Reforming the Pension Reforms : The Recent Initiatives and Actions on Pensions in Argentina and Chile
This paper describes the recent reforms of pension policies adopted by Argentina and Chile. The structural reforms in the 1980s and 90s were targeted on improving the long term fiscal sustainability of the system and their institutional design, whi...
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| Format: | Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2008/05/20170223/reforming-pension-reforms-recent-initiatives-actions-pensions-argentina-chile http://hdl.handle.net/10986/20200 |
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okr-10986-20200 |
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oai_dc |
| repository_type |
Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
| language |
English en_US |
| topic |
401K PLANS ANNUITIES ANNUITY ANNUITY PROVIDERS AVERAGE BENEFIT AVERAGE BENEFITS BASIC PENSION BENEFICIARIES BENEFIT LEVEL BENEFIT LEVELS BIDDING PROCESS BOND BOND OBLIGATIONS BONDS CAPITAL MARKETS CENTRAL BANK COMPENSATION COMPETITIVE BIDDING CONFLICTS OF INTEREST CONTRIBUTION PAYMENT CONTRIBUTION RATE CONTRIBUTION RATES CONTRIBUTION RECORDS COURT CUSTOMER SERVICE DEBT DEBTS DEFICITS DEFINED BENEFIT DEFINED BENEFITS DEFINED CONTRIBUTION SYSTEMS DEMOCRACY DEMOGRAPHIC DEPENDENCY RATIO DEPOSIT DEPOSITS DEVALUATION DISABILITY DIVORCE EARLY RETIREMENT EARLY RETIREMENT PROGRAM ECONOMIC CONDITIONS ECONOMIC DEVELOPMENT ECONOMIC PERFORMANCE ELDERLY EQUITY ISSUES EXCHANGE RATE EXPENDITURE EXPENDITURES FAMILIES FINANCE MINISTRIES FINANCIAL DEVELOPMENT FINANCIAL FLOWS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL PRODUCTS FINANCIAL RISKS FISCAL DEFICITS FISCAL POLICY FOREIGN INVESTMENT FORMAL PENSION FORMAL PENSION SYSTEM FUND MANAGERS FUNDED SCHEME FUNDED SCHEMES FUTURE INCOME GENDER GENDER EQUALITY GENDER EQUITY GENDER INEQUALITY HEADS OF HOUSEHOLDS HEALTH SYSTEM INCOME INEQUALITY INCOME SECURITY INCOME TAX INCOME TAXES INDIVIDUAL ACCOUNT INDIVIDUAL ACCOUNTS INDIVIDUAL BENEFITS INFLATION INFORMAL SECTORS INFRASTRUCTURE PROJECTS INNOVATIONS INSTITUTIONAL CONSTRAINTS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE PREMIUM INTEREST INCOME INVESTMENT POLICIES INVESTMENT PORTFOLIOS INVESTMENT REGIME INVESTMENT REGIMES JUDGE JURISDICTIONS LABOR FORCE LABOR FORCE PARTICIPATION LABOR MARKET LABOR MARKETS LAWS LEGAL FRAMEWORK LEGAL SYSTEM LEGISLATION LIFE EXPECTANCY LIFE INSURANCE LOCAL CAPITAL MARKETS MARKET CAPITALIZATION MARKET PERFORMANCE MINIMUM BENEFIT MINIMUM BENEFITS MINIMUM WAGE MINIMUM WAGES MOTIVATION MUTUAL FUNDS NATIONAL PENSION NATIONAL SAVINGS OCCUPATIONAL SCHEMES OUTSOURCING PENSION PENSION BENEFIT PENSION BENEFITS PENSION COST PENSION COVERAGE PENSION EARNINGS PENSION EDUCATION PENSION ENTITLEMENTS PENSION EXPENDITURES PENSION FUND PENSION FUND ADMINISTRATORS PENSION FUND ASSETS PENSION FUND INVESTMENT PENSION FUND MANAGERS PENSION FUNDS PENSION POLICIES PENSION POLICY PENSION REFORM PENSION REFORMS PENSION SAVINGS PENSION SAVINGS PLAN PENSION SCHEME PENSION SCHEMES PENSION SPENDING PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS POLITICAL ECONOMY POLITICAL PROCESS PRICE COMPETITION PRIVATE MANAGEMENT PUBLIC PENSIONS PUBLIC SYSTEM PURCHASING POWER RAPID GROWTH RATE OF RETURN REGULATORY FRAMEWORK REPLACEMENT RATE REPLACEMENT RATES RESERVE RESERVES RESIDENCE RETIREES RETIREMENT RETIREMENT AGE RETIREMENT BENEFITS RETIREMENT INCOME RETIRING WORKERS RETURN RETURNS RISK MEASUREMENT SAFETY SAFETY NET SAVINGS ACCOUNTS SAVINGS SCHEMES SCHEDULED WITHDRAWALS SELF EMPLOYED SELF EMPLOYED WORKERS SERVANTS SOCIAL DEVELOPMENT SOCIAL POLICY SOCIAL PROTECTION SOCIAL RISKS SOCIAL SAFETY NET SOCIAL SECURITY SOCIAL SECURITY AGENCY SOCIAL SECURITY SYSTEM STATE GUARANTEE SURVIVORS INSURANCE TAX TAX EXEMPTIONS TAX INCENTIVES TAX RATES TRANSFER OF FUNDS TRANSPARENCY UNEMPLOYED UNEMPLOYMENT VICTIMS VOLUNTARY PENSION WAGES WIDOW WILL WITHDRAWAL WOMAN YOUNG WORKERS |
