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The Latvian NDC Scheme : Success Under a Decreasing Labor Force / Edward Palmer.
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Palmer, Edward.
- Series:
- Social Protection and Labor Discussion Papers.
- World Bank e-Library.
- Social Protection and Labor Discussion Papers
- Language:
- English
- Subjects (All):
- Pension Reform.
- Pensions and Retirement Systems.
- Social Protections and Labor.
- Local Subjects:
- Pension Reform.
- Pensions and Retirement Systems.
- Social Protections and Labor.
- Other Title:
- Latvian NDC Scheme
- Place of Publication:
- Washington, D.C. : The World Bank, 2019.
- System Details:
- data file
- Summary:
- Latvia introduced a nonfinancial defined contribution (NDC) scheme in 1996 as it transitioned to a market economy. Despite a 20 percent decline in the working-age population from 1994-2016, the ratio of contributors to old-age pensioners rose from 1.6 to 2.1 given a steady increase in formal labor force participation and 5-6 percent real per capita wage growth. Projections show that long-term financial balance will be maintained through 2070, despite the threat of a projected 50 percent decline in the working-age population. Budgeted reserves will cushion the continued transition into a two-pillar public pension scheme. Latvia's most important long-term policy challenge is to create the domestic investments and economic growth to reward younger workers for remaining in the country.
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