The Bulgarian Pension System Caught Between Adequacy And Sustainability
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| Author | : Mr. Jean-Jacques Hallaert |
| Publisher | : International Monetary Fund |
| Total Pages | : 20 |
| Release | : 2024-06-24 |
| Genre | : |
| ISBN | : |
During the COVID-19 pandemic, the Bulgarian authorities increased pensions substantially to support pensioners’ living standards and aggregate demand. These increases have become permanent and improved the adequacy of pensions. However, not matched by revenue measures, they have widened the deficit of the pension system. Reforms that increase the incentives to contribute to the pension system and thus revenue would improve the financial sustainability of the pension system and reduce fiscal risks.
| Author | : International Monetary Fund. European Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 55 |
| Release | : 2024-06-13 |
| Genre | : Business & Economics |
| ISBN | : |
For two years in 2021–23, a political stalemate hampered policymaking as Bulgaria needed to stir the exit from the pandemic, cope with the global inflation shock and the fallout of Russia’s war in Ukraine, secure its energy supply, implement reforms to unlock EU Funds, and prepare for euro adoption. The government formed in June 2023 prioritized euro and Schengen areas accession, NGEU funds delivery, and judicial reforms. It fell in March 2024, increasing the risk of delays in key policy decisions. Despite the succession of international and domestic shocks, the economy showed resilience and can achieve a soft landing if inflation decelerates towards 2 percent as expected under the baseline. Moreover, longstanding intertwined challenges remain: convergence toward EU average income is lagging peers, investment is low, perception of corruption is large, inequality is high, poverty is widespread, the population is shrinking, and the growth model still relies largely on brown energy.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 58 |
| Release | : 2024-06-13 |
| Genre | : Business & Economics |
| ISBN | : |
Bulgaria: Selected Issues
| Author | : OECD |
| Publisher | : OECD Publishing |
| Total Pages | : 157 |
| Release | : 2021-03-10 |
| Genre | : |
| ISBN | : 9264433074 |
Labour market inequalities are well-known to be the main drivers of the gender pension gap. This publication focuses on helping governments find solutions for retirement savings arrangements that do not further exacerbate these inequalities.
| Author | : Samuel Pienknagura |
| Publisher | : International Monetary Fund |
| Total Pages | : 52 |
| Release | : 2021-09-10 |
| Genre | : Business & Economics |
| ISBN | : 151359611X |
Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.
| Author | : |
| Publisher | : |
| Total Pages | : 96 |
| Release | : 2010 |
| Genre | : Old age pensions |
| ISBN | : |
Recoge: 1. An introduction to pensions reform- 2. A decade in pension reform in the EU - 3. The impact of the crisis - 4. Policy challenges over the long-term - 5. Policy implications.
| Author | : Mr. Alvar Kangur |
| Publisher | : International Monetary Fund |
| Total Pages | : 26 |
| Release | : 2021-07-16 |
| Genre | : Business & Economics |
| ISBN | : 1513588842 |
The Greek pension system has been costly, complex, and distortive, which has contributed to Greece’s fiscal problems and discouraged labor force participation. Several attempts to reform the system faltered due to lack of implementation, pushback by vested interests, and court rulings leading to reversals. A series of reforms introduced throughout 2015–17 unified benefit and contribution rules, removed several distortions and reduced fragmentation and costs. If fully implemented throughout the long-term, these reforms can go a long way towards enhancing the pension system affordability. However, reforms faced setbacks and fell short of creating stronger incentives to build long contribution histories, to deliver sustainable growth by improving the fiscal policy mix, and to ensure fairness and equitable burden sharing across generations and interest groups. Policy priorities should aim towards fully implementing the 2015–17 reforms and complementing them with additional reforms to address these remaining objectives.
| Author | : Mr.Benedict J. Clements |
| Publisher | : International Monetary Fund |
| Total Pages | : 86 |
| Release | : 2013-01-25 |
| Genre | : Business & Economics |
| ISBN | : 147556631X |
Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volume examines the outlook for public pension spending over the coming decades and the options for reform in 52 advanced and emerging market economies.
| Author | : |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2017 |
| Genre | : Public welfare |
| ISBN | : |
| Author | : Robert Holzmann |
| Publisher | : World Bank Publications |
| Total Pages | : 246 |
| Release | : 2005-01-01 |
| Genre | : Business & Economics |
| ISBN | : 082136040X |
The past decade has brought an increasing recognition to the importance of pension systems to the economic stability of nations and the security of their aging populations. This report attempts to explain current policy thinking and update the World Bank's perspective on pension reform. This book incorporates lessons learned from recent Bank experiences and research that have significantly increased knowledge and insight regarding how best to proceed in the future. The book has a comprehensive introduction and two main parts. Part I presents the conceptual underpinnings for the Bank's thinking on pension systems and reforms, including structure of Bank lending in this area. Part II highlights key design and implementation issues where it signals areas of confidence and areas for further research and experience, and includes a section on regional reform experiences, including Latin American and Europe and Central Asia.
