Assessing Chile's Pension System: Challenges and Reform Options

Assessing Chile's Pension System: Challenges and Reform Options
Author: Samuel Pienknagura
Publisher: International Monetary Fund
Total Pages: 52
Release: 2021-09-10
Genre: Business & Economics
ISBN: 151359611X

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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 Middle East and North Africa

Pensions in the Middle East and North Africa
Author: Edward Whitehouse
Publisher: World Bank Publications
Total Pages: 286
Release: 2005-01-01
Genre: Business & Economics
ISBN: 0821361856

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This is the first comprehensive assessment of pension systems in the Middle East and North Africa. While other regions—Central Asia, Eastern Europe, and Latin America, in particular—have been actively introducing reforms to their pension systems, Middle East and North African countries have lagged behind. This is explained, in part, by the common belief that, because demographics remain favorable—the countries are young and the labor force is expanding rapidly—financial problems are far in the future; as a result, pension reform does not have to be a priority in the broader policy agenda.However, the authors show that aging is not the only factor behind a financial crisis; the problem is the generosity of the current schemes. Moreover, badly designed benefit formulas and eligibility conditions introduce unnecessary economic distortions and make the systems vulnerable to adverse distributional transfers. The book does not present a general model that could solve the problems of all pension systems in Middle East and North Africa countries. Instead the authors focus on outlining a framework for guiding discussions on pension reform and making objective policy choices.This assessment will be useful for policy makers and government officials involved in pension reform in the Middle East and North Africa region.

Gender, Pensions and the Lifecourse

Gender, Pensions and the Lifecourse
Author: Jay Ginn
Publisher: Policy Press
Total Pages: 152
Release: 2003
Genre: Business & Economics
ISBN: 1861343388

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Using original data analysis, this book highlights the new patterns of pension advantage and disadvantage that are emerging amongst women, influenced by partnership status, parenthood, employment histories, class and ethnicity.

The International Handbook of Gender and Poverty

The International Handbook of Gender and Poverty
Author: Sylvia H. Chant
Publisher: Edward Elgar Publishing
Total Pages: 733
Release: 2011-01-01
Genre: Social Science
ISBN: 1849805164

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. . . possibly the most comprehensive contribution to a detailed and thorough analysis of gendered dimensions of international poverty contexts, causes, and consequences ever brought together into one volume. Gender and Development I recommend this book to be a staple of reference libraries. British Politics and Policy With international attention focused on halving poverty by 2015, the appearance of The International Handbook of Gender and Poverty is both timely and essential. Sylvia Chant is to be congratulated for producing a state-of-the-art compendium of everything you need to know about the often hidden, gendered, dimensions of poverty. Edited and written by leading scholars and policy advisers, the Handbook comprehensively covers the key themes that are vital to understanding poverty as a gendered process, combining policy lessons with theoretical insight. Richly illustrated with examples from across the world, this book will not only be welcomed by all those dedicated to the study of poverty, but, by casting new light on its causes, will also help to develop appropriate measures to tackle it. Professor Maxine Molyneux, Institute for the Study of the Americas, University of London, UK While each of the articles in this impressive collection makes an original contribution to the conceptual, empirical and policy analysis of gender and poverty, together they provide a comprehensive overview of the field and an essential resource for all sections of the development community. Professor Sylvia Chant is to be congratulated for bringing together some of the leading thinkers in the field from across the world. This is not only an unprecedented feat of international co-operation but feminist collaboration at its best. Professor Naila Kabeer, Institute of Development Studies, University of Sussex, UK These diverse, thoughtful essays go far beyond a mere summary of international scholarship. They outline a fascinating and provocative agenda for future policy-relevant research. This book will help redefine and revitalise the field of gender and development. Professor Nancy Folbre, Department of Economics, University of Massachusetts, Amherst, USA In the interests of contextualising (and nuancing) the multiple interrelations between gender and poverty, Sylvia Chant has gathered writings on diverse aspects of the subject from a range of disciplinary and professional perspectives, achieving extensive thematic as well as geographical coverage. This benchmark volume presents women s and men s experiences of gendered poverty with respect to a vast spectrum of intersecting issues including local to global economic transformations, family, age, race , migration, assets, paid and unpaid work, health, sexuality, human rights, and conflict and violence. The Handbook also provides up-to-the-minute reflections on how to theorise, measure and represent the connections between gender and poverty, and to contemplate how gendered poverty is affected and potentially redressed by policy and grassroots interventions. An unprecedented and ambitious blend of conceptual, methodological, empirical and practical offerings from a host of established as well as upcoming scholars and professionals from across the globe lends the volume a distinctive and critical edge. Notwithstanding the broad scope of The International Handbook of Gender and Poverty, one theme in common to most of its 100-plus chapters is the need to en-gender analysis and initiatives to combat poverty and inequality at local, national and international levels. As such, the volume will inspire its readers not only to reflect deeply on poverty and gender injustice, but also to consider what to do about it. This book will be essential reading for all with academic, professional or personal interests in gender, poverty, inequality, development, and social, political and economic change in the contemporary world.

