By Indermit S. Gill, Truman G. Packard, Juan Yermo
Empirical research of 2 a long time of pioneering pension and social safety reform in Latin the USA and the Caribbean exhibits that a lot has been accomplished, yet that severe demanding situations stay. In tackling this unfinished schedule, greatly will be discovered from the reform adventure of nations within the quarter. 'Keeping the Promise,' produced through the manager economist's place of work for the Latin the USA and Caribbean sector on the international financial institution, evaluates coverage reforms in 12 nations, issues to successes and shortcomings, and proposes priorities and strategies for destiny reform.
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Additional info for Keeping the Promise of Social Security in Latin America (Latin American Development Forum)
In order to benefit from tax incentives on voluntary savings, deposits must normally be left in the individual account until retirement. There are two exceptions to this restriction: in Colombia and Mexico funds deposited on a voluntary basis can be cashed out at any time with six months’ notice. Chile also recently modified pension legislation permitting distributions at any time, although they are subject to a tax penalty. In addition to voluntary contributions to the funded system, workers in Latin American countries can save in a variety of financial instruments.
Combined with insights from the study of household behavior and financial institutions, the second dichotomy helps in deciding the relative weights of the second and third pillars. Together these can help determine the unfinished reform agenda needed in countries that have already adopted the multipillar approach, and the options that should be considered in those that are seriously contemplating pension reform. It may even persuade obstinate nonreformers to reexamine their strategies to help elderly people achieve income security.
High contribution rates and earnings ceilings may explain why few workers have found it worth making voluntary contributions to their individual accounts in most countries, even when they are relatively liquid and offer attractive tax benefits. In addition, the operation of the savings component (both the mandatory and voluntary parts) presents some weaknesses arising primarily from high commissions, lack of international diversification, and inadequate risk management over the life cycle. Chapter 8 provides some evidence on what may be wrong with seeing the multipillar structure with its heavy reliance on mandated saving as a final structure.