Gotowa bibliografia na temat „Public employment Management”

Purpose This paper aims to bring to the fore some neglected implications of the dual employment systems in China, especially for the public sector. Design/methodology/approach This paper reinterprets some recent developments in understanding Chinese employments and incorporates the relevant research in arguing for a dualistic view of employment in China[1]. Findings In highlighting the unique dualistic employment contexts in China and an indigenous phenomenon of “unequal pay for equal work”, this paper finds public management studies in China to deserve a separate platform for future research. Research limitations/implications Future Chinese management studies on public sector should contextualise their findings and conclusions, taking into account the employment structure at their research settings. More studies on the public sector are needed to better understand the dualistic Chinese employment relationships, especially for better public management policies and practices in China. Social implications It calls for more scholarly attention on the social injustice embedded in the dualistic employment in China. Originality/value It extends the ongoing discussions of Chinese employment reform and its implications on organising work and employment in China, while unveils important implications of the dualistic employment for future Chinese management research, especially in the public sector.

The controversial requirement that the employees of a public agency financially support a union as a condition of keeping their jobs is examined, looking at its historic and legal roots, and at its practical consequences for public management. The author draws from the California experience, where agency shop legislation has been in effect for several years, and examines relevant decisions of various courts and boards. The relationship between agency shop and a union's legal obligation to represent both union members and non-members is explored as the legal and ethical basis for agency shop legislation. General exceptions to the payment of agency shop fees, including the often misunderstood religious exemption, are reviewed, as are the uses to which a union may put any such money which it collects.

Purpose The purpose of this paper is to explore the factors that may be related to a career choice in the public vs the private sector in a developing African country. Design/methodology/approach Using a sample of graduate management students, the authors tested reward preferences and altruism, elements of public service motivation, on their generalizability to a developing country in Africa. The authors also examine the role of career attitudes, individual personality factors, and cultural values on a career choice in public service. Findings The authors find that not all the factors associated with the choice of sector (public or private) found in previous studies apply in the Botswana context. Research limitations/implications Perry and Wise (1990) developed the concept of public service motivation to explain why individuals may be motivated to serve the public. However, two of the factors associated with public service, intrinsic motivation, and altruism, were not predictive of a career choice in the public sector in Botswana, and thus may limit its generalizability outside of western developed countries. Practical implications In Botswana and other developing economies, government jobs are considered to provide lucrative and stable employment, and attract educated citizens regardless of motivations. However, as the private-for-profit sector is emerging, these countries could soon be facing serious competition for top university students, and will need to develop a strategy for attracting the best talents to choose employment in the public sector over career options in the private sector. Originality/value The present study seeks to further the understanding on how individuals make a career choice between public vs private sector management in a developing country.

In the field of public employment services (PES), performance can be measured primarily in terms of employment outcomes - such as the employment rate, unemployment rate and earnings - achieved by the clients of each local employment office or employment service provider. An increasing number of OECD countries now have performance management systems in place within the national PES or under nationwide or localized subcontracting arrangements. the principal in these systems needs to renew or discontinue contracts with service providers according to the estimated net impact of their services, i.e. gross outcomes relative to a “benchmark” or “target” level, which will vary according to local-labor-market and client-group characteristics. These benchmarks can be explicitly estimated using econometric methods, but they can also be generated automatically under an institutional set-up that ensures that multiple service providers are handling comparable client groups on equal terms. An alternative contracting model involves paying providers the actual value of the summary gross outcome measure but with lump-sum co-payments, which are set to ensure that no large economic rents arise. as various principles are better understood and operational systems are developed, explicit performance management arrangements may increasingly outperform traditional hierarchical management and ad hoc management-by-objectives approaches.