| spellingShingle |
401K PLANS ANNUITIES ANNUITY ANNUITY PROVIDERS AVERAGE BENEFIT AVERAGE BENEFITS BASIC PENSION BENEFICIARIES BENEFIT LEVEL BENEFIT LEVELS BIDDING PROCESS BOND BOND OBLIGATIONS BONDS CAPITAL MARKETS CENTRAL BANK COMPENSATION COMPETITIVE BIDDING CONFLICTS OF INTEREST CONTRIBUTION PAYMENT CONTRIBUTION RATE CONTRIBUTION RATES CONTRIBUTION RECORDS COURT CUSTOMER SERVICE DEBT DEBTS DEFICITS DEFINED BENEFIT DEFINED BENEFITS DEFINED CONTRIBUTION SYSTEMS DEMOCRACY DEMOGRAPHIC DEPENDENCY RATIO DEPOSIT DEPOSITS DEVALUATION DISABILITY DIVORCE EARLY RETIREMENT EARLY RETIREMENT PROGRAM ECONOMIC CONDITIONS ECONOMIC DEVELOPMENT ECONOMIC PERFORMANCE ELDERLY EQUITY ISSUES EXCHANGE RATE EXPENDITURE EXPENDITURES FAMILIES FINANCE MINISTRIES FINANCIAL DEVELOPMENT FINANCIAL FLOWS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL PRODUCTS FINANCIAL RISKS FISCAL DEFICITS FISCAL POLICY FOREIGN INVESTMENT FORMAL PENSION FORMAL PENSION SYSTEM FUND MANAGERS FUNDED SCHEME FUNDED SCHEMES FUTURE INCOME GENDER GENDER EQUALITY GENDER EQUITY GENDER INEQUALITY HEADS OF HOUSEHOLDS HEALTH SYSTEM INCOME INEQUALITY INCOME SECURITY INCOME TAX INCOME TAXES INDIVIDUAL ACCOUNT INDIVIDUAL ACCOUNTS INDIVIDUAL BENEFITS INFLATION INFORMAL SECTORS INFRASTRUCTURE PROJECTS INNOVATIONS INSTITUTIONAL CONSTRAINTS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE PREMIUM INTEREST INCOME INVESTMENT POLICIES INVESTMENT PORTFOLIOS INVESTMENT REGIME INVESTMENT REGIMES JUDGE JURISDICTIONS LABOR FORCE LABOR FORCE PARTICIPATION LABOR MARKET LABOR MARKETS LAWS LEGAL FRAMEWORK LEGAL SYSTEM LEGISLATION LIFE EXPECTANCY LIFE INSURANCE LOCAL CAPITAL MARKETS MARKET CAPITALIZATION MARKET PERFORMANCE MINIMUM BENEFIT MINIMUM BENEFITS MINIMUM WAGE MINIMUM WAGES MOTIVATION MUTUAL FUNDS NATIONAL PENSION NATIONAL SAVINGS OCCUPATIONAL SCHEMES OUTSOURCING PENSION PENSION BENEFIT PENSION BENEFITS PENSION COST PENSION COVERAGE PENSION EARNINGS PENSION EDUCATION PENSION ENTITLEMENTS PENSION EXPENDITURES PENSION FUND PENSION FUND ADMINISTRATORS PENSION FUND ASSETS PENSION FUND INVESTMENT PENSION FUND MANAGERS PENSION FUNDS PENSION POLICIES PENSION POLICY PENSION REFORM PENSION REFORMS PENSION SAVINGS PENSION SAVINGS PLAN PENSION SCHEME PENSION SCHEMES PENSION SPENDING PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS POLITICAL ECONOMY POLITICAL PROCESS PRICE COMPETITION PRIVATE MANAGEMENT PUBLIC PENSIONS PUBLIC SYSTEM PURCHASING POWER RAPID GROWTH RATE OF RETURN REGULATORY FRAMEWORK REPLACEMENT RATE REPLACEMENT RATES RESERVE RESERVES RESIDENCE RETIREES RETIREMENT RETIREMENT AGE RETIREMENT BENEFITS RETIREMENT INCOME RETIRING WORKERS RETURN RETURNS RISK MEASUREMENT SAFETY SAFETY NET SAVINGS ACCOUNTS SAVINGS SCHEMES SCHEDULED WITHDRAWALS SELF EMPLOYED SELF EMPLOYED WORKERS SERVANTS SOCIAL DEVELOPMENT SOCIAL POLICY SOCIAL PROTECTION SOCIAL RISKS SOCIAL SAFETY NET SOCIAL SECURITY SOCIAL SECURITY AGENCY SOCIAL SECURITY SYSTEM STATE GUARANTEE SURVIVORS INSURANCE TAX TAX EXEMPTIONS TAX INCENTIVES TAX RATES TRANSFER OF FUNDS TRANSPARENCY UNEMPLOYED UNEMPLOYMENT VICTIMS VOLUNTARY PENSION WAGES WIDOW WILL WITHDRAWAL WOMAN YOUNG WORKERS Rofman, Rafael Fajnzylber, Eduardo Herrera, German Reforming the Pension Reforms : The Recent Initiatives and Actions on Pensions in Argentina and Chile |
