Non-contributory Pensions: Bolivia And Antigua in an by United Nations

By United Nations

Common pensions to be had to every body of eligible age, despite source of revenue, resources or employment heritage, have many merits over precise pensions. during this examine, the writer examines the pension structures of Bolivia and Antigua within the context of non-contributory pensions worldwide, concluding with coverage classes.

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Additional resources for Non-contributory Pensions: Bolivia And Antigua in an International Context (Financiamiento Del Desarrollo)

Sample text

Pensions must be drawn at age 60; there is no provision for early or late retirement and there is no lump-sum option. Participation is obligatory for all employed and self-employed persons aged 16 to 59 years, although in practice few of the selfemployed make contributions. The scheme is designed to replace 50% of average covered earnings at age 60. Average covered earnings are defined as the average of the best five years from age 50, and neither covered earnings nor benefits are indexed. 05% of average covered earnings for each of the first 500 weeks of contributions (for a “full pension” of 25%), plus an additional 1% for each 50 contributions in excess of 500, to a maximum of 50%.

All other pension income received would in effect be subject to a 50% tax until the full EC$500 was recovered. A person with no other pension income would retain the full EC$500 minimum pension, and a person with EC$1,000 or more in other pension income would have no entitlement to benefits from the minimum pension. A person with EC$100 of other pension income would return EC$50, retaining a total monthly pension of EC$550; one with EC$400 other pension income would return EC$200, retaining a total pension of EC$700, etc.

In a surprise victory, the UPP won 12 of the 17 parliamentary seats. The ALP retained only four seats. On the opening of Parliament on 29 March 2004, the new Government reaffirmed in the Throne Speech its intent to provide each citizen a “decent pension” in his or her old age: “My Government takes the view that society has the obligation to make generous provisions to brighten the lives of our elderly in their golden years. Conscious of this obligation, citizens over 60 years of age will receive a $1,000 monthly pension.

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