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Social Science > Poverty and Homelessness

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Cover Technical Assistance Reports
Costa Rica: Technical Assistance Report-Universal Basic Pension: Objectives and Constraints
International Monetary Fund. Fiscal Affairs Dept.
At the request of the Ministry of Finance, a mission from the International Monetary Fund visited San Jose. The purpose of the mission was to assess the proposal to a universal basic pension and to estimate its fiscal and welfare impact on the budget, on pension schemes, and on old age income poverty. Costa Rica is entering a demographic transition which will see the old age dependency ratios significantly worsen in the coming 20 years. The long-term financial sustainability of the general social security pension scheme (IVM) is a concern, despite various reforms introduced over the past three decades and the scheme’s reserves are expected to be exhausted by the mid-2030s. The government’s proposal intends to address financial sustainability, the adequacy of coverage and of benefit levels, as well as distributional equity through the introduction of a universal basic pension. The IMF team’s assessment is that the proposal is unlikely to fully meet its stated objectives. The proposal will worsen social security pension scheme’s financial sustainability and create additional financing needs. This will translate into an accelerated exhaustion of IVM reserves and, after the reserves are depleted, require significant adjustments to IVM parameters or higher government transfers. Old age income security may be more effectively addressed, with less pronounced fiscal side-effects, through improving coverage and compliance in IVM and expanding the reach of the social pension scheme. The primary instruments of achieving these goals are: (a) amending the rules undermining compliance with registration and wage reporting regulations in the contributory schemes, (b) improving coordination between tax and contribution collection agencies, (c) amending the regulations governing eligibility for noncontributory social pensions and (d) ensuring the noncontributory social pension is adequately financed.
Keywords:
resident representative; IMF executive director; IMF Proposal; Asociación Costarricense; PBU replacement; Pensions; Pension spending; Aging; Income; Central America
Cover IMF Working Papers
Generational Aspects of Inclusive Growth
Mr. Benedicte Baduel
,
Asel Isakova
, and
Anna Ter-Martirosyan
Sharing economic benefits equitably across all segments of society includes addressing the specific challenges of different generations. At present, youth and elderly are particularly vulnerable to poverty relative to adults in their middle years. Broad-based policies should aim to foster youth integration into the labor market and ensure adequate income and health care support for the elderly. Turning to the intergenerational dimension, everyone should have the same chances in life, regardless of their family background. Policies that promote social mobility include improving access to high-quality care and education starting from a very early age, supporting lifelong learning, effective social protection schemes, and investing in infrastructure and other services to reduce spatial segregation.
Keywords:
inequality; inclusive growth; youth employment; elderly poverty; intergenerational mobility; WP; social mobility; youth labor market outcome; growth indexation; life satisfaction; wage inequality; income composition; labor market prospects; education mobility; elderly people; absolute poverty; Labor markets; Aging; Income; Global; Africa; Middle East
Cover Staff Discussion Notes
Inequality and Poverty across Generations in the European Union
Tingyun Chen
,
Mr. Jean-Jacques Hallaert
,
Mr. Alexander Pitt
,
Mr. Haonan Qu
,
Mr. Maximilien Queyranne
,
Ms. Alaina P Rhee
,
Ms. Anna Shabunina
,
Mr. Jerome Vandenbussche
, and
Irene Yackovlev
This SDN studies the evolution of inequality across age groups leading up to and since the global financial crisis, as well as implications for fiscal and labor policies. Europe’s population is aging, child and youth poverty are rising, and income support systems are often better equipped to address old-age poverty than the challenges faced by poor children and/or unemployed youth today.
Keywords:
SDN; youth poverty; youth unemployment; IMF staff calculation; absolute poverty; labor market policy; Inequality; Poverty; Europe; Redistribution; income inequality; personal income; labor market institution; Income inequality; Personal income; Aging; Unemployment; Global
Cover Equitable and Sustainable Pensions
Equitable and Sustainable Pensions
Challenges and Experience
Mr. Benedict J. Clements
,
Frank Eich
, and
Mr. Sanjeev Gupta

Abstract

Pension reform is high on the agenda of many advanced and emerging market economies, for many reasons. First, public pensions often constitute a large share of government expenditure. Second, population aging means that reforms would be needed just to keep pension spending from rising in the future. Third, in many economies, low or falling pension coverage will leave large segments of the population without adequate income in old age and at risk of falling into poverty. Although a number of studies have assessed the effects of pension reforms on fiscal sustainability, a systematic analysis of equity issues in pension systems—and how countries have grappled with these issues—has yet to be undertaken. This book brings together the latest research on equity issues related to pension systems and pension reforms in the post-crisis world. Some of the key issues covered include: the effect of pension systems on intergenerational equity and the impact of pension reforms on poverty, the effects of pension reform measures on fiscal sustainability and equity, and the fiscal consequences of achieving different equity goals. It also presents country case studies. The volume provides a rich menu of material to assist policymakers and academic audiences seeking to understand the latest research in this area, as well as the lessons and challenges for the design of reforms.

Keywords:
BOOK; pension; retirement age; government; country; income; pension system; replacement rate; contribution rate; old-age pension; Pension spending; Pensions; Aging; Retirement; Pension reform; East Asia; Eastern Europe; Asia and Pacific; Global; Europe; eligibility age