Review of the Actuarial Forecasts of the Proposed Contributory Social Security Regime in Timor-Leste
This report briefly summarizes the results for the analysis of the design, financing and administrative processes for a national social security system covering all salaried workers in Timor-Leste, including analysis of the actuarial report (ACL Report) prepared for the Directorate General of Social Security by its consultant. The report is divided into seven sections: (i) Scope of Work; (ii) ACL Report Assumptions and Methods Comment; (iii) ACL Plan Design Comments; (iv) PROST Analysis: ACL Report Design, Assumptions and Methods; (v) PROST Analysis: ACL Report Design, Bank Assumptions and Methods; (vi) Social Security Pension Fund Establishment; and (vii) Conclusion. In the final analysis it was determined that the ACL report does not meet international standards for actuarial reports for national social insurance systems. Furthermore it misrepresents the long-term costs of the proposed Timor-Leste national social security system by using non-standard assumptions and methods and an unusually short analysis period. It is suggested that the government of Timor-Leste carefully consider all aspects of design and funding before adopting the new system, as the decisions made will have very significant macroeconomic, labor market, budget, and social policy implications for the country for decades to come.
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dig-okr-10986211122024-08-08T13:36:41Z Review of the Actuarial Forecasts of the Proposed Contributory Social Security Regime in Timor-Leste World Bank ACCRUAL RATE ADMINISTRATIVE COSTS BANK OFFICE BANKRUPTCY BENEFICIARIES BENEFICIARY BENEFIT PAYMENT BENEFIT PAYMENTS CASH FLOWS CHILD SUPPORT CITIZEN CITIZENS CONTRIBUTION COLLECTION CONTRIBUTION RATE CONTRIBUTION RATES CORRUPTION COST ESTIMATES DEFINED BENEFIT DEFINED BENEFIT PLAN DEMOGRAPHIC CHANGES DEPENDENCY RATIO DEPENDENCY RATIOS DEVELOPING COUNTRIES DISABILITY DISABLED ECONOMIC DEVELOPMENT EMPLOYERS EXPENDITURES FAMILIES FERTILITY FERTILITY RATES FINANCIAL ANALYSIS FINANCIAL STABILITY FRAUD FULL DISCLOSURE INFLATION INTERNATIONAL STANDARD INTERNATIONAL STANDARDS LABOR FORCE LABOR FORCE PARTICIPATION LABOR MARKET LARGE FAMILIES LIFE EXPECTANCY LONG-TERM COST LONG-TERM COSTS MATURITY MINIMUM BENEFIT MORAL HAZARD MORTALITY OLD AGE PAYROLL COSTS PENSION PENSION BENEFITS PENSION FUND PENSION FUND ASSETS PENSION FUNDS PENSION PROGRAMS PENSION SCHEME PENSION SYSTEM PENSIONABLE EARNINGS PENSIONERS PENSIONS POLICY IMPLICATIONS POPULATION PROJECTIONS PRIVATE PENSION PRIVATE PENSION FUNDS RATE OF RETURN REAL INTEREST REAL INTEREST RATE RESERVES RETIREMENT RETIREMENT AGE RETIREMENT BENEFITS RETIREMENTS SANITATION SEX SOCIAL INSURANCE SOCIAL INSURANCE SYSTEMS SOCIAL PENSION SOCIAL PENSIONS SOCIAL POLICY SOCIAL PROTECTION SOCIAL SECURITY SOCIAL SECURITY SYSTEM SPOUSE TAX UNEMPLOYMENT UNEMPLOYMENT RATES VALUATION VALUATIONS WILL WIVES YOUNG AGE YOUNG CHILDREN This report briefly summarizes the results for the analysis of the design, financing and administrative processes for a national social security system covering all salaried workers in Timor-Leste, including analysis of the actuarial report (ACL Report) prepared for the Directorate General of Social Security by its consultant. The report is divided into seven sections: (i) Scope of Work; (ii) ACL Report Assumptions and Methods Comment; (iii) ACL Plan Design Comments; (iv) PROST Analysis: ACL Report Design, Assumptions and Methods; (v) PROST Analysis: ACL Report Design, Bank Assumptions and Methods; (vi) Social Security Pension Fund Establishment; and (vii) Conclusion. In the final