National Insurance Scheme Reforms in the Caribbean / Koffie Ben Nassar, Joel Chiedu Okwuokei, Mike Li, Timothy Robinson, Saji Thomas.

Format:

Book

Government document

Author/Creator:

Ben Nassar, Koffie.

Contributor:

Chiedu Okwuokei, Joel.

Li, Mike.

Robinson, Timothy.

Thomas, Saji.

Series:

IMF Working Papers; Working Paper ; No. 2016/206

IMF Working Papers

Language:

English

Physical Description:

1 online resource (31 pages)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2016.

Summary:

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.

Contents:

Cover

National Insurance Scheme Reforms in the Caribbean

I. INTRODUCTION

II. IMPACT OF RECENT MACROECONOMIC DEVELOPMENTS ON PENSION SCHEMES

III. OVERVIEW OF THE PENSION SYSTEMS AND RECENT TRENDS

IV. VIABILITY OF THE PENSION SYSTEMS AND NEED FOR FISCAL TRANSPARENCY

V. IMPACT ANALYSIS OF PARAMETRIC REFORMS

VI. CONCLUDING REMARKS.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

9781475545623

1475545622

9781475545647

1475545649

OCLC:

964447921