Kyrgyz Republic Public Expenditure Review Policy Notes : Pensions
Today, the Kyrgyz pension system plays a major role in poverty alleviation of the elderly but this role is diminishing fast due to low coverage of working age population. The system currently provides pensions to more than 90 percent of the populat...
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| Format: | Public Expenditure Review |
| Language: | English en_US |
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Washington, DC
2014
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2014/05/19717536/kyrgyz-republic-public-expenditure-review-policy-notes-pensions http://hdl.handle.net/10986/19304 |
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okr-10986-19304 |
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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 |
ACCRUAL RATE ANNUITY ANNUITY FACTORS ASSET MANAGEMENT AVERAGE WAGE GROWTH BANKING SYSTEM BASIC PENSION BASIC PENSIONS BENEFICIARIES BENEFICIARY BENEFIT ADJUSTMENTS BENEFIT FORMULA BENEFIT INDEXATION BENEFIT LEVELS BENEFIT PAYMENTS CASH FLOWS CASH INCOME CHANGES IN FERTILITY COMPENSATION CONSTANT SHARE CONSUMPTION SMOOTHING CONTRIBUTION RATE CONTRIBUTION RATES CURRENCY DATA AVAILABILITY DEFICIT FINANCING DEFICITS DEFINED BENEFIT DEFINED CONTRIBUTIONS DEMOGRAPHIC DEMOGRAPHIC PROJECTIONS DEPENDENCY RATIO DEVELOPING COUNTRIES DISABILITY DISABILITY PENSION ECONOMIC DEVELOPMENT ELDERLY ELDERLY POPULATION EMPLOYEE EQUITY ISSUES EXCHANGE RATE FAMILIES FERTILITY FERTILITY RATE FERTILITY RATES FINANCES FINANCIAL FLOWS FINANCIAL HEALTH FINANCIAL MARKETS FINANCIAL SUSTAINABILITY FUND DATA FUNDED COMPONENT FUNDED COMPONENTS FUNDED SCHEME GENDER GENDERS GOVERNMENT BUDGET GOVERNMENT EXPENDITURES GOVERNMENT FINANCING GOVERNMENT INTERVENTION GOVERNMENT PENSION GOVERNMENT SPENDING GOVERNMENT SUBSIDIES GROWTH RATE GROWTH RATES HEALTH CARE HEALTH INSURANCE HUMAN DEVELOPMENT IMMIGRATION IMPLICIT PENSION DEBT INCOME GROUPS INCOME LEVEL INCOME TAX INDIVIDUAL ACCOUNT INDIVIDUAL ACCOUNTS INFLATION INFLATION INDEXATION INFLATION RATES INFORMAL SECTOR INITIAL RETIREMENT AGE INSURANCE INSURANCE PENSION INSURANCE PENSIONS INTEREST RATE INTERGOVERNMENTAL TRANSFERS INTERNATIONAL DEVELOPMENT INTERNATIONAL STANDARDS INVESTMENT INCOME INVESTMENT RETURNS LABOR FORCE LABOR FORCE PARTICIPATION LABOR MARKET LEGISLATION LIFE EXPECTANCY LIFE EXPECTANCY ESTIMATES LONG TERM PROJECTIONS LOW-INCOME ECONOMY MACROECONOMIC STABILITY MARKET DISTORTIONS MIGRANT MIGRANT WORKERS MIGRANTS MIGRATION MORTALITY MULTI-PILLAR SYSTEM NATIONAL COMMITTEE NATIONAL PENSION NET WAGES NOTIONAL ACCOUNT NOTIONAL ACCOUNTS NOTIONAL CAPITAL OLD AGE OLD-AGE OLD-AGE PENSION OLD-AGE PENSIONS OLDER PERSONS OUTPUT OUTPUTS PAY-AS-YOU-GO SYSTEM