Global pension systems and their reform : worldwide drivers, trends, and challenges
AbstractAcross the world, pension systems and their reforms are in a constant state of flux driven by shifting objectives, moving reform needs, and a changing enabling environment. The ongoing worldwide financial crisis and the adjustment to an uncertain'new normal'will make future pension systems different from past ones. The objectives of this policy review paper are threefold: (i) to briefly review recent and ongoing key changesthat are triggering reforms; (ii) to outline the main reform trends across pension pillars; and (iii) to identify a few areas on which the pension reform community will need to focus to make a difference. The latter includes: creating solutions after the marginalization or, perhaps, demise of Bismarckian systems in countries with high rates of informality; keeping the elderly in the labor market; and addressing the uncertainty of longevity increases in pension schemes.
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Bibliographic InfoPaper provided by The World Bank in its series Social Protection Discussion Papers with number 68934.
Date of creation: 01 May 2012
Date of revision:
Emerging Markets; Debt Markets; Pensions&Retirement Systems; Safety Nets and Transfers; Banks&Banking Reform;
Other versions of this item:
- Holzmann, Robert, 2012. "Global Pension Systems and Their Reform: Worldwide Drivers, Trends, and Challenges," IZA Discussion Papers 6800, Institute for the Study of Labor (IZA).
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
- I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty
- J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
- J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
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IZA Discussion Papers
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- Borbála Szüle, 2013. "Savings and Implicit Debt in Pension Systems," Public Finance Quarterly, State Audit Office of Hungary, State Audit Office of Hungary, vol. 58(3), pages 334-348.
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