Averting the old age crisis: policies to protect the old and by World Bank

By World Bank

This policy-oriented e-book identifies the problems international locations should still reflect on as they reevaluate their outdated source of revenue safety rules and formulate new equipment. the alternative among some of the versions for delivering old-age defense has extensive implications for the operation of work and capital markets, the economic procedure, and the extent, development, and distribution of GNP. the writer concludes combined procedure is greater than any unmarried approach to source of revenue defense. this can be a major publication for foreign economists and policymakers.

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Many countries in Africa and South Asia are at this stage. The weakening of informal systems of old age support and the absence of reliable capital and insurance market instruments are prompting political pressures for an expanded public pillar. These countries typically do not have the financial markets or regulatory capability necessary to establish a decentralized funded pillar. But they should be creating an enabling environment for voluntary and, later, mandatory saving and pension plans by: Page 25 Box 4 Taking Stock Any plans to establish or reform a country's old age security system should be preceded by a stock taking that considers the contributions of the extended family, financial institutions, occupational pension plans, and government programs to the welfare of the old.

Page 14 Toward a Multipillar System One of the prime policy issues in the design of old age security programs is the relative importance of the saving, redistribution, and insurance functionsand the role of government in each: Saving involves income smoothing over a person's lifetime: people postpone some consumption when they are young and their earnings are high so that they can consume more in their old age than their reduced earnings would permit. Redistribution involves shifting lifetime income from one person to another, perhaps because if low-income workers saved enough to live on in old age, they would plunge below the poverty line when young.

They contain no provisions for redistributing to low-income workers and, in fact, often include nontransparent redistributions to high-income workers- until finally the fund is depleted and can't pay much to anyone. Privately managed occupational or personal saving plans would also fail as single pillar systems. ) Occupational plans have better capital market effects than publicly managed plans but may impede the smooth functioning of labor markets. They redistribute in accordance with employer rather than social objectives.

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