Publication:
Kyrgyz Republic Public Expenditure Review Policy Notes : Pensions

dc.contributor.author World Bank
dc.date.accessioned 2014-08-14T16:49:53Z
dc.date.available 2014-08-14T16:49:53Z
dc.date.issued 2014-05
dc.description.abstract Today, 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.identifier http://documents.worldbank.org/curated/en/2014/05/19717536/kyrgyz-republic-public-expenditure-review-policy-notes-pensions
dc.identifier.uri http://hdl.handle.net/10986/19304
dc.language English
dc.language.iso en_US
dc.publisher Washington, DC
dc.rights CC BY 3.0 IGO
dc.rights.uri http://creativecommons.org/licenses/by/3.0/igo/
dc.subject ACCRUAL RATE
dc.subject ANNUITY
dc.subject ANNUITY FACTORS
dc.subject ASSET MANAGEMENT
dc.subject AVERAGE WAGE GROWTH
dc.subject BANKING SYSTEM
dc.subject BASIC PENSION
dc.subject BASIC PENSIONS
dc.subject BENEFICIARIES
dc.subject BENEFICIARY
dc.subject BENEFIT ADJUSTMENTS
dc.subject BENEFIT FORMULA
dc.subject BENEFIT INDEXATION
dc.subject BENEFIT LEVELS
dc.subject BENEFIT PAYMENTS
dc.subject CASH FLOWS
dc.subject CASH INCOME
dc.subject CHANGES IN FERTILITY
dc.subject COMPENSATION
dc.subject CONSTANT SHARE
dc.subject CONSUMPTION SMOOTHING
dc.subject CONTRIBUTION RATE
dc.subject CONTRIBUTION RATES
dc.subject CURRENCY
dc.subject DATA AVAILABILITY
dc.subject DEFICIT FINANCING
dc.subject DEFICITS
dc.subject DEFINED BENEFIT
dc.subject DEFINED CONTRIBUTIONS
dc.subject DEMOGRAPHIC
dc.subject DEMOGRAPHIC PROJECTIONS
dc.subject DEPENDENCY RATIO
dc.subject DEVELOPING COUNTRIES
dc.subject DISABILITY
dc.subject DISABILITY PENSION
dc.subject ECONOMIC DEVELOPMENT
dc.subject ELDERLY
dc.subject ELDERLY POPULATION
dc.subject EMPLOYEE
dc.subject EQUITY ISSUES
dc.subject EXCHANGE RATE
dc.subject FAMILIES
dc.subject FERTILITY
dc.subject FERTILITY RATE
dc.subject FERTILITY RATES
dc.subject FINANCES
dc.subject FINANCIAL FLOWS
dc.subject FINANCIAL HEALTH
dc.subject FINANCIAL MARKETS
dc.subject FINANCIAL SUSTAINABILITY
dc.subject FUND DATA
dc.subject FUNDED COMPONENT
dc.subject FUNDED COMPONENTS
dc.subject FUNDED SCHEME
dc.subject GENDER
dc.subject GENDERS
dc.subject GOVERNMENT BUDGET
dc.subject GOVERNMENT EXPENDITURES
dc.subject GOVERNMENT FINANCING
dc.subject GOVERNMENT INTERVENTION
dc.subject GOVERNMENT PENSION
dc.subject GOVERNMENT SPENDING
dc.subject GOVERNMENT SUBSIDIES
dc.subject GROWTH RATE
dc.subject GROWTH RATES
dc.subject HEALTH CARE
dc.subject HEALTH INSURANCE
dc.subject HUMAN DEVELOPMENT
dc.subject IMMIGRATION
dc.subject IMPLICIT PENSION DEBT
dc.subject INCOME GROUPS
dc.subject INCOME LEVEL
dc.subject INCOME TAX
dc.subject INDIVIDUAL ACCOUNT
dc.subject INDIVIDUAL ACCOUNTS
dc.subject INFLATION
dc.subject INFLATION INDEXATION
dc.subject INFLATION RATES
dc.subject INFORMAL SECTOR
dc.subject INITIAL RETIREMENT AGE
dc.subject INSURANCE
dc.subject INSURANCE PENSION
dc.subject INSURANCE PENSIONS
dc.subject INTEREST RATE
dc.subject INTERGOVERNMENTAL TRANSFERS
dc.subject INTERNATIONAL DEVELOPMENT
dc.subject INTERNATIONAL STANDARDS
dc.subject INVESTMENT INCOME
dc.subject INVESTMENT RETURNS
dc.subject LABOR FORCE
dc.subject LABOR FORCE PARTICIPATION
dc.subject LABOR MARKET
dc.subject LEGISLATION
dc.subject LIFE EXPECTANCY
dc.subject LIFE EXPECTANCY ESTIMATES
dc.subject LONG TERM PROJECTIONS
dc.subject LOW-INCOME ECONOMY
dc.subject MACROECONOMIC STABILITY
dc.subject MARKET DISTORTIONS
dc.subject MIGRANT
dc.subject MIGRANT WORKERS
dc.subject MIGRANTS
dc.subject MIGRATION
dc.subject MORTALITY
dc.subject MULTI-PILLAR SYSTEM
dc.subject NATIONAL COMMITTEE
dc.subject NATIONAL PENSION
dc.subject NET WAGES
dc.subject NOTIONAL ACCOUNT
dc.subject NOTIONAL ACCOUNTS
dc.subject NOTIONAL CAPITAL
dc.subject OLD AGE
dc.subject OLD-AGE
dc.subject OLD-AGE PENSION
dc.subject OLD-AGE PENSIONS
dc.subject OLDER PERSONS
dc.subject OUTPUT
dc.subject OUTPUTS
dc.subject PAY-AS-YOU-GO SYSTEM
