The Pillars of Old Age Security: How are they working? FIAP conference, May 2005. by Estelle James. Three functions of old age security systems. Mandate saving for old age Redistribute according to social objectives Insure against age-related risks
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The Pillars of Old Age Security: How are they working? FIAP conference, May 2005
Pillar 2-- mandatory saving for old age
Can be organized in 3 ways
Competitive bidding organized by government can lower costs but poses other problems
Problem 4: redistribution
Minimum pensions for contributors
Two ways to cover formal and informal sector with public benefit
5. Insurance—public or private?
Problem 6:Transition costs