Description: Defining, Measuring, and Benchmarking Administrative Expenditures of Mandatory Social Security Programs

Defining, Measuring, and Benchmarking Administrative Expenditures of Mandatory Social Security Programs

This study provides a framework for comparison and benchmarking of administrative expenditures of public and private social security programs. The paper presents the genesis of the inquiries into the subject, reviewing some of the most relevant lit...

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Bibliographic Details
Main Author:	Sluchynsky, Oleksiy
Language:	English en_US
Published:	World Bank, Washington, DC 2015
Subjects:	ACCOUNTING ACCRUALS ADMINISTRATIVE COSTS AGENCY PROBLEMS ANNUAL STATEMENTS ANNUITY ASSET MANAGEMENT AUDITS AVERAGE BENEFITS AVERAGE COSTS BANK PAYMENTS BANKING SYSTEM BASIC PENSION BASIC PENSIONS BENCHMARK BENCHMARKING BENCHMARKS BENEFICIARIES BENEFICIARY BENEFIT PAYMENT BENEFIT PAYMENTS BENEFIT SCHEMES CAPITAL INVESTMENTS CHECKS CIVIL SERVICE PENSION CLAIMANTS COLLECTION PROCESS COMPARATIVE ANALYSIS COMPLIANCE COSTS CONTRIBUTION COLLECTION CONTRIBUTION RATE CONTRIBUTION RATES COST ACCOUNTING COST ANALYSES COST ANALYSIS COST EFFICIENCY COST ESTIMATES COST STUDIES CURRENCY DEBT DEFINED BENEFIT DEFINED CONTRIBUTION PENSION DEFINED CONTRIBUTION PLANS DEPRECIATION DEVELOPING COUNTRIES DIRECT COSTS DIRECT LABOR COSTS DISCLOSURE OF FEES ECONOMIC COOPERATION ECONOMIC DEVELOPMENT ECONOMIC EFFICIENCY ECONOMIES OF SCALE ECONOMIES OF SCOPE EMPLOYEE EXPENDITURE EXPENDITURES FINANCIAL ASSETS FINANCIAL FLOWS FINANCIAL INSTITUTIONS FINANCIAL SECTOR FIXED COSTS FRAUD FUND MANAGERS GDP GDP PER CAPITA GROSS DOMESTIC PRODUCT HOLDING IMPLICIT SUBSIDIES INCOME TAXES INDIVIDUAL ACCOUNT INDIVIDUAL ACCOUNT SYSTEMS INDIVIDUAL ACCOUNTS INFLATION INFORMATION SYSTEMS INSURANCE INSURANCE INDUSTRY INVESTMENT COSTS INVESTMENT PORTFOLIO LESS DEVELOPED COUNTRIES LIABILITY LIABILITY MANAGEMENT MANDATORY SCHEMES MANDATORY SYSTEMS MATURITY MINIMUM PERIOD NATIONAL INCOME NATIONAL PENSION OPEN MARKET OPPORTUNITY COSTS ORGANIZATIONAL STRUCTURES OUTSTANDING STOCK PAYMENT SYSTEMS PAYROLL PENSION PENSION ACCOUNT PENSION ACCOUNTS PENSION ADMINISTRATION PENSION AGENCIES PENSION AGENCY PENSION ASSET PENSION ASSETS PENSION CONTRIBUTION PENSION CONTRIBUTIONS PENSION DEBT PENSION EXPENDITURES PENSION FUND PENSION FUND ADMINISTRATORS PENSION FUND MANAGERS PENSION FUNDS PENSION INSURANCE PENSION LIABILITIES PENSION PLANS PENSION PROGRAM PENSION PROGRAMS PENSION PROVIDERS PENSION RESERVES PENSION RIGHTS PENSION SCHEME PENSION SCHEMES PENSION SYSTEM PENSIONER PENSIONERS PENSIONS PER CAPITA INCOME PER CAPITA INCOMES PILLAR PROGRAM PILLAR PROGRAMS PORTFOLIOS PRIVATE MANAGEMENT PRIVATE PENSION PROFIT MARGINS PROVIDENT FUND PROVIDENT FUNDS PUBLIC ASSETS PUBLIC FUNDS PUBLIC GOOD PUBLIC PENSION PUBLIC SCHEMES REGRESSION ANALYSES REGRESSION ANALYSIS REMITTANCES REPORTING RESERVES RETIREMENT RETIREMENT BENEFITS RETIREMENT INCOME RETIREMENT INCOME PROVISIONS RETIREMENT PROGRAMS RETIREMENT SAVINGS RETURNS REVENUE COLLECTION SETTLEMENT SOCIAL INSURANCE SOCIAL INSURANCE CONTRIBUTION SOCIAL INSURANCE CONTRIBUTIONS SOCIAL INSURANCE PROGRAMS SOCIAL SECURITY SOCIAL SECURITY AGENCIES SOCIAL SECURITY AGENCY SOCIAL SECURITY BENEFIT SOCIAL SECURITY SYSTEM SOCIAL SECURITY SYSTEMS STATISTICAL ANALYSIS STATUTORY CONTRIBUTION SUPPLEMENTARY SCHEMES TAX TAX COLLECTION THRIFT SAVINGS PLAN TOTAL COSTS TRANSACTION TRANSACTION COSTS TRANSITION ECONOMIES UNEMPLOYMENT VARIABLE COST VARIABLE COSTS VOLUNTARY PENSION WAGES WEALTH
Online Access:	http://documents.worldbank.org/curated/en/2015/02/24193182/defining-measuring-benchmarking-administrative-expenditures-mandatory-social-security-programs http://hdl.handle.net/10986/21789

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Summary:	This study provides a framework for comparison and benchmarking of administrative expenditures of public and private social security programs. The paper presents the genesis of the inquiries into the subject, reviewing some of the most relevant literature on administrative expenditures and the costs of mandatory programs produced over the past two decades. The quantitative analysis builds on the extensive body of literature, but our framework evolved considerably from earlier studies. Our dataset includes over 100 observations and a broad set of explanatory variables. The authors developed and compared a number of standardized cost indices discussing their advantages and limitations. The author also discusses major cost components and their shares in total program costs. The analysis explains over 90 percent of variation in administrative expenditures. It confirms some of the hypotheses expressed in the earlier studies and presents new evidence of driving factors for costs. The author developed three different specifications for statistical analysis. The first set looks at the impact of design of a program on total costs. The second group of specifications assesses differences in costs of managing pension liabilities between the public and private mandatory pension schemes. Finally, on the basis of the third model the author generate benchmarks for staffing levels and for the total administrative expenditures. The author compares those to the actual indicators and develops standard performance ratios, providing insights into design variations and performance of the programs. The author concludes with a discussion of data limitations and implications of our findings.

Defining, Measuring, and Benchmarking Administrative Expenditures of Mandatory Social Security Programs

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