analysis it was determined that the ACL report does not meet international standards for actuarial reports for national social insurance systems. Furthermore it misrepresents the long-term costs of the proposed Timor-Leste national social security system by using non-standard assumptions and methods and an unusually short analysis period. It is suggested that the government of Timor-Leste carefully consider all aspects of design and funding before adopting the new system, as the decisions made will have very significant macroeconomic, labor market, budget, and social policy implications for the country for decades to come. 2015-01-06T22:23:42Z 2015-01-06T22:23:42Z 2014-09-14 http://documents.worldbank.org/curated/en/ https://hdl.handle.net/10986/21112 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ application/pdf text/plain Jakarta |
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Banco Mundial |
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DSpace |
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Estados Unidos |
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US |
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Bibliográfico |
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En linea |
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dig-okr |
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biblioteca |
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America del Norte |
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Biblioteca del Banco Mundial |
| language |
English en_US |
| topic |
ACCRUAL RATE ADMINISTRATIVE COSTS BANK OFFICE BANKRUPTCY BENEFICIARIES BENEFICIARY BENEFIT PAYMENT BENEFIT PAYMENTS CASH FLOWS CHILD SUPPORT CITIZEN CITIZENS CONTRIBUTION COLLECTION CONTRIBUTION RATE CONTRIBUTION RATES CORRUPTION COST ESTIMATES DEFINED BENEFIT DEFINED BENEFIT PLAN DEMOGRAPHIC CHANGES DEPENDENCY RATIO DEPENDENCY RATIOS DEVELOPING COUNTRIES DISABILITY DISABLED ECONOMIC DEVELOPMENT EMPLOYERS EXPENDITURES FAMILIES FERTILITY FERTILITY RATES FINANCIAL ANALYSIS FINANCIAL STABILITY FRAUD FULL DISCLOSURE INFLATION INTERNATIONAL STANDARD INTERNATIONAL STANDARDS LABOR FORCE LABOR FORCE PARTICIPATION LABOR MARKET LARGE FAMILIES LIFE EXPECTANCY LONG-TERM COST LONG-TERM COSTS MATURITY MINIMUM BENEFIT MORAL HAZARD MORTALITY OLD AGE PAYROLL COSTS PENSION PENSION BENEFITS PENSION FUND PENSION FUND ASSETS PENSION FUNDS PENSION PROGRAMS PENSION SCHEME PENSION SYSTEM PENSIONABLE EARNINGS PENSIONERS PENSIONS POLICY IMPLICATIONS POPULATION PROJECTIONS PRIVATE PENSION PRIVATE PENSION FUNDS RATE OF RETURN REAL INTEREST REAL INTEREST RATE RESERVES RETIREMENT RETIREMENT AGE RETIREMENT BENEFITS RETIREMENTS SANITATION SEX SOCIAL INSURANCE SOCIAL INSURANCE SYSTEMS SOCIAL PENSION SOCIAL PENSIONS SOCIAL POLICY SOCIAL PROTECTION SOCIAL SECURITY SOCIAL SECURITY SYSTEM SPOUSE TAX UNEMPLOYMENT UNEMPLOYMENT RATES VALUATION VALUATIONS WILL WIVES YOUNG AGE YOUNG CHILDREN ACCRUAL RATE ADMINISTRATIVE COSTS BANK OFFICE BANKRUPTCY BENEFICIARIES BENEFICIARY BENEFIT PAYMENT BENEFIT PAYMENTS CASH FLOWS CHILD SUPPORT CITIZEN CITIZENS CONTRIBUTION COLLECTION CONTRIBUTION RATE CONTRIBUTION RATES CORRUPTION COST ESTIMATES DEFINED BENEFIT DEFINED BENEFIT PLAN DEMOGRAPHIC CHANGES DEPENDENCY RATIO DEPENDENCY RATIOS DEVELOPING COUNTRIES DISABILITY DISABLED ECONOMIC DEVELOPMENT EMPLOYERS EXPENDITURES FAMILIES FERTILITY FERTILITY RATES FINANCIAL ANALYSIS FINANCIAL STABILITY FRAUD FULL DISCLOSURE INFLATION INTERNATIONAL STANDARD INTERNATIONAL STANDARDS LABOR FORCE LABOR FORCE PARTICIPATION LABOR MARKET LARGE FAMILIES LIFE EXPECTANCY LONG-TERM COST LONG-TERM COSTS MATURITY MINIMUM BENEFIT MORAL HAZARD MORTALITY OLD