Abstract
Pension and social insurance programs that prevent a substantial loss in consumption resulting
from old age, disability, or death are an integral part of any social protection system. The dual
objectives of such programs are to allow for the prevention of a sharp decline in income when
these life-cycle events take place and protection against poverty in old age. This background
paper reviews the World Bank’s conceptual framework for the analysis of pension programs
and defines the major challenges facing low and middle income countries, namely, coverage,
adequacy and sustainability. The paper proposes a broad, forward-looking strategy to help
address these challenges. (출처:World Bank)