Publication:
South Asia : Pension Schemes for the Formal Sector, Emerging Challenges and Opportunities for Reform
dc.contributor.author | World Bank | |
dc.date.accessioned | 2012-06-19T15:46:32Z | |
dc.date.available | 2012-06-19T15:46:32Z | |
dc.date.issued | 2005-01 | |
dc.description.abstract | For centuries informal arrangements such as intra-family transfers have been the primary source of old-age income support in South Asia. That remains true even today. Current patterns suggest that only around 1 in 10 of South Asia's half a billion workers will enter old age with a pension related to pre-retirement earnings. Pension schemes in South Asia cover small shares of the population, concentrated in the formal sector (table 1). Retirement income plans for the formal sector have for the most part performed poorly-both for their participants and for the economy. But while several countries in the region are exploring or already introducing reforms of civil service pension schemes, the performance of retirement income schemes available to the rest of the formal sector has received far less attention. The policy framework for most of these programs has barely changed since they were created, in some cases nearly half a century ago. Moreover, these schemes involve even more complex political economy issues, because governments have often used their funded (or partially funded) structures to address fiscal gaps. Now is a critical time to consider more broadly the problems affecting retirement income schemes for the formal sector. The two defined benefit programs in India and Pakistan, for example, have not yet matured. As time passes, future pension promises will become more deeply entrenched, making reform even more challenging. And as funded plans continue to grow, there is a risk of further misallocation of savings. Perhaps more important, there are encouraging signs of economic growth in the region and thus good possibilities for expanding the coverage of these programs. But even as a growing number of younger workers join the formal labor market and thus formal retirement schemes, urbanization is likely to weaken traditional informal arrangements for the elderly, including intra-family transfers. Strengthening retirement income schemes for the formal sector will help the region better prepare for the demographic change occurring over the next half century. This report seeks to provide a framework for improving the performance of pension schemes for the formal sector. After an introduction, Chapter 2 examines civil service pension schemes, chapter 3 focuses on mandatory private sector schemes, chapter 3 discusses the expansion of voluntary retirement savings arrangements, and chapter 5 is directed toward improving the business environment for retirement savings schemes. Chapter 6 presents conclusions. | en |
dc.identifier | http://documents.worldbank.org/curated/en/2005/01/6534626/south-asia-pension-schemes-formal-sector-emerging-challenges-opportunities-reform | |
dc.identifier.isbn | 955-8908-18-5 | |
dc.identifier.uri | http://hdl.handle.net/10986/8424 | |
dc.language | English | |
dc.language.iso | en_US | |
dc.publisher | Washington, DC | |
dc.rights | CC BY 3.0 IGO | |
dc.rights.holder | World Bank | |
dc.rights.uri | http://creativecommons.org/licenses/by/3.0/igo/ | |
dc.subject | ACCRUAL RATES | |
dc.subject | ADVERSE EFFECTS | |
dc.subject | ANNUITIES | |
dc.subject | ANNUITIES MARKETS | |
dc.subject | ANNUITY | |
dc.subject | ASSET MANAGEMENT | |
dc.subject | AVERAGE WAGE | |
dc.subject | BANK DEPOSITS | |
dc.subject | BASE YEAR | |
dc.subject | BENCHMARK | |
dc.subject | BENEFICIARIES | |
dc.subject | BONDS | |
dc.subject | BUDGET CONSTRAINTS | |
dc.subject | CAPITAL MARKETS | |
dc.subject | CD | |
dc.subject | CERTIFICATE OF DEPOSIT | |
dc.subject | COMPENSATION PACKAGE | |
dc.subject | CONSUMER PRICE INDEX | |
dc.subject | CONTRIBUTION RATE | |
dc.subject | CONTRIBUTION RATES | |
dc.subject | CONTRIBUTORY PROGRAMS | |
dc.subject | COVERAGE | |
dc.subject | DEFINED BENEFIT PLANS | |
dc.subject | DEFINED BENEFIT SCHEMES | |
dc.subject | DEFINED CONTRIBUTION PLANS | |
dc.subject | DEPENDENCY RATIO | |
dc.subject | DISCOUNT RATE | |
dc.subject | DISCOUNTED VALUE | |
dc.subject | EXCHANGE RATES | |
dc.subject | EXPECTED PRESENT VALUE | |
dc.subject | FINANCIAL SECTOR | |
dc.subject | FORMAL LABOR MARKET | |
dc.subject | FORMAL SECTOR WORKERS | |
dc.subject | FUNDED COMPONENT | |
dc.subject | FUNDED SCHEMES | |
dc.subject | GDP | |
dc.subject | GOVERNMENT BONDS | |
dc.subject | GROSS DOMESTIC PRODUCT | |
dc.subject | GUARANTEED BENEFIT | |
dc.subject | INADEQUATE SUPERVISION | |
dc.subject | INCOME GROUPS | |
dc.subject | INCOME SECURITY | |
dc.subject | INCOME SUPPORT | |
dc.subject | INFLATION | |
dc.subject | INFLATION RISK | |
dc.subject | INFORMAL SECTOR | |
