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By World Bank

This policy-oriented booklet identifies the problems nations may still think of as they reevaluate their previous source of revenue safeguard guidelines and formulate new equipment. the alternative among a number of the types for offering old-age safety has large implications for the operation of work and capital markets, the financial method, and the extent, progress, and distribution of GNP. the writer concludes combined method is more desirable than any unmarried approach to source of revenue safeguard. this may be a massive booklet for overseas economists and policymakers.

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May be the best option for the public pillar in countries that already have a mandatory saving scheme to which the guarantee can be added (box 3). For the mandatory funded pillar, governments must choose between public management and private management. Most publicly managed Page 21 funded schemes, also known as provident funds, have had poor results. Publicly managed funds are usually required to invest in government securities or the securities of quasi-government entities such as state enterprises or public housing authoritiesfrequently at below-market interest rates.

In either case, mandatory programs require careful regulation. Voluntary occupational or personal saving plans would be the third pillar, providing additional protection for people who want more income and insurance in their old age. Although the redistribution and saving functions would be separated, the insurance function would be provided jointly by all three pillars, since broad diversification is the best way to insure against a very uncertain world. Crucial Choices within the Mandatory Pillars Within each mandatory pillar are numerous policy optionssome of which are much better than others.

The savings component encourages high-wage earners to participate, whereas the redistributive component lets them express their solidarity with those less Page 15 well-off. In industrial countries, these plans have been credited with reducing old age poverty during the post-World War II period. But the evidence suggests that public schemes that combine these functions are problematicfor both efficiency and distributional reasons. When populations are young and systems are immature, it is tempting for politicians to promise generous benefits to workers when they retire.

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