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replacement ratio (13)<br />1 The ratio of welfare benefits paid to the unemployed to the average after-tax earnings of people in work.<br /> 2 The ratio of a pensioner's social security benefits and other TRANSFER INCOMES to pre-retirement income. These ratios can indicate that welfare payments are so generous as to discourage work effort or too low to prevent pensioners suffering a very large income loss.
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overvalued currency (F3)<br />A currency with a value above its sustainable market rate.
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<strong>PCA</strong> – Preclaims assistance, activities that guarantors were required to perform to help borrowers bring a delinquent loan account current. PCA was replaced by DAA in recent years; see “DAA” and “DAAR” for related information.
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