Reversing Pension Privatization: Rebuilding public pension systems in Eastern European and Latin American countries 2000-18 (ESS Working Paper No. 63)
From 1981 to 2014, thirty countries privatized fully or partially their public mandatory pensions; as of 2018, eighteen countries have reversed the privatization. This report: (i) analyses the failure of mandatory private pensions to improve old-age income security and their underperformance in terms of coverage, benefits, administrative costs, transition costs, social and fiscal impacts, and others; (ii) documents the reversals of pension privatization, the laws, governance, new entitlements, financing and contribution rates of the new public pension systems; (iii) provides guidance on the key policy steps to reverse pension privatization, for those countries considering returning back to a public system.
From a rights-based perspective, the level of benefits provided must be adequate. According to the CESCR’s General Comment 19 (para 22), “Benefits, whether in cash or in kind, must be adequate in amount and duration in order that everyone may realize his or her rights to family protection and assistance, an adequate standard of living […]
The principle of equality and non-discrimination requires States to ensure that social protection programmes meet the standards of accessibility, adaptability, acceptability and adequacy for all rights holders. The Committee on Economic, Social and Cultural Rights (CESCR) has recommended these standards through several General Comments including 13, 14 and 19. Accessibility means making the social protection […]