By World Bank
This policy-oriented e-book identifies the problems nations may still think about as they reevaluate their outdated source of revenue safety regulations and formulate new equipment. the alternative among some of the versions for offering old-age safeguard has wide implications for the operation of work and capital markets, the economic method, and the extent, development, and distribution of GNP. the writer concludes combined method is better than any unmarried approach to source of revenue safeguard. this may be a huge e-book for foreign economists and policymakers.
Read or Download Averting the old age crisis: policies to protect the old and promote growth. Summary PDF
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Additional resources for Averting the old age crisis: policies to protect the old and promote growth. Summary
Myth 4: Only governments can insure pensioners against group risks, such as inflation, and most do so. Fact: Most developing countries do not index pension benefits for inflation in their publicly managed old age programs. And most OECD countries have skipped some cost-of-living adjustments during the past decade. Failing to index for inflation is the most common method governments use to reduce real benefit levels and escape from unsustainable benefit promises. In countries prone to inflation, the best insurance would be international diversification of pension fund investmentswhich is more likely when investment decisions are made by private managers rather than government.
The high public spending implied by earnings-related schemes adds to the government's fiscal burden and may prevent spending on other important public goods. Such schemes are complicated and lead to strategic manipulation and political pressures for unrealistic pension promises and early retirement opportunities that mainly benefit privileged groups. Even when earnings-related benefit formulas appear to be progressive, careful empirical studies show they are not. Often the rich get larget transfers than the poor.
Fact: Even if benefit formulas look progressive, four factors neutralize most of the progressive effect. The first people to be covered when new plans are started are invariably middle- and upper-income groups, and they typically receive large transfers. The longer life expectancy of the rich severely reduces or eliminates the apparent progressivity of social security programs when redistribution is calculated on a lifetime rather than an annual basis. Ceilings on taxable earnings keep the lid on tax differences between rich and poor.