| geographic_facet |
ARGENTINA Chile |
| relation |
Social protection and labor discussion paper;no. 0831 |
| description |
This paper describes the recent reforms
of pension policies adopted by Argentina and Chile. The
structural reforms in the 1980s and 90s were targeted on
improving the long term fiscal sustainability of the system
and their institutional design, while transferring part of
the economic and social risks from the State to
participants. However, in recent year s authorities in both
countries coincided on identifying insufficient coverage
among the elderly and adequacy of benefits as the most
critical problems. As a result of differences in political
economy and institutional constraints, responses were
different. In Chile, a long and participatory process
resulted in a large reform that focuses on impacts on the
medium term, through a carefully calibrated adjustment. In
Argentina, instead, reforms were adopted through a large
number of successive normative corrections, with little
public debate about their implications, and immediate
impacts on coverage and fiscal demands. |
| format |
Publications & Research :: Working Paper |
| author |
Rofman, Rafael Fajnzylber, Eduardo Herrera, German |
| author_facet |
Rofman, Rafael Fajnzylber, Eduardo Herrera, German |
| author_sort |
Rofman, Rafael |
| title |
Reforming the Pension Reforms : The Recent Initiatives and Actions on Pensions in Argentina and Chile |
| title_short |
Reforming the Pension Reforms : The Recent Initiatives and Actions on Pensions in Argentina and Chile |
| title_full |
Reforming the Pension Reforms : The Recent Initiatives and Actions on Pensions in Argentina and Chile |
| title_fullStr |
Reforming the Pension Reforms : The Recent Initiatives and Actions on Pensions in Argentina and Chile |
| title_full_unstemmed |
Reforming the Pension Reforms : The Recent Initiatives and Actions on Pensions in Argentina and Chile |
| title_sort |
reforming the pension reforms : the recent initiatives and actions on pensions in argentina and chile |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2008/05/20170223/reforming-pension-reforms-recent-initiatives-actions-pensions-argentina-chile http://hdl.handle.net/10986/20200 |
| _version_ |
1764444952664735744 |
| spelling |
okr-10986-202002021-04-23T14:03:54Z Reforming the Pension Reforms : The Recent Initiatives and Actions on Pensions in Argentina and Chile Rofman, Rafael Fajnzylber, Eduardo Herrera, German 401K PLANS ANNUITIES ANNUITY ANNUITY PROVIDERS AVERAGE BENEFIT AVERAGE BENEFITS BASIC PENSION BENEFICIARIES BENEFIT LEVEL BENEFIT LEVELS BIDDING PROCESS BOND BOND OBLIGATIONS BONDS CAPITAL MARKETS CENTRAL BANK COMPENSATION COMPETITIVE BIDDING CONFLICTS OF INTEREST CONTRIBUTION PAYMENT CONTRIBUTION RATE CONTRIBUTION RATES CONTRIBUTION RECORDS COURT CUSTOMER SERVICE DEBT DEBTS DEFICITS DEFINED BENEFIT DEFINED BENEFITS DEFINED CONTRIBUTION SYSTEMS DEMOCRACY DEMOGRAPHIC DEPENDENCY RATIO DEPOSIT DEPOSITS DEVALUATION DISABILITY DIVORCE EARLY RETIREMENT EARLY RETIREMENT PROGRAM ECONOMIC CONDITIONS ECONOMIC DEVELOPMENT ECONOMIC PERFORMANCE ELDERLY EQUITY ISSUES EXCHANGE RATE EXPENDITURE EXPENDITURES FAMILIES FINANCE MINISTRIES FINANCIAL DEVELOPMENT FINANCIAL FLOWS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL PRODUCTS FINANCIAL RISKS FISCAL DEFICITS FISCAL POLICY FOREIGN INVESTMENT FORMAL PENSION FORMAL