Harvard Case - Providing Pensions for the Poor: Targeting Cash Transfers for the Elderly in Mexico
"Providing Pensions for the Poor: Targeting Cash Transfers for the Elderly in Mexico" Harvard business case study is written by Dan Levy, Jorge Coarasa. It deals with the challenges in the field of Social Enterprise. The case study is 5 page(s) long and it was first published on : Mar 5, 2014
At Fern Fort University, we recommend a multifaceted approach to address the challenges of providing pensions for the poor elderly in Mexico, focusing on social entrepreneurship and impact investing to create a sustainable and impactful solution. This approach involves developing a hybrid organization that leverages the strengths of both the public and private sectors, with a strong emphasis on social innovation and sustainable business models.
2. Background
This case study focuses on the Mexican government's efforts to provide pensions to the elderly, particularly those living in poverty. The current program, 'Pensi'n para Adultos Mayores,' faces challenges in reaching all eligible individuals, ensuring program integrity, and promoting financial inclusion. The case study highlights the need for innovative solutions to address these issues and improve the lives of the elderly population.
The main protagonists are:
- The Mexican government: Responsible for implementing and managing the pension program.
- The elderly population: The beneficiaries of the program, facing poverty and limited access to financial services.
- Nonprofit organizations: Potential partners in delivering the program and providing support services.
- Private sector companies: Potential investors and partners in developing sustainable and scalable solutions.
3. Analysis of the Case Study
The case study highlights the following key issues:
- Inequitable access: The current program struggles to reach all eligible individuals, particularly those living in remote areas or lacking proper documentation.
- Program integrity: Concerns exist regarding potential fraud and misuse of funds, impacting the program's effectiveness and sustainability.
- Financial exclusion: Many elderly individuals lack access to formal financial services, hindering their ability to manage their pensions effectively.
- Limited resources: The government faces constraints in funding and administrative capacity, limiting the program's reach and impact.
Framework:
To analyze the case, we will utilize the Stakeholder Theory framework, considering the interests and perspectives of all stakeholders involved, including the government, the elderly population, NGOs, and private sector actors. This framework will help us develop a solution that addresses the needs of all stakeholders and fosters collaboration.
4. Recommendations
We propose the following recommendations:
- Establish a Social Enterprise: Create a hybrid organization that combines the strengths of the public and private sectors. This organization will be responsible for delivering the pension program, leveraging social innovation and sustainable business models to ensure its long-term sustainability.
- Develop a Technology-Enabled Platform: Implement a digital platform to streamline the pension application process, facilitate payments, and provide financial literacy training to beneficiaries. This platform will leverage technology to improve program efficiency, transparency, and inclusivity.
- Partner with Nonprofits and Private Sector Companies: Establish strategic alliances with NGOs and private sector companies to provide support services, such as healthcare, transportation, and financial counseling, to beneficiaries. These partnerships will leverage the expertise and resources of different stakeholders to create a comprehensive and impactful solution.
- Implement Impact Investing Strategies: Attract impact investors to provide financial support and expertise to the social enterprise. This will ensure the program's financial sustainability and promote shared value creation by aligning financial returns with social impact.
- Promote Financial Inclusion: Develop programs to educate beneficiaries about financial management and encourage the use of formal financial services. This will empower beneficiaries to manage their pensions effectively and improve their financial well-being.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The proposed solution aligns with the government's mission to provide social protection for vulnerable populations. It also leverages the expertise of NGOs and private sector companies, creating a synergistic approach.
- External customers and internal clients: The solution prioritizes the needs of the elderly population, ensuring they have access to a reliable and dignified pension. It also considers the needs of the government, NGOs, and private sector partners, ensuring their interests are met.
- Competitors: The solution focuses on creating a unique and innovative approach to pension delivery, differentiating itself from existing programs and attracting impact investors.
- Attractiveness ' quantitative measures: The proposed solution is expected to generate positive social and financial returns, with the potential to improve the lives of millions of elderly individuals. It will also attract impact investors seeking to generate both financial returns and social impact.
6. Conclusion
By adopting a social entrepreneurship approach and leveraging impact investing, the Mexican government can create a sustainable and impactful solution to provide pensions for the poor elderly. This approach will address the challenges of inequitable access, program integrity, financial exclusion, and limited resources, ultimately improving the lives of millions of vulnerable individuals.
7. Discussion
Alternatives:
- Government-led expansion: Expanding the existing program without significant changes. This approach may face challenges in reaching all eligible individuals and ensuring program integrity.
- Private sector-led solution: Relying solely on private sector companies to deliver the program. This approach may lack the necessary social impact focus and may not be accessible to all beneficiaries.
Risks and Key Assumptions:
- Political will: The success of the solution depends on the government's commitment to implementing the proposed changes.
- Financial sustainability: The social enterprise needs to attract sufficient impact investment to ensure its long-term financial viability.
- Technological adoption: Beneficiaries need to be able to access and utilize the digital platform effectively.
8. Next Steps
- Develop a detailed business plan: Define the social enterprise's mission, vision, and operating model.
- Secure funding: Attract impact investors and government support to finance the initial setup and operations.
- Pilot the program: Implement the program in a limited geographic area to test its effectiveness and identify areas for improvement.
- Scale the program: Gradually expand the program to reach all eligible individuals across Mexico.
This comprehensive approach, guided by the principles of social entrepreneurship and impact investing, has the potential to transform the lives of the elderly population in Mexico, ensuring they have access to a dignified and sustainable pension.
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Case Description
When the Mexican Congress approved the country's 2007 budget, it included an appropriation of 8.5 billion pesos allocated to provide non-contributive pensions to senior citizens. President Felipe Calderon wanted to introduce eligibility criteria that would ensure the new federally-funded pensions would go to poor seniors that would otherwise lack the means to sustain themselves. This case puts the reader in the shoes of Calderon's advisor, asking them to assess which targeting option would be best for the Mexican government, taking into account a wide range of criteria including targeting efficiency, financial feasibility, political viability, and administrative feasibility. The case provides a brief description of previous efforts to target the poor in Mexican social programs and data to evaluate three potential targeting options. Case Number 2011.0
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