Financial Analysis for the Temporary Social Security Regime Regarding Old Age, Disability and Death for State Workers in Timor-Leste
This report was prepared by the World Bank at the request of the Government of Timor-Leste, and is used to assist the government with short-term budgeting and understanding the long-term dynamics of its new pension program. It summarizes findings...
| Main Author: | |
|---|---|
| Format: | |
| Language: | English en_US |
| Published: |
Washington, DC
2015
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2012/10/20433159/financial-analysis-temporary-social-security-regime-regarding-old-age-disability-death-state-workers-timor-leste http://hdl.handle.net/10986/21126 |
| Summary: | This report was prepared by the World
Bank at the request of the Government of Timor-Leste, and is
used to assist the government with short-term budgeting and
understanding the long-term dynamics of its new pension
program. It summarizes findings regarding the financial and
actuarial status of Timor-Leste's pension program for
civil servants, the quot;Temporary Social Security Regime
Regarding Old Age, Disability and Death for State
Workers.quot; Timor-Leste is expecting rapid population
growth over the next 75 years. The growth of the
population, decentralization, and the expected transition to
a middle-income country will drive the need for a growing
number of future civil servants. Section I briefly
summarizes the legal environment and the provisions of the
pension program for civil servants. Section II summarizes
the results of the analysis and estimates the cost of the
program on a pay-as-you-go basis with payments from the
budget, and on a funded basis with contributions as a
percent of payroll. Section III discusses the sources of
the input data and the methods used to prepare the data for
use in this valuation. Section IV summarizes the
macroeconomic and demographic assumptions used to prepare
this valuation report. Section V comments on some of the
non-standard design features of the pension program.
Finally, Section VI summarizes the team's findings and
discusses the next steps required in the implementation of
the civil service pension program. |
|---|