Sluchynsky, Oleksiy2014-08-192014-08-192008-06-24https://hdl.handle.net/10986/19482After years of dealing with pension policy in crisis management mode, the Government of Afghanistan has begun the process of formulating a national pension policy based on a long-term vision. Until very recently the Government had been focused on short-term policy actions to alleviate growing pressure on the budget. While these measures were necessary, pension policy must take a long term view. Recently, the Government has developed a comprehensive reform package and initiated the process of legal drafting. A reformed system must have clear objectives, be fiscally sustainable, and address needs of various population groups. The final choices will need to be made as to mandate and design and administrative arrangements of the reformed system. The challenge is to ensure that the measures taken in the next few years do not make it more difficult to pursue certain preferred policies later. This paper shows that, according to the financial projections, there is now a window of opportunity for implementing a reform of the system.en-USCC BY 3.0 IGOACCOUNTINGACCOUNTING SYSTEMSACCRUAL ACCOUNTINGACCRUAL RATEACCRUAL RATESADJUSTMENT MECHANISMADJUSTMENT MECHANISMSADMINISTRATIVE BURDENADMINISTRATIVE CAPACITYADMINISTRATIVE REFORMADMINISTRATIVE REFORMSADVERSE EFFECTSAFFORDABILITYAGING POPULATIONANNUITIESANNUITYARREARSBANK DEPOSITSBANKINGBANKING SYSTEMBASIC PENSIONBENEFICIARIESBENEFICIARYBENEFIT FORMULABENEFIT LEVELBENEFIT LEVELSBENEFIT PAYMENTSBENEFIT RATEBENEFIT RATESBENEFIT SCHEMESBIASBONDBOND OPTIONBONDSBORROWINGBUDGETBUDGETINGCAPACITY BUILDINGCASH FLOWSCASH PAYMENTSCENTRAL BANKCHILDRENCIVIL SERVICE PENSIONCIVIL SERVICE PENSIONSCOLLECTION PROCESSCOMPENSATIONCONSUMPTION SMOOTHINGCONTRACTSCONTRACTUAL OBLIGATIONSCONTRIBUTION COLLECTIONCONTRIBUTION RATECONTRIBUTION RATESCONVERSIONCONVERSIONSCREDITCREDITSCSCURRENCYDEFICITDEFINED BENEFITDEFINED BENEFIT PLANDEFINED BENEFIT SCHEMEDEFINED BENEFIT SCHEMESDEFINED CONTRIBUTION PENSIONDEFINED CONTRIBUTIONSDISABILITYDISABILITY PENSIONSDISABLEDDISCOUNTDISCOUNT RATEDISCOUNT RATESDISTRIBUTION OF INCOMEEARNINGSECONOMIC ACTIVITYELDERLYEMPLOYEEEMPLOYEESEMPLOYEREMPLOYER CONTRIBUTIONSEMPLOYERSENFORCEMENTENTERPRISESEQUITABLE TREATMENTEQUITYEXCHANGEFAMILIESFAMILYFINANCEFINANCESFINANCIAL ANALYSISFINANCIAL MANAGEMENTFINANCIAL RISKSFINANCIAL SUSTAINABILITYFINANCINGFINANCING NEEDSFISCAL RESOURCESFRAUDFUNDED COMPONENTFUNDED SCHEMESFUNDING SOURCESFUTUREFUTURE PAYMENTSFUTURE PENSIONGOVERNANCEGOVERNMENT INTERVENTIONGUARANTEEGUARANTEESHEALTHHOMEHUMAN DEVELOPMENTHUMAN RESOURCEIMPLICIT DEBTIMPRISONMENTINCOMEINCOMESINDIVIDUAL ACCOUNTSINDIVIDUAL PENSIONERINFLATIONINFLATION INDEXATIONINFORMATION FLOWINFORMATION SYSTEMSINFORMATION TECHNOLOGYINITIAL INVESTMENTSINSTITUTIONAL CAPACITYINSURANCEINTERESTINTEREST RATEINVESTMENTINVESTMENT PERFORMANCEINVESTMENT RETURNSINVESTMENT RISKINVESTMENTSJURISDICTIONLABOR FORCELACK OF INFORMATIONLACK OF KNOWLEDGELEGAL DRAFTINGLEGAL FRAMEWORKLIABILITYLIVING STANDARDSMANDATORY SCHEMESMARKETMARKET RETURNSMARRIAGEMORTALITYMORTALITY TABLEMORTALITY TABLESNATIONAL PENSIONNORMAL RETIREMENT AGENOTIONAL ACCOUNTSOPTIONOPTIONSPAYMENTPAYMENT SYSTEMPAYROLL TAXESPENSIONPENSION ADMINISTRATIONPENSION AGENCYPENSION BENEFITPENSION BENEFITSPENSION CONTRIBUTIONPENSION CONTRIBUTIONSPENSION DEBTPENSION EXPENDITUREPENSION EXPENDITURESPENSION FORMULAPENSION FUNDPENSION LAWPENSION LIABILITIESPENSION OBLIGATIONSPENSION PAYMENTSPENSION PLANPENSION POLICIESPENSION POLICYPENSION PROGRAMPENSION PROVISIONSPENSION REFORMPENSION REGULATIONPENSION RIGHTSPENSION SAVINGSPENSION SCHEMEPENSION SCHEMESPENSION SPENDINGPENSION SYSTEMPENSION VALUEPENSION VALUESPENSIONERSPENSIONSPHYSICAL ASSETSPOLICE OFFICERSPOVERTYPRICEPRIVATE PENSIONPRIVATIZATIONPRODUCTIVE INVESTMENTSPROVIDENT FUNDSPUBLIC PENSIONPUBLIC SCHEMEPUBLIC SCHEMESPURCHASING POWERRATE OF RETURNRATES OF RETURNRECEIPTRECEIPTSREFORM PROGRAMREGULAR PAYMENTSREPLACEMENT RATEREPLACEMENT RATESRESERVERESERVESRETIREESRETIREMENTRETIREMENT AGERETIREMENT BENEFITSRETIREMENT SAVINGSRETURNREVENUESSAFETY NETSAVINGSECURITYSHARESHARESSHORT-TERM FINANCINGSOCIAL ASSISTANCESOCIAL PROTECTIONSOURCE OF INCOMESTOCKSUBSIDIESSUBSIDYSURVIVOR PENSIONTAXTECHNICAL ASSISTANCETRANSPARENCYTREASURYTRUSTEESUNFUNDED PENSIONWAGE GROWTHWELFAREWIDOWWILL10.1596/19482