Holzmann, RobertPalmer, EdwardRobalino, David2012-07-022012-07-022012978-0-8213-8848-8https://hdl.handle.net/10986/9378Pensions and social insurance programs are an integral part of any social protection system. Their dual objectives are to prevent a sharp decline in income and protect against poverty resulting from old age, disability, or death. The critical role of pensions for protection, prevention, and promotion was reiterated and expanded in the new World Bank 2012-2022 social protection strategy. This new strategy reviews the success and challenges of the past decade or more, during which time the World Bank became a main player in the area of pensions. But more importantly, the strategy takes the three key objectives for pensions under the World Bank's conceptual framework coverage, adequacy, and sustainability and asks how these objectives and the inevitable difficult balance between them can best be achieved. The ongoing focus on closing the coverage gap with social pensions and the new outreach to explore the role of matching contributions to address coverage and/or adequacy is part of this strategy. This comprehensive anthology on nonfinancial defined contribution (NDC) pension schemes is part and parcel of the effort to explore and document the working of this new system or reform option and its ability to balance these three key objectives. This innovative, unfunded individual accounts scheme provides a promising option at a time when the world seems locked into a stalemate between piecemeal reform of ailing traditional defined benefit plans or their replacement with prefunded financial account schemes. The current financial crisis, with its focus on sovereign debt, has enhanced the attraction of NDC as a pension scheme that aims for intra and intergenerational fairness, offers a transparent framework to distribute economic and demographic risks, and, if well designed, promises long-term financial stability. Supplemented with a basic minimum pension guarantee, explicit noncontributory rights, and a funded pillar, the NDC approach provides an efficient framework for addressing poverty and risk diversification concerns.CC BY 3.0 IGOACCRUAL RATEACCRUAL RATESADVANCED COUNTRIESAGE CATEGORIESAGE DISTRIBUTIONAGE GROUPANNUITYASYLUMAVERAGE WAGEAVERAGE WAGE GROWTHBANK ACCOUNTSBANK LENDINGBASIC PENSIONBASIC PENSIONSBENEFICIARIESBENEFICIARYBENEFIT FORMULAEBENEFIT FORMULASBENEFIT INDEXATIONCASH TRANSFERSCENTER FOR HEALTHCHANGE IN POPULATIONCHANGES IN FERTILITYCHILD REARINGCHILDBEARINGCITIZENSCITIZENSHIPCONTINUED EMPLOYMENTCONTRACTUAL SAVINGSCONTRIBUTION RATESCONTRIBUTION RECORDSCORESIDENCECOUNTRY OF ORIGINDEATH RATESDEFINED BENEFITDEFINED BENEFIT SCHEMESDEFINED CONTRIBUTION PENSIONSDEMOGRAPHICDEMOGRAPHIC CHANGESDEMOGRAPHIC