Una primera expresión de desigualdad de género en pensiones la constituye la falta de información sistemática y diferenciada por género sobre cobertura de afiliación y beneficio pensional. Esto limita el análisis de los avances en seguridad social de las mujeres en la vejez y en las metas de equidad de género. En Colombia, pocos estudios analizan la brecha de género en pensiones; el objetivo del...
El sistema de pensiones establecido en El Salvador desde 1998, está basado en un modelo de capitalización individual, en el que los trabajadores afiliados son propietarios de una cuenta de ahorros en la que se depositan periódicamente las cotizaciones que ellos realizan junto a los aportes de sus empleadores.
Este sistema es analizado y evaluado en este artículo, el cual luego de más de dos...
There is a need in pension systems to significantly improve the level and stability of pension payments as pensioners age. Solutions to address increased longevity and longevity risk should be not limited to increasing the take-up rate of annuities – explicit guarantees are costly in a low-interest rate environment, and lock-in of savings may not be in line with members' preferences. Our proposal...
Public expenditures on non-contributory pensions are equivalent to at least 1 percent of GDP in several countries in Latin America and is expected to increase. We explore the effect of non-contributory pensions on the well-being of the beneficiary population by studying the Pensiones Alimentarias program established by law in Paraguay, which targets older adults living in poverty. Households with...
La reforma de las pensiones en Francia constituye, sin lugar a duda, un tema complejo y controvertido. El objetivo de este trabajo es ofrecer una visión general del sistema de pensiones en Francia y los desafíos que enfrenta en la actualidad. Con tal fin, tras una breve descripción del sistema vigente, emprenderemos un recorrido por las diversas reformas implementadas desde 1993, las cuales han...
This paper develops a general equilibrium life-cycle model with endogenous retirement that focuses on the interplay between old-age pensions (OAP) and disability pensions (DP) in Germany. Germany has introduced a phased-in increase of the normal retirement age from age 65 to 67 (Reform 2007) and closed off other routes to early OAP retirement. This reform was followed by a phased-in expansion of...
As the heterogeneity in life expectancy by socioeconomic status increases, many pension systems imply a wealth transfer from short- to long-lived individuals. Various pension reforms aim to reduce inequalities that are caused by ex-ante differences in life expectancy. However, these pension reforms may induce redistribution effects. We introduce a dynamic general equilibrium-overlapping...
A comparison of the performances of pension products that ignores long-term trends might significantly overestimate the long-term impact of volatility risks while underestimating the impact of persistent, low-frequency trends. This paper proposes a comparison making use of projection models based on the long-term risk–return tradeoff proposed by Campbell and Viceira (2005) to explicitly take into...
At the onset of the Covid-19 crisis, and with one of the largest and best-funded defined contribution programs in Latin America, Chile held over USD $200 bn in assets (or more than 80% of GDP). Reacting to populist pressures during the pandemic, however, the Congress gave non-retired participants three separate opportunities to tap into their retirement accounts, leaving some 4.2 million...
We examine whether an individual's inability to save in the last 12 months affects the extent to which they are concerned about their future financial security and their propensity to plan for retirement. We use an original survey based upon representative samples of working individuals in 16 countries. We show that individuals who were unable to save over the 12-month period prior to the survey...