Worldwide, the employment of people with disabilities has been challenged by the slow development of ‘workplace specific’ disability employment policies. The focus has been on formulating legislation to overcome barriers and the implementation of national disability policies without ensuring that workplaces formulate such policies. While laws regarding disability have been on the statute books for two decades in South Africa, little is known about how effective they have been and their impact in the workplace. This article examines whether South African government departments have developed or reviewed employment policies for the benefit of people with disabilities, and determines whether policy makers were aware of the existence of the Disability Code (Republic of South Africa, 2002) and the Technical Assistance Manual (Republic of South Africa, 2005) when the policies were developed or reviewed. Human Resource Managers from 16 government departments in KwaZulu-Natal Province were interviewed. It was found that although HR policies were in place and some were being developed, very little has been done in terms of reviewing and/or developing disability employment policies. Furthermore, the existing prescripts were not extensively used as a resource during the development of disability-related employment policies. This has negatively affected the employment of people with disabilities in the public service. It is hoped that the results will assist management, HR practitioners as policy makers, and line managers to develop disability employment policies in order to attract and retain people with disabilities. The research also contributes to the existing body of literature on disability

The McDonald's model of labour management has been widely adopted throughout the fast food industry. Literature that is critical of fast food labour management policy and practice often portrays employers as offering work that is low paid, unchallenging and uninteresting. However, others argue that the industry provides young workers with: a first resume entry, training opportunities, the chance to develop a career and a path into employment. This study interprets these two perspectives as reflecting either misalignment or alignment of employee/crew and employer preferences. Such an interpretation recognises that fast food work does not represent a career for many who do it but is short term or 'stop-gap' in nature. The study's research question is: to what extent does management preference for elements of work align with the preferred working arrangements of crew at McDonald's Australia? This research subjects McDonald's Australian stores to independent scrutiny. Previous research in this area has mostly used qualitative methods. Earlier studies, by and large, provide descriptive accounts of fast food employment however they often lack the rigour of an empirical investigation. The present research uses a structured survey method to obtain data from crew and managers. Results are analysed using descriptive and inferential statistics. Findings focus on three areas of labour management: industrial relations, work organisation and human resource management. Several themes relating to alignment of preferences in the fast food employment relationship are identified. These are: crew have scant knowledge of industrial relations, do not like aspects of work organisation, but respond positively to certain human resource management policies and practices; crew lack knowledge of labour management issues generally; crew work is simple and repetitive; and, many young crew seem to dislike aspects of fast food work as they get older but others, who have distinctive characteristics, appear to continue to like the McDonald's approach as they age.

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Bachelors
Health and Public Affairs
Nursing

In today's modern world of medicine, most, if not all, physician employment contracts contain non-compete clauses. Non-competes, also known as restrictive covenants, essentially function as restraints on trade. Non-competes act as a restraint in the medical arena by preventing physicians from taking patients with them when physicians begin new employment or, alternatively, depart on a self-employment basis. They also restrain physicians from competitively practicing medicine in a predetermined geographic area for a specified period of time.

Restraints on trade have a long noteworthy history. One case that emphasized the importance of having checks and balances on such restraints is Lochner v. New York. While not relating to the practice of medicine and non-compete provisions, Lochner is nonetheless an important case to the analysis of non-compete provisions in physician employment contracts. Lochner is necessary to the discussion of non-competes because it emphasizes how the history of restrictions on restraints on trade have changed so that now private parties, and not just the government, are allowed to implement restrictions. Additionally, these restrictions vary depending on the profession and where professionals practice.

Non-compete provisions are found in contracts created by both small private medical practices, as well as bigger entities, such as hospitals and managed care organizations. Therefore, this is not an issue limited to the size of the practice. The physician-patient relationship has gradually become more and more of an impersonal one due to managed care organizations and legislation such as the Affordable Care Act (ACA). This does not, however, mean that physicians and patients approve of this interference and push towards an impersonal relationship. Thus, if patients are unhappy with the resulting impersonal relationship from managed care plans and legislation, patients may suffer further from these non-compete clauses interfering with the patients' utilization of physician services.

These clauses hurt not only the physicians trying to practice, but also have the capacity to conflict with patient choice in regard to selecting the physician they want for treatment purposes. More importantly, such non-competes negatively interfere with the continuity of patient care. It is for these aforementioned reasons that it would behoove the American Medical Association (AMA) to model its non-compete guidelines after those found in the American Bar Association (ABA), which strictly limit the use of such non-compete provisions in attorney employment contracts.