PROJECTIONSDEMOGRAPHIC TRANSITIONDEPENDENCY RATIODEPENDENCY RATIOSDEVELOPING COUNTRIESDEVELOPING ECONOMIESDISABILITYDISTRIBUTION OF POPULATIONSDIVISION OF LABOREARLY RETIREMENTEARNINGECONOMIC GROWTHELDERLYELDERLY POPULATIONEMPLOYEEFAMILY POLICIESFERTILITYFERTILITY RATEFERTILITY RATESFINANCIAL CRISISFUNDED BASISGENDER DIFFERENCESGENDER GAPGEOGRAPHIC DISTRIBUTIONGOVERNMENT SPENDINGGROSS NATIONAL INCOMEGROSS REPLACEMENT RATESGROSS WAGESGROWTH RATEHUMAN RESOURCEINCOME GROUPINCOME LEVELINDIVIDUAL ACCOUNTINDIVIDUAL ACCOUNTSINFANTINFANT MORTALITYINFORMAL LABOR MARKETSINFORMAL SECTORINFORMAL SECTOR WORKERSINSURANCE POLICIESINTEREST RATEINTEREST RATESINTERNATIONAL LABOUR ORGANIZATIONINVESTMENT RISKINVOLUNTARY UNEMPLOYMENTLABOR FORCELABOR FORCE PARTICIPATIONLABOR MARKETLABOR MARKET CONDITIONSLABOR MARKET INDICATORSLABOR MARKETSLABOR SUPPLYLABOURLEGAL STATUSLIFE EXPECTANCIESLIFE EXPECTANCYLIFE INSURANCELIVE BIRTHSMANDATESMANDATORY SAVINGMANDATORY SYSTEMSMARKET CONDITIONSMARKET DATAMIGRANTSMIGRATIONMORTALITYMORTGAGESMULTIPILLAR PENSION SYSTEMSMULTIPILLAR SYSTEMSMUTUAL FUNDSNATIONAL LEVELNATIONAL PENSIONNEWBORNNORMAL RETIREMENT AGENUMBER OF CHILDRENNUMBER OF DEATHSNUMBER OF PEOPLENUMBER OF WORKERSOCCUPATIONOLD AGEOLDER PEOPLEOLDER WORKERSPAYROLL TAXPENSIONPENSION AGEPENSION BENEFITPENSION BENEFITSPENSION COVERAGEPENSION DEBTPENSION ENTITLEMENTPENSION EXPENDITUREPENSION EXPENDITURESPENSION FRAMEWORKPENSION INCOMEPENSION INDICATORSPENSION LIABILITIESPENSION LIABILITYPENSION PLANSPENSION POLICYPENSION PROGRAMSPENSION PROVISIONPENSION REFORMPENSION SAVINGSPENSION SCHEMEPENSION SCHEMESPENSION SPENDINGPENSION SYSTEMPENSION SYSTEMSPENSION WEALTHPENSIONABLE AGEPENSIONERSPENSIONSPERFORMANCE INDICATORSPOPULATION AGEINGPOPULATION CENSUSPOPULATION CENSUSESPOPULATION DATAPOPULATION DIVISIONPOPULATION FORECASTSPOPULATION PROJECTIONSPRESENT VALUEPREVIOUS SECTIONPRICE INDEXATIONPRIVATE INSTITUTIONSPRIVATE PENSIONPRIVATE SECTORPROGRESSPROVIDENT FUNDPROVIDENT FUNDSPUBLIC DEBTPUBLIC DEFICITPUBLIC PENSIONPUBLIC SCHEMEPUBLIC SECTOR EMPLOYEESPUBLIC SECTOR WORKERSPUBLIC SERVICEREFUGEESREPLACEMENT RATEREPLACEMENT RATESRESERVESRETIREESRETIREMENTRETIREMENT AGERETIREMENT AGESRETIREMENT BEHAVIORRETIREMENT INCOMERETIREMENT INCOME PROVISIONRETIREMENT INVESTMENTRETIREMENT-INCOMERURAL AREASRURAL POPULATIONSELF EMPLOYMENTSERVANTSSEXSOCIAL ASSISTANCESOCIAL INSURANCESOCIAL INSURANCE CONTRIBUTIONSOCIAL INSURANCE PROGRAMSSOCIAL PENSIONSSOCIAL PROGRAMSSOCIAL PROTECTIONSOCIAL SECURITYSOCIAL SECURITY REFORMSSOCIAL SECURITY SYSTEMSOCIAL SECURITY SYSTEMSTAX FINANCINGTECHNICAL ASSISTANCEUNEMPLOYEDUNEMPLOYMENTUNFUNDED PENSIONURBAN POPULATIONVOLUNTARY PENSIONSWAGE BILLWAGE LEVELWAGE LEVELSWOMANWORKERWORKFORCEWORLD DEVELOPMENT INDICATORSWORLD HEALTH ORGANIZATIONWorld Bank10.1596/978-0-8213-8848-8