 Edited by P. Desmond Brunton and Pietro Masci Workable Pension Systems - Reforms in the Caribbean IDB - CDB 2005 | ISBN: 1931003777
This book is based primarily on papers delivered at Pension Reform in English-Speaking Caribbean Countries: An International Symposium and Policy Seminar, which was held June 4-6, 2003, at the Caribbean Development Bank’s Conference Centre in Wildey, St. Michael, Barbados.
The conference—jointly sponsored by the Inter-American Development Bank and the Caribbean Development Bank—examined pension reform in small economies, drawing on experts, evidence from other regions, and the latest policy ideas from public and private pension research.
Conference participants were chosen based on their expertise and in an effort to balance the disciplines represented. The resulting chapters in this book are the views of the authors and not necessarily those of the officers or boards of the Inter-American Development Bank or the Caribbean Development Bank.
Expenditure on pensions is frequently the highest single item in the public sector budgets of most countries.
At the same time, demographic trends in almost every country show that populations are aging rapidly, due to lower fertility rates and improvements in life expectancy.
The implications of these trends are that budget deficits are becoming unsustainable, with significant negative effects on competitiveness and economic growth.
Inefficient management and underfunding of public pension systems as well as mismanagement of private accounts present a daunting challenge for pension systems that need to meet the objectives of providing financial security in old age, including for those with exceptional longevity, and smoothing the distribution of consumption over people’s ife span.
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(08/01/2005)
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