[EQ] Social Security Reforms in Colombia

Social Security Reforms in Colombia: Striking Demographic and Fiscal Balances

 

Clavijo, Sergio, Executive director of ANIF (Asociación Nacional de Instituciones Financieras - Colombia)

Working Paper No. 09/58: IMF International Monetary Fund, March 2009

 

Available online PDF [33p.] at: http://www.imf.org/external/pubs/ft/wp/2009/wp0958.pdf

 

“……This paper analyzes the economic rationale for adopting parametric pension reforms and reforms broadening the coverage of public health care in Colombia during 1993-2008. Parametric pension reforms have focused on increasing the retirement age and moderating replacement rates. The health system reforms aimed at reaching universal coverage by 2012, while providing a more homogenous level of services.

 

Our results indicate that the Net Present Value of the debt of the social security system in Colombia is roughly 160 percent of GDP for pensions and about 97 percent of GDP for the health system.  ….”

 

Contents

I. Introduction

II. Pension Reforms in Colombia

A. Retirement Age

B. Replacement Rates

C. Coverage and Labor Informality

D. Fiscal Impact of Pension Reforms

III. Health Reforms in Colombia

A. Improving Coverage and Subsidies Allocation: Law 100 of 1993

B. Health Care Results

C. Fiscal Impact of Health Care Reforms

IV. Conclusions

References

 

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