Thesis (MA (Public and Development Management))--University of Stellenbosch, 2009.
Sexual orientation (discrimination) as a part of diversity management in organisations is a controversial issue and people in management positions are not always comfortable to address issues relating to gay employees. This is evident from the lack of adequate policies and processes that exist within public organs. Ignorance and prejudice, heterosexism and homophobia, religious and moral beliefs and stigmatisation contribute to why employees discriminate against their co-workers based on sexual orientation. The following measures can be taken by the organisation in combating this phenomenon: • Writing anti-discriminatory statements. • Re-evaluating the current state of the organisational culture and whether it is supportive of gay employees disclosing their sexual orientation at work. • Developing an employee assistance programme. The success of these measures will largely depend on the capacity of the Human Resource department in making the organisation more inclusive. Therefore, the Integrated Development Plan of Stellenbosch Municipality as its organisational strategy plays a vital role in this entire process, as it cannot be separated from the Human Resource management strategy of this organisation. These initiatives will only be effective and efficient if there is commitment from top management as well as the employees to ensure a safe work environment for lesbian, gay and bisexual employees.

This study was conducted to determine what the relationship is between the employee compensation/benefit programs in Texas public school districts and the basic values and beliefs that are important to the success of the districts.

Dans un contexte de chômage fort dans toute l’Europe depuis de nombreuses années (taux moyenautour de 10%), la capacité à faire le lien entre l’offre et la demande d’emploi est cruciale etessentielle pour limiter le chômage.Les pouvoirs publics français ont consacré une attention particulière au service public de l’emploiqui a fait l’objet d’une transformation importante incarnée par la création de Pôle emploi en 2008.Force est de constater que cette réforme n’a pas permis d’atteindre les objectifs escomptés et queles critiques pleuvent sur l’inefficacité de cette nouvelle structure. La crise de légitimité de Pôleemploi s’illustre notamment par l’existence d’un écosystème « parallèle » de l’intermédiationoffre/demande qui s’est développé en marge du service public de l’emploi en regroupant unensemble d’acteurs spécialisés (cabinets de recrutement, sociétés d’intérim, etc.) et de servicesnumériques dédiés (job board - Monster, JobiJoba, Cadremploi, Le Bon Coin - ; réseaux sociaux –Linkedin, Viadéo - ; etc.) sur lesquels s’appuient les entreprises et les candidats pour répondre àleurs besoins. L’objectif de cette recherche est d’identifier les contraintes structurelles etorganisationnelles qui expliquent la crise de légitimité du service public de l’emploi français. Nostravaux ont également pour objectif d’illustrer, au travers du cas de Pôle emploi, le concept de« trappe à légitimité » qui s’applique, sous certaines conditions, aux organisations évoluant dansun contexte non concurrentiel. Nous proposons enfin d’en tirer des conclusions théoriques et desimplications managériales applicables à l’élaboration d’une stratégie de réforme pour lesorganismes du service public notamment
In a context of high unemployment across Europe for many years (average around 10%), theability to link job supply and demand is crucial and essential to limit unemployment.The French authorities have devoted particular attention to reform the public employment servicewhich resulted in a major transformation embodied by the creation of « Pôle emploi » in 2008. Itis clear that this reform has not achieved the desired objectives and many critics are on theineffectiveness of this new structure.The crisis of legitimacy of « Pôle emploi » is especially illustrated by the existence of anecosystem of intermediation between supply and demand that has been developed in the marginsof public employment service. It includes a set of specialist players (recruitment agencies,temporary employment agencies, etc.) and dedicated digital services (job board - Monster,JobiJoba, Cadremploi Le Bon Coin -; social networks - LinkedIn, Viadeo -; etc.) in which firmsand candidates rely on to meet their needs.The aim of this research is to identify structural and organizational constraints that explain thecrisis of legitimacy of the french public employment service. Our work also aims to illustrate,through the case of « Pôle emploi », the concept of "hatch of legitimacy" that applies, undercertain conditions, on organizations operating in a non-competitive environment. We finallypropose to draw theoretical conclusions and managerial implications applicable to thedevelopment of a reform strategy for public organizations

AbstractPERDIR/22/092021 stipulates BPJS Ketenagakerjaan (Employment Social Security Program) Staffing Management, including career development in the BPJS Ketenagakerjaan. It is an integral part of management, but in reality, there are no indications of the optimal implementation of career development in BPJS Ketenagakerjaan, especially seen from the aspects of objectivity, fairness, and transparency. This study attempts to analyze the career development of public agency in the BPJS Ketenagakerjaan Medan branch. This research used descriptive methods and qualitative design. This study’s results show that career development as a public agency in BPJS Ketenagakerjaan Medan branch benefits the individual and the organization. With the development of a merit system-regulated career for these positions, BPJS Ketenagakerjaan gets a picture of competent, trusted, and reliable employees. Ideally, career development as a Public Agency in BPJS Ketenagakerjaan is done based on qualification, competence, performance assessment, and needs in each work unit for the present and the future.

