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- W224494080 abstract "This paper on pensions in Iraq discusses the two different types of problems with which the Iraqi pension system is faced. First, there are problems emerging as a result of the war and the implementation of a series of emergency policies. Second, there are inherent problems that are structural to the system and that would have had to receive attention under any circumstance. The Iraqi mandatory public pension system is composed of two separate funds, which together cover 15 percent of the labor force - mostly public sector workers -- and capture resources equivalent to 4-5 percent of GDP. The so-called State Pension System (SPS) covers civil servants, the military and security forces, and employees in state-owned enterprises (SOEs). The Social Security System (SSS) covers workers in the private sector. All schemes were designed as defined benefit arrangement with essentially pay-as-you-go financing. Pension payments account for the largest share of social protection spending other than direct food ration subsidies. The report presents a framework for the reform of the pension system in Iraq and then assesses the fiscal implications of alternative policy interventions. The proposed overall reform measures stress the importance of improving services under the current system. Because the current system in-large covers public sector employees, emphasis is also placed on expanding coverage to private sector employees and providing income security to all elderly citizens in Iraq. The focus of this analysis, thus, is broad. It seeks to reform or improve services provided to current contributors and the elderly covered under the system before the military campaign, and proposes services for those denied benefits under the old pension system and for working-age individuals who have not participated or are not participating in any formal pension scheme" @default.
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- W224494080 date "2006-01-01" @default.
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- W224494080 title "Pensions in Iraq: Issues, general guidelines for reform, and potential fiscal implications" @default.
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