Costa Rica, a pension reform strategy by World Bank

By World Bank

"Early retirement and lax eligibility for incapacity are undesirable for the economic climate simply because they lessen exertions productiveness and the provision of skilled employees, and they're undesirable for the method simply because they impose a heavy monetary burden that makes it nonsustainable." Costa Rica is at a turning element with recognize to its social safeguard method. whereas part the workforce is roofed and beneficiaries have fared good some time past, the pay-as-you-go (PAYG) pension procedure is unsustainable for the longer term. This ebook describes the current pension procedure, its shortcomings, and defends the necessity for pressing reform. It additionally makes tips on tips on how to reform the process, what can be replaced first, and precisely what components of the pension procedure may be transformed.

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One might expect opposition to reduced benefits, increased retirement age, international investment and management. However, it is important to Page xiii realize that pensioners and older workers, who often oppose reform, do not lose in this proposal, nor do low income workers lose. The total pension for the full career worker does not fall much either, because the build-up of the second pillar largely offsets the drop in replacement rate from the public pillar. Young workers lose relative to the status quo, but this is not sustainable so it is not a feasible option.

Often workers evade their contributions but still manage to collect benefits, thereby increasing the nonsustainability of the system. Figure 4. Informal Sector as a Share of Labor Force, Selected Latin American Countries, (1990/1995) Souce: ILO Panorama Laboral 1996 Evasion is generally high in economies characterized by many small enterprises, so these numbers are not surprising. But evasion in Costa Rica is exacerbated by certain features of the social security system that could be changed, such as the absence of a transparent link between contributions made and benefits received; inadequate collection and inspection mechanisms; a failure to treat evasion as a tax crime; and poor information systems.

Portability (Transferibilidad) the ability to transfer accrued pension rights between plans. Provident fund (Fondo de previsión) a fully funded, defined contribution scheme in which funds are managed by the public sector. Replacement rate (Porcentaje de reemplazo) the value of a pension as a proportion of a worker's wage during some base period, such as the last year or two before retirement or the entire lifetime average wage. It also denotes the average pension of a group of pensioners as a proportion of the average wage of the group.

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