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Recuperando la Solidaridad en el Sistema Peruano de Pensiones. Una Propuesta de Reforma

Recovering the Principle of Solidarity in the Peruvian Pension System. A reform proposal

Javier Olivera ()

MPRA Paper from University Library of Munich, Germany

Abstract: We propose to create a multi-pillar system by merging the public and private pension systems. In this system, part of the worker’s contribution goes to a “solidarity fund” and the remaining is accrued in his individual capitalization account. This fund will finance a targeted minimum pension scheme. Then, the first pillar is this minimum pension, the second one is a pension financed by the own compulsory contributions to the pension fund and the third one is a pension financed by contributions to a voluntary scheme. We use unique samples of workers’ administrative data to estimate the actuarial liability, inequality on pensions and welfare. Overall, our results show that preserving the current welfare level, the actuarial liability and the inequality can be substantially reduced. Thus, the proposed multi-pillar system allows recovering the principle of solidarity and save fiscal resources.

Keywords: Pesions; Inequality; Peru; Social Security (search for similar items in EconPapers)
JEL-codes: H55 I38 J18 (search for similar items in EconPapers)
Date: 2010
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