dc.subject | INSTITUTIONAL ARRANGEMENTS | |
dc.subject | INSTITUTIONAL STRUCTURE | |
dc.subject | INSURANCE COMPANY | |
dc.subject | INVESTMENT GUIDELINES | |
dc.subject | INVESTMENT PERFORMANCE | |
dc.subject | INVESTMENT POLICIES | |
dc.subject | INVESTMENT RETURNS | |
dc.subject | JOINT ANNUITY | |
dc.subject | LABOR FORCE | |
dc.subject | LABOR MOBILITY | |
dc.subject | LIFE EXPECTANCY | |
dc.subject | LIFE INSURANCE | |
dc.subject | LIFETIME EARNINGS | |
dc.subject | LIQUIDITY | |
dc.subject | MANAGEMENT STRUCTURES | |
dc.subject | MANDATORY RETIREMENT | |
dc.subject | MANDATORY SCHEMES | |
dc.subject | MEDIUM-SIZE ENTERPRISES | |
dc.subject | MOBILITY OF LABOR | |
dc.subject | OCCUPATIONAL SCHEMES | |
dc.subject | OCCUPATIONS | |
dc.subject | OLD AGE BENEFITS | |
dc.subject | PAY AS YOU GO | |
dc.subject | PENSION FUND | |
dc.subject | PENSION FUNDS | |
dc.subject | PENSION LIABILITIES | |
dc.subject | PENSION PLAN | |
dc.subject | PENSION PLANS | |
dc.subject | PENSION REFORM | |
dc.subject | PENSION REFORMS | |
dc.subject | PENSION REGULATION | |
dc.subject | PENSION RIGHTS | |
dc.subject | PENSION SCHEMES | |
dc.subject | PENSION SYSTEM | |
dc.subject | PENSION SYSTEMS | |
dc.subject | PENSIONS | |
dc.subject | PILLAR SYSTEM | |
dc.subject | POLITICAL ECONOMY | |
dc.subject | PORTFOLIO CHOICE | |
dc.subject | PRESENT VALUE | |
dc.subject | PRICE INDEXATION | |
dc.subject | PRIMARY SOURCE | |
dc.subject | PRIVATE FIRMS | |
dc.subject | PRIVATE PENSION | |
dc.subject | PRIVATE PENSION FUNDS | |
dc.subject | PRIVATE SECTOR | |
dc.subject | PRIVATE SECTOR DEVELOPMENT | |
dc.subject | PRIVATE SECTOR WORKERS | |
dc.subject | PRIVATE SECTORS | |
dc.subject | PROVIDENT FUNDS | |
dc.subject | PUBLIC DEBT | |
dc.subject | PUBLIC SECTOR | |
dc.subject | PUBLIC SECTOR EMPLOYEES | |
dc.subject | REGULATORY FRAMEWORK | |
dc.subject | REPLACEMENT RATE | |
dc.subject | REPLACEMENT RATES | |
dc.subject | RESERVES | |
dc.subject | RETIREES | |
dc.subject | RETIREMENT | |
dc.subject | RETIREMENT AGE | |
dc.subject | RETIREMENT INCOME | |
dc.subject | RETIREMENT INCOME SYSTEMS | |
dc.subject | RETIREMENT PLANS | |
dc.subject | RETIREMENT PROGRAMS | |
dc.subject | RETIREMENT SAVINGS | |
dc.subject | SEASONAL WORKERS | |
dc.subject | SECURITIES | |
dc.subject | SERVANTS | |
dc.subject | SOCIAL POLICY | |
dc.subject | SOCIAL SAFETY NET | |
dc.subject | SOUTH ASIAN | |
dc.subject | STATE GOVERNMENT | |
dc.subject | STATE-OWNED ENTERPRISES | |
dc.subject | SUPERVISORY CAPACITY | |
dc.subject | SUPERVISORY FRAMEWORK | |
dc.subject | SUSTAINABILITY | |
dc.subject | TAX REVENUES | |
dc.subject | TAX TREATMENT | |
dc.subject | UNFUNDED LIABILITIES | |
dc.subject | VOLUNTARY PENSION SCHEMES | |
dc.subject | WAGE COMPRESSION | |
dc.subject | WAGE DIFFERENTIALS | |
dc.subject | WAGE PREMIUM | |
dc.subject | WAGES | |
dc.subject | WORKER | |
dc.subject | YOUNGER WORKERS | |
dc.title | South Asia : Pension Schemes for the Formal Sector, Emerging Challenges and Opportunities for Reform | en |
dspace.entity.type | Publication | |
okr.crosscuttingsolutionarea | Jobs | |
okr.date.disclosure | 2006-01-13 | |
okr.doctype | Economic & Sector Work :: Other Social Protection Study | |
okr.doctype | Economic & Sector Work | |
okr.docurl | http://documents.worldbank.org/curated/en/2005/01/6534626/south-asia-pension-schemes-formal-sector-emerging-challenges-opportunities-reform | |
okr.globalpractice | Macroeconomics and Fiscal Management | |
okr.globalpractice | Social Protection and Labor | |
okr.globalpractice | Finance and Markets | |
okr.globalpractice | Governance | |
okr.identifier.externaldocumentum | 000160016_20060113171940 | |
okr.identifier.internaldocumentum | 6534626 | |
okr.identifier.report | 34940 | |
okr.language.supported | en | |
okr.pdfurl | http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2006/01/13/000160016_20060113171940/Rendered/PDF/349401SA0Pension0Report0Final0Version.pdf | en |
okr.region.administrative | South Asia | |
okr.sector | Non-compulsory pensions | |
okr.sector | insurance and contractual savings | |
okr.sector | Finance | |
okr.sector | Public Administration | |
okr.sector | Law | |
okr.sector | Public Administration, Law, and Justice | |
okr.sector | General public administration sector | |
okr.sector | Compulsory pension and unemployment insurance | |
okr.topic | Economic Theory and Research | |
okr.topic | Pensions and Retirement Systems | |
okr.topic | State Owned Enterprise Reform | |
okr.topic | Insurance and Risk Mitigation | |
okr.topic | Social Protections and Labor :: Labor Markets | |
okr.topic | Finance and Financial Sector Development | |
okr.topic | Macroeconomics and Economic Growth | |
okr.topic | Public Sector Development | |
okr.unit | Finance & PSD Sector Unit (SASFP) | |
okr.volume | 1 of 1 |
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