01678cas a2200241 a 4500 AALejournalIMF000747 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451857559 1018-5941 BD-DhAAL BD-DhAAL Clavijo, Sergio. Fiscal Effects of the 1993 Colombian Pension Reform / Sergio Clavijo. Washington, D.C. : International Monetary Fund, 1998. 1 online resource (23 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This study examines the fiscal impact of the pension reform adopted in Colombia in 1993, which established a fully funded, privately administered pension system alongside the existing pay-as-you-go state scheme. The reform increased the contribution rate and reduced the benefits of the state scheme. However, the fiscal cost of the reform was high, estimated at 1.5 to 2.3 percent of GDP annually over the next three decades. This reflects concessions made to special groups of public servants, the delay in making effective the new retirement conditions, and the minimum pension guarantee. A new generation of pension reforms needs to be adopted. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1998/158 Full text available on IMF http://elibrary.imf.org/view/journals/001/1998/158/001.1998.issue-158-en.xml IMF e-Library