Employment is the largest livelihood of more than 1.3 billion people and the most basic support for economic development. The Communist Party of China (CPC) Central Committee and the State Council insist on giving priority to employment in economic and social development, encourage the creation of a favorable environment for mass entrepreneurship and innovation, and maintain overall stability in China's employment situation, coupled with the new employment model of de-employerization and platformization along with the technological progress of the Internet and the upgrading of mass consumption. However, we should also see that there are still many difficulties and problems in the current economic and social development, the new employment form breaks the old industry and legal order under the interest relationship and management norms, the traditional employment groups, management means, labor law system, employment service management, social security policies and so on to form an impact. In order to alleviate the current situation, our country should actively explore the innovative mechanism of the government to provide public services to promote employment, and the author also puts forward some suggestions from the following aspects through his own research: first, to establish the diversified public employment service supply mechanism which is government-led, market and social supplement; from the above aspects, the quality and efficiency of the supply of public employment services under the new industry are improved from the above aspects.

Due in part to Belize's characteristic as a small state, its public administration is among the most expensive in Central America relative to the size of its economy. This represents a potential risk in a challenging fiscal context. The wage bill's fiscal risk has been flagged as a concern over the years, and it has remained an important issue, which is aggravated by the fact that the relatively high level of spending still does not effectively promote, attract, and retain adequate human capital for the delivery of public services. This Technical Note reviews the current public employment and pay policy in Belize, and proposes short and medium-term measures to achieve important human resource management objectives in the public sector, including to develop a fiscally sustainable wage bill, attract and retain required human capital, and enhance performance orientation in the public sector.

This paper compares public sector employment and pay in Latin America and the Caribbean (LAC). It highlights the methodological challenges of gathering and making valid comparisons on the basis of such data. Within these limitations, therefore, the paper compares the countries of the region in respect to the size of the public sector, the magnitude of public sector wages, and trends in public employment and pay, and it examines some hypotheses regarding the determinants of public employment and pay and of effective, clean government.

This study comprehensively examined institutional arrangements for the management of public employment and human resources in the central government agencies, how these arrangements work and the context of these arrangements. In other words, the study focused on the contexts, structures, practices and the internal and external relationships evident in the CSS of central government agencies.

Waste pickers from the Bokk Diom organisation, working at Dakar’s Mbeubeuss landfill – in Senegal’s capital city –, continued to provide essential waste management services throughout the Covid-19 pandemic, contributing to public health, reducing environmental harm, and mitigating greenhouse gases. As with many, their incomes were impacted by the pandemic, especially those of women. However, the greatest threat to their incomes and livelihoods is the transformation of the waste management system, a process which they are excluded from. Drawing on research carried out with Women in Informal Employment: Globalizing and Organizing (WIEGO) during the pandemic, Bokk Diom was able to advocate on behalf of waste pickers and obtain pledges of inclusion in solid waste management (SWM) from national authorities. Bokk Diom and WIEGO are continuing in their efforts to attain a just transition for waste pickers.

This study provides baseline data on the status of the racial/ethnic and gender diversity of the transit agency workforce in the U.S. and identifies potential barriers and promising practices for diversifying this workforce. Public transit agencies function best when the diversity of their workforce represents the communities they serve, yet previous research finds an underrepresentation of women and minorities in senior and managerial roles, along with an overconcentration of men and workers of color—particularly Black workers—in operational roles (e.g., drivers, janitors). The study updates those earlier studies with newer data drawn from five discrete research tasks: 1) review of the scholarly and professional literature on the topic; 2) review of the websites of the 50 largest transit operators; 3) analysis of employee demographic data submitted by 152 transit operators as part of Equal Employment Opportunity (EEO) program plans; 4) analysis of responses to an original survey sent to the human resources personnel of transit agencies (92 responses from staff at 68 agencies), and 5) interviews with 12 professionals selected for their expertise in transportation workforce diversity monitoring, management, and/or advocacy.

