward
Año: 2019
Resumen: Latvia introduced a nonfinancial defined contribution (NDC) scheme in 1996 as it transitioned to a market economy. Despite a 20 percent decline in the working-age population from 1994–2016, the ratio of contributors to old-age pensioners rose from 1.6 to 2.1 given a steady increase in formal labor force participation and 5-6 percent real per capita wage growth. Projections show that long-term financial balance will be maintained through 2070, despite the threat of a projected 50 percent decline in the working-age population. Budgeted reserves will cushion the continued transition into a two-pillar public pension scheme. Latvia’s most important long-term policy challenge is to create the domestic investments and economic growth to reward younger workers for remaining in the country.

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

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Administrative Requirements and Prospects for Universal NDCs in Emerging Economies

Autor: Palacios, Robert
Año: 2019
Resumen: Many public policies are impossible to implement without adequate administrative systems in place. This is true for modern pension schemes and in particular, notional defined contribution (NDC) schemes. Today these systems must be digital yet most pension systems predate computerization and must find a way to bridge past and present. The shift from defined benefit (DB) to NDC brings particular challenges in recordkeeping. This paper briefly reviews the administrative requirements of NDCs and offers a simple checklist for countries considering this type of reform. The last section describes a universal NDC scheme that harnesses the modern digital infrastructure that may allow developing countries to overcome the limitations of traditional contributory systems and their reliance on payroll taxes.

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

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Setting Up a Communication Package for the Italian NDC

Autor: Boeri, Tito; Cozzolino, Maria; Di Porto, Edoardo
Año: 2019
Resumen: In the last 30 years the Italian pension system was repeatedly reformed and counter-reformed, increasing uncertainty about future pensions. A low level of financial literacy exacerbated this problem. In 2015, the Italian Social Security Institute (INPS) launched a project to allow all insured workers to have more precise information about their future benefits. This paper analyzes the results of a survey carried out to evaluate the project’s performance. The findings are encouraging – around 80 percent of respondents rate the INPS service as at least “very helpful.” Even if 42 percent of the sample overestimates their future pension, 16 to 29 percent reveal a willingness to change their expectation on retirement income after receiving new information.

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

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The Norwegian NDC Scheme: Balancing Risk Sharing and Redistribution

Autor: Stølen, Nils Martin; Fredriksen, Dennis; Hernæs, Erik; Holmøy, Erling
Año: 2019
Resumen: The main goals of reforming the Norwegian old-age pension system toward nonfinancial defined contributions (NDC) in 2011 were to improve long-run fiscal sustainability and labor supply incentives. Maintaining much of the redistributive effects of the former public pension system was also an important concern. Econometric analyses reveal the 2011 reform’s significant effects on postponing retirement. Results from a dynamic microsimulation model show that the reform is expected to have substantial effects on old-age pension expenditures in the long run without any large negative distributional effects. Macroeconomic analyses indicate that the reform is likely to make a great fiscal impact in the long run, and higher employment plays an important role in this aspect.

Fuente: Banco Mundial
Clasificación: Fondos de Inversión
Tipo de Publicación: Documentos de Trabajo
Idioma:

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