Social Security Reforms in Colombia: Striking Demographic and Fiscal Balances

March 1, 2009

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper analyzes the economic rationale for adopting parametric pension reforms and reforms broadening the coverage of public health care in Colombia during 1993-2008. Parametric pension reforms have focused on increasing the retirement age and moderating replacement rates. The health system reforms aimed at reaching universal coverage by 2012, while providing a more homogenous level of services. Our results indicate that the Net Present Value of the debt of the social security system in Colombia is roughly 160 percent of GDP for pensions and about 97 percent of GDP for the health system.

Subject: Expenditure, Health, Health care, Labor, Pension spending, Pensions, Retirement

Keywords: Colombia, contributions growth, contributor, cost, CS contributor, GDP, GDP reduction, Global, groups of the CS, health care, Health care, Healthcare Expenditures, Pension spending, Pensions, rate of return, Retirement, Social Security, wage, wage contribution, wage contributor, wage earnings, WP

Pages:
33
Volume:
2009
DOI:
https://doi.org/10.5089/9781451872057.001
Issue:
058
Series:
Working Paper No. 2009/058
Stock No:
WPIEA2009058
ISBN:
9781451872057
ISSN:
1018-5941

IMF’s Work

RESOURCES

TOPICS

Flagship Publications

Other Publications

IMF reports and publications by country

Regional Offices

All News

See Also

For Journalists

Press Center

RESOURCES

FLAGSHIPS

KEY SERIES

IMF NOTES

Loading component...

IMF Working Papers