2004 1 100732 4 DC 1997 15 GDP 50% 45% 55% 24% 76% 1 DB 2 DC 1/3 3 DC 4 3 1 DC 2 3 2003 6 12 7 29 10 2003 7 29 10 1 Palacios, R. and M. Pallares-Miralles (April 2000), International Patterns of Pension Provision, Human Development Network, Social Protection Discussion Working Paper Series, No.0009. World Bank, Washington D.C. Figure 3.5, p.15. 2 2003 a,g,k 3 2003 e,g,k (2003 ) 4 DC DB 2003 e, f, g, h 1
4 1995 DB GDP 1 1 DB DC DC %GDP %GDP %GDP 33.1% 117.0% 55.7% 32.0% 87.3% 55.6% 25.0% 74.7% 15.2% 16.9% 61.0% 12.1% 13.1% 45.0% 9.4% 11.2% 23.9% 6.6% 11.1% 3.0% 4.5% 11.0% 2.9% 4.0% 10.5% 2.1% 2.8% 9.4% 1.1% 2.4% 8.7% 1.0% 0.7% 7.1% 1.0% 0.6% 7.0% 0.5% Na 6.9% 0.5% 6.6% 0.4% 5.7% 0.3% 5.4% 0.0% 5.0% 0.0% 4.0% 0.0% 3.5% 1.6% 1.4% 1.2% 0.5% 0.4% 0.4% Na Palacios, R. and M. Pallares-Miralles (April 2000), International Patterns of Pension Provision, Human Development Network, Social Protection Discussion Working Paper Series, No.0009. World Bank, Washington D.C. Table 3.1, p.16. 1 3 2
150 20-30 5 5% 1 DC TSP 6 Provident DC 5 2003 a 6 DC TSP 2004 2003 k 3
EPF 1951 GDP GDP 56% 11%% 12% DC 2 EPF % 1952-1974 5% 5% 10% 1975-1979 6% 7% 13% 1980-1992 9% 11 20% 1993-1995 10% 12% 22% 1996-11% 12% 23% Thillainathan, R.(May 3-6, 2003), Table 2. p.36. 1973 70 3% 60 4% 3 1952-2001 % % % 1952-1955 na na na na na 1956-1960 2.8 0.4 2.4 1961-1965 4.75 5.37 0.5 0.95 4.25 1966-1970 5.69 1.4 4.29 1971-1975 -6.1 0.58-7.4-1.45-1.3 na 4.27 0.725 1976-1980 7.25 4.5 2.75 1981-1985 8.5 8.35 4.66 3.31 3.84 1986-1990 8.2 1.96 6.24 1991-1995 8.0 7.4 3.96 3.58 4.04 1996-2001 6.8 3.2 3.6 5.452 1.598 3.389 Thillainathan, R.(May 3-6, 2003), Table 1. p.34-35. 5.04 3.52 4% 4
90 90% MGS 90% 4% 90 6 1 DC 2 DC DB 3 1985-1994 75% 10% 5% 15% 12% 90% 10% 50% 25% 10% 15% 30% 10% 7 30% 25% 1/3 4 5 7 Thillainathan, R.(May 3-6, 2003), p.7. 5
6 NDB DB DC Government Pension Fund (Armed Forces Provident Fund) 2001 4 SRS 8 45-55 20% 16% 36% 4 2002 10 % % 5000 35 16 20 36 26 4 6 35-45 16 20 36 23 6 7 45-55 16 20 36 22 6 8 55-60 6 12.5 18.5 10.5 0 8 60-65 3.5 7.5 11 2.5 0 8.5 65 3.5 5 8.5 0 0 8.5 Mukul G. Asher (May 5-7, 2003), Table 1, p.10. 8 2003 c 6
1968 17 2002 547 1982-2001 1.97% 3.35% 7.42% IMF SGIC 90 10% 3.35% 9 60 80 30 85% DC NDB 10 5 DC 2002 12 31 722001 21.4% 238 136 31.6% 3.3 18851 48 27 24% 407126 13.6% 1 5870 30% 9 10 Mukul G. Asher (May 5-7, 2003), p.18. Mukul G. Asher (May 5-7, 2003), p.17. 7
30% 2002 12 31 77.72 32.6% 134.71 56.6% 240.43 10.1% 107.07 0.7% 238.186 34.757 83.1% 7.016 16.8% 460 0.1% 40.819 11 5-7% 10-15% 2-4 547 2002 12 547 GDP 61.9% 5.36 682.22 12 5 EPFO 1952 20 2800 30 EPFO 4 EPF 2/3 3 EPS EDL EDLI2001 3 31 231 GDP 5.84% GDP 20% DC DB 23% 1998 1998 10% 1998 10% 13 11 12 13 Mukul G. Asher (May 5-7, 2003), Table 5. p.29-31. Mukul G. Asher (May 5-7, 2003), Table 5. p.27. Augusto Iglesias and Robert J. Palacios (January 2000), p.12. 8
