Description: Financial Analysis for the Temporary Social Security Regime Regarding Old Age, Disability and Death for State Workers in Timor-Leste

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Financial Analysis for the Temporary Social Security Regime Regarding Old Age, Disability and Death for State Workers in Timor-Leste

This report was prepared by the World Bank at the request of the Government of Timor-Leste, and is used to assist the government with short-term budgeting and understanding the long-term dynamics of its new pension program. It summarizes findings...

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Bibliographic Details
Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2015
Subjects:	ACCOUNTING BANK OFFICE BENEFICIARIES BENEFICIARY BENEFIT FORMULA BENEFIT PAYMENT BENEFIT PAYMENTS BUDGETING CAPITAL MARKETS CIVIL SERVANT CIVIL SERVANTS CIVIL SERVICE CIVIL SERVICE PENSION CONSUMER PRICE INDEX CONTRIBUTION RATE CONTRIBUTION RATES DECENTRALIZATION DEMOGRAPHIC DEPENDENCY RATIO DEPENDENCY RATIOS DISABILITIES DISABILITY DISABILITY PENSION DISABILITY PENSIONS DISABILITY RETIREMENT DISABILITY RETIREMENTS DIVIDEND ECONOMIC BENEFITS ELDERLY FEMALE FEMALES FERTILITY FERTILITY RATE FERTILITY RATES FINANCES FINANCIAL ANALYSIS FINANCIAL MANAGEMENT FINANCIAL STATEMENT FUNDED BASIS GOVERNMENT BORROWING GOVERNMENT EXPENDITURES GROSS DOMESTIC PRODUCT GROWTH RATE GROWTH RATES HUMAN DEVELOPMENT INDEXED CAREER INDEXED CAREER AVERAGE INFLATION INFLATION RATE INFLATION RATES INFORMAL SECTOR INTERNATIONAL STANDARDS INVESTMENT INCOME LAWS LEGAL ENVIRONMENT LEGISLATION LIFE EXPECTANCIES LIFE EXPECTANCY LOCAL CAPITAL MARKETS LOCAL GOVERNMENT LONG-TERM COST MACROECONOMIC ENVIRONMENT MACROECONOMIC VARIABLES MANDATORY RETIREMENT MINIMUM PERIOD MORTALITY NATIONAL PENSION NORMAL RETIREMENT AGE NUMBER OF BENEFICIARIES OFFICIAL GAZETTE OUTPUT PAYOUT PERIOD PENSION PENSION AGE PENSION BENEFIT PENSION BENEFITS PENSION EXPENDITURES PENSION FUND PENSION FUND ASSETS PENSION LAW PENSION PAYMENTS PENSION PLAN PENSION PROGRAM PENSION PROGRAMS PENSION REFORM PENSION SCHEME PENSION SYSTEM PENSION SYSTEMS PENSIONER PENSIONERS PUBLIC SERVICES REAL GROWTH RATE RETIREES RETIREMENT RETIREMENT AGE RETIREMENT AGES RETIREMENT PLANNING RETIREMENTS SEX SOCIAL SECURITY SOCIAL SECURITY SYSTEM SOCIAL SECURITY SYSTEMS VALUATION WAGE GROWTH WAGE INDEXING WILL
Online Access:	http://documents.worldbank.org/curated/en/2012/10/20433159/financial-analysis-temporary-social-security-regime-regarding-old-age-disability-death-state-workers-timor-leste http://hdl.handle.net/10986/21126

Description
Summary:	This report was prepared by the World Bank at the request of the Government of Timor-Leste, and is used to assist the government with short-term budgeting and understanding the long-term dynamics of its new pension program. It summarizes findings regarding the financial and actuarial status of Timor-Leste's pension program for civil servants, the quot;Temporary Social Security Regime Regarding Old Age, Disability and Death for State Workers.quot; Timor-Leste is expecting rapid population growth over the next 75 years. The growth of the population, decentralization, and the expected transition to a middle-income country will drive the need for a growing number of future civil servants. Section I briefly summarizes the legal environment and the provisions of the pension program for civil servants. Section II summarizes the results of the analysis and estimates the cost of the program on a pay-as-you-go basis with payments from the budget, and on a funded basis with contributions as a percent of payroll. Section III discusses the sources of the input data and the methods used to prepare the data for use in this valuation. Section IV summarizes the macroeconomic and demographic assumptions used to prepare this valuation report. Section V comments on some of the non-standard design features of the pension program. Finally, Section VI summarizes the team's findings and discusses the next steps required in the implementation of the civil service pension program.