Banco de la República is celebrating its 100th anniversary in 2023. This is a very significant anniversary and one that provides an opportunity to highlight the contribution the Bank has made to the country’s development. Its track record as guarantor of monetary stability has established it as the one independent state institution that generates the greatest confidence among Colombians due to its transparency, management capabilities, and effective compliance with the central banking and cultural responsibilities entrusted to it by the Constitution and the Law. On a date as important as this, the Board of Directors of Banco de la República (BDBR) pays tribute to the generations of governors and officers whose commitment and dedication have contributed to the growth of this institution.1 Banco de la República’s mandate was confirmed in the National Constitutional Assembly of 1991 where the citizens had the opportunity to elect the seventy people who would have the task of drafting a new constitution. The leaders of the three political movements with the most votes were elected as chairs to the Assembly, and this tripartite presidency reflected the plurality and the need for consensus among the different political groups to move the reform forward. Among the issues considered, the National Constitutional Assembly gave special importance to monetary stability. That is why they decided to include central banking and to provide Banco de la República with the necessary autonomy to use the instruments for which they are responsible without interference from other authorities. The constituent members understood that ensuring price stability is a state duty and that the entity responsible for this task must be enshrined in the Constitution and have the technical capability and institutional autonomy necessary to adopt the decisions they deem appropriate to achieve this fundamental objective in coordination with the general economic policy. In particular, Article 373 established that “the State, through Banco de la República, shall ensure the maintenance of the purchasing power of the currency,” a provision that coincided with the central banking system adopted by countries that have been successful in controlling inflation. In 1999, in Ruling 481, the Constitutional Court stated that “the duty to maintain the purchasing power of the currency applies to not only the monetary, credit, and exchange authority, i.e., the Board of Banco de la República, but also those who have responsibilities in the formulation and implementation of the general economic policy of the country” and that “the basic constitutional purpose of Banco de la República is the protection of a sound currency. However, this authority must take the other economic objectives of state intervention such as full employment into consideration in their decisions since these functions must be coordinated with the general economic policy.” The reforms to Banco de la República agreed upon in the Constitutional Assembly of 1991 and in Act 31/1992 can be summarized in the following aspects: i) the Bank was assigned a specific mandate: to maintain the purchasing power of the currency in coordination with the general economic policy; ii) the BDBR was designatedas the monetary, foreign exchange, and credit authority; iii) the Bank and its Board of Directors were granted a significant degree of independence from the government; iv) the Bank was prohibited from granting credit to the private sector except in the case of the financial sector; v) established that in order to grant credit to the government, the unanimous vote of its Board of Directors was required except in the case of open market transactions; vi) determined that the legislature may, in no case, order credit quotas in favor of the State or individuals; vii) Congress was appointed, on behalf of society, as the main addressee of the Bank’s reporting exercise; and viii) the responsibility for inspection, surveillance, and control over Banco de la República was delegated to the President of the Republic. The members of the National Constitutional Assembly clearly understood that the benefits of low and stable inflation extend to the whole of society and contribute mto the smooth functioning of the economic system. Among the most important of these is that low inflation promotes the efficient use of productive resources by allowing relative prices to better guide the allocation of resources since this promotes economic growth and increases the welfare of the population. Likewise, low inflation reduces uncertainty about the expected return on investment and future asset prices. This increases the confidence of economic agents, facilitates long-term financing, and stimulates investment. Since the low-income population is unable to protect itself from inflation by diversifying its assets, and a high proportion of its income is concentrated in the purchase of food and other basic goods that are generally the most affected by inflationary shocks, low inflation avoids arbitrary redistribution of income and wealth.2 Moreover, low inflation facilitates wage negotiations, creates a good labor climate, and reduces the volatility of employment levels. Finally, low inflation helps to make the tax system more transparent and equitable by avoiding the distortions that inflation introduces into the value of assets and income that make up the tax base. From the monetary authority’s point of view, one of the most relevant benefits of low inflation is the credibility that economic agents acquire in inflation targeting, which turns it into an effective nominal anchor on price levels. Upon receiving its mandate, and using its autonomy, Banco de la República began to announce specific annual inflation targets as of 1992. Although the proposed inflation targets were not met precisely during this first stage, a downward trend in inflation was achieved that took it from 32.4% in 1990 to 16.7% in 1998. At that time, the exchange rate was kept within a band. This limited the effectiveness of monetary policy, which simultaneously sought to meet an inflation target and an exchange rate target. The Asian crisis spread to emerging economies and