5 EPF 1 25% a / 2 b 3 15% a 3 IDFC / b 40% 4 20% 5 4 10% 2 Mukul G. Asher (May 5-7, 2003), Table 8. p.47. 1986-2000 11.8% 9.0% 2.8% GDP 2.8% 2.8% 14 3 2003-2004 DC 4 CSSPS NSSF (ORSBS) 18 GDP 20% 0% 38% 61% 14 Mukul G. Asher (May 5-7, 2003), Table 8. p.49-50. 9
1% 4 15% 22% 67% 11% 15 NSSF 5% 55 RBA 5% 30% 70% 5% 100% 5% 2003 5 6 1995-2000 1995 1996 1997 1998 1999 2000 18 20 21 21 12.5 11 17.25 15 15 7 7 2 3 7.17 2.5 7 12 12 6 10 7.42 Edward Odundo (May 5-7, 2003), p.16. 7.17% 10 2 7.17% 7.42% 0.25% 80 3.8% 16 4 24% 16 2002 7% 6% 5% 9% 1% 72% 30% 5% 17 RBA 1/3 15 Edward Odundo (May 5-7,2003). 16 Edward Odundo (May 5-7, 2003), p.17. 17 Edward Odundo (May 5-7, 2003), p.14. 10
2002 5.2% MPF 1995 8 1998 4 1999 3 2000 12 1 2000 12 1 64 18 65 60 5% 2 / 4000 / 5000 12 DC 4 1.5 11
30% 9 90% 7% 3% 97% 3% 90% 7% 3% 70% 25% 5% 50% 45% 5% 60% 30% 10% 90% 10% 90% 10% 100% 18 DC TSP 19 TSP TSP 5 DC DC DC 1 2000 12 1 90% 2001 196 63 6 20 2003 2003 1-10 13.23% 2001 21 4 3 8 1 3 22 18 http://mpf.fidelity.com.hk/chinese/employee/index2_employeeinveststrategy_mpf.htm 19 TSP 5 2004 2003 k 20 http://fayhoo.163.com/editor/010521/010521_46365.html 21 http://news.fjii.com/2003/10/14/167156.htm 22 2004 2003 a, c, g, k 12
13 OECD OECD DC DC a b c DC NDB NDC 23 23 http://time.dufe.edu.cn/jjwencong/chshi07.htm http://qzr.51.net/overseas/singapore/951.htm
1 24 DC 25 2 26 27 28 3 29 4 24 2003 i, j, k (2003 ) 2003 (2003 ) 2003 25 2003 a 26 11% 8% 2003 h 27 2004 2003 i, j, k 28 (2003 ) 2003 (2003 ) 2003 29 645% GDP 300% 1/2 2% 2003 d,e,g 14
1600 5 1955 2004 DC TSP 2004 1 2003 a DB 11 46-69 2003 b 4 63-72 2003 c 1 41-63 2003 d 1 31-36 2003 e 2 118-127 2003 f 5 56-61 2003 g 2 74-91 2003 h 8 33-45 2003 i 415 31 2003 11 1 24-28 2003 j 11 14-16 2003 k 15
6 12-7 29 (2003 ) 7 17-19 2003 8 53-55 (2003 ) 9 1-4 2003 279 10 13 5 Augusto Iglesias and Robert J. Palacios (January 2000), Managing Public Pension Reserves Part I: Evidence from the International Experience, Social Protection Discussion Paper Series No. 0003, Social Protection Unit, Human Development Network, The World Bank, Washington D.C. Edward Odundo (May 5-7,2003), Supervision of A Public Pension Fund: Experience And Challenges In Kenya, a paper presented at the 2 nd World Bank Conference on Public Pension Fund Management, World Bank, Washington, DC. Palacios, R. and M. Pallares-Miralles (April 2000), International Patterns of Pension Provision, Human Development Network, Social Protection Discussion Working Paper Series, No.0009. World Bank, Washington D.C. Thillainathan, R.(May 3-6, 2003), The Employees Provident Fund of Malaysia: Allocation, Investment Strategy and Governance Issues Revisited a paper presented at the 2 nd World Bank Conference on Public Pension Fund Management, World Bank, Washington, D.C. Mukul G. Asher (May 5-7, 2003), Governance and Investment of Provident and Pension Fund: The Case of Singapore and India, a paper presented at the 2 nd World Bank Conference on Public Pension Fund Management, World Bank, Washington, DC. 16