Haiti Pension System: Recommendations to Improve the Regulation
- The Haitian pension system is characterized by low coverage and low replacement rates.
- The ONA and PRAP regimes seem sustainable according to basic actuarial calculations, but this is at the expense of adequacy due to the lack of inflation compensation.
- Pension funds in Haiti are not supervised or regulated, which poses risks to their sustainability and governance.
- The report recommends reforms to regulate pension funds, including defining clear objectives, establishing governance practices, and creating a specialized pension supervisor.
This document provides general recommendations for the regulatory framework of the pension system in Haiti, which primarily consists of the Office Nationale d’Assurance-Vieillesse (ONA) for private salaried workers and the Plan de Retraite de l’Administration Publique (PRAP) for public servants. The report identifies broad key policy options to improve the performance of the pension system, focusing on strengthening and harmonizing the rules of governance for the ONA and PRAP, increasing their capacity to manage risks, facilitating supervision of pension funds, improving sustainability, adequacy, and equity, and establishing guidelines for investment policies. The recommendations are based on a field visit to Haiti in January 2018 and an analysis of the two main pension regimes in Haiti (ONA and PRAP).
How to cite
PLAC Network; Inter-American Development Bank (IDB), 2018, Haiti Pension System: Recommendations to Improve the Regulation, https://publications.iadb.org/en/haiti-pension-system-recommendations-improve-regulation