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The Funded Pension Scheme in Uzbekistan: An Analysis

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  • Khasanbaev, Alisher
  • Pfau, Wade Donald

Abstract

In recent years, the share of elderly in the total population is increasing around the world. Rising proportionally are claims on public pension systems and health care expenditures. This places extra pressure on government budgets. As a result, countries which implement only pay-as-you-go pensions face fiscal deficits. This paper examines Uzbekistan’s statutory pension system, which consists of two pillars: a public pay-as-you-go defined-benefit pension scheme, and a mandatory public funded defined-contribution scheme. We focus in particular on the funded scheme and evaluate ways to improve it by considering the achievements of other developing and transitioning countries in similar positions. The analysis focuses on the choice of fund ownership, contribution rates, investment returns, the population coverage rate, and the feasibility of further reforms.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 19035.

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Date of creation: Mar 2009
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Publication status: Published in Sophia International Review 1.31(2009): pp. 75-92
Handle: RePEc:pra:mprapa:19035

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Keywords: pensions; pension reform; defined-contribution; Uzbekistan;

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  1. W Pfau, 2009. "The Role of International Diversification in Public Pension Systems: The Case of Pakistan," Economic Issues Journal Articles, Economic Issues, Economic Issues, vol. 14(2), pages 81-106, September.
  2. Iglesias, Augusto & Palacios, Robert J., 2000. "Managing public pension reserves - Part I : evidence from the international experience," Social Protection Discussion Papers 21311, The World Bank.
  3. Robert Holzmann & Richard Hinz, 2005. "Old Age Income Support in the 21st century: An International Perspective on Pension Systems and Reform," World Bank Publications, The World Bank, number 7336, August.
  4. Islamov, Bakhtiyor & Shadiev, Rustam, 2003. "Pension System of Uzbekistan: Problems and Perspectives," Discussion Paper, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University 143, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
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