PAYROLL TAX PENSION PENSION AT RETIREMENT PENSION BENEFIT PENSION BENEFITS PENSION COSTS PENSION DEBT PENSION EXPENDITURE PENSION EXPENDITURES PENSION FINANCING PENSION FUND PENSION PAYMENTS PENSION POLICY PENSION REFORM PENSION RIGHTS PENSION SCHEME PENSION SPENDING PENSION SYSTEM PENSION SYSTEM PARAMETERS PENSION SYSTEMS PENSIONER PENSIONERS PENSIONS POPULATION DATA POPULATION PROJECTIONS POTENTIAL INVESTMENT POVERTY ALLEVIATION PRICE INDEXATION PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATE SAVINGS PUBLIC INVESTMENTS PUBLIC PENSION PUBLIC SPENDING RATE OF RETURN REGULATORY FRAMEWORK REPLACEMENT RATE REPLACEMENT RATES RESPECT RETIREES RETIREMENT RETIREMENT AGE RETIREMENT BENEFITS RETIREMENT PENSIONS SAVINGS ACCOUNT SAVINGS ACCOUNTS SOCIAL ASSISTANCE SOCIAL FUND SOCIAL IMPACT SOCIAL PENSION SOCIAL PENSIONS SOCIAL POLICY STOCKS SUBSISTENCE FARMING SURVIVOR PENSION SUSTAINABLE ECONOMIC GROWTH TRANSITION COUNTRIES TRANSITION ECONOMIES UNEMPLOYMENT UNEMPLOYMENT RATES VOLUNTARY PENSION VOLUNTARY PENSIONS WILL WORKING POPULATION WORKING-AGE POPULATION |
| spellingShingle |
ACCRUAL RATE ANNUITY ANNUITY FACTORS ASSET MANAGEMENT AVERAGE WAGE GROWTH BANKING SYSTEM BASIC PENSION BASIC PENSIONS BENEFICIARIES BENEFICIARY BENEFIT ADJUSTMENTS BENEFIT FORMULA BENEFIT INDEXATION BENEFIT LEVELS BENEFIT PAYMENTS CASH FLOWS CASH INCOME CHANGES IN FERTILITY COMPENSATION CONSTANT SHARE CONSUMPTION SMOOTHING CONTRIBUTION RATE CONTRIBUTION RATES CURRENCY DATA AVAILABILITY DEFICIT FINANCING DEFICITS DEFINED BENEFIT DEFINED CONTRIBUTIONS DEMOGRAPHIC DEMOGRAPHIC PROJECTIONS DEPENDENCY RATIO DEVELOPING COUNTRIES DISABILITY DISABILITY PENSION ECONOMIC DEVELOPMENT ELDERLY ELDERLY POPULATION EMPLOYEE EQUITY ISSUES EXCHANGE RATE FAMILIES FERTILITY FERTILITY RATE FERTILITY RATES FINANCES FINANCIAL FLOWS FINANCIAL HEALTH FINANCIAL MARKETS FINANCIAL SUSTAINABILITY FUND DATA FUNDED COMPONENT FUNDED COMPONENTS FUNDED SCHEME GENDER GENDERS GOVERNMENT BUDGET GOVERNMENT EXPENDITURES GOVERNMENT FINANCING GOVERNMENT INTERVENTION GOVERNMENT PENSION GOVERNMENT SPENDING GOVERNMENT SUBSIDIES GROWTH RATE GROWTH RATES HEALTH CARE HEALTH INSURANCE HUMAN DEVELOPMENT IMMIGRATION IMPLICIT PENSION DEBT INCOME GROUPS INCOME LEVEL INCOME TAX INDIVIDUAL ACCOUNT INDIVIDUAL ACCOUNTS INFLATION INFLATION INDEXATION INFLATION RATES INFORMAL SECTOR INITIAL RETIREMENT AGE INSURANCE INSURANCE PENSION INSURANCE PENSIONS INTEREST RATE INTERGOVERNMENTAL TRANSFERS INTERNATIONAL DEVELOPMENT INTERNATIONAL STANDARDS INVESTMENT INCOME INVESTMENT RETURNS LABOR FORCE LABOR FORCE PARTICIPATION LABOR MARKET LEGISLATION LIFE EXPECTANCY LIFE EXPECTANCY ESTIMATES LONG TERM PROJECTIONS LOW-INCOME ECONOMY MACROECONOMIC STABILITY MARKET DISTORTIONS MIGRANT MIGRANT WORKERS MIGRANTS MIGRATION