Reforming Pensions: Principles and Policy Choices

Reforming Pensions: Principles and Policy Choices
Author: Nicholas Barr
Publisher: Oxford University Press
Total Pages: 763
Release: 2008-09-17
Genre: Business & Economics
ISBN: 0199885990

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Mandatory pensions are a worldwide phenomenon. However, with fixed contribution rates, monthly benefits, and retirement ages, pension systems are not consistent with three long-run trends: declining mortality, declining fertility, and earlier retirement. Many systems need reform. This book gives an extensive nontechnical explanation of the economics of pension design. The theoretical arguments have three elements: * Pension systems have multiple objectives--consumption smoothing, insurance, poverty relief, and redistribution. Good policy needs to bear them all in mind. * Good analysis should be framed in a second-best context-- simple economic models are a bad guide to policy design in a world with imperfect information and decision-making, incomplete markets and taxation. * Any choice of pension system has risk-sharing and distributional consequences, which the book recognizes explicitly. Barr and Diamond's analysis includes labor markets, capital markets, risk sharing, and gender and family, with comparison of PAYG and funded systems, recognizing that the suitable level of funding differs by country. Alongside the economic principles of good design, policy must also take account of a country's capacity to implement the system. Thus the theoretical analysis is complemented by discussion of implementation, and of experiences, both good and bad, in many countries, with particular attention to Chile and China.

Reforming Pensions

Reforming Pensions
Author: Nicholas Barr
Publisher: Oxford University Press
Total Pages: 261
Release: 2009-11-30
Genre: Business & Economics
ISBN: 0199889066

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Mandatory pensions are a worldwide phenomenon. However, with fixed contribution rates, monthly benefits, and retirement ages, pension systems are not consistent with three long-run trends: declining mortality, declining fertility, and earlier retirement. Many systems need reform. This book gives an extensive nontechnical explanation of the economics of pension design. The theoretical arguments have three elements: * Pension systems have multiple objectives--consumption smoothing, insurance, poverty relief, and redistribution. Good policy needs to bear them all in mind. * Good analysis should be framed in a second-best context-- simple economic models are a bad guide to policy design in a world with imperfect information and decision-making, incomplete markets and taxation. * Any choice of pension system has risk-sharing and distributional consequences, which the book recognizes explicitly. Barr and Diamond's analysis includes labor markets, capital markets, risk sharing, and gender and family, with comparison of PAYG and funded systems, recognizing that the suitable level of funding differs by country. Alongside the economic principles of good design, policy must also take account of a country's capacity to implement the system. Thus the theoretical analysis is complemented by discussion of implementation, and of experiences, both good and bad, in many countries, with particular attention to Chile and China.

Handbook on Gender and Social Policy

Handbook on Gender and Social Policy
Author: Sheila Shaver
Publisher: Edward Elgar Publishing
Total Pages: 481
Release: 2018-09-28
Genre: Political Science
ISBN: 1785367161

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Providing a state of the art overview, this comprehensive Handbook is an essential introduction to the subject of Gender and Social Policy. Bringing together original contributions and research from leading researchers it covers the theoretical perspectives of the field, the central policy terrain of gender inequalities of income, employment and care, and family policy. Examining gender and social policy at both the regional and national level, the Handbook is an excellent resource for advanced students and scholars of sociology, political science, women’s studies, policy studies as well as practitioners seeking to understand how gender shapes the contours of social policy and politics.

Cliometrics of the Family

Cliometrics of the Family
Author: Claude Diebolt
Publisher: Springer
Total Pages: 365
Release: 2019-01-31
Genre: Business & Economics
ISBN: 3319994808

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This contributed volume applies cliometric methods to the study of family and households in order to derive global patterns and determine their impact on economic development. Family and households are a fundamental feature of societies and economies. They are found throughout history and are the place where key decisions on fertility, labour force participation, education, consumption are made. This is especially relevant for the position of women. The book gathers key insights from a variety of fields – economics, history, demography, anthropology, biology – to shed light on the relation between family organisation and the long-term process of economic development.