Publication:
Kyrgyz Republic Public Expenditure Review Policy Notes : Pensions

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dc.contributor.authorWorld Bank
dc.date.accessioned2014-08-14T16:49:53Z
dc.date.available2014-08-14T16:49:53Z
dc.date.issued2014-05
dc.description.abstractToday, the Kyrgyz pension system plays a major role in poverty alleviation of the elderly but this role is diminishing fast due to low coverage of working age population. The system currently provides pensions to more than 90 percent of the population over age 65 thus being a significant buffer against poverty. Over time, though, the poverty reduction effect of the pension system is expected to weaken substantially as the current low coverage rates among the working age population translate into much lower coverage rates of about only 60 percent for the future old age population. As a result, poverty rates among the old-age population will grow and government spending on social pensions will increase dramatically. The structure of this chapter is as follows. The next section provides an overview of the current pension system and the main issues facing it. Section three presents the results of the financial projections for the current system assuming a no-reform scenario and the implications of doing nothing on the finances of the Social Fund, the cost to the government and the expected benefits (baseline projections). Section four considers several broad reform options and their impact with respect to the financial sustainability and affordability of the system as well as adequacy of benefits. Section five outlines the issues remaining beyond the scope of this study which require further analysis. Annex one summarizes the main parameters of the current pension system and annexes two provides a brief description of the main assumptions used in the projections and the projection methodology. The diagnosis of the current system and the evaluation of the reform options presented in this chapter are based on the simulations produced with the World Bank Pension Reform Options Simulation Toolkit (PROST) model.en
dc.identifierhttp://documents.worldbank.org/curated/en/2014/05/19717536/kyrgyz-republic-public-expenditure-review-policy-notes-pensions
dc.identifier.doi10.1596/19304
dc.identifier.urihttps://hdl.handle.net/10986/19304
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCRUAL RATE
dc.subjectANNUITY
dc.subjectANNUITY FACTORS
dc.subjectASSET MANAGEMENT
dc.subjectAVERAGE WAGE GROWTH
dc.subjectBANKING SYSTEM
dc.subjectBASIC PENSION
dc.subjectBASIC PENSIONS
dc.subjectBENEFICIARIES
dc.subjectBENEFICIARY
dc.subjectBENEFIT ADJUSTMENTS
dc.subjectBENEFIT FORMULA
dc.subjectBENEFIT INDEXATION
dc.subjectBENEFIT LEVELS
dc.subjectBENEFIT PAYMENTS
dc.subjectCASH FLOWS
dc.subjectCASH INCOME
dc.subjectCHANGES IN FERTILITY
dc.subjectCOMPENSATION
dc.subjectCONSTANT SHARE
dc.subjectCONSUMPTION SMOOTHING
dc.subjectCONTRIBUTION RATE
dc.subjectCONTRIBUTION RATES
dc.subjectCURRENCY
dc.subjectDATA AVAILABILITY
dc.subjectDEFICIT FINANCING
dc.subjectDEFICITS
dc.subjectDEFINED BENEFIT
dc.subjectDEFINED CONTRIBUTIONS
dc.subjectDEMOGRAPHIC
dc.subjectDEMOGRAPHIC PROJECTIONS
dc.subjectDEPENDENCY RATIO
dc.subjectDEVELOPING COUNTRIES
dc.subjectDISABILITY
dc.subjectDISABILITY PENSION
dc.subjectECONOMIC DEVELOPMENT
dc.subjectELDERLY
dc.subjectELDERLY POPULATION
dc.subjectEMPLOYEE
dc.subjectEQUITY ISSUES
dc.subjectEXCHANGE RATE
dc.subjectFAMILIES
dc.subjectFERTILITY
dc.subjectFERTILITY RATE
dc.subjectFERTILITY RATES
dc.subjectFINANCES
dc.subjectFINANCIAL FLOWS
dc.subjectFINANCIAL HEALTH
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SUSTAINABILITY
dc.subjectFUND DATA
dc.subjectFUNDED COMPONENT
dc.subjectFUNDED COMPONENTS
dc.subjectFUNDED SCHEME
dc.subjectGENDER
dc.subjectGENDERS
dc.subjectGOVERNMENT BUDGET
dc.subjectGOVERNMENT EXPENDITURES
dc.subjectGOVERNMENT FINANCING
dc.subjectGOVERNMENT INTERVENTION
dc.subjectGOVERNMENT PENSION
dc.subjectGOVERNMENT SPENDING
dc.subjectGOVERNMENT SUBSIDIES
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectHEALTH CARE
dc.subjectHEALTH INSURANCE
dc.subjectHUMAN DEVELOPMENT
dc.subjectIMMIGRATION
dc.subjectIMPLICIT PENSION DEBT
dc.subjectINCOME GROUPS
dc.subjectINCOME LEVEL
dc.subjectINCOME TAX
dc.subjectINDIVIDUAL ACCOUNT
dc.subjectINDIVIDUAL ACCOUNTS
dc.subjectINFLATION
dc.subjectINFLATION INDEXATION
dc.subjectINFLATION RATES
dc.subjectINFORMAL SECTOR
dc.subjectINITIAL RETIREMENT AGE
dc.subjectINSURANCE
dc.subjectINSURANCE PENSION
dc.subjectINSURANCE PENSIONS
dc.subjectINTEREST RATE
dc.subjectINTERGOVERNMENTAL TRANSFERS
