National insurance scheme reforms in the Caribbean / prepared by Koffie Nassar, Joel Okwuokei, Mike Li, Timothy Robinson and Saji Thomas.

"October 2016."

At head of title: International Monetary Fund, Western Hemisphere Department.

Includes bibliographical references (pages 18-21).

Weighed down by population aging, slow economic growth, and high unemployment, National Insurance Schemes in the Caribbean are projected to run substantial deficits and deplete their assets in the next decades, raising the prospects of government intervention. With the region highly indebted, this paper quantifies the impact of three parametric reforms--freezing pension benefits for two years, raising the retirement age and increasing the contribution rate by one percentage point--that, if implemented, would put the pension schemes on a stronger financial footing. While the appropriate combination of reforms necessary to eliminate the actuarial deficits varies depending on each country's circumstances, most countries need to undertake reforms now or risk even higher taxes, lower growth and unsustainable debt dynamics.

Online resource; title from pdf title page (IMF.org Web site, viewed November 28, 2016).

Cover; National Insurance Scheme Reforms in the Caribbean; I. INTRODUCTION; II. IMPACT OF RECENT MACROECONOMIC DEVELOPMENTS ON PENSION SCHEMES; III. OVERVIEW OF THE PENSION SYSTEMS AND RECENT TRENDS; IV. VIABILITY OF THE PENSION SYSTEMS AND NEED FOR FISCAL TRANSPARENCY; V. IMPACT ANALYSIS OF PARAMETRIC REFORMS; VI. CONCLUDING REMARKS.

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