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National Insurance Scheme Reforms in the Caribbean
Author:
Koffie Ben Nassar
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,
Mr. Joel Chiedu Okwuokei
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Mike Li
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,
Timothy Robinson null

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Mr. Saji Thomas
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Series:
IMF Working Papers
Volume/Issue:
Volume 2016: Issue 206
Language:
English
Publication Date:
17 Oct 2016
DOI:
https://doi.org/10.5089/9781475545432.001
ISBN:
9781475545432
ISSN:
1018-5941
Pages:
30
Keywords:
WP; retirement age; pension scheme; Jamaica; economic growth; rate; Social Security; Old Age Pensions; Public Debt; Contingent Liabilities; contribution rate; NIS viability; Jamaica NIS; contribution income; Pensions; Pension spending; Aging; Retirement; Income; Caribbean; Asia and Pacific; Europe; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Weighed down by population aging, slow economic growth, and high unemployment, National Insurance Schemes in the Caribbean are projected to run substantial deficits and deplete their assets in the next decades, raising the prospects of government intervention. With the region highly indebted, this paper quantifies the impact of three parametric reforms—freezing pension benefits for two years, raising the retirement age and increasing the contribution rate by one percentage point—that, if implemented, would put the pension schemes on a stronger financial footing. While the appropriate combination of reforms necessary to eliminate the actuarial deficits varies depending on each country’s circumstances, most countries need to undertake reforms now or risk even higher taxes, lower growth and unsustainable debt dynamics.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund