Reversing Pension Privatization: Rebuilding public pension systems in Eastern European and Latin American countries 2000-18 (ESS Working Paper No. 63)
Organization(s): ILO
Author: Fabio Durán-Valverde, Isabel Ortiz, Stefan Urban, Veronika Wodsak, Zhiming Yu
Regions: Eastern Europe, Latin America
Year: 2018
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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.
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