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Pensions for Migrants – Leveraging the Renda Success
By Arun Muralidhar, Leandro Sarai & Sid Muralidhar
Since migrants typically come from developing countries, with weak currencies, and are considered informal workers in developed countries, with hard(er) currencies, they slip through the economic and social cracks. Even if they earn a reasonable income, they do not have access to the formal financial sector and hence have no retirement security (much like informal workers in developed or developing countries).
Brazil’s digitally-enabled, through Tesouro Direto, RendA+ retirement income bond, designed along the lines of the SeLFIES (Standard-of-Living indexed Forward-starting, Income-only Securities) bonds, and Educa+ education bonds, registered/custodied on a multi-national-maintained blockchain-based global registry/custodied, might provide the solution for this complex problem. We provide background on the migrant retirement security challenge, details on the economic and other challenges faced by migrants, a potential proposal to solve this global crisis and some technical, political challenges that could be overcome by a Multilateral Development Bank hosting the SIMPLE (Secure retirement Income for Migrants for Pensions in a Ledger Electronic) solution on the blockchain.
Source SSRN
