Senior Actuary: Actuarial valuation, policy analysis and capacity building partnership with PERKESO, Malaysia (Албания - Тендер #64230555)

1. Background

The Employees Social Security Act 1969 (Act 4) stipulates an actuarial review should be carried out at intervals of at least every five years or at such other times as the Minister of Human Resources may consider necessary. The ILO carried out the eleventh actuarial valuation as of 31 December 2019 and the next (twelfth) actuarial valuation will take place as of 31 December 2024.

The project is focused around three key outcomes. Firstly, the undertaking and delivery of the actuarial valuations for four schemes. Full actuarial valuation reports including key results and recommendations, and reference to compliance with ILO Convention 102 will be completed. Secondly, a range of policy and technical support to PERKESO on extension of coverage (of existing schemes and proposed new schemes), policy and financing reform and management issues will be provided. Finally, there will be a strong focus on capacity building including the delivery of the actuarial models for the different benefit schemes to allow PERKESO to carry out actuarial analysis on their own plus tailored training on actuarial, financing, risk management and extension of coverage issues.

These Terms of Reference refer to the work related to the actuarial valuation of two PERKESO schemes as well as related policy and financial analytical work and preparation for the valuation of the Employment Insurance (UI) Scheme (Act 800). The work is therefore split into four main elements:

1. Actuarial valuation work:

• Actuarial valuation work related to ESSS (Act 4)