By World Bank
"Early retirement and lax eligibility for incapacity are undesirable for the economic climate simply because they lessen hard work productiveness and the availability of skilled employees, and they're undesirable for the procedure simply because they impose a heavy monetary burden that makes it nonsustainable." Costa Rica is at a turning aspect 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 method, its shortcomings, and defends the necessity for pressing reform. It additionally makes tips about find out how to reform the process, what will be replaced first, and precisely what parts of the pension method will be transformed.
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Additional resources for Costa Rica, a pension reform strategy
Table 6. Real Rates of Return and Lifetime Income Transfers (in million colones) Under the Current System Panel A. Base Case Income Level Current System Net transfers Real Rate of Return Low 52 7% Middle 104 7% High 260 7% Panel B. 5% for middle income person. Poor person has starting income of c 80,000; middle income c 72,000 (Panel B), c 80,000 (Panel A); rich person c175,000 (Panel B), c 200,000 (Panel A) Source: CCSS and World Bank staff estimates Page 12 Basing the reference wage for the pension on the best 4 of the last 5 years' service also benefits high-income workers, who tend to have rising age-earnings profiles.
40 Transition Costs 41 Summary: Sequencing the Reforms 42 V Conclusions 42 Bibliography 45 Annex 1 Simulation Assumptions and Results 49 Annex 2 The Mutual Fund and Voluntary Pension Fund Industry in Costa Rica 57 Annex 3: An Illustrative Option for the Design of the Second pillar 61 Annex 4: Table On Latin American Pension Reforms: Comparison of Key Characteristics 63 Page v Abstract Costa Rica is at a turning point with respect to its social security system. While half the work force is covered and beneficiaries have fared well in the past, the pay-as-you-go pension (PAYG) system is unsustainable for the future.
Section IV discusses the actions that need to be taken to get there. The final section summarizes the next steps for moving ahead. We refer to simulations carried out using the World Bank model (Annex 1). The precise numbers are somewhat different from those provided by the Costa Rican model used by the Social Security Institute (Caja Costarricense de Seguro Social - CCSS). However, the general thrust of the results and the policies implied are the same. Both models show that the current system is not sustainable and substantial changes are needed to make it sustainable.