Pensions in Palestine : Reform in a Context of Unrest, Volume 1. Main Report
At the request of the Palestinian Authority (PA), the status of pension schemes in the West Bank and Gaza was reviewed, and a technical analysis of the two civil service schemes was undertaken. A Technical Appendix reports in detail on projections...
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| Format: | Policy Note |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2003/02/2183593/west-bank-gaza-pensions-palestine-reform-context-unrest-vol-1-2-main-report http://hdl.handle.net/10986/14875 |
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okr-10986-14875 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
PALESTINIANS; VULNERABLE GROUPS; CIVIL SERVICE REFORMS; CORPORATE GOVERNANCE; PENSION REFORM; RETIREMENT AGE; PENSION COVERAGE; PENSION FUNDS INVESTMENTS; SOLVENCY; GOVERNMENT CONTRIBUTIONS; DEPRECIATION; DISCLOSURE LAWS & REGULATIONS; STAFFING; PRIVATE PENSION FUNDS; SYSTEMIC REFORM; OLDER WORKERS; PENSION FUND MANAGEMENT; PENSION VALUATION; PENSION SAVINGS; PENSION FUND ACCOUNTING ACCOUNTING ACCRUAL RATES ADMINISTRATIVE CAPACITY ADMINISTRATIVE EFFICIENCY ASSET MANAGEMENT ASSETS AUTHORITY AUTHORIZATION BASIC PENSION BENEFIT FORMULA CASH FLOWS CASH-FLOW CIVIL SERVICE CIVIL SERVICE PENSIONS CIVIL SERVICE REFORMS CONSENSUS CONTRIBUTION RATE CONTRIBUTION RATES CORPORATE GOVERNANCE COUNCILS DEFICITS DEMOGRAPHICS DISCLOSURE ECONOMIC GROWTH EMPLOYMENT FINANCIAL INSTITUTION FINANCIAL SUSTAINABILITY FISCAL FISCAL CRISIS FISCAL DEFICITS FISCAL PRESSURE FISCAL PROBLEMS FISCAL REVENUES FISCAL SUSTAINABILITY FORMAL LABOR MARKETS HUMAN CAPITAL HUMAN DEVELOPMENT HUMAN RESOURCE INCOME INCOME TAX BASE INDEXATION INDIVIDUAL BENEFITS INFLATION INFORMAL SECTOR INFORMATION MANAGEMENT INSURANCE INVESTMENT GUIDELINES INVESTMENT RETURNS LABOR MARKET LABOR MARKETS LAWS LEGISLATION LIBERATION MATURITY MINISTRY OF FINANCE NATIONS NEW ENTRANTS NORMAL RETIREMENT AGE PENALTIES PENSION COSTS PENSION COVERAGE PENSION FUND PENSION FUNDS PENSION LAW PENSION LIABILITIES PENSION PLAN PENSION PLANS PENSION REFORM PENSION RIGHTS PENSION SCHEMES PENSIONERS PENSIONS POLITICAL INTERFERENCE PRESENT VALUE PRIVATE PENSION PROBABILITY OF DEFAULT PUBLIC FINANCE PUBLIC FINANCES PUBLIC POLICY PUBLIC SECTOR PUBLIC SERVICES RATIONALIZATION RECURRENT EXPENDITURES RECURRING EXPENDITURES REGULATORY BODIES REPLACEMENT RATE RETIREES RETIREMENT SAVINGS SOCIAL INSURANCE SOCIAL INSURANCE PROGRAMS SOCIAL PROTECTION SOCIAL SECURITY TAXATION TRANSPARENCY WAGE GROWTH WAGES WORKER CONTRIBUTION WORKER CONTRIBUTIONS |
| spellingShingle |
PALESTINIANS; VULNERABLE GROUPS; CIVIL SERVICE REFORMS; CORPORATE GOVERNANCE; PENSION REFORM; RETIREMENT AGE; PENSION COVERAGE; PENSION FUNDS INVESTMENTS; SOLVENCY; GOVERNMENT CONTRIBUTIONS; DEPRECIATION; DISCLOSURE LAWS & REGULATIONS; STAFFING; PRIVATE PENSION FUNDS; SYSTEMIC REFORM; OLDER WORKERS; PENSION FUND MANAGEMENT; PENSION VALUATION; PENSION SAVINGS; PENSION FUND ACCOUNTING ACCOUNTING ACCRUAL RATES ADMINISTRATIVE CAPACITY ADMINISTRATIVE EFFICIENCY ASSET MANAGEMENT ASSETS AUTHORITY AUTHORIZATION BASIC PENSION BENEFIT FORMULA CASH FLOWS CASH-FLOW CIVIL SERVICE CIVIL SERVICE PENSIONS CIVIL SERVICE REFORMS CONSENSUS CONTRIBUTION RATE CONTRIBUTION RATES CORPORATE GOVERNANCE COUNCILS DEFICITS DEMOGRAPHICS DISCLOSURE ECONOMIC GROWTH EMPLOYMENT FINANCIAL INSTITUTION FINANCIAL SUSTAINABILITY FISCAL FISCAL CRISIS FISCAL DEFICITS FISCAL PRESSURE FISCAL PROBLEMS FISCAL REVENUES FISCAL SUSTAINABILITY FORMAL LABOR MARKETS HUMAN CAPITAL HUMAN DEVELOPMENT HUMAN RESOURCE INCOME INCOME TAX BASE INDEXATION INDIVIDUAL BENEFITS INFLATION INFORMAL SECTOR INFORMATION MANAGEMENT INSURANCE INVESTMENT GUIDELINES INVESTMENT RETURNS LABOR MARKET LABOR MARKETS LAWS LEGISLATION LIBERATION MATURITY MINISTRY OF FINANCE NATIONS NEW ENTRANTS NORMAL RETIREMENT AGE PENALTIES PENSION COSTS PENSION COVERAGE PENSION FUND PENSION FUNDS PENSION LAW PENSION LIABILITIES PENSION PLAN PENSION PLANS PENSION REFORM PENSION RIGHTS PENSION SCHEMES PENSIONERS PENSIONS POLITICAL INTERFERENCE PRESENT VALUE PRIVATE PENSION PROBABILITY OF DEFAULT PUBLIC FINANCE PUBLIC FINANCES PUBLIC POLICY PUBLIC SECTOR PUBLIC SERVICES RATIONALIZATION RECURRENT EXPENDITURES RECURRING EXPENDITURES REGULATORY BODIES REPLACEMENT RATE RETIREES RETIREMENT SAVINGS SOCIAL INSURANCE SOCIAL INSURANCE PROGRAMS SOCIAL PROTECTION SOCIAL SECURITY TAXATION TRANSPARENCY WAGE GROWTH WAGES WORKER CONTRIBUTION WORKER CONTRIBUTIONS World Bank Pensions in Palestine : Reform in a Context of Unrest, Volume 1. Main Report |
