Rethinking of Structural Reform of Mexico's First Pillar Pension System
Influenced by Chile's pension system reform achievements,the push of the World Bank and the domestic economic crisis,the structural reform of the pension system in Mexico in 1997 changed the public pension system from PAYG-DB to FF-DC of the individual account.Mexico's pension system reform in 1997 has significantly different characteristics compared with other Latin American countries.However,after the implementation of the reform,problems such as moral hazard,intergenerational equity,fiscal risk and sustainability,and poor management were gradually exposed.However,the reform had little effect and the financial crisis was seri-ous.In 2007,Mexico reformed the pension system again,and basically formed the current three-pillar pension insurance system.While these two pension reforms achieved certain economic goals,they also led to problems such as elderly poverty and income inequality.Here are the les-sons.We should re-examine the nature and orientation of the pension system.We should recognize that pension system reform must take into account informal employment and the struc-tural changes in the labor market.We must attach importance to the matching of contributive pension and non-contributive minimum guaranteed pension.We should realize that pension reform should be based on the basic national conditions of the country's population,economic and social development,and that the quality and efficiency of pension system management are related to the effectiveness of reform and the cost of management and operation.We should attach importance to the role of culture.
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