dc.subjectINTERNATIONAL DEVELOPMENT
dc.subjectINTERNATIONAL STANDARDS
dc.subjectINVESTMENT INCOME
dc.subjectINVESTMENT RETURNS
dc.subjectLABOR FORCE
dc.subjectLABOR FORCE PARTICIPATION
dc.subjectLABOR MARKET
dc.subjectLEGISLATION
dc.subjectLIFE EXPECTANCY
dc.subjectLIFE EXPECTANCY ESTIMATES
dc.subjectLONG TERM PROJECTIONS
dc.subjectLOW-INCOME ECONOMY
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARKET DISTORTIONS
dc.subjectMIGRANT
dc.subjectMIGRANT WORKERS
dc.subjectMIGRANTS
dc.subjectMIGRATION
dc.subjectMORTALITY
dc.subjectMULTI-PILLAR SYSTEM
dc.subjectNATIONAL COMMITTEE
dc.subjectNATIONAL PENSION
dc.subjectNET WAGES
dc.subjectNOTIONAL ACCOUNT
dc.subjectNOTIONAL ACCOUNTS
dc.subjectNOTIONAL CAPITAL
dc.subjectOLD AGE
dc.subjectOLD-AGE
dc.subjectOLD-AGE PENSION
dc.subjectOLD-AGE PENSIONS
dc.subjectOLDER PERSONS
dc.subjectOUTPUT
dc.subjectOUTPUTS
dc.subjectPAY-AS-YOU-GO SYSTEM
dc.subjectPAYROLL TAX
dc.subjectPENSION
dc.subjectPENSION AT RETIREMENT
dc.subjectPENSION BENEFIT
dc.subjectPENSION BENEFITS
dc.subjectPENSION COSTS
dc.subjectPENSION DEBT
dc.subjectPENSION EXPENDITURE
dc.subjectPENSION EXPENDITURES
dc.subjectPENSION FINANCING
dc.subjectPENSION FUND
dc.subjectPENSION PAYMENTS
dc.subjectPENSION POLICY
dc.subjectPENSION REFORM
dc.subjectPENSION RIGHTS
dc.subjectPENSION SCHEME
dc.subjectPENSION SPENDING
dc.subjectPENSION SYSTEM
dc.subjectPENSION SYSTEM PARAMETERS
dc.subjectPENSION SYSTEMS
dc.subjectPENSIONER
dc.subjectPENSIONERS
dc.subjectPENSIONS
dc.subjectPOPULATION DATA
dc.subjectPOPULATION PROJECTIONS
dc.subjectPOTENTIAL INVESTMENT
dc.subjectPOVERTY ALLEVIATION
dc.subjectPRICE INDEXATION
dc.subjectPRIVATE PENSION
dc.subjectPRIVATE PENSION FUNDS
dc.subjectPRIVATE SAVINGS
dc.subjectPUBLIC INVESTMENTS
dc.subjectPUBLIC PENSION
dc.subjectPUBLIC SPENDING
dc.subjectRATE OF RETURN
dc.subjectREGULATORY FRAMEWORK
dc.subjectREPLACEMENT RATE
dc.subjectREPLACEMENT RATES
dc.subjectRESPECT
dc.subjectRETIREES
dc.subjectRETIREMENT
dc.subjectRETIREMENT AGE
dc.subjectRETIREMENT BENEFITS
dc.subjectRETIREMENT PENSIONS
dc.subjectSAVINGS ACCOUNT
dc.subjectSAVINGS ACCOUNTS
dc.subjectSOCIAL ASSISTANCE
dc.subjectSOCIAL FUND
dc.subjectSOCIAL IMPACT
dc.subjectSOCIAL PENSION
dc.subjectSOCIAL PENSIONS
dc.subjectSOCIAL POLICY
dc.subjectSTOCKS
dc.subjectSUBSISTENCE FARMING
dc.subjectSURVIVOR PENSION
dc.subjectSUSTAINABLE ECONOMIC GROWTH
dc.subjectTRANSITION COUNTRIES
dc.subjectTRANSITION ECONOMIES
dc.subjectUNEMPLOYMENT
dc.subjectUNEMPLOYMENT RATES
dc.subjectVOLUNTARY PENSION
dc.subjectVOLUNTARY PENSIONS
dc.subjectWILL
dc.subjectWORKING POPULATION
dc.subjectWORKING-AGE POPULATION
dc.titleKyrgyz Republic Public Expenditure Review Policy Notes : Pensionsen
dspace.entity.typePublication
okr.crosscuttingsolutionareaGender
okr.date.disclosure2014-06-26
okr.date.doiregistration2025-05-07T09:53:12.720921Z
okr.doctypeEconomic & Sector Work::Public Expenditure Review
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2014/05/19717536/kyrgyz-republic-public-expenditure-review-policy-notes-pensions
okr.globalpracticeSocial Protection and Labor
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.globalpracticeTrade and Competitiveness
okr.globalpracticeHealth, Nutrition, and Population
okr.guid608421467997016958
okr.guid483711468278102465
okr.identifier.externaldocumentum000333037_20140626114015
okr.identifier.internaldocumentum19717536
okr.identifier.report89007
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/06/26/000333037_20140626114015/Rendered/PDF/890070ESW0whit0C002014006003002.36.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryKyrgyz Republic
okr.sectorPublic Administration, Law, and Justice :: Compulsory pension and unemployment insurance
okr.sectorPublic Administration, Law, and Justice :: General public administration sector
okr.sectorEducation
okr.sectorHealth and other social services :: Health
okr.themePublic sector governance :: Administrative and civil service reform
okr.themePublic sector governance :: Decentralization
okr.themePublic sector governance :: Public expenditure, financial management and procurement
okr.themePublic sector governance :: Other accountability/anti-corruption
okr.themeSocial dev/gender/inclusion :: Gender
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicHealth, Nutrition and Population::Population Policies
okr.topicGender::Gender and Law
okr.topicPensions and Retirement Systems
okr.topicPrivate Sector Development::Emerging Markets
okr.topicSocial Protections and Labor
okr.unitMacroeconomics 1 (ECSP1)
okr.volume1 of 1
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