In June of 1997 Kazakhstan embarked on a dramatic reform of its pension system, replacing the inherited pay as you go regime with one based entirely on fully funded individual accounts. This paper provides projections of the effects of this reform on income replacement rates and considers some possible adjustments to the system design, including those enacted in early 2005, that could address the projected outcomes of the reform. The initial reform...
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2005/09/01
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Documento de Trabalho (Série Numerada)
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33986
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1
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1
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2005/10/21
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Disclosed
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The new pensions in Kazakhstan : challenges in making the transition
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pension system
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