Republic of the Philippines Review of the Social Security System
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Washington, DC
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This report was prepared at the request
of the Philippines Social Security System (SSS) to analyze
key challenges and propose reform options to improve the
sustainability and expand the coverage of old age income
protection for private sector workers. A simulation
employing the Pension Reform Options Simulation Toolkit
(PROST) found that the SSS scheme will face outflows greater
than inflows in about 20 years and depletion of its assets
in about 28 years. Fortunately, its medium-term financing
issues can be addressed through the gradual introduction of
parametric reforms that shield workers and retirees from
abrupt changes in contributions and benefits. At the same
time, the Philippines faces a challenge to improve the
defacto coverage of workers by Social Security, and to
increase the income protection coverage of the elderly.
Options suggested include SSS measures to leverage its
identification system and introduce a special instrument for
informal workers. Rather than introducing matching
contribution subsidies to expand coverage, it was suggested
to broaden the scope of beneficiaries eligible for social
pensions. Beyond the scope of the SSS, additional measures
were suggested including those to improve the access and
efficiency of contributions and payments systems,
strengthening mobile-money platforms and efforts to improve
access to savings instruments, particularly for small and
isolated savers. The report points out that the key means of
improving coverage lies beyond the scope of social security
or pensions, namely, to improve the quantity and quality of
wage-based employment.
Palabras clave
REPLACEMENT RATES, INDIVIDUAL ACCOUNTS, RETIREMENT ACCOUNT, LABOR INCOME, PENSION SYSTEM PARAMETERS, RETIREES, NOMINAL WAGE, RETIREMENT, INFORMAL SECTOR, OLD-AGE PENSION, PENSION FUND INVESTMENTS, SOCIAL PENSIONS, LIFE INSURANCE, MANDATORY RETIREMENT, CONTRIBUTION INCREASE, BENEFIT FORMULAS, INFLATION RISK, PENSION SYSTEMS, AGING POPULATION, LABOR FORCE, PENSION CONTRIBUTION, SELF- EMPLOYMENT, WELFARE, HEALTH, PRICE INDEXATION, INFLATION RISKS, MULTI-PILLAR SYSTEM, BENEFIT ADJUSTMENTS, SOCIAL SECURITY BENEFITS, LABOR FORCE PARTICIPATION, PENSION SYSTEM, CONTRIBUTION RATES, PENSION SERVICE, SOCIAL ASSISTANCE, PRIVATE PENSION, PENSION, WAGE GROWTH, RETIREMENT AGES, LIFE EXPECTANCY, BENEFIT SCHEMES, BENEFIT PAYMENTS, PENSION PROVISIONS, PILLAR SYSTEM, RETIREE, SUPPLEMENTARY SCHEMES, PERSONAL PENSION PLANS, REPLACEMENT RATE, RETIREMENT PLANS, RETIREMENT PENSIONS, PENSION AGE, RETIREMENT ACCOUNTS, PENSION CONTRIBUTIONS, RETIREMENT AGE, DEFINED-BENEFIT SCHEME, NATIONAL PENSION, SOCIAL INSURANCE, PENSION PAYMENTS, PENSION REFORM, SOCIAL SECURITY, SOCIAL PROTECTION, PUBLIC SCHEMES, DEPENDENCY RATIO, PENSION SAVINGS, DEPENDENCY RATIOS, PENSION FUNDS, MORTALITY, PENSION INCOME, PERSONAL PENSIONS, ELDERLY, AGE SUPPORT, BENEFIT SCHEME, DEFINED BENEFIT, BENEFIT LEVELS, ACCRUAL RATE, TAX RATE, TAX ADVANTAGES, ANNUITIES, PENSIONS, CONTRIBUTION RATE, REPLACEMENT RATE TARGET, MINIMUM BENEFIT, LIFE EXPECTANCIES, SOCIAL PENSION, PENSION PROGRAMS, WORKER CONTRIBUTIONS, CONTRIBUTION INCREASES, RETIREMENT BENEFITS, TAX RATES, BENEFIT FORMULA, PAYROLL TAXES, INVESTMENT RETURNS, BENEFIT LEVEL, RETIREMENT INCOMES, SOCIAL WELFARE, INFLATION INDEXATION, RETIREMENT SAVINGS, FUNDED BASIS, PAYROLL TAX, WORKER CONTRIBUTION, CONTRIBUTION PERIOD, PENSION POLICY, MUTUAL FUND, PENSION SCHEME, ANNUITY, OLD AGE SUPPORT, PERSONAL PENSION, SOCIAL CONTRIBUTION, PENSION BENEFIT, PENSIONERS, OLDER PERSONS, PENSION DEBT, EMPLOYEE, PENSION BENEFITS, RETIREMENT PROGRAMS, PENSION SCHEMES, SOCIAL SECURITY SYSTEM, PENSION COVERAGE, VOLUNTARY PENSION, FUTURE PAYMENTS, PENSION FUND, DEFERRED ANNUITIES, INSURANCE COMPANIES, FERTILITY, MONTHLY CONTRIBUTION, DEFINED BENEFIT SCHEMES, FUNDED SCHEME, PENSION PLANS, PENSION ARRANGEMENTS, RETIREMENT SAVINGS ACCOUNTS, SELF-EMPLOYMENT, PENSION PROGRAM, EMPLOYEES