significantly affected the Colombian economy. The exchange rate came under strong pressure to depreciate as access to foreign financing was cut off under conditions of a high foreign imbalance. This, together with the lack of exchange rate flexibility, prevented a countercyclical monetary policy and led to a 4.2% contraction in GDP that year. In this context of economic slowdown, annual inflation fell to 9.2% at the end of 1999, thus falling below the 15% target set for that year. This episode fully revealed how costly it could be, in terms of economic activity, to have inflation and exchange rate targets simultaneously. Towards the end of 1999, Banco de la República announced the adoption of a new monetary policy regime called the Inflation Targeting Plan. This regime, known internationally as ‘Inflation Targeting,’ has been gaining increasing acceptance in developed countries, having been adopted in 1991 by New Zealand, Canada, and England, among others, and has achieved significant advances in the management of inflation without incurring costs in terms of economic activity. In Latin America, Brazil and Chile also adopted it in 1999. In the case of Colombia, the last remaining requirement to be fulfilled in order to adopt said policy was exchange rate flexibility. This was realized around September 1999, when the BDBR decided to abandon the exchange-rate bands to allow the exchange rate to be freely determined in the market.Consistent with the constitutional mandate, the fundamental objective of this new policy approach was “the achievement of an inflation target that contributes to maintaining output growth around its potential.”3 This potential capacity was understood as the GDP growth that the economy can obtain if it fully utilizes its productive resources. To meet this objective, monetary policy must of necessity play a countercyclical role in the economy. This is because when economic activity is below its potential and there are idle resources, the monetary authority can reduce the interest rate in the absence of inflationary pressure to stimulate the economy and, when output exceeds its potential capacity, raise it. This policy principle, which is immersed in the models for guiding the monetary policy stance, makes the following two objectives fully compatible in the medium term: meeting the inflation target and achieving a level of economic activity that is consistent with its productive capacity. To achieve this purpose, the inflation targeting system uses the money market interest rate (at which the central bank supplies primary liquidity to commercial banks) as the primary policy instrument. This replaced the quantity of money as an intermediate monetary policy target that Banco de la República, like several other central banks, had used for a long time. In the case of Colombia, the objective of the new monetary policy approach implied, in practical terms, that the recovery of the economy after the 1999 contraction should be achieved while complying with the decreasing inflation targets established by the BDBR. The accomplishment of this purpose was remarkable. In the first half of the first decade of the 2000s, economic activity recovered significantly and reached a growth rate of 6.8% in 2006. Meanwhile, inflation gradually declined in line with inflation targets. That was how the inflation rate went from 9.2% in 1999 to 4.5% in 2006, thus meeting the inflation target established for that year while GDP reached its potential level. After this balance was achieved in 2006, inflation rebounded to 5.7% in 2007, above the 4.0% target for that year due to the fact that the 7.5% GDP growth exceeded the potential capacity of the economy.4 After proving the effectiveness of the inflation targeting system in its first years of operation, this policy regime continued to consolidate as the BDBR and the technical staff gained experience in its management and state-of-the-art economic models were incorporated to diagnose the present and future state of the economy and to assess the persistence of inflation deviations and expectations with respect to the inflation target. Beginning in 2010, the BDBR established the long-term 3.0% annual inflation target, which remains in effect today. Lower inflation has contributed to making the macroeconomic environment more stable, and this has favored sustained economic growth, financial stability, capital market development, and the functioning of payment systems. As a result, reductions in the inflationary risk premia and lower TES and credit interest rates were achieved. At the same time, the duration of public domestic debt increased significantly going from 2.27 years in December 2002 to 5.86 years in December 2022, and financial deepening, measured as the level of the portfolio as a percentage of GDP, went from around 20% in the mid-1990s to values above 45% in recent years in a healthy context for credit institutions.Having been granted autonomy by the Constitution to fulfill the mandate of preserving the purchasing power of the currency, the tangible achievements made by Banco de la República in managing inflation together with the significant benefits derived from the process of bringing inflation to its long-term target, make the BDBR’s current challenge to return inflation to the 3.0% target even more demanding and pressing. As is well known, starting in 2021, and especially in 2022, inflation in Colombia once again became a serious economic problem with high welfare costs. The inflationary phenomenon has not been exclusive to Colombia and many other developed and emerging countries have seen their inflation rates move away from the targets proposed by their central banks.5 The reasons for this phenomenon have been analyzed in recent Reports to Congress, and this new edition delves deeper into the subject with updated information. The solid institutional and technical base that supports the inflation targeting approach under which the monetary policy strategy operates gives the BDBR the necessary elements to face this difficult challenge with confidence. In this regard, the BDBR reiterated its commitment to the 3.0% inflation target in its November 25 communiqué and expects