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Republic of the Philippines Review of the Social Security System: Considerations for Strengthening Sustainability and Coverage

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dc.contributor.authorWorld Bank
dc.date.accessioned2016-07-12T19:20:57Z
dc.date.available2016-07-12T19:20:57Z
dc.date.issued2016-06-23
dc.description.abstractThis report was prepared at the request of the Philippines Social Security System (SSS) to analyze key challenges and propose reform options to improve the sustainability and expand the coverage of old age income protection for private sector workers. A simulation employing the Pension Reform Options Simulation Toolkit (PROST) found that the SSS scheme will face outflows greater than inflows in about 20 years and depletion of its assets in about 28 years. Fortunately, its medium-term financing issues can be addressed through the gradual introduction of parametric reforms that shield workers and retirees from abrupt changes in contributions and benefits. At the same time, the Philippines faces a challenge to improve the defacto coverage of workers by Social Security, and to increase the income protection coverage of the elderly. Options suggested include SSS measures to leverage its identification system and introduce a special instrument for informal workers. Rather than introducing matching contribution subsidies to expand coverage, it was suggested to broaden the scope of beneficiaries eligible for social pensions. Beyond the scope of the SSS, additional measures were suggested including those to improve the access and efficiency of contributions and payments systems, strengthening mobile-money platforms and efforts to improve access to savings instruments, particularly for small and isolated savers. The report points out that the key means of improving coverage lies beyond the scope of social security or pensions, namely, to improve the quantity and quality of wage-based employment.en
dc.identifierhttp://documents.worldbank.org/curated/en/2016/06/26520261/philippines-review-social-security-system-considerations-strengthening-sustainability-coverage
dc.identifier.doi10.1596/24671
dc.identifier.urihttps://hdl.handle.net/10986/24671
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectREPLACEMENT RATES
dc.subjectINDIVIDUAL ACCOUNTS
dc.subjectRETIREMENT ACCOUNT
dc.subjectLABOR INCOME
dc.subjectPENSION SYSTEM PARAMETERS
dc.subjectRETIREES
dc.subjectNOMINAL WAGE
dc.subjectRETIREMENT
dc.subjectINFORMAL SECTOR
dc.subjectOLD-AGE PENSION
dc.subjectPENSION FUND INVESTMENTS
dc.subjectSOCIAL PENSIONS
dc.subjectLIFE INSURANCE
dc.subjectMANDATORY RETIREMENT
dc.subjectCONTRIBUTION INCREASE
dc.subjectBENEFIT FORMULAS
dc.subjectINFLATION RISK
dc.subjectPENSION SYSTEMS
dc.subjectAGING POPULATION
dc.subjectLABOR FORCE
dc.subjectPENSION CONTRIBUTION
dc.subjectSELF- EMPLOYMENT
dc.subjectWELFARE
dc.subjectHEALTH
dc.subjectPRICE INDEXATION
dc.subjectINFLATION RISKS
dc.subjectMULTI-PILLAR SYSTEM
dc.subjectBENEFIT ADJUSTMENTS
dc.subjectSOCIAL SECURITY BENEFITS
dc.subjectLABOR FORCE PARTICIPATION
dc.subjectPENSION SYSTEM
dc.subjectCONTRIBUTION RATES
dc.subjectPENSION SERVICE
dc.subjectSOCIAL ASSISTANCE
dc.subjectPRIVATE PENSION
dc.subjectPENSION
dc.subjectWAGE GROWTH
dc.subjectRETIREMENT AGES
dc.subjectLIFE EXPECTANCY
dc.subjectBENEFIT SCHEMES
dc.subjectBENEFIT PAYMENTS
dc.subjectPENSION PROVISIONS
dc.subjectPILLAR SYSTEM
dc.subjectRETIREE
dc.subjectSUPPLEMENTARY SCHEMES
dc.subjectPERSONAL PENSION PLANS
dc.subjectREPLACEMENT RATE
dc.subjectRETIREMENT PLANS