| geographic_facet |
Middle East and North Africa West Bank and Gaza |
| description |
At the request of the Palestinian
Authority (PA), the status of pension schemes in the West
Bank and Gaza was reviewed, and a technical analysis of the
two civil service schemes was undertaken. A Technical
Appendix reports in detail on projections of the financial
status of the civil service schemes as well as on
improvement options. This paper summarizes the main findings
and highlights the policy implications. Its primary focus is
on solutions that could be implemented in the short-term.
The civil service pension schemes are bankrupt and in need
of reform. The major issues facing them are: financial
non-sustainability; government arrears in contributions;
corporate governance issues resulting in rapid depreciation
of the pension fund; the lack of financial disclosure;
government overstaffing; and the lack of coverage for the
private sector. This report recommends as critical next
steps in the short term that there must be immediate and
significant parametric reforms designed to restore financial
solvency and enhance equity, such as reducing the retirement
age and cutting benefit accrual rates. Governance, that is,
increasing the transparency and efficiency of the Gaza
Pensions and insurance Corporation (GPIC), the largest
non-bank financial institution in the West Bank and Gaza,
has been suggested. Right-sizing government employment is
also important. In the long-term, systemic reforms will be
needed to solidify pensions for government workers.
Comprehensive protection for all elderly persons, one of the
most vulnerable groups, is desperately needed within the
context of the current crisis. A universal flat benefit
scheme is the only short-term option that can provide
broad-based assistance. Another short-term key concept is
the recovery of pension transfers owed to Palestinian
workers from Israel; the value could be significant and
could avert poverty for many soon-to-retire Palestinians
with extensive work histories in Israel. The sequencing and
initiation of pension reform is a lengthy process, involving
the reconciliation of conflicting priorities among different
stakeholders. Within the context of the West Bank and Gaza,
it may be best to think of the reform process in three
steps: commitment building, coalition building, and implementation. |
| format |
Economic & Sector Work :: Policy Note |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Pensions in Palestine : Reform in a Context of Unrest, Volume 1. Main Report |
| title_short |
Pensions in Palestine : Reform in a Context of Unrest, Volume 1. Main Report |
| title_full |
Pensions in Palestine : Reform in a Context of Unrest, Volume 1. Main Report |
| title_fullStr |
Pensions in Palestine : Reform in a Context of Unrest, Volume 1. Main Report |
| title_full_unstemmed |
Pensions in Palestine : Reform in a Context of Unrest, Volume 1. Main Report |
| title_sort |
pensions in palestine : reform in a context of unrest, volume 1. main report |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2003/02/2183593/west-bank-gaza-pensions-palestine-reform-context-unrest-vol-1-2-main-report http://hdl.handle.net/10986/14875 |
| _version_ |
1764427883892178944 |
| spelling |
