Person:
Holzmann, Robert
Author Name Variants
Fields of Specialization
Public Finance,
Pension Strategy
Degrees
Externally Hosted Work
Contact Information
Last updated
February 1, 2023
Biography
Robert Holzmann is elected fellow of Austrian Academy
of Sciences and as of September 2019 governor of the
Austrian Central Bank. He held academic positions in
Austria, Australia, Germany and Malaysia, senior
economist positions at OECD and IMF, and senior
management positions at the World Bank where he was
leading the pension strategy work. He has published 37
books and some 200 articles on financial, fiscal and social
policy issues. He has travelled to over 90 countries in the
world.
Publication Search Results
1 - 2 of 2
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Publication
China's Pension System : A Vision
(Washington, DC: World Bank, 2013-02-27)China is at a critical juncture in its economic transition. A comprehensive reform of its pension and social security systems is an essential element of a strategy aimed toward achieving a harmonious society and sustainable development. Among policy makers, a widely held view is that the approach to pension provision and reform efforts piloted over the last 10-15 years is insufficient to enable China's economy and population to realize its development objectives in the years ahead. This volume suggests a national pension system that no longer distinguishes along urban and rural locational or hukou lines yet takes account of the diverse nature of employment relations and capacity of individuals to make contributions. This volume is organized as follows: the main text outlines this vision, focusing on summarizing the key features of a proposed long-term pension system. It first examines key trends motivating the need for reform then outlines the proposed three-pillar design and the rationale behind the design choices. It then moves on to examine financing options. The text continues by discussing institutional reform issues, and the final section concludes. The six appendixes provide additional analytical detail supporting the findings in the main text. The pension system design can play an important role in supporting or constraining such economic and demographic transitions: 1) fragmentation and lack of portability of rights hinder labor market efficiency and contribute to coverage gaps; 2) multiple schemes for salaried workers, civil servants, and, in some areas, migrants similarly impact labor markets; 3) legacy costs that are largely financed through current pension contributions weaken incentives for compliance and accurate wage reporting; 4) very limited risk pooling and interurban resource transfers limit the insurance function of the urban pension system and create spatial disparities in old-age income protection; 5) low retirement ages affect incentives and benefits and undermine fiscal sustainability; and 6) relatively low returns on individual accounts result in replacement rates significantly less than anticipated while at the macro level, are likely to inhibit wider efforts to stimulate higher domestic consumption. -
Publication
Old-Age Financial Protection in Malaysia : Challenges and Pptions
(World Bank Group, Washington, DC, 2014-11)This policy paper presents key findings and suggestions on Malaysia s old-age financial protection system within the context of the country s broader social security framework. The trademark policy approach focusing on job creation instead of expanding social security programs served the country well to move it quickly to a high-middle income level. But to join the club of high-income countries in a sustainable manner may require the country to review its approach to social security, including the way old-age income support is provided, and to address the main current weaknesses: fragmentation across economic sectors, lack of an enabling political environment, incomplete benefit coverage, low mandated savings level, and inadequate disbursement options given the challenges of projected population aging and socioeconomic shifts. To address the old-age financial protection challenge, the paper outlines two key options for Malaysia's employees provident fund, the country's central pension pillar: (i) moving from a mere retirement savings investment fund to a fully-fledged pension fund that offers some minimum annuities; or (ii) more radically, moving the benefits toward a non-financial defined contribution scheme with the fund s resources used as its major reserve fund. Whatever approach is considered, the reform discourse will benefit from changes in the overall governance structure of social security and from a comprehensive research agenda that offers an evidence based decision making.