it to be reached by the end of 2024.6 Monetary policy will continue to focus on meeting this objective while ensuring the sustainability of economic activity, as mandated by the Constitution. Analyst surveys done in March showed a significant increase (from 32.3% in January to 48.5% in March) in the percentage of responses placing inflation expectations two years or more ahead in a range between 3.0% and 4.0%. This is a clear indication of the recovery of credibility in the medium-term inflation target and is consistent with the BDBR’s announcement made in November 2022. The moderation of the upward trend in inflation seen in January, and especially in February, will help to reinforce this revision of inflation expectations and will help to meet the proposed targets. After reaching 5.6% at the end of 2021, inflation maintained an upward trend throughout 2022 due to inflationary pressures from both external sources, associated with the aftermath of the pandemic and the consequences of the war in Ukraine, and domestic sources, resulting from: strengthening of local demand; price indexation processes stimulated by the increase in inflation expectations; the impact on food production caused by the mid-2021 strike; and the pass-through of depreciation to prices. The 10% increase in the minimum wage in 2021 and the 16% increase in 2022, both of which exceeded the actual inflation and the increase in productivity, accentuated the indexation processes by establishing a high nominal adjustment benchmark. Thus, total inflation went to 13.1% by the end of 2022. The annual change in food prices, which went from 17.2% to 27.8% between those two years, was the most influential factor in the surge in the Consumer Price Index (CPI). Another segment that contributed significantly to price increases was regulated products, which saw the annual change go from 7.1% in December 2021 to 11.8% by the end of 2022. The measure of core inflation excluding food and regulated items, in turn, went from 2.5% to 9.5% between the end of 2021 and the end of 2022. The substantial increase in core inflation shows that inflationary pressure has spread to most of the items in the household basket, which is characteristic of inflationary processes with generalized price indexation as is the case in Colombia. Monetary policy began to react early to this inflationary pressure. Thus, starting with its September 2021 session, the BDBR began a progressive change in the monetary policy stance moving away from the historical low of a 1.75% policy rate that had intended to stimulate the recovery of the economy. This adjustment process continued without interruption throughout 2022 and into the beginning of 2023 when the monetary policy rate reached 12.75% last January, thus accumulating an increase of 11 percentage points (pp). The public and the markets have been surprised that inflation continued to rise despite significant interest rate increases. However, as the BDBR has explained in its various communiqués, monetary policy works with a lag. Just as in 2022 economic activity recovered to a level above the pre-pandemic level, driven, along with other factors, by the monetary stimulus granted during the pandemic period and subsequent months, so too the effects of the current restrictive monetary policy will gradually take effect. This will allow us to expect the inflation rate to converge to 3.0% by the end of 2024 as is the BDBR’s purpose.Inflation results for January and February of this year showed declining marginal increases (13 bp and 3 bp respectively) compared to the change seen in December (59 bp). This suggests that a turning point in the inflation trend is approaching. In other Latin American countries such as Chile, Brazil, Perú, and Mexico, inflation has peaked and has begun to decline slowly, albeit with some ups and downs. It is to be expected that a similar process will take place in Colombia in the coming months. The expected decline in inflation in 2023 will be due, along with other factors, to lower cost pressure from abroad as a result of the gradual normalization of supply chains, the overcoming of supply shocks caused by the weather, and road blockades in previous years. This will be reflected in lower adjustments in food prices, as has already been seen in the first two months of the year and, of course, the lagged effect of monetary policy. The process of inflation convergence to the target will be gradual and will extend beyond 2023. This process will be facilitated if devaluation pressure is reversed. To this end, it is essential to continue consolidating fiscal sustainability and avoid messages on different public policy fronts that generate uncertainty and distrust. 1 This Report to Congress includes Box 1, which summarizes the trajectory of Banco de la República over the past 100 years. In addition, under the Bank’s auspices, several books that delve into various aspects of the history of this institution have been published in recent years. See, for example: Historia del Banco de la República 1923-2015; Tres banqueros centrales; Junta Directiva del Banco de la República: grandes episodios en 30 años de historia; Banco de la República: 90 años de la banca central en Colombia. 2 This is why lower inflation has been reflected in a reduction of income inequality as measured by the Gini coefficient that went from 58.7 in 1998 to 51.3 in the year prior to the pandemic. 3 See Gómez Javier, Uribe José Darío, Vargas Hernando (2002). “The Implementation of Inflation Targeting in Colombia”. Borradores de Economía, No. 202, March, available at: https://repositorio.banrep.gov.co/handle/20.500.12134/5220 4 See López-Enciso Enrique A.; Vargas-Herrera Hernando and Rodríguez-Niño Norberto (2016). “The inflation targeting strategy in Colombia. An historical view.” Borradores de Economía, No. 952. https://repositorio.banrep.gov.co/handle/20.500.12134/6263 5 According to the IMF, the percentage change in consumer prices between 2021 and 2022 went from 3.1% to 7.3% for advanced economies, and from 5.9% to 9.9% for emerging market and developing economies. 6 https://www.banrep.gov.co/es/noticias/junta-directiva-banco-republica-reitera-meta-inflacion-3

