Better Pension Institutions for a Post-COVID-19 World in Latin America and the Caribbean: The Role of Pension Advisory Councils
An important pending issue in the pension systems in Latin America and the Caribbean is that they lack an institutional framework that facilitates their timely adaptation to the demographic change that is coming and to the potential social and fiscal tensions that this can generate. This limitation causes governments to adjust the system occasionally and delay the necessary reforms, typically at a time when technical options are very limited and action must be almost immediate. The pressure for short-term results can also imply significant sacrifices for the affected generations.