okr-10986-148752021-04-23T14:03:16Z Pensions in Palestine : Reform in a Context of Unrest, Volume 1. Main Report World Bank PALESTINIANS; VULNERABLE GROUPS; CIVIL SERVICE REFORMS; CORPORATE GOVERNANCE; PENSION REFORM; RETIREMENT AGE; PENSION COVERAGE; PENSION FUNDS INVESTMENTS; SOLVENCY; GOVERNMENT CONTRIBUTIONS; DEPRECIATION; DISCLOSURE LAWS & REGULATIONS; STAFFING; PRIVATE PENSION FUNDS; SYSTEMIC REFORM; OLDER WORKERS; PENSION FUND MANAGEMENT; PENSION VALUATION; PENSION SAVINGS; PENSION FUND ACCOUNTING ACCOUNTING ACCRUAL RATES ADMINISTRATIVE CAPACITY ADMINISTRATIVE EFFICIENCY ASSET MANAGEMENT ASSETS AUTHORITY AUTHORIZATION BASIC PENSION BENEFIT FORMULA CASH FLOWS CASH-FLOW CIVIL SERVICE CIVIL SERVICE PENSIONS CIVIL SERVICE REFORMS CONSENSUS CONTRIBUTION RATE CONTRIBUTION RATES CORPORATE GOVERNANCE COUNCILS DEFICITS DEMOGRAPHICS DISCLOSURE ECONOMIC GROWTH EMPLOYMENT FINANCIAL INSTITUTION FINANCIAL SUSTAINABILITY FISCAL FISCAL CRISIS FISCAL DEFICITS FISCAL PRESSURE FISCAL PROBLEMS FISCAL REVENUES FISCAL SUSTAINABILITY FORMAL LABOR MARKETS HUMAN CAPITAL HUMAN DEVELOPMENT HUMAN RESOURCE INCOME INCOME TAX BASE INDEXATION INDIVIDUAL BENEFITS INFLATION INFORMAL SECTOR INFORMATION MANAGEMENT INSURANCE INVESTMENT GUIDELINES INVESTMENT RETURNS LABOR MARKET LABOR MARKETS LAWS LEGISLATION LIBERATION MATURITY MINISTRY OF FINANCE NATIONS NEW ENTRANTS NORMAL RETIREMENT AGE PENALTIES PENSION COSTS PENSION COVERAGE PENSION FUND PENSION FUNDS PENSION LAW PENSION LIABILITIES PENSION PLAN PENSION PLANS PENSION REFORM PENSION RIGHTS PENSION SCHEMES PENSIONERS PENSIONS POLITICAL INTERFERENCE PRESENT VALUE PRIVATE PENSION PROBABILITY OF DEFAULT PUBLIC FINANCE PUBLIC FINANCES PUBLIC POLICY PUBLIC SECTOR PUBLIC SERVICES RATIONALIZATION RECURRENT EXPENDITURES RECURRING EXPENDITURES REGULATORY BODIES REPLACEMENT RATE RETIREES RETIREMENT SAVINGS SOCIAL INSURANCE SOCIAL INSURANCE PROGRAMS SOCIAL PROTECTION SOCIAL SECURITY TAXATION TRANSPARENCY WAGE GROWTH WAGES WORKER CONTRIBUTION WORKER CONTRIBUTIONS At the request of the Palestinian Authority (PA), the status of pension schemes in the West Bank and Gaza was reviewed, and a technical analysis of the two civil service schemes was undertaken. A Technical Appendix reports in detail on projections of the financial status of the civil service schemes as well as on improvement options. This paper summarizes the main findings and highlights the policy implications. Its primary focus is on solutions that could be implemented in the short-term. The civil service pension schemes are bankrupt and in need of reform. The major issues facing them are: financial non-sustainability; government arrears in contributions; corporate governance issues resulting in rapid depreciation of the pension fund; the lack of financial disclosure; government overstaffing; and the lack of coverage for the private sector. This report recommends as critical next steps in the short term that there must be immediate and significant parametric reforms designed to restore financial solvency and enhance equity, such as reducing the retirement age and cutting benefit accrual rates. Governance, that is, increasing the transparency and efficiency of the Gaza Pensions and insurance Corporation (GPIC), the largest non-bank financial institution in the West Bank and Gaza, has been suggested. Right-sizing government employment is also important. In the long-term, systemic reforms will be needed to solidify pensions for government workers. Comprehensive protection for all elderly persons, one of the most vulnerable groups, is desperately needed within the context of the current crisis. A universal flat benefit scheme is the only short-term option that can provide broad-based assistance. Another short-term key concept is the recovery of pension transfers owed to Palestinian workers from Israel; the value could be significant and could avert poverty for many soon-to-retire Palestinians with extensive work histories in Israel. The sequencing and initiation of pension reform is a lengthy process, involving the reconciliation of conflicting priorities among different stakeholders. Within the context of the West Bank and Gaza, it may be best to think of the reform process in three steps: commitment building, coalition building, and implementation. 2013-08-07T20:10:15Z 2013-08-07T20:10:15Z 2003-02-28 http://documents.worldbank.org/curated/en/2003/02/2183593/west-bank-gaza-pensions-palestine-reform-context-unrest-vol-1-2-main-report http://hdl.handle.net/10986/14875 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Policy Note Economic & Sector Work Middle East and North Africa West Bank and Gaza |