AGE PAYROLL COSTS PENSION PENSION BENEFITS PENSION FUND PENSION FUND ASSETS PENSION FUNDS PENSION PROGRAMS PENSION SCHEME PENSION SYSTEM PENSIONABLE EARNINGS PENSIONERS PENSIONS POLICY IMPLICATIONS POPULATION PROJECTIONS PRIVATE PENSION PRIVATE PENSION FUNDS RATE OF RETURN REAL INTEREST REAL INTEREST RATE RESERVES RETIREMENT RETIREMENT AGE RETIREMENT BENEFITS RETIREMENTS SANITATION SEX SOCIAL INSURANCE SOCIAL INSURANCE SYSTEMS SOCIAL PENSION SOCIAL PENSIONS SOCIAL POLICY SOCIAL PROTECTION SOCIAL SECURITY SOCIAL SECURITY SYSTEM SPOUSE TAX UNEMPLOYMENT UNEMPLOYMENT RATES VALUATION VALUATIONS WILL WIVES YOUNG AGE YOUNG CHILDREN |
| spellingShingle |
ACCRUAL RATE ADMINISTRATIVE COSTS BANK OFFICE BANKRUPTCY BENEFICIARIES BENEFICIARY BENEFIT PAYMENT BENEFIT PAYMENTS CASH FLOWS CHILD SUPPORT CITIZEN CITIZENS CONTRIBUTION COLLECTION CONTRIBUTION RATE CONTRIBUTION RATES CORRUPTION COST ESTIMATES DEFINED BENEFIT DEFINED BENEFIT PLAN DEMOGRAPHIC CHANGES DEPENDENCY RATIO DEPENDENCY RATIOS DEVELOPING COUNTRIES DISABILITY DISABLED ECONOMIC DEVELOPMENT EMPLOYERS EXPENDITURES FAMILIES FERTILITY FERTILITY RATES FINANCIAL ANALYSIS FINANCIAL STABILITY FRAUD FULL DISCLOSURE INFLATION INTERNATIONAL STANDARD INTERNATIONAL STANDARDS LABOR FORCE LABOR FORCE PARTICIPATION LABOR MARKET LARGE FAMILIES LIFE EXPECTANCY LONG-TERM COST LONG-TERM COSTS MATURITY MINIMUM BENEFIT MORAL HAZARD MORTALITY OLD AGE PAYROLL COSTS PENSION PENSION BENEFITS PENSION FUND PENSION FUND ASSETS PENSION FUNDS PENSION PROGRAMS PENSION SCHEME PENSION SYSTEM PENSIONABLE EARNINGS PENSIONERS PENSIONS POLICY IMPLICATIONS POPULATION PROJECTIONS PRIVATE PENSION PRIVATE PENSION FUNDS RATE OF RETURN REAL INTEREST REAL INTEREST RATE RESERVES RETIREMENT RETIREMENT AGE RETIREMENT BENEFITS RETIREMENTS SANITATION SEX SOCIAL INSURANCE SOCIAL INSURANCE SYSTEMS SOCIAL PENSION SOCIAL PENSIONS SOCIAL POLICY SOCIAL PROTECTION SOCIAL SECURITY SOCIAL SECURITY SYSTEM SPOUSE TAX UNEMPLOYMENT UNEMPLOYMENT RATES VALUATION VALUATIONS WILL WIVES YOUNG AGE YOUNG CHILDREN ACCRUAL RATE ADMINISTRATIVE COSTS BANK OFFICE BANKRUPTCY BENEFICIARIES BENEFICIARY BENEFIT PAYMENT BENEFIT PAYMENTS CASH FLOWS CHILD SUPPORT CITIZEN CITIZENS CONTRIBUTION COLLECTION CONTRIBUTION RATE CONTRIBUTION RATES CORRUPTION COST ESTIMATES DEFINED BENEFIT DEFINED BENEFIT PLAN DEMOGRAPHIC CHANGES DEPENDENCY RATIO DEPENDENCY RATIOS DEVELOPING COUNTRIES DISABILITY DISABLED ECONOMIC DEVELOPMENT EMPLOYERS EXPENDITURES FAMILIES FERTILITY FERTILITY RATES FINANCIAL ANALYSIS FINANCIAL STABILITY FRAUD FULL DISCLOSURE INFLATION INTERNATIONAL STANDARD INTERNATIONAL STANDARDS LABOR FORCE LABOR FORCE PARTICIPATION LABOR MARKET LARGE FAMILIES LIFE EXPECTANCY LONG-TERM COST LONG-TERM COSTS MATURITY MINIMUM BENEFIT MORAL HAZARD MORTALITY OLD AGE PAYROLL COSTS PENSION PENSION BENEFITS PENSION FUND PENSION FUND ASSETS PENSION FUNDS PENSION PROGRAMS PENSION SCHEME PENSION SYSTEM PENSIONABLE EARNINGS PENSIONERS PENSIONS POLICY IMPLICATIONS POPULATION PROJECTIONS PRIVATE PENSION PRIVATE PENSION FUNDS RATE OF RETURN REAL INTEREST REAL INTEREST RATE RESERVES RETIREMENT RETIREMENT AGE RETIREMENT BENEFITS RETIREMENTS SANITATION SEX SOCIAL INSURANCE SOCIAL INSURANCE SYSTEMS SOCIAL PENSION SOCIAL PENSIONS SOCIAL POLICY SOCIAL PROTECTION SOCIAL SECURITY SOCIAL SECURITY SYSTEM SPOUSE TAX UNEMPLOYMENT UNEMPLOYMENT RATES VALUATION VALUATIONS WILL WIVES YOUNG AGE YOUNG CHILDREN World Bank Review of the Actuarial Forecasts of the Proposed Contributory Social Security Regime in Timor-Leste |
| description |
This report briefly summarizes the
results for the analysis of the design, financing and
administrative processes for a national social security
