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Weighed down by population aging, slow economic growth, and high unemployment, National Insurance Schemes in the Caribbean are projected to run substantial deficits and deplete their assets in the next decades, raising the prospects of government intervention. With the region highly indebted, this paper quantifies the impact of three parametric reforms—freezing pension benefits for two years, raising the retirement age and increasing the contribution rate by one percentage point—that, if implemented, would put the pension schemes on a stronger financial footing. While the appropriate combination of reforms necessary to eliminate the actuarial deficits varies depending on each country’s circumstances, most countries need to undertake reforms now or risk even higher taxes, lower growth and unsustainable debt dynamics.

Old age pensions --- Retirement age --- Economic development --- E-books --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Age of retirement --- Pension age --- Age and employment --- Retirement, Mandatory --- Employees --- OASI (Old age and survivors insurance) --- Old age and survivors insurance --- Older people --- Retirement pensions --- Survivors' benefits (Old age pensions) --- Pensions --- Labor --- Macroeconomics --- Public Finance --- Demography --- Social Security and Public Pensions --- National Government Expenditures and Related Policies: General --- National Government Expenditures and Welfare Programs --- Nonwage Labor Costs and Benefits --- Private Pensions --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Retirement --- Retirement Policies --- Aggregate Factor Income Distribution --- Population & demography --- Labour --- income economics --- Aging --- Pension spending --- Income --- Expenditure --- Population and demographics --- National accounts --- Population aging --- Barbados --- Income economics