World Bank2013-08-192013-08-192000-05-19https://hdl.handle.net/10986/15188This report examines the current system of old age income security in Sri Lanka to determine whether it provides reasonable pension for retirees. It also explores the effects of the current system on labor market mobility and the fiscal deficit and looks at the potential for establishing greater demand for debt, particularly long-term debt, and equity securities through the strengthening of contractual savings. The focus of this note has been to review the formal systems of retirement savings provision currently in place in Sri Lanka, particularly from the perspective of cost effectiveness and administrative efficiency, and to ascertain policy options available to the government of Sri Lanka. The report outlines key objectives which would address material shortcomings in the present system, proposes potential reform strategy components, and explores measures which might assist in achieving these goals.en-USCC BY 3.0 IGOOLD AGE BENEFITSOLD AGE INSURANCEPENSION COVERAGELABOR MOBILITYFISCAL DEFICITSRETIREMENT BENEFITSRETIREMENT PROGRAMSCOST EFFECTIVENESSEFFICIENCYRETIREMENT POLICYRISK MANAGEMENTINVESTMENT RETURNSANNUITIESREGULATORY FRAMEWORKSOCIAL SECURITY BENEFITSSOCIAL SECURITY SYSTEMSSAVINGS PROMOTIONSOCIAL SAFETY NETSFISCAL SUSTAINABILITYCAPITAL MARKET GROWTH ACCUMULATION PERIODADMINISTRATIVE COSTSAGEDAGINGANNUITIESASSET MANAGEMENTBENEFIT SCHEMESBONDSCAPITAL MARKETSCIVIL SERVICECLEARINGHOUSESCONTRACTUAL SAVINGS INSTITUTIONSCONTRIBUTION COLLECTIONCOST EFFECTIVENESSDEBTDEFINED BENEFIT SCHEMESDEPENDENCY RATIOECONOMIC CIRCUMSTANCESECONOMIC IMPACTEMPLOYMENTEVASIONFAMILIESFAMILY CAREFAMILY SUPPORTFINANCIAL INSTITUTIONSFINANCIAL MARKETSFISCAL DEFICITSFISCAL RESPONSIBILITYFISCAL YEARFUNDED SCHEMESGOVERNMENT DEBTGOVERNMENT EXPENDITURESGOVERNMENT SECURITIESGRATUITY FUNDSHEALTH SERVICESHOLISTIC APPROACHHOUSINGHOUSING FINANCEINCOMEINCOME LEVELSINCOME SUPPORTINDIRECT COSTINFLATIONINFORMAL SECTORINFORMATION ASYMMETRIESINNOVATIONINSURANCEINTEREST RATESINVESTMENT RETURNSLABOR COSTSLABOR FORCELEGISLATIONLIFE EXPECTANCYMANAGERSMANDATORY RETIREMENTMARKET RISKMARKETINGMULTIPILLAR SYSTEMSOCCUPATIONAL PENSIONSPARENTSPENSION COSTSPENSION FORMULAPENSION FUNDPENSION PLANPENSION REFORMPENSION SCHEMESPENSION SYSTEMPENSION SYSTEMSPENSIONERSPENSIONSPOVERTY ALLEVIATIONPRIVATE SECTORPRIVATIZATIONPROVIDENT FUNDSPUBLIC SECTORPUBLIC SECTOR COMPENSATIONPUBLIC SECTOR EMPLOYMENTPUBLIC SERVICEREGULATORY FRAMEWORKREPLACEMENT RATEREPLACEMENT RATESRETIREESRETIREMENTRETIREMENT AGERETIREMENT INCOMERETIREMENT SAVINGSRISK MANAGEMENTRURAL COMMUNITIESSAFETYSAFETY NETSSAVINGSSAVINGS SCHEMESSECURITIESSOCIAL ASSISTANCESOCIAL INSURANCESOCIAL PROTECTIONSOCIAL SAFETY NETSOCIAL SECURITYTAXTAX INCENTIVESTAX REFORMTAX REVENUETAXATIONTRANSACTION COSTSTRANSPARENCYTREASURYUNEMPLOYMENTWAGESWIDOWSWORKERSWorld Bank10.1596/15188