The Gender Impact of Pension Reform : A Cross-Country Analysis
Pension systems may have a different impact on gender because women are less likely than men to work in formal labor markets and earn lower wages when they do. Recent multipillar pension reforms tighten the link between payroll contributions and be...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2003/06/2384818/gender-impact-pension-reform-cross-country-analysis http://hdl.handle.net/10986/18163 |
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okr-10986-181632021-04-23T14:03:41Z The Gender Impact of Pension Reform : A Cross-Country Analysis James, Estelle Edwards, Alejandra Cox Wong, Rebecca CROSS COUNTRY ANALYSIS PENSION REFORM GENDER ISSUES PENSION SYSTEMS HOUSEHOLD SURVEYS ANNUITIES ANNUITY PATTERNS ACCUMULATED SAVINGS ANNUITIES ANNUITY BASIC BENEFIT DEFINED CONTRIBUTION SYSTEMS ECONOMICS EMPLOYMENT EXTENDED FAMILY FAMILIES FAMILY SUPPORT FEMALES GENDER GENDER DIFFERENCES GENDER-SPECIFIC TABLES GRADUAL WITHDRAWALS HOUSING INDIVIDUAL ACCOUNTS INFORMAL SECTOR JOINT ANNUITY LABOR FORCE PARTICIPATION LIFE EXPECTANCY LIFETIME EARNINGS LONGEVITY INSURANCE LUMP SUM DISTRIBUTIONS MANAGERS MARITAL STATUS MARRIED MEN MARRIED WOMEN MORAL HAZARD MULTI- PILLAR SYSTEMS MULTI-PILLAR REFORMS MULTI-PILLAR SYSTEM MULTI-PILLAR SYSTEMS NORMS OLD AGE PARENTS PAYROLL TAX PENSION REFORM PENSION REFORMS PENSION RIGHTS PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATE PILLAR PRIVATE PILLARS PUBLIC PILLAR PUBLIC PILLARS PUBLIC SYSTEM RETIREES RETIREMENT RETIREMENT AGE RETIREMENT AGES RETIREMENT BENEFITS RETIREMENT FUNDS RETIREMENT INCOME RETIREMENT SAVINGS RURAL AREAS SAFETY SOCIAL ASSISTANCE SOCIAL SECURITY SOCIAL SECURITY SYSTEMS SURVIVORS INSURANCE UNISEX TABLES WAGE GROWTH WIDOWERS WIDOWS WORKERS YOUNG WORKERS ANNUITY PATTERNS ACCUMULATED SAVINGS Pension systems may have a different impact on gender because women are less likely than men to work in formal labor markets and earn lower wages when they do. Recent multipillar pension reforms tighten the link between payroll contributions and benefits, leading critics to argue that they will hurt women. In contrast, supporters of these reforms argue that it will help women by the removal of distortions that favored men and the better targeted redistributions in the new systems. To test these conflicting claims and to analyze more generally the gender effect of alternative pension systems, the authors examine the differential impact of the new and old systems in three Latin American countries-Argentina, Chile, and Mexico. Based on household survey data, they simulate the wage and employment histories of representative men and women, the pensions they are likely to generate under the new and old rules, and the relative gains or losses of men and women because of the reform. The authors find that women do accumulate private annuities that are only 30-40 percent those of men in the new systems. But this effect is mitigated by sharp targeting of the new public pillars toward low earners, many of whom are women, and by restrictions on payouts from the private pillars, particularly joint annuity requirements. As a result of these transfers, total lifetime retirement benefits for women reach 60-80 percent those of men, and for "full career" women they equal or exceed benefits of men. Also as a result, women are the biggest gainers from the pension reform. For women who receive these transfers, female/male ratios of lifetime benefits in the new systems exceed those in the old systems in all three countries. Private intra-household transfers from husband to wife in the form of joint annuities play the largest role. 2014-05-05T19:44:42Z 2014-05-05T19:44:42Z 2003-06 http://documents.worldbank.org/curated/en/2003/06/2384818/gender-impact-pension-reform-cross-country-analysis http://hdl.handle.net/10986/18163 English en_US Policy Research Working Paper;No. 3074 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington DC Publications & Research :: Policy Research Working Paper Publications & Research Latin America & Caribbean |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
CROSS COUNTRY ANALYSIS PENSION REFORM GENDER ISSUES PENSION SYSTEMS HOUSEHOLD SURVEYS ANNUITIES ANNUITY PATTERNS ACCUMULATED SAVINGS ANNUITIES ANNUITY BASIC BENEFIT DEFINED CONTRIBUTION SYSTEMS ECONOMICS EMPLOYMENT EXTENDED FAMILY FAMILIES FAMILY SUPPORT FEMALES GENDER GENDER DIFFERENCES GENDER-SPECIFIC TABLES GRADUAL WITHDRAWALS HOUSING INDIVIDUAL ACCOUNTS INFORMAL SECTOR JOINT ANNUITY LABOR FORCE PARTICIPATION LIFE EXPECTANCY LIFETIME EARNINGS LONGEVITY INSURANCE LUMP SUM DISTRIBUTIONS MANAGERS MARITAL STATUS MARRIED MEN MARRIED WOMEN MORAL HAZARD MULTI- PILLAR SYSTEMS MULTI-PILLAR REFORMS MULTI-PILLAR SYSTEM MULTI-PILLAR SYSTEMS NORMS OLD AGE PARENTS PAYROLL TAX PENSION REFORM PENSION REFORMS PENSION RIGHTS PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATE PILLAR PRIVATE PILLARS PUBLIC PILLAR PUBLIC PILLARS PUBLIC SYSTEM RETIREES RETIREMENT RETIREMENT AGE RETIREMENT AGES RETIREMENT BENEFITS RETIREMENT FUNDS RETIREMENT INCOME RETIREMENT SAVINGS RURAL AREAS SAFETY SOCIAL ASSISTANCE SOCIAL SECURITY SOCIAL SECURITY SYSTEMS SURVIVORS INSURANCE UNISEX TABLES WAGE GROWTH WIDOWERS WIDOWS WORKERS YOUNG WORKERS ANNUITY PATTERNS ACCUMULATED SAVINGS |
