The Challenge of Public Pension Reform in Advanced and Emerging Economies

The Challenge of Public Pension Reform in Advanced and Emerging Economies PDF Author: Mr.Benedict J. Clements
Publisher: International Monetary Fund
ISBN: 147556631X
Category : Business & Economics
Languages : en
Pages : 86

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Book Description
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.

The Challenge of Public Pension Reform in Advanced and Emerging Economies

The Challenge of Public Pension Reform in Advanced and Emerging Economies PDF Author: Mr.Benedict J. Clements
Publisher: International Monetary Fund
ISBN: 147556631X
Category : Business & Economics
Languages : en
Pages : 86

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Book Description
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.

US Pension Reform

US Pension Reform PDF Author: Martin Neil Baily
Publisher: Peterson Institute
ISBN: 0881325635
Category : Pensions
Languages : en
Pages : 534

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Book Description


Assessing Chile's Pension System: Challenges and Reform Options

Assessing Chile's Pension System: Challenges and Reform Options PDF Author: Samuel Pienknagura
Publisher: International Monetary Fund
ISBN: 151359611X
Category : Business & Economics
Languages : en
Pages : 52

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Book Description
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.

Pensions in the Public Sector

Pensions in the Public Sector PDF Author: Olivia S. Mitchell
Publisher: University of Pennsylvania Press
ISBN: 9780812235784
Category : Business & Economics
Languages : en
Pages : 692

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Book Description
From the Pension Research Council of the Wharton School, this book explores the diversity of governmental pension plans and investigates how these financial institutions must change in years to come.

Prospects for Social Security Reform

Prospects for Social Security Reform PDF Author: Olivia S. Mitchell
Publisher: University of Pennsylvania Press
ISBN: 9780812234794
Category : Business & Economics
Languages : en
Pages : 446

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Book Description
The United States social security system is the nation's largest social insurance program. As such, it has a far-reaching impact throughout the economy, influencing not only old-age economic security but also many behaviors, including corporate employment policy, retirement patterns, and personal saving. In the past, the system's universal coverage and generous benefits ensured popular support to a degree enjoyed by no other form of "big government" social spending. Yet over two-thirds of all Americans today believe that the social security system will face bankruptcy by the time they retire. The question of social security reform—how to reform the system or whether the system needs reform at all—is the subject of heated debate at all levels of government, in the media, and among workers, pensioners, and employers. Prospects for Social Security Reform informs the debate by exploring why the system is at a crossroads today and what to do about it. Contributors detail the size and nature of the problem, explain views of key "stakeholders" regarding reform options, and report new evidence on how reform might affect the economy. Research findings and public opinion polls are analyzed, as are lessons from other countries experimenting with new ways to deliver old-age benefit promises. No other volume includes as diverse and expert a set of perspectives on reform and privatization as those gathered here from economists, actuaries, employers, investment managers, and representatives of organized labor. Among its chapters is the path-breaking study "Social Security Money's Worth," the 1999 winner of the TIAA-CREF's Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security.

Pension Reform and the Development of Pension Systems

Pension Reform and the Development of Pension Systems PDF Author: Emily S. Andrews
Publisher: World Bank Publications
ISBN: 0821365525
Category : Business & Economics
Languages : en
Pages : 198

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Book Description
"Formal pension systems are an important means of reducing poverty among the aged. In recent years, however, pension reform has become a pressing matter, as demographic aging, poor administration, early retirement, and unaffordable benefits have strained pension balances and overall public finances. Pension systems have become a source of macroeconomic instability, a constraint to economic growth, and an ineffective and/or inequitable provider of retirement income."

A History of Public Sector Pensions in the United States

A History of Public Sector Pensions in the United States PDF Author: Robert Louis Clark
Publisher: University of Pennsylvania Press
ISBN: 9780812237146
Category : History
Languages : en
Pages : 280

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Book Description
From the Wharton School, offering a comprehensive assessment of the political and financial dimensions of public-sector pensions from the colonial period until the emergence of modern retirement plans in the twentieth century.

Pension Reform

Pension Reform PDF Author: Robert Holzmann
Publisher: World Bank Publications
ISBN: 082136166X
Category : Business & Economics
Languages : en
Pages : 692

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Book Description
This book presents 25 state of the art papers on the conceptual foundations and issues surrounding Non-financial, or Notional, Defined Contribution (NDC), country implementation of NDC (Italy, Latvia, Poland, and Sweden) and case studies for countries where NDC is figured in the reform debate. This book is intended to be a handbook for academics and policy makers who want to become informed about what NDC is and to learn about the pros and cons of this attractive reform proposal.

Social Security Programs and Retirement around the World

Social Security Programs and Retirement around the World PDF Author: Axel Börsch-Supan
Publisher: University of Chicago Press
ISBN: 0226836363
Category : Business & Economics
Languages : en
Pages : 0

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Book Description
A global analysis of the effects of social security reforms on the retirement incentives and labor force trends of older workers. Employment among older men and women has increased dramatically in recent years, reversing a downward trend in the closing decades of the twentieth century. Social Security Programs and Retirement around the World examines how changing retirement incentives have reshaped labor force participation trends among older workers. The chapters feature country-specific analyses for Belgium, Canada, Denmark, France, Germany, Italy, Japan, Netherlands, Spain, Sweden, the United Kingdom, and the United States. They find that while there is significant heterogeneity across countries, the reforms of recent decades have generally reduced the implicit tax on work at older ages. These changes correlate positively with labor force participation. The studies exploit the variation in the timing and extent of reforms of retirement incentives and employ microeconometric methods to investigate whether this correlation reflects a causal relationship. Policy changes appear to have contributed to rising labor force activity, but other factors like the role of women in the labor force, improved health, and changes in private pensions likely also play important roles.

German Pension Reform

German Pension Reform PDF Author: Christina Benita Wilke
Publisher: Peter Lang
ISBN: 9783631588512
Category : Business & Economics
Languages : en
Pages : 216

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Book Description
The German pension system was the first formal pension system in the world, designed by Bismarck nearly 120 years ago. It has been very successful in providing high and reliable pension levels at reasonable contribution rates. While the generosity of the German pension system is considered a great social achievement, negative incentive effects of past reforms in the 1970s and 1980s and population aging are threatening the very core of the system. This has led to fundamental pension reforms since 1992. Based on a detailed simulation model of the German pension system, this book provides a thorough assessment of the system and its reforms. It shows that the latest reforms have put the system back onto a stable path and moved it from the old monolithic towards a multi-pillar system.