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We study the design of pension benefits for male and female workers. Women live longer than men but have a lower wage. Individuals can be single or live in couples who pool their incomes. Social welfare is utilitarian but an increasing concave transformation of individuals’ lifetime utilities introduces the concern for redistribution across individuals with different lifespans. We derive the optimal direction of redistribution and show how it is affected by a gender neutrality rule. With singles only, a simple utilitarian solution implies redistribution from males to females. When the transformation is sufficiently concave redistribution may or may not be reversed. With couples only, the ranking of gender retirement ages is always reversed when the transformation is sufficiently concave. Under gender neutrality pension schemes must be self-selecting. Gender neutrality implies distortions of retirement decisions, limits redistribution and, negatively affects the group towards which redistribution is targeted. With couples, a first best that implies a lower retirement age for females can be implemented by a gender-neutral system. Otherwise, gender neutrality implies equal retirement ages and restricts the possibility to compensate the shorter-lived individuals. Calibrated simulations show that when singles and couples coexist, gender neutrality substantially limits redistribution in favor of single women and fully prevents redistribution in favor of male spouses.

This report provides an initial stocktaking of the characteristics, environment and performance of public and private pensions and elderly assistance programs in Sub-Saharan Africa. It identifies key challenges and suggests reform options for consideration. Considerations for future work and principles for pension policies are also suggested. Two major challenges noted in the report are the need to increase coverage of the labor force by pensions and social insurance schemes, and to increase the proportion of poor elderly covered by social assistance. The report suggests that improving coverage will require a number of parametric reforms to existing contributory schemes, strengthening institutions to serve informal sector workers, and piloting new design options. The report also proposes other parametric reforms, including the harmonization or merger of civil service and national pension schemes. Finally, the report recommends principles to consider for reform, including measures to improve coverage, protect the elderly poor, and better align pension design with needs and enabling conditions, including the needs of rural and informal sector workers.

This paper analyzes the impact of aging on capital accumulation and welfare in a country with a sizable unfunded social security system. Using a two-period overlapping generation model with potentially endogenous retirement decisions, the paper shows that the type of aging, i.e. declining fertility or increasing longevity, and the type of unfunded social security system, i.e. defined contributions or defined benefits, are important in understanding this impact. Moreover, the analysis provides a refinement to common policy recommendations that favor eliminating mandatory early retirement regulations in aging societies: aging leads to a greater increase in welfare when it is driven by an increasing longevity and the retirement age is unregulated. In comparison, when aging is driven by a decreasing fertility rate, a mandatory retirement system fosters more savings and, thus, income and welfare, in a closed economy with unfunded pension system based on defined contributions.

Pokojninski sistemi kot jih poznamo v Evropi temeljijo na vzajemnosti in solidarnosti med generacijami. Vsak, ki dela, s svojim delom plačuje prispevke za pokojnino. Vendar se razmere zelo spreminjajo (daljša življenjska doba, padec natalitete, brezposelnost) in zahtevajo korenite spremembe. Zato vse države ugotavljajo, da je ena ključnih strukturnih reform za vzdržnost javnih financ prav pokojninska reforma. Tudi pri nas jo je poskušala uvesti prejšnja vlada. Ker pa se ni dogovorila z vsemi socialnimi partnerji, je reforma na referendomu padla. V kolikor tega ne bomo izvedli, je samo vprašanje časa, kdaj se bo naš pokojninski sistem znašel v resnih problemih glede izplačevanja pokojnin generacijam, ki so s svojim delom zgradile to državo. The retirement systems that we know in Europe are based on mutuality and solidarity between generations. Everyone who works pays contributions for retirement from their salaries. However, the conditions are rapidly changing (longer life expectancy, decline in birth rates, unemployment), thus radical changes are required. Therefore all countries are starting to realize that one of key structural reform on sustainability of public finances is pension reform. In Slovenia there was an attempt to introduce pension reform by our previous government. However, they could not come to an agreement with all social partners and after referendum this idea was dropped. If this reform will not be carried out, it is just a matter of time before Slovenian pension system is in serious problems concerning pension payments to generations, who built this country with their work.

