Recommendations For Reform Of Pension System In Iraq
Date
5/29/2024 8:16:58 PM
(MENAFN- Iraq Business News) By John Lee.
The International Monetary Fund (IMF) , International Labour Organization (ILO) , and World bank have issued a detailed report on the reform of Iraq's pension system.
The report, titled "Towards an Inclusive, Equitable and Sustainable National Pension System in Iraq ", highlighted the following key points:
Importance of Pension Systems:
Central to social protection. Ensures income security for older persons and vulnerable groups. Prevents poverty and reduces inequality. Facilitates consumption smoothing. Influences labor market choices and has fiscal implications.
Current State of Iraq's Pension System:
Highly fragmented, inequitable, and inefficient. Inadequate income protection for the elderly and other vulnerable groups (e.g., survivors, persons with disabilities). Public sector pension strains the budget and is potentially unsustainable. Creates an uneven playing field between public and private sectors. Hinders economic diversification and private sector growth due to an oversized civil service.
Need for Comprehensive Pension Reform:
Urgently required to address current system's shortcomings.
Goals of the Policy Note:
Assessment: Evaluate existing public and private pension systems on fiscal sustainability, labor market implications, coverage, and benefit adequacy.
Development of Options: Propose adjustments for a fiscally sustainable, inclusive, and adequate pension system. Promote private sector development and labor market formalization.
Stakeholder Engagement: Engage workers, employers, and civil society in developing an inclusive system. Focus on including informal economy workers, female workers, workers with disabilities, and other disadvantaged groups.
Click here to download the full 71-page report
The post Recommendations for Reform of Pension System in Iraq first appeared on Iraq Business News .
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