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Neno's Place Established in 2006 as a Community of Reality


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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    ILO: Iraq's pension system is unfair

    Rocky
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    • Post n°1

    ILO: Iraq's pension system is unfair Empty ILO: Iraq's pension system is unfair

    Post by Rocky Wed Jul 10, 2024 5:38 am

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    [size=52]ILO: Iraq's pension system is unfair[/size]

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    2024-07-09
    A report by the International Labor Organization website confirmed, on Tuesday, that the retirement system is at the heart of social protection, and by ensuring income security for the elderly and other vulnerable groups, it prevents poverty, reduces inequality, and facilitates consumption. The retirement system also affects the labor market choices of the working population and has important financial implications.[/size]
    [size=45]“Despite important legal reforms, poor implementation and inconsistencies between the public and private sectors make Iraq’s current pension system highly fragmented, inequitable and inefficient, and the old-age pension coverage gap is expected to widen rapidly, particularly for women outside the labor market and those working in the informal economy,” the report, translated by the agency, said. “Moreover, under current policies, the total financial cost of public, private and budget-financed pensions is expected to remain close to 4 percent of GDP per year over the next eight decades.”[/size]
    [size=45]“Financial spending on pensions will continue to disproportionately benefit formal workers participating in public and private contribution schemes. Thus, the system creates an uneven playing field between the public and private sectors, contributing to the continued expansion of the already large civil service and hindering much-needed economic diversification and private sector growth,” he added.[/size]
    [size=45]“Despite the widespread coverage, the majority of the elderly population does not receive individual pensions, and instead relies on other parts of the family-based, poverty-targeted social safety net programme, personal savings, intra-household financing, and other informal support mechanisms,” he added.[/size]
    [size=45]The report indicated that “one of the important solutions lies in the partial integration on a unified management of a single pension system for private sector participants and new entrants to the public sector, managed through a single fund, while current public sector employees and retirees will remain as a closed group, managed separately.” End/25 D[/size]
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