Sosyal güvenlik sistemlerinde son yıllarda meydana gelen cari açıklar, gelişmiş ve gelişmekte olan ülkelerin en önemli problemlerinin başında yer almaktadır. Çeşitli tedbirlerin alınmasına rağmen, sosyal güvenlik sistemindeki açıklar engellenememekte ve bu açıklar neticesinde bireylerin emeklilik dönemlerindeki hayat standartlarında düşüşler meydana gelmektedir. Emeklilik dönemlerindeki hayat standartlarını yükseltmek için ek gelir arayışları ve gelirlerini maksimize etme isteği, bireylerin zamanlar arası faydayı maksimize etme gereksinimlerini ortaya çıkarmıştır. Böylece emeklilik sistemlerinde yeniden yapılanma çalışmalarının dünya genelinde yaygınlaşması hız kazanmıştır. Yeni reformlarla emeklilik sistemlerinde farklı seçenekler ortaya çıkmıştır ve bireysel emeklilik sistemi de bu seçeneklerden biridir.Bu tezin amacı, bireysel emekliliğin Türkiye?deki sosyal güvenlik sistemi içerisindeki yeri ve uygulanma biçimi hakkında bilgi sunmaktır. Bu amacı gerçekleştirmeye çalışırken sistemin tarihçesi, gelişimi, işleyiş biçimi ve mevzuatı incelenmiştir. Kamu sosyal güvenlik sistemi hakkında özet bilgi sunulmuş ve bireysel emeklilik sisteminin etkiliği amprik olarak gösterilmiştir.Yapılan çalışmalar ve ulaşılan sonuçlara göre, aktif çalışma hayatı sonrasında yaşam standartlarının düşmesini istemeyen, özellikle genç ve orta yaşlı bireylerin bireysel emeklilik sistemine katkıda bulundukları görülmüştür. Bireylerin katkı paylarının tasarruf güçleriyle, tasarruf güçlerinin ise medeni durumları, çocuk sayıları, ücret dışı gelirleri ve benzeri unsurlarla ilişkili olduğu saptanmıştır. Kamusal emeklilik sistemlerinin ihtiyaçlarına cevap vermekte yetersiz kalacağını düşünen bireylerin, zorunlu emeklilik sisteminin tamamlayıcısı olan ve ikinci bir emeklilik maaşı imkânı sunan bireysel emeklilik sistemini ideal bir yatırım aracı olarak gördükleri ortaya konulmuştur.ANAHTAR SÖZCÜKLEREmeklilik Sistemleri, Bireysel Emeklilik Sistemi, Sosyal Güvenlik Sistem The current account deficits of social security systems in recent years have been located at the begining of the most important problems in both developed and developing countries. Although various measures had been taken, the deficits in social security systems could not be prevented and as a result this deflicits cause collapses in living standards of individuals in their retirement duration. The searching for additional incomes for raising life standards during retirement periods and the desire to maximize revenues of individuals have uncovered the needs of intertemporal benefit maximization. So, the expansion on a global scale of the reconstruction efforts on pension systems has gained speed. The various alternatives have been revealed in the pension systems by new reforms and the private pension system is the one of these alternatives.The aim of this thesis is provide information about where the private pension system take part in the social security system of Turkey and how is the application format. The history, development, oparetion and legislation of the private pension system has been exemined while trying to perform this aim. It has been presented a summary of the public social security system and exposed the efficiency of the private pension system as emprically.According to the studies and the conclusions, especially young and middle-aged individuals, who does not want to lose their living standards after active working life, contribute to the private pension system. It has been determined that contributions of inviduals was related with the saving power, moreover the saving power was raleted with marital status, number of children, non-wage incomes and similar facts. The individuals, who expect that public pension systems would be insufficient to provide their needs, consider the private pension system, which is complement to the mandatory pension system and offering opportunity for second pension salary, as an ideal investment vehicle.KEYWORDSRetirement Systems, Private Pension System, Social Security System 144

What do we know about the links between economic development and corporate governance in emerging markets? Stijn Claessens and Burcin Yurtoglu have sifted through scores of academic studies on various countries, sectors, and business organizations - from state-owned enterprises to publicly listed companies - to determine how corporate governance can influence economic development and well being, and what is needed to promote good practices. The Focus 10 draws on new evidence that has become available since Focus 1: Corporate Governance and Development was published in 2003. While the paper reviews research literature, it is written to be accessible to the nonacademic audience: board members, investors, government regulators, development professionals, and other CG practitioners. Research findings sited in the Focus include: 1) improved corporate governance practices increase firm share prices; 2) operational performance is higher in better corporate governance countries; 3) well governed companies have less volatile stock prices in times of crisis; 4) companies with boards composed of a higher fraction of outsider or independent directors usually have a higher market valuation; 5) improvements in corporate governance quality lead to higher GDP growth, productivity growth, and the increased ratio of investment to GDP; 6) when a country's overall corporate governance and property rights systems are weak, voluntary and market corporate governance mechanisms have limited effectiveness; 7) large, more concentrated ownership can be beneficial, unless there is a disparity of control and cash flow rights; 8) the quality of shareholder protection positively correlates with the development of countries' capital markets; and 9) better corporate governance leads to a better developed financial system. The paper concludes by identifying several main policy and research issues that require further study. For example, more research is needed on family-owned, state-owned or controlled firms that predominate in many sectors and economies. For more publications on IFC Sustainability please visit www.ifc.org/sustainabilitypublications.