MORTALITY MULTI-PILLAR SYSTEM NATIONAL COMMITTEE NATIONAL PENSION NET WAGES NOTIONAL ACCOUNT NOTIONAL ACCOUNTS NOTIONAL CAPITAL OLD AGE OLD-AGE OLD-AGE PENSION OLD-AGE PENSIONS OLDER PERSONS OUTPUT OUTPUTS PAY-AS-YOU-GO SYSTEM PAYROLL TAX PENSION PENSION AT RETIREMENT PENSION BENEFIT PENSION BENEFITS PENSION COSTS PENSION DEBT PENSION EXPENDITURE PENSION EXPENDITURES PENSION FINANCING PENSION FUND PENSION PAYMENTS PENSION POLICY PENSION REFORM PENSION RIGHTS PENSION SCHEME PENSION SPENDING PENSION SYSTEM PENSION SYSTEM PARAMETERS PENSION SYSTEMS PENSIONER PENSIONERS PENSIONS POPULATION DATA POPULATION PROJECTIONS POTENTIAL INVESTMENT POVERTY ALLEVIATION PRICE INDEXATION PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATE SAVINGS PUBLIC INVESTMENTS PUBLIC PENSION PUBLIC SPENDING RATE OF RETURN REGULATORY FRAMEWORK REPLACEMENT RATE REPLACEMENT RATES RESPECT RETIREES RETIREMENT RETIREMENT AGE RETIREMENT BENEFITS RETIREMENT PENSIONS SAVINGS ACCOUNT SAVINGS ACCOUNTS SOCIAL ASSISTANCE SOCIAL FUND SOCIAL IMPACT SOCIAL PENSION SOCIAL PENSIONS SOCIAL POLICY STOCKS SUBSISTENCE FARMING SURVIVOR PENSION SUSTAINABLE ECONOMIC GROWTH TRANSITION COUNTRIES TRANSITION ECONOMIES UNEMPLOYMENT UNEMPLOYMENT RATES VOLUNTARY PENSION VOLUNTARY PENSIONS WILL WORKING POPULATION WORKING-AGE POPULATION World Bank Kyrgyz Republic Public Expenditure Review Policy Notes : Pensions |
| geographic_facet |
Europe and Central Asia Kyrgyz Republic |
| description |
Today, the Kyrgyz pension system plays a
major role in poverty alleviation of the elderly but this
role is diminishing fast due to low coverage of working age
population. The system currently provides pensions to more
than 90 percent of the population over age 65 thus being a
significant buffer against poverty. Over time, though, the
poverty reduction effect of the pension system is expected
to weaken substantially as the current low coverage rates
among the working age population translate into much lower
coverage rates of about only 60 percent for the future old
age population. As a result, poverty rates among the
old-age population will grow and government spending on
social pensions will increase dramatically. The structure of
this chapter is as follows. The next section provides an
overview of the current pension system and the main issues
facing it. Section three presents the results of the
financial projections for the current system assuming a
no-reform scenario and the implications of doing nothing on
the finances of the Social Fund, the cost to the government
and the expected benefits (baseline projections). Section
four considers several broad reform options and their impact
with respect to the financial sustainability and
affordability of the system as well as adequacy of benefits.