| spellingShingle |
CROSS COUNTRY ANALYSIS PENSION REFORM GENDER ISSUES PENSION SYSTEMS HOUSEHOLD SURVEYS ANNUITIES ANNUITY PATTERNS ACCUMULATED SAVINGS ANNUITIES ANNUITY BASIC BENEFIT DEFINED CONTRIBUTION SYSTEMS ECONOMICS EMPLOYMENT EXTENDED FAMILY FAMILIES FAMILY SUPPORT FEMALES GENDER GENDER DIFFERENCES GENDER-SPECIFIC TABLES GRADUAL WITHDRAWALS HOUSING INDIVIDUAL ACCOUNTS INFORMAL SECTOR JOINT ANNUITY LABOR FORCE PARTICIPATION LIFE EXPECTANCY LIFETIME EARNINGS LONGEVITY INSURANCE LUMP SUM DISTRIBUTIONS MANAGERS MARITAL STATUS MARRIED MEN MARRIED WOMEN MORAL HAZARD MULTI- PILLAR SYSTEMS MULTI-PILLAR REFORMS MULTI-PILLAR SYSTEM MULTI-PILLAR SYSTEMS NORMS OLD AGE PARENTS PAYROLL TAX PENSION REFORM PENSION REFORMS PENSION RIGHTS PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATE PILLAR PRIVATE PILLARS PUBLIC PILLAR PUBLIC PILLARS PUBLIC SYSTEM RETIREES RETIREMENT RETIREMENT AGE RETIREMENT AGES RETIREMENT BENEFITS RETIREMENT FUNDS RETIREMENT INCOME RETIREMENT SAVINGS RURAL AREAS SAFETY SOCIAL ASSISTANCE SOCIAL SECURITY SOCIAL SECURITY SYSTEMS SURVIVORS INSURANCE UNISEX TABLES WAGE GROWTH WIDOWERS WIDOWS WORKERS YOUNG WORKERS ANNUITY PATTERNS ACCUMULATED SAVINGS James, Estelle Edwards, Alejandra Cox Wong, Rebecca The Gender Impact of Pension Reform : A Cross-Country Analysis |
| geographic_facet |
Latin America & Caribbean |
| relation |
Policy Research Working Paper;No. 3074 |
| description |
Pension systems may have a different
impact on gender because women are less likely than men to
work in formal labor markets and earn lower wages when they
do. Recent multipillar pension reforms tighten the link
between payroll contributions and benefits, leading critics
to argue that they will hurt women. In contrast, supporters
of these reforms argue that it will help women by the
removal of distortions that favored men and the better
targeted redistributions in the new systems. To test these
conflicting claims and to analyze more generally the gender
effect of alternative pension systems, the authors examine
the differential impact of the new and old systems in three
Latin American countries-Argentina, Chile, and Mexico. Based
on household survey data, they simulate the wage and
employment histories of representative men and women, the
pensions they are likely to generate under the new and old
rules, and the relative gains or losses of men and women
because of the reform. The authors find that women do
accumulate private annuities that are only 30-40 percent
those of men in the new systems. But this effect is
mitigated by sharp targeting of the new public pillars
toward low earners, many of whom are women, and by
restrictions on payouts from the private pillars,
particularly joint annuity requirements. As a result of
these transfers, total lifetime retirement benefits for
women reach 60-80 percent those of men, and for "full
career" women they equal or exceed benefits of men.
Also as a result, women are the biggest gainers from the
pension reform. For women who receive these transfers,
female/male ratios of lifetime benefits in the new systems
exceed those in the old systems in all three countries.
Private intra-household transfers from husband to wife in
the form of joint annuities play the largest role. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
James, Estelle Edwards, Alejandra Cox Wong, Rebecca |
| author_facet |
James, Estelle Edwards, Alejandra Cox Wong, Rebecca |
| author_sort |
James, Estelle |
| title |
The Gender Impact of Pension Reform : A Cross-Country Analysis |
| title_short |
The Gender Impact of Pension Reform : A Cross-Country Analysis |
| title_full |
The Gender Impact of Pension Reform : A Cross-Country Analysis |
| title_fullStr |
The Gender Impact of Pension Reform : A Cross-Country Analysis |
| title_full_unstemmed |
The Gender Impact of Pension Reform : A Cross-Country Analysis |
| title_sort |
gender impact of pension reform : a cross-country analysis |
| publisher |
World Bank, Washington DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2003/06/2384818/gender-impact-pension-reform-cross-country-analysis http://hdl.handle.net/10986/18163 |
| _version_ |
1764439025933877248 |