El propósito de esta investigación es elaborar un insumo de tipo legal, que fortalezca la gestión universitaria, al brindar seguridad jurídica y disminuir los riesgos en torno a las decisiones políticas que deberá tomar la Universidad. Asimismo se pretende que sea un insumo para coadyuvar en la calidad de vida de los funcionarios y funcionarias del Magisterio Nacional. La metodología consistió en la indagación y recopilación de los diversos documentos externos e internos a la Universidad. Entre los documentos externos destacan los ubicados en la Organización Internacional del Trabajo, sede Costa Rica, el Ministerio de Trabajo y Seguridad Social, la Junta de Pensiones y Jubilaciones del Magisterio Nacional, la Superintendencia de Pensiones, la Caja Costarricense del Seguro Social, y el Instituto Nacional de Estadística y Censos. Se sistematizó la información de diversas fuentes, entre ellas la elaboración del inventario de estadísticas, doctrina, jurisprudencia y legislación sobre el tema de las jubilaciones. Se presenta una muestra de la división electrónica de los subdirectorios con aproximadamente 1825 archivos, contenidos en 117 carpetas, los que quedaran en poder de la Universidad de Costa Rica, de los cuales el 80% son documentos recopilados que muestran informes, artículos, estadísticas, resoluciones, pronunciamientos, libros, jurisprudencia, entre otros, de América, Europa y Asia, en torno al tema de estudio. Se elaboró un glosario con los principales conceptos utilizados en seguridad social y un resumen de las incidencias jurídicas más relevante en los 52 años de vida del Magisterio Nacional. ABSTRACT: The purpose of this investigation is to elaborate an input of legal type, that strengthens the university management, to provide legal security and to diminish the risks around the political decisions that the University should take. It is also intended to be an input to help the quality of life of the functonaries of the national magisterium . The methodology consisted on the investigation and compilation of various external and internal documents of the University. Among the external documents are those located in the International Labor Organization, the Costa Rica headquarters, the Ministry of Labor and Social Security, the Board of Pensions and Retirements of the National Magisterium, the Superintendency of Pensions, the Costa Rican Social Security Fund, and the National Institute of Statistics and Censuses. The information was systematized from various sources, including the preparation of the inventory of statistics, doctrine, jurisprudence and legislation on the subject of pensions. A sample of the electronic division of the subdirectories is presented with approximately 1825 files, contained in 117 folders, which remain in the hands of the University of Costa Rica, of which 80% are collected documents that show reports, articles, statistics, resolutions, pronouncements, books, jurisprudence, among others, of America, Europe and Asia, about the subject of study. A glossary was elaborated with the main concepts used in social security and a summary of the most relevant legal incidents in the 52 years of life of the National Magisterium. UCR::Vicerrectoría de Investigación::Unidades de Investigación::Ciencias Sociales::Instituto de Investigación en Educación (INIE)

Desde inicios de la década de los ochenta el tema de la reforma a los sistemas de pensión en América Latina ha sido fuente de las más diversas polémicas. La disyuntiva entre los conceptos de solidaridad y subsidariedad que persiguen estos sistemas ha puesto en boga diferentes mecanismos para paliar la crisis en el área de la seguridad social. En el presente artículo se analizan de forma sucinta algunas de las principales características que ha asumido el proceso de reforma de los sistemas de pensión en América Latina, donde el ejemplo más notable ha sido el caso de Chile. Luego se hace referencia al proceso de reforma que se ha aplicado a los diferentes regímenes de pensiones existentes en el país. El énfasis se pone en los regímenes de Invalidez, Vejez y Muerte de la Caja Costarricense del Seguro Social y en el del Magisterio Nacional por ser los de mayor participación relativa, tanto en lo que respecta a funcionarios cotizantes como pensionados. Since the beginning of the 1980s, the issue of reform of pension systems in Latin America has been the source of the most diverse controversies. The dilemma between the concepts of solidarity and subsidiarity pursued by these systems has brought into vogue different mechanisms to alleviate the crisis in the area of ​​social security. This article succinctly analyzes some of the main characteristics that the reform process of pension systems in Latin America has assumed, where the most notable example has been the case of Chile. Then reference is made to the reform process that has been applied to the different pension systems existing in the country. The emphasis is placed on the Disability, Old Age and Death regimes of the Costa Rican Social Security Fund and the National Magisterium, as they are the ones with the highest relative participation, both with respect to contributors and pensioners. Universidad Nacional, Costa Rica Escuela de Economía