dc.subjectRETIREMENT PENSIONS
dc.subjectPENSION AGE
dc.subjectRETIREMENT ACCOUNTS
dc.subjectPENSION CONTRIBUTIONS
dc.subjectRETIREMENT AGE
dc.subjectDEFINED-BENEFIT SCHEME
dc.subjectNATIONAL PENSION
dc.subjectSOCIAL INSURANCE
dc.subjectPENSION PAYMENTS
dc.subjectPENSION REFORM
dc.subjectSOCIAL SECURITY
dc.subjectSOCIAL PROTECTION
dc.subjectPUBLIC SCHEMES
dc.subjectDEPENDENCY RATIO
dc.subjectPENSION SAVINGS
dc.subjectDEPENDENCY RATIOS
dc.subjectPENSION FUNDS
dc.subjectMORTALITY
dc.subjectPENSION INCOME
dc.subjectPERSONAL PENSIONS
dc.subjectELDERLY
dc.subjectAGE SUPPORT
dc.subjectBENEFIT SCHEME
dc.subjectDEFINED BENEFIT
dc.subjectBENEFIT LEVELS
dc.subjectACCRUAL RATE
dc.subjectTAX RATE
dc.subjectTAX ADVANTAGES
dc.subjectANNUITIES
dc.subjectPENSIONS
dc.subjectCONTRIBUTION RATE
dc.subjectREPLACEMENT RATE TARGET
dc.subjectMINIMUM BENEFIT
dc.subjectLIFE EXPECTANCIES
dc.subjectSOCIAL PENSION
dc.subjectPENSION PROGRAMS
dc.subjectWORKER CONTRIBUTIONS
dc.subjectCONTRIBUTION INCREASES
dc.subjectRETIREMENT BENEFITS
dc.subjectTAX RATES
dc.subjectBENEFIT FORMULA
dc.subjectPAYROLL TAXES
dc.subjectINVESTMENT RETURNS
dc.subjectBENEFIT LEVEL
dc.subjectRETIREMENT INCOMES
dc.subjectSOCIAL WELFARE
dc.subjectINFLATION INDEXATION
dc.subjectRETIREMENT SAVINGS
dc.subjectFUNDED BASIS
dc.subjectPAYROLL TAX
dc.subjectWORKER CONTRIBUTION
dc.subjectCONTRIBUTION PERIOD
dc.subjectPENSION POLICY
dc.subjectMUTUAL FUND
dc.subjectPENSION SCHEME
dc.subjectANNUITY
dc.subjectOLD AGE SUPPORT
dc.subjectPERSONAL PENSION
dc.subjectSOCIAL CONTRIBUTION
dc.subjectPENSION BENEFIT
dc.subjectPENSIONERS
dc.subjectOLDER PERSONS
dc.subjectPENSION DEBT
dc.subjectEMPLOYEE
dc.subjectPENSION BENEFITS
dc.subjectRETIREMENT PROGRAMS
dc.subjectPENSION SCHEMES
dc.subjectSOCIAL SECURITY SYSTEM
dc.subjectPENSION COVERAGE
dc.subjectVOLUNTARY PENSION
dc.subjectFUTURE PAYMENTS
dc.subjectPENSION FUND
dc.subjectDEFERRED ANNUITIES
dc.subjectINSURANCE COMPANIES
dc.subjectFERTILITY
dc.subjectMONTHLY CONTRIBUTION
dc.subjectDEFINED BENEFIT SCHEMES
dc.subjectFUNDED SCHEME
dc.subjectPENSION PLANS
dc.subjectPENSION ARRANGEMENTS
dc.subjectRETIREMENT SAVINGS ACCOUNTS
dc.subjectSELF-EMPLOYMENT
dc.subjectPENSION PROGRAM
dc.subjectEMPLOYEES
dc.titleRepublic of the Philippines Review of the Social Security Systemen
dc.title.subtitleConsiderations for Strengthening Sustainability and Coverageen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleRepublic of the Philippines Review of the Social Security System
okr.date.disclosure2016-06-26
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Other Social Protection Study
okr.docurlhttp://documents.worldbank.org/curated/en/2016/06/26520261/philippines-review-social-security-system-considerations-strengthening-sustainability-coverage
okr.guid328641466736355290
okr.identifier.doi10.1596/24671
okr.identifier.externaldocumentum090224b0843f966f_1_0
okr.identifier.internaldocumentum26520261
okr.identifier.report106597
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/EAP/2016/06/23/090224b0843f966f/1_0/Rendered/PDF/Philippines00R0ial0Security0System.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryPhilippines
okr.sectorHealth and other social services :: Other social services
okr.themeSocial protection and risk management :: Income Support for Old Age
okr.topicSocial Protections and Labor::Pensions & Retirement Systems
okr.topicHealth, Nutrition and Population::Demographics
okr.topicSocial Protections and Labor::Labor Markets
okr.topicPoverty Reduction::Inequality
okr.unitSocial Protection & Labor EAP (GSP02)
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