Section five outlines the issues remaining beyond the scope
of this study which require further analysis. Annex one
summarizes the main parameters of the current pension system
and annexes two provides a brief description of the main
assumptions used in the projections and the projection
methodology. The diagnosis of the current system and the
evaluation of the reform options presented in this chapter
are based on the simulations produced with the World Bank
Pension Reform Options Simulation Toolkit (PROST) model. |
| format |
Economic & Sector Work :: Public Expenditure Review |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Kyrgyz Republic Public Expenditure Review Policy Notes : Pensions |
| title_short |
Kyrgyz Republic Public Expenditure Review Policy Notes : Pensions |
| title_full |
Kyrgyz Republic Public Expenditure Review Policy Notes : Pensions |
| title_fullStr |
Kyrgyz Republic Public Expenditure Review Policy Notes : Pensions |
| title_full_unstemmed |
Kyrgyz Republic Public Expenditure Review Policy Notes : Pensions |
| title_sort |
kyrgyz republic public expenditure review policy notes : pensions |
| publisher |
Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2014/05/19717536/kyrgyz-republic-public-expenditure-review-policy-notes-pensions http://hdl.handle.net/10986/19304 |
| _version_ |
1764443594593140736 |
| spelling |
okr-10986-193042021-04-23T14:03:51Z Kyrgyz Republic Public Expenditure Review Policy Notes : Pensions World Bank ACCRUAL RATE ANNUITY ANNUITY FACTORS ASSET MANAGEMENT AVERAGE WAGE GROWTH BANKING SYSTEM BASIC PENSION BASIC PENSIONS BENEFICIARIES BENEFICIARY BENEFIT ADJUSTMENTS BENEFIT FORMULA BENEFIT INDEXATION BENEFIT LEVELS BENEFIT PAYMENTS CASH FLOWS CASH INCOME CHANGES IN FERTILITY COMPENSATION CONSTANT SHARE CONSUMPTION SMOOTHING CONTRIBUTION RATE CONTRIBUTION RATES CURRENCY DATA AVAILABILITY DEFICIT FINANCING DEFICITS DEFINED BENEFIT DEFINED CONTRIBUTIONS DEMOGRAPHIC DEMOGRAPHIC PROJECTIONS DEPENDENCY RATIO DEVELOPING COUNTRIES DISABILITY DISABILITY PENSION ECONOMIC DEVELOPMENT ELDERLY ELDERLY POPULATION EMPLOYEE EQUITY ISSUES EXCHANGE RATE FAMILIES FERTILITY FERTILITY RATE FERTILITY RATES FINANCES FINANCIAL FLOWS FINANCIAL HEALTH FINANCIAL MARKETS FINANCIAL SUSTAINABILITY FUND DATA FUNDED COMPONENT FUNDED COMPONENTS FUNDED SCHEME GENDER GENDERS GOVERNMENT BUDGET GOVERNMENT EXPENDITURES GOVERNMENT FINANCING GOVERNMENT INTERVENTION GOVERNMENT PENSION GOVERNMENT SPENDING GOVERNMENT SUBSIDIES GROWTH RATE GROWTH RATES HEALTH CARE HEALTH INSURANCE HUMAN DEVELOPMENT IMMIGRATION IMPLICIT PENSION DEBT INCOME GROUPS INCOME LEVEL INCOME TAX INDIVIDUAL ACCOUNT INDIVIDUAL ACCOUNTS INFLATION INFLATION INDEXATION INFLATION RATES INFORMAL SECTOR INITIAL RETIREMENT AGE INSURANCE INSURANCE PENSION INSURANCE PENSIONS INTEREST RATE INTERGOVERNMENTAL TRANSFERS INTERNATIONAL DEVELOPMENT INTERNATIONAL STANDARDS INVESTMENT INCOME INVESTMENT RETURNS LABOR FORCE LABOR FORCE PARTICIPATION LABOR MARKET LEGISLATION LIFE EXPECTANCY LIFE EXPECTANCY ESTIMATES LONG TERM PROJECTIONS LOW-INCOME ECONOMY MACROECONOMIC STABILITY MARKET DISTORTIONS MIGRANT MIGRANT WORKERS MIGRANTS MIGRATION MORTALITY MULTI-PILLAR SYSTEM NATIONAL COMMITTEE NATIONAL PENSION NET WAGES NOTIONAL ACCOUNT NOTIONAL ACCOUNTS NOTIONAL CAPITAL OLD AGE OLD-AGE OLD-AGE PENSION OLD-AGE PENSIONS OLDER