The International Labor Organization (ILO) organized a 4-day training course on actuarial analysis for a number of employees of the Kurdistan Region Statistics Office and the Federal Ministry of Labor and Social Affairs, in Erbil. This is the first time that the organization conducts such training in Kurdistan Region. The course was given by two trainers, Charles Crevier and Amjad Rabi, with special experience in this field. The main purpose of the course is to present the actuarial analysis and its necessity and benefits to government and stakeholders.
This analysis is carried out through the creation of a special statistical model, devised by the International Labor Organization, that clarifies retirement, the payment of pensioners salaries and creates a balance between the labor force and those who receive pensions. It also highlights the consequences of the imbalance in the coming years. The projections of the model are for the next 100 years, but the model should be updated every three to five years by updating indicators and closely monitoring changes.
In this course, several main themes on this analysis were presented to the participants, the most important of which are: project management, the national framework, pensions, and actuarial indicators. Each of these themes covered a variety of different and related topics, for example: estimation and actuarial methods, data collection and assumptions, demographic projections, labor force, employment and economics; Insured population expectations, retirees’ expectations, cash flow projections, actuarial and financial sustainability indicators, pension reforms and financing strategies. Part of the training was devoted to introducing the ILO model in practice and how to use and benefit from it.