Better pensions, better jobs: status and alternatives toward universal pension coverage in Latin America and the Caribbean

Melguizo, Ángel; Bosch, Mariano; Pagés, Carmen

doi:10.1017/s1474747215000190

Cited by 20 publications

(20 citation statements)

References 29 publications

(37 reference statements)

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“…There is a large heterogeneity in terms of public pension programs across countries in the region (Queiroz 2017;Rofman and Oliveri 2012;Melguizo et al 2017). Argentina, Brazil, Chile, and Uruguay started developing their programs in the late nineteenth and early twentieth centuries.…”

Section: Latin Americamentioning

confidence: 99%

“…The main characteristic of the public pension programs in Latin America is the low coverage of the system in terms of the low proportion of older men receiving benefits and the low proportion of workers contributing. Melguizo et al (2017) estimated that the retirement programs in the region cover only 40% of older individuals, but there is a large variation across countries in the region.…”

Section: Latin Americamentioning

confidence: 99%

“…Around 2010, countries such as Argentina, Brazil, Chile, Uruguay, and Costa Rica had coverage ratios above 80% (Melguizo et al 2017;De Souza et al 2019), whereas Guatemala and Honduras had a less than 10% coverage of older adults by any type of pension program. There was an increase in noncontributory programs around the region to address the issue of the low coverage of contributory programs.…”

Section: Latin Americamentioning

confidence: 99%

See 2 more Smart Citations

Social Security Around the World

Queiroz¹,

Matsukura²,

Sambt³

2020

Encyclopedia of Gerontology and Population Aging

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Old-age annuity program; Old-age insurance program; Public pension program; Retirement insurance program Definition Social security is the protection that a society provides to individuals and households to ensure access to health care and to guarantee income security, particularly in cases of old age, unemployment, sickness, invalidity, work injury, maternity, or loss of a breadwinner. Overview Demographic changes, especially population aging, have important impacts on macroeconomic variables, public sector fiscal balance, and other areas such as public pension and public health systems (Reher 2011; Mason and Lee 2007). The rapidly aging population presents one of the greatest public policy challenges around the world and raises concerns about living conditions, social support, and health care provision for older adults, especially in societies where economic development has weakened family support, and a universal welfare system is not yet in place. Population aging brings challenges not only for financing pensions, health, and long-term care, but also for the social security and public sector in general. Overall, all regions of the world, especially Europe, Asia, and Latin America, are facing impacts of demographic changes in their social security programs (Donehower et al. 2016; Rofman and Oliveri 2012; Hammer et al. 2019; see ▶ "Social Security in Latin America"; ▶ "Social Security in the US"; ▶ "Social Security: Long-Term Financing and Reform"). Public pension costs have increased fast in the last few decades, and public health costs are expected to increase rapidly in the next few years. Several countries are undergoing major pension reforms and creating incentives to longer working lives; however, there are very specific challenges for different areas of the world (Reher 2011; Börsch-Supan et al. 2015; Fleury 2017).

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Section: Latin Americamentioning

confidence: 99%

Section: Latin Americamentioning

confidence: 99%

Section: Latin Americamentioning

confidence: 99%

See 1 more Smart Citation

Social Security Around the World

Queiroz¹,

Matsukura²,

Sambt³

2020

Encyclopedia of Gerontology and Population Aging

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“…Braham and Marouni, 2016) or even in contribution years (e.g. Melguizo et al, 2017). Usually, these differences are explained by data limitations of the respective studies.…”

Section: Appendix I: a Brief International Comparison Empirical Replamentioning

confidence: 99%

Informality and the Challenge of Pension Adequacy

Freudenberg¹,

Toscani²

2019

IMF Working Papers

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Past reforms have put the Peruvian pension system on a largely fiscally sustainable path, but the system faces important challenges in providing adequate pension levels for a large share of the population. Using administrative microdata at the affiliate level, we project replacement rates in the defined benefit (DB) and defined contribution (DC) pillars over the next 30 years and simulate the impact of various reform scenarios on the average level and distribution of pensions. In the DB pillar, the regressive minimum contribution period should be re-thought, while in the DC pillar a broadening of the contribution base and/or an increase in contribution rates would help increase replacement rates relative to the baseline forecast of 25-33 percent. A higher net real rate of return than assumed in the baseline would also have a significant positive impact. In the medium-term, labor market reform to tackle informality, and a broad pension reform to restructure the system and avoid competition between the DB and DC pillars should be a priority. Given low pension coverage, having a strong non-contributory pillar will remain important for the foreseeable future.

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“…The broadest studies in the literature concern European countries (Breyer and Hupfeld, ; Chłoń‐Domińczak and Strzelecki, ; Foster, ; Hick, ; Holzmann, , ; Krenz and Nagl, ; Olivera, ; Ors Montenegro and Maciá Soler, ; Peinado and Serrano, ; Sarasa, ; van Vliet et al, ). There are a number of Latin American studies (Altamirano Montoya et al, ; Arza, ; Barrientos, ; Breyer and Hupfeld, ; ECLAC, ; Dethier, Pestieau and Ali, ; Melguizo, Bosch and Pages, ; Mesa‐Lago, ; Olivera, ; Olivera and Tournier, ), and some of these cover Mexico. However, there is no specific study that presents future projections about what may be expected in Mexico in terms of the alleviation or resurgence of poverty during retirement.…”

Section: Introductionmentioning

confidence: 99%

The old‐age pension law in Mexico: The promise of poverty in old age?

Colín

2019

Int Social Security Review

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In 1997, Mexico replaced its main old‐age pension system with an individual capitalization system. In 2021, the first people subject to the new system will retire. Using a model that projects demographic and labour variables and using Monte Carlo simulations, the findings of this study show that in 2051 the percentage of men not having a pension will increase from 38 per cent to 59 per cent, and that of women from 44 per cent to 66 per cent. The replacement rate for the average Mexican worker will fall from 70 per cent to 30 per cent. The numbers of people in extreme poverty will increase by almost 2.8 million, representing 9.44 per cent of the population. Alternative scenarios are proposed that involve increasing the contribution rate and raising the retirement age.

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Better pensions, better jobs: status and alternatives toward universal pension coverage in Latin America and the Caribbean

Cited by 20 publications

References 29 publications

Social Security Around the World

Social Security Around the World

Informality and the Challenge of Pension Adequacy

The old‐age pension law in Mexico: The promise of poverty in old age?

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