system covering all salaried workers in Timor-Leste,
including analysis of the actuarial report (ACL Report)
prepared for the Directorate General of Social Security by
its consultant. The report is divided into seven sections:
(i) Scope of Work; (ii) ACL Report Assumptions and Methods
Comment; (iii) ACL Plan Design Comments; (iv) PROST
Analysis: ACL Report Design, Assumptions and Methods; (v)
PROST Analysis: ACL Report Design, Bank Assumptions and
Methods; (vi) Social Security Pension Fund Establishment;
and (vii) Conclusion. In the final analysis it was
determined that the ACL report does not meet international
standards for actuarial reports for national social
insurance systems. Furthermore it misrepresents the
long-term costs of the proposed Timor-Leste national social
security system by using non-standard assumptions and
methods and an unusually short analysis period. It is
suggested that the government of Timor-Leste carefully
consider all aspects of design and funding before adopting
the new system, as the decisions made will have very
significant macroeconomic, labor market, budget, and social
policy implications for the country for decades to come. |
| topic_facet |
ACCRUAL RATE ADMINISTRATIVE COSTS BANK OFFICE BANKRUPTCY BENEFICIARIES BENEFICIARY BENEFIT PAYMENT BENEFIT PAYMENTS CASH FLOWS CHILD SUPPORT CITIZEN CITIZENS CONTRIBUTION COLLECTION CONTRIBUTION RATE CONTRIBUTION RATES CORRUPTION COST ESTIMATES DEFINED BENEFIT DEFINED BENEFIT PLAN DEMOGRAPHIC CHANGES DEPENDENCY RATIO DEPENDENCY RATIOS DEVELOPING COUNTRIES DISABILITY DISABLED ECONOMIC DEVELOPMENT EMPLOYERS EXPENDITURES FAMILIES FERTILITY FERTILITY RATES FINANCIAL ANALYSIS FINANCIAL STABILITY FRAUD FULL DISCLOSURE INFLATION INTERNATIONAL STANDARD INTERNATIONAL STANDARDS LABOR FORCE LABOR FORCE PARTICIPATION LABOR MARKET LARGE FAMILIES LIFE EXPECTANCY LONG-TERM COST LONG-TERM COSTS MATURITY MINIMUM BENEFIT MORAL HAZARD MORTALITY OLD AGE PAYROLL COSTS PENSION PENSION BENEFITS PENSION FUND PENSION FUND ASSETS PENSION FUNDS PENSION PROGRAMS PENSION SCHEME PENSION SYSTEM PENSIONABLE EARNINGS PENSIONERS PENSIONS POLICY IMPLICATIONS POPULATION PROJECTIONS PRIVATE PENSION PRIVATE PENSION FUNDS RATE OF RETURN REAL INTEREST REAL INTEREST RATE RESERVES RETIREMENT RETIREMENT AGE RETIREMENT BENEFITS RETIREMENTS SANITATION SEX SOCIAL INSURANCE SOCIAL INSURANCE SYSTEMS SOCIAL PENSION SOCIAL PENSIONS SOCIAL POLICY SOCIAL PROTECTION SOCIAL SECURITY SOCIAL SECURITY SYSTEM SPOUSE TAX UNEMPLOYMENT UNEMPLOYMENT RATES VALUATION VALUATIONS WILL WIVES YOUNG AGE YOUNG CHILDREN |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Review of the Actuarial Forecasts of the Proposed Contributory Social Security Regime in Timor-Leste |
| title_short |
Review of the Actuarial Forecasts of the Proposed Contributory Social Security Regime in Timor-Leste |
| title_full |
Review of the Actuarial Forecasts of the Proposed Contributory Social Security Regime in Timor-Leste |
| title_fullStr |
Review of the Actuarial Forecasts of the Proposed Contributory Social Security Regime in Timor-Leste |
| title_full_unstemmed |
Review of the Actuarial Forecasts of the Proposed Contributory Social Security Regime in Timor-Leste |
| title_sort |
review of the actuarial forecasts of the proposed contributory social security regime in timor-leste |
| publisher |
Jakarta |
| publishDate |
2014-09-14 |
| url |
http://documents.worldbank.org/curated/en/ https://hdl.handle.net/10986/21112 |
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AT worldbank reviewoftheactuarialforecastsoftheproposedcontributorysocialsecurityregimeintimorleste |
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1807157756638003200 |