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Reform options for pay-as-you-go public pension systems

Author

Listed:
  • Chand, Sheetal K.
  • Jaeger, Albert

Abstract

Public pension schemes in many countries are predominantly of a pay-as-you-go (PAYG) type, particularly in advanced and transition economies. This paper reviews the types of stresses that PAYG systems can experience and discusses a range of policy options to preserve the financial stability of public PAYG systems. Section 1 introduces the basic policy levers of a stylized PAYG system. Section 2 discusses the key short- and long-run financial challenges faced by PAYG systems. Section 3 covers parametric adjustments in the basic PAYG policy levers as well as administrative reforms. Section 4 describes broader reform strategies for maintaining financial equilibrium in a PAYG system including the option of partial funding.

Suggested Citation

  • Chand, Sheetal K. & Jaeger, Albert, 1999. "Reform options for pay-as-you-go public pension systems," Social Protection Discussion Papers and Notes 23067, The World Bank.
    • Handle: RePEc:wbk:hdnspu:23067
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    Cited by:

    1. World Bank, 2005. "Russia : Fiscal Costs of Structural Reforms," World Bank Publications - Reports 8540, The World Bank Group.
    2. repec:pid:wpaper:2010:1 is not listed on IDEAS
    3. Amjad, Rashid & Din, Musleh ud, 2010. "Economic and social impact of global financial crisis: implications for macroeconomic and development policies in South Asia," MPRA Paper 38150, University Library of Munich, Germany.

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