PERSONS OUTPUT OUTPUTS PAY-AS-YOU-GO SYSTEM PAYROLL TAX PENSION PENSION AT RETIREMENT PENSION BENEFIT PENSION BENEFITS PENSION COSTS PENSION DEBT PENSION EXPENDITURE PENSION EXPENDITURES PENSION FINANCING PENSION FUND PENSION PAYMENTS PENSION POLICY PENSION REFORM PENSION RIGHTS PENSION SCHEME PENSION SPENDING PENSION SYSTEM PENSION SYSTEM PARAMETERS PENSION SYSTEMS PENSIONER PENSIONERS PENSIONS POPULATION DATA POPULATION PROJECTIONS POTENTIAL INVESTMENT POVERTY ALLEVIATION PRICE INDEXATION PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATE SAVINGS PUBLIC INVESTMENTS PUBLIC PENSION PUBLIC SPENDING RATE OF RETURN REGULATORY FRAMEWORK REPLACEMENT RATE REPLACEMENT RATES RESPECT RETIREES RETIREMENT RETIREMENT AGE RETIREMENT BENEFITS RETIREMENT PENSIONS SAVINGS ACCOUNT SAVINGS ACCOUNTS SOCIAL ASSISTANCE SOCIAL FUND SOCIAL IMPACT SOCIAL PENSION SOCIAL PENSIONS SOCIAL POLICY STOCKS SUBSISTENCE FARMING SURVIVOR PENSION SUSTAINABLE ECONOMIC GROWTH TRANSITION COUNTRIES TRANSITION ECONOMIES UNEMPLOYMENT UNEMPLOYMENT RATES VOLUNTARY PENSION VOLUNTARY PENSIONS WILL WORKING POPULATION WORKING-AGE POPULATION Today, the Kyrgyz pension system plays a major role in poverty alleviation of the elderly but this role is diminishing fast due to low coverage of working age population. The system currently provides pensions to more than 90 percent of the population over age 65 thus being a significant buffer against poverty. Over time, though, the poverty reduction effect of the pension system is expected to weaken substantially as the current low coverage rates among the working age population translate into much lower coverage rates of about only 60 percent for the future old age population. As a result, poverty rates among the old-age population will grow and government spending on social pensions will increase dramatically. The structure of this chapter is as follows. The next section provides an overview of the current pension system and the main issues facing it. Section three presents the results of the financial projections for the current system assuming a no-reform scenario and the implications of doing nothing on the finances of the Social Fund, the cost to the government and the expected benefits (baseline projections). Section four considers several broad reform options and their impact with respect to the financial sustainability and affordability of the system as well as adequacy of benefits. Section five outlines the issues remaining beyond the scope of this study which require further analysis. Annex one summarizes the main parameters of the current pension system and annexes two provides a brief description of the main assumptions used in the projections and the projection methodology. The diagnosis of the current system and the evaluation of the reform options presented in this chapter are based on the simulations produced with the World Bank Pension Reform Options Simulation Toolkit (PROST) model. 2014-08-14T16:49:53Z 2014-08-14T16:49:53Z 2014-05 http://documents.worldbank.org/curated/en/2014/05/19717536/kyrgyz-republic-public-expenditure-review-policy-notes-pensions http://hdl.handle.net/10986/19304 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ Washington, DC Economic & Sector Work :: Public Expenditure Review Economic & Sector Work Europe and Central Asia Kyrgyz Republic |