Social Security Reforms in Colombia: Striking Demographic and Fiscal Balances
IMF Working Papers, March 1, 2009
Source details
- Canonical URL
- Social Security Reforms in Colombia: Striking Demographic and Fiscal Balances
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Bibliographic details
- Authors: Sergio Clavijo
- Published: March 1, 2009
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451872057.001
Scope and objectives
- Analyzes the economic rationale for adopting parametric pension reforms and reforms broadening the coverage of public health care in Colombia during 1993-2008.
- Pension reforms examined: increasing the retirement age and moderating replacement rates.
- Health system reforms examined: aiming at reaching universal coverage by 2012 and providing a more homogenous level of services.
Key quantitative findings
- Net Present Value of the debt of the social security system in Colombia:
- Pensions: roughly 160 percent of GDP
- Health system: about 97 percent of GDP
Main themes and implications
- Parametric pension reforms:
- Focus on higher retirement age.
- Focus on moderating replacement rates.
- Health system reforms:
- Target of universal coverage by 2012.
- Emphasis on homogenizing level of services across the population.