Assessing Chile's Pension System: Challenges and Reform Options

Assessing Chile's Pension System: Challenges and Reform Options
Author :
Publisher : International Monetary Fund
Total Pages : 52
Release :
ISBN-10 : 9781513596112
ISBN-13 : 151359611X
Rating : 4/5 (11X Downloads)

Book Synopsis Assessing Chile's Pension System: Challenges and Reform Options by : Samuel Pienknagura

Download or read book Assessing Chile's Pension System: Challenges and Reform Options written by Samuel Pienknagura and published by International Monetary Fund. This book was released on 2021-09-10 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.


Assessing Chile's Pension System: Challenges and Reform Options Related Books

Assessing Chile's Pension System: Challenges and Reform Options
Language: en
Pages: 52
Authors: Samuel Pienknagura
Categories: Business & Economics
Type: BOOK - Published: 2021-09-10 - Publisher: International Monetary Fund

DOWNLOAD EBOOK

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’
The Challenge of Public Pension Reform in Advanced and Emerging Economies
Language: en
Pages: 86
Authors: Mr.Benedict J. Clements
Categories: Business & Economics
Type: BOOK - Published: 2013-01-25 - Publisher: International Monetary Fund

DOWNLOAD EBOOK

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 i
Privatizing Social Security
Language: en
Pages: 484
Authors: Martin Feldstein
Categories: Political Science
Type: BOOK - Published: 2008-04-15 - Publisher: University of Chicago Press

DOWNLOAD EBOOK

This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social
Pension Reform and the Development of Pension Systems
Language: en
Pages: 198
Authors: Emily S. Andrews
Categories: Business & Economics
Type: BOOK - Published: 2006 - Publisher: World Bank Publications

DOWNLOAD EBOOK

"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 dem
Reforming the Greek Pension System
Language: en
Pages: 26
Authors: Mr. Alvar Kangur
Categories: Business & Economics
Type: BOOK - Published: 2021-07-16 - Publisher: International Monetary Fund

DOWNLOAD EBOOK

The Greek pension system has been costly, complex, and distortive, which has contributed to Greece’s fiscal problems and discouraged labor force participation