Almost 90 percent of adult Colombians have never had access to credit from a formal financial institution. Public employees like police officers, teachers, soldiers, and clerks encounter difficulties when accessing bank credit despite their formal employment. With low salaries, they struggle to make ends meet and face the same problems accessing credit as others living at the base of the pyramid: insufficient credit history, no collateral, and the perception that lending to them is too risky.Bayport Colombia S.A.S. is a non-bank financial intermediary that specializes in loans repayable via payroll deduction for base of the pyramid (BOP) employees in rural areas of Colombia. Founded in 2007 as FiMSA S.A.S., the firm became a subsidiary in 2011 of Bayport Management Limited, a South-African company with a presence in eight countries in Africa and 15 years of experience in areas with low levels of financial inclusion.

The COVID-19 pandemic has been tremendously difficult for many people across the globe. What was initially viewed as a health crisis affected societies to their core, many of which were already grappling with the devastating effects of climate change, as well as other challenges such as political instability and conflict. While each of these crises has its own identifiable causes, the increasingly interconnected nature of our world means that these shocks or hazards and the knock-on effects from them cannot be viewed in isolation. Indeed, the number of record-breaking disasters witnessed over the past years and their cascading effects across sectors and borders have illuminated those interconnections as never before. Similarly, interconnections became very visible whenCOVID-19 started to spread around the globe. The unfolding pandemic prompted a range of policy measures to limit the spread of the virus and avoid health systems becoming overwhelmed. Yet the effects of these measures, including stay-at-ho-me orders and shutdown of public life, while highly important to prevent health system collapse and reduce COVID-19 fatalities, hit the most vulnerable the hardest. Underlying vulnerabilities such as poverty, precarious jobs in the informal economy, lack of access to education and, structural gender biases were exacerbated by the pandemic. This report sheds light on the complexity of risks in a highly interconnected world, and present lessons for risk management. Focusing on COVID-19, it shows how, through the interconnectedness of societies and the underlying vulnerabilities within them, the direct and indirect impacts of the pandemic have revealed the systemic nature of risk. Through a case study approach, it demonstrates how the pandemic triggered a multitude of impacts far beyond the direct health crisis, including joblessness, debt, civil and domestic violence and the derailment of their children’s education, among many others. In many locations, women suffered disproportionately, whether as a result of bias in employment patterns or other pre-existing gender biases in society. Drawing on insights from different case studies across the world, this report also offers lessons from the pandemic for understanding risk more systemically, and presents recommendations for risk management moving forward.