dc.subject PAYROLL TAX
dc.subject PENSION
dc.subject PENSION AT RETIREMENT
dc.subject PENSION BENEFIT
dc.subject PENSION BENEFITS
dc.subject PENSION COSTS
dc.subject PENSION DEBT
dc.subject PENSION EXPENDITURE
dc.subject PENSION EXPENDITURES
dc.subject PENSION FINANCING
dc.subject PENSION FUND
dc.subject PENSION PAYMENTS
dc.subject PENSION POLICY
dc.subject PENSION REFORM
dc.subject PENSION RIGHTS
dc.subject PENSION SCHEME
dc.subject PENSION SPENDING
dc.subject PENSION SYSTEM
dc.subject PENSION SYSTEM PARAMETERS
dc.subject PENSION SYSTEMS
dc.subject PENSIONER
dc.subject PENSIONERS
dc.subject PENSIONS
dc.subject POPULATION DATA
dc.subject POPULATION PROJECTIONS
dc.subject POTENTIAL INVESTMENT
dc.subject POVERTY ALLEVIATION
dc.subject PRICE INDEXATION
dc.subject PRIVATE PENSION
dc.subject PRIVATE PENSION FUNDS
dc.subject PRIVATE SAVINGS
dc.subject PUBLIC INVESTMENTS
dc.subject PUBLIC PENSION
dc.subject PUBLIC SPENDING
dc.subject RATE OF RETURN
dc.subject REGULATORY FRAMEWORK
dc.subject REPLACEMENT RATE
dc.subject REPLACEMENT RATES
dc.subject RESPECT
dc.subject RETIREES
dc.subject RETIREMENT
dc.subject RETIREMENT AGE
dc.subject RETIREMENT BENEFITS
dc.subject RETIREMENT PENSIONS
dc.subject SAVINGS ACCOUNT
dc.subject SAVINGS ACCOUNTS
dc.subject SOCIAL ASSISTANCE
dc.subject SOCIAL FUND
dc.subject SOCIAL IMPACT
dc.subject SOCIAL PENSION
dc.subject SOCIAL PENSIONS
dc.subject SOCIAL POLICY
dc.subject STOCKS
dc.subject SUBSISTENCE FARMING
dc.subject SURVIVOR PENSION
dc.subject SUSTAINABLE ECONOMIC GROWTH
dc.subject TRANSITION COUNTRIES
dc.subject TRANSITION ECONOMIES
dc.subject UNEMPLOYMENT
dc.subject UNEMPLOYMENT RATES
dc.subject VOLUNTARY PENSION
dc.subject VOLUNTARY PENSIONS
dc.subject WILL
dc.subject WORKING POPULATION
dc.subject WORKING-AGE POPULATION
dc.title Kyrgyz Republic Public Expenditure Review Policy Notes : Pensions en
dspace.entity.type Publication
okr.crosscuttingsolutionarea Gender
okr.date.disclosure 2014-06-26
okr.doctype Economic & Sector Work :: Public Expenditure Review
okr.doctype Economic & Sector Work
okr.docurl http://documents.worldbank.org/curated/en/2014/05/19717536/kyrgyz-republic-public-expenditure-review-policy-notes-pensions
okr.globalpractice Social Protection and Labor
okr.globalpractice Finance and Markets
okr.globalpractice Governance
okr.globalpractice Trade and Competitiveness
okr.globalpractice Health, Nutrition, and Population
okr.identifier.externaldocumentum 000333037_20140626114015
okr.identifier.internaldocumentum 19717536
okr.identifier.report 89007
okr.language.supported en
okr.pdfurl http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/06/26/000333037_20140626114015/Rendered/PDF/890070ESW0whit0C002014006003002.36.pdf en
okr.region.administrative Europe and Central Asia
okr.region.country Kyrgyz Republic
okr.sector Public Administration, Law, and Justice :: Compulsory pension and unemployment insurance
okr.sector Public Administration, Law, and Justice :: General public administration sector
okr.sector Education
okr.sector Health and other social services :: Health
okr.theme Public sector governance :: Administrative and civil service reform
okr.theme Public sector governance :: Decentralization
okr.theme Public sector governance :: Public expenditure, financial management and procurement
okr.theme Public sector governance :: Other accountability/anti-corruption
okr.theme Social dev/gender/inclusion :: Gender
okr.topic Finance and Financial Sector Development :: Debt Markets
okr.topic Health, Nutrition and Population :: Population Policies
okr.topic Gender :: Gender and Law
okr.topic Pensions and Retirement Systems
okr.topic Private Sector Development :: Emerging Markets
okr.topic Social Protections and Labor
okr.unit Macroeconomics 1 (ECSP1)
okr.volume 1 of 1
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