Kazakhstan - The New Pensions in Kazakhstan : Challenges in Making the Transition

This report discuses Kazakhstan's pension system reform which is nearing the completion of the sixth year of its implementation. In addition to the need to address the design and operation of the payout phase of the pension system, the report finds two main areas in which changes and refinements to the pension system should be considered: (1) Changes to the basic benefit and financing structure of the system, during both the transitional and fully implemented stage. These should be aimed at improving the capacity of the system to provide adequate and equitable benefits; and (2) Improvements to the institutional and regulatory infrastructure to enhance the security and efficiency of the pension system. The report also provides recommendations for changes to the initial framework that would enhance the capacity of the reform to achieve the long-term goal of a sustainable, affordable and equitable pension system. This study reviews the experience gained, in the light of current conditions and projected outcomes, and draws conclusions about the likely medium and long-term consequences of the current design of the pension system. The report also provides recommendations for changes to the initial framework that would enhance the capacity of the reform to achieve the long-term goal of a sustainable, affordable and equitable pension system.

Saved in:
Bibliographic Details
Main Author: World Bank
Language:English
en_US
Published: Washington, DC 2004-05
Subjects:ACCESS TO INFORMATION, ANNUITY, ASSET MANAGEMENT, ASSETS, AVERAGE BENEFITS, BASIC BENEFIT, BENCHMARK, BENCHMARKS, BOND, BONDS, CANCER, CAPITAL MARKET, CAPITAL MARKETS, CLEARINGHOUSE, CONSUMER PRICE INDEX, CONSUMPTION LEVELS, CORPORATE DEBT, CPI, CURRENCY APPRECIATION, DEBT, DEMOGRAPHIC TRANSITION, DEVELOPED COUNTRIES, DEVELOPMENT STRATEGY, DISCLOSURE, DISCLOSURE RULES, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ECONOMIC OBJECTIVES, EQUILIBRIUM, EXCHANGE RATE, EXPENDITURES, EXPORTS, FINANCIAL SECTOR, FOREIGN CURRENCY, FOREIGN DIRECT INVESTMENT, FOREIGN INVESTMENT, FOREIGN INVESTORS, FOREIGN OWNERSHIP, FUNDED ACCOUNTS, FUNDED PENSIONS, GDP, GOVERNMENT SECURITIES, HAZARDOUS OCCUPATIONS, HOUSEHOLDS, HUMAN DEVELOPMENT, INCOME DISTRIBUTION, INDIVIDUAL ACCOUNTS, INFLATION, INFORMAL SECTOR, INSURANCE COMPANIES, INSURANCE COMPANY, INTEREST RATE, INTEREST RATES, INTERNATIONAL BOND MARKETS, INVESTMENT OPTIONS, INVESTMENT PERFORMANCE, INVESTMENT PRODUCTS, INVESTMENT RESTRICTIONS, INVESTMENT RISK, INVESTMENT RISKS, INVESTMENT STRATEGY, LEGAL FRAMEWORK, LIFE ANNUITIES, LIFE EXPECTANCY, LIFE INSURANCE, LONGEVITY RISK, MINIMUM INCOME, MORAL HAZARD, MORTALITY TABLES, MORTGAGE MARKETS, MUTUAL FUNDS, OIL, OIL PRICES, PAYOUT, PAYROLL TAX, PENSION COSTS, PENSION FUND, PENSION FUNDS, PENSION LAW, PENSION REFORM, PENSION SAVINGS, PENSION SYSTEM, PENSION SYSTEM REFORM, PENSION SYSTEMS, PENSIONERS, PENSIONS, POLITICAL ECONOMY, PORTFOLIO, PORTFOLIO DIVERSIFICATION, POSITIVE EFFECTS, POVERTY ALLEVIATION, PRESENT VALUE, PRIVATE PENSION, PRUDENTIAL REGULATION, RATES OF RETURN, REAL WAGES, REPLACEMENT RATE, REPLACEMENT RATES, RETIRED PEOPLE, RETIREES, RETIREMENT, RETIREMENT AGE, RETIREMENT AGES, RETIREMENT INCOME, RISK MANAGEMENT, SAFETY, SECURITIZATION, SOCIAL ASSISTANCE, SOCIAL INSURANCE, SOCIAL POLICY, SOLVENCY REQUIREMENTS, STOCK EXCHANGE, TAX PURPOSES, TAX RATE, TRANSITION ECONOMIES, WAGE DIFFERENTIALS, WAGE GROWTH, WAGES, WEALTH,
Online Access:http://documents.worldbank.org/curated/en/2004/05/5520535/kazakhstan-new-pensions-kazakhstan-challenges-making-transition
https://hdl.handle.net/10986/14362
Tags: Add Tag
No Tags, Be the first to tag this record!