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The Evolution of Pension Systems in Eastern Europe and Central Asia

2000-01-01 Business & Economics
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Release : 2000-01-01
Genre : Business & Economics
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Book Rating : 079/5 ( reviews)

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Book Synopsis The Evolution of Pension Systems in Eastern Europe and Central Asia by : David C. Lindeman

Download or read book The Evolution of Pension Systems in Eastern Europe and Central Asia written by David C. Lindeman. This book was released on 2000-01-01. Available in PDF, EPUB and Kindle. Book excerpt: Since the early 1990s the transition economy countries of Eastern Europe and Central Asia have had to adapt their pension systems in minor and often very major ways. Some of the changes relate to shrinking contribution bases and the inability of government's to finance prior commitments, while still having to protect the pensioned populations from poverty. Other changes, however, reflect the need to make pension systems more sustainable in light of forthcoming demographic changes. The reforms entail a move away from a single-pillar pay-as-you-go defined benefit systems toward multi-pillar systems that include a funded defined contribution component, and change that convert remaining pay-as-you-go components into ones that are more self sustaining and transparent. The paper describes ongoing developments, assesses the effects of current and forthcoming challenges in light of potential labor market changes, and examines choices for a new pensions system with respect to the organization, administration, guarantees, transition arrangements, participation requirements, role of the government, annuitization, and other factors. The paper concludes that though a 'one-size-fits-all' approach is clearly not appropriate, some practices emerging from the experiences in this region and elsewhere may offer useful guidance to others as they undertake deeper pension reforms.

Pension Reform and the Development of Pension Systems

2006 Business & Economics
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Release : 2006
Genre : Business & Economics
Kind : eBook
Book Rating : 525/5 ( reviews)

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Book Synopsis Pension Reform and the Development of Pension Systems by : Emily S. Andrews

Download or read book Pension Reform and the Development of Pension Systems written by Emily S. Andrews. This book was released on 2006. Available in PDF, EPUB and Kindle. Book excerpt: "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."

The Inverting Pyramid

2014-02-21 Business & Economics
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Release : 2014-02-21
Genre : Business & Economics
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Book Rating : 08X/5 ( reviews)

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Book Synopsis The Inverting Pyramid by : Anita M. Schwarz

Download or read book The Inverting Pyramid written by Anita M. Schwarz. This book was released on 2014-02-21. Available in PDF, EPUB and Kindle. Book excerpt: Europe’s pension systems –among the most celebrated features of its social welfare model— face tremendous challenges. With only 11 percent of the world’s population, Europe spends about 60 percent of global outlays on social protection, largely in pensions. In many countries, pension rules have encouraged people to retire sooner, while enjoying longer lives. Payroll taxes on a continuously expanding contributory base have financed these benefits. This model of pension provision is now being severely tested as pension systems reach maturity, while the population is aging and the labor force is starting to shrink. Measures to enable a continued tradition of providing old age security will include • raising retirement ages such that pensions are provided in the last 15 years of life, when work capacity traditionally diminishes • encouraging immigration to help fill the declining work force • rationalizing pension spending, putting priority on preventing old age poverty, and • encouraging savings to help provide the more comfortable retirement that individuals have come to expect. Some measures may be more appropriate in particular countries than others, yet undertaking all of them will likely require less drastic changes in any one of them. The specific choices will need to be discussed and agreed among each country’s own population, and be accompanied by enabling changes in pension policy, tax policy, financial markets policy, and labor policy. The fundamental issue is that, with these changes, the important achievements of European social policy can withstand the demographic onslaught and continue to provide old age security for generations to come.

Transformation of Pension Systems in Central and Eastern Europe

2002-06-26 Political Science
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Release : 2002-06-26
Genre : Political Science
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Book Rating : 394/5 ( reviews)

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Book Synopsis Transformation of Pension Systems in Central and Eastern Europe by : Winfried Schm‹hl

Download or read book Transformation of Pension Systems in Central and Eastern Europe written by Winfried Schm‹hl. This book was released on 2002-06-26. Available in PDF, EPUB and Kindle. Book excerpt: 'Given the highly specialised subject matter, which so easily degenerates into rather tedious calculations, this book is really amazingly interesting and competently executed.' - The late Mark Blaug, formerly of the University of London and University of Buckingham, UK

Pensions in the Middle East and North Africa

2005-01-01 Business & Economics
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Release : 2005-01-01
Genre : Business & Economics
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Book Rating : 856/5 ( reviews)

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Book Synopsis Pensions in the Middle East and North Africa by : Edward Whitehouse

Download or read book Pensions in the Middle East and North Africa written by Edward Whitehouse. This book was released on 2005-01-01. Available in PDF, EPUB and Kindle. Book excerpt: 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.

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