PENSION SYSTEM FUND MANAGERS FUNDED SCHEME FUNDED SCHEMES FUTURE INCOME GENDER GENDER EQUALITY GENDER EQUITY GENDER INEQUALITY HEADS OF HOUSEHOLDS HEALTH SYSTEM INCOME INEQUALITY INCOME SECURITY INCOME TAX INCOME TAXES INDIVIDUAL ACCOUNT INDIVIDUAL ACCOUNTS INDIVIDUAL BENEFITS INFLATION INFORMAL SECTORS INFRASTRUCTURE PROJECTS INNOVATIONS INSTITUTIONAL CONSTRAINTS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE PREMIUM INTEREST INCOME INVESTMENT POLICIES INVESTMENT PORTFOLIOS INVESTMENT REGIME INVESTMENT REGIMES JUDGE JURISDICTIONS LABOR FORCE LABOR FORCE PARTICIPATION LABOR MARKET LABOR MARKETS LAWS LEGAL FRAMEWORK LEGAL SYSTEM LEGISLATION LIFE EXPECTANCY LIFE INSURANCE LOCAL CAPITAL MARKETS MARKET CAPITALIZATION MARKET PERFORMANCE MINIMUM BENEFIT MINIMUM BENEFITS MINIMUM WAGE MINIMUM WAGES MOTIVATION MUTUAL FUNDS NATIONAL PENSION NATIONAL SAVINGS OCCUPATIONAL SCHEMES OUTSOURCING PENSION PENSION BENEFIT PENSION BENEFITS PENSION COST PENSION COVERAGE PENSION EARNINGS PENSION EDUCATION PENSION ENTITLEMENTS PENSION EXPENDITURES PENSION FUND PENSION FUND ADMINISTRATORS PENSION FUND ASSETS PENSION FUND INVESTMENT PENSION FUND MANAGERS PENSION FUNDS PENSION POLICIES PENSION POLICY PENSION REFORM PENSION REFORMS PENSION SAVINGS PENSION SAVINGS PLAN PENSION SCHEME PENSION SCHEMES PENSION SPENDING PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS POLITICAL ECONOMY POLITICAL PROCESS PRICE COMPETITION PRIVATE MANAGEMENT PUBLIC PENSIONS PUBLIC SYSTEM PURCHASING POWER RAPID GROWTH RATE OF RETURN REGULATORY FRAMEWORK REPLACEMENT RATE REPLACEMENT RATES RESERVE RESERVES RESIDENCE RETIREES RETIREMENT RETIREMENT AGE RETIREMENT BENEFITS RETIREMENT INCOME RETIRING WORKERS RETURN RETURNS RISK MEASUREMENT SAFETY SAFETY NET SAVINGS ACCOUNTS SAVINGS SCHEMES SCHEDULED WITHDRAWALS SELF EMPLOYED SELF EMPLOYED WORKERS SERVANTS SOCIAL DEVELOPMENT SOCIAL POLICY SOCIAL PROTECTION SOCIAL RISKS SOCIAL SAFETY NET SOCIAL SECURITY SOCIAL SECURITY AGENCY SOCIAL SECURITY SYSTEM STATE GUARANTEE SURVIVORS INSURANCE TAX TAX EXEMPTIONS TAX INCENTIVES TAX RATES TRANSFER OF FUNDS TRANSPARENCY UNEMPLOYED UNEMPLOYMENT VICTIMS VOLUNTARY PENSION WAGES WIDOW WILL WITHDRAWAL WOMAN YOUNG WORKERS This paper describes the recent reforms of pension policies adopted by Argentina and Chile. The structural reforms in the 1980s and 90s were targeted on improving the long term fiscal sustainability of the system and their institutional design, while transferring part of the economic and social risks from the State to participants. However, in recent year s authorities in both countries coincided on identifying insufficient coverage among the elderly and adequacy of benefits as the most critical problems. As a result of differences in political economy and institutional constraints, responses were different. In Chile, a long and participatory process resulted in a large reform that focuses on impacts on the medium term, through a carefully calibrated adjustment. In Argentina, instead, reforms were adopted through a large number of successive normative corrections, with little public debate about their implications, and immediate impacts on coverage and fiscal demands. 2014-09-17T17:30:27Z 2014-09-17T17:30:27Z 2008-05 http://documents.worldbank.org/curated/en/2008/05/20170223/reforming-pension-reforms-recent-initiatives-actions-pensions-argentina-chile http://hdl.handle.net/10986/20200 English en_US Social protection and labor discussion paper;no. 0831 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Working Paper ARGENTINA Chile |