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Reformed Pensions Systems in Central and Eastern Europe: Challenges to future safe pension benefits

Author

Listed:
  • Lazarevski, Dimche
  • Mrsik, Jadranka

Abstract

The objective of this paper is to examine and analyze empirically whether the Central and Eastern Europe countries` reformed pension systems are providing adequate and safe pensions. Starting in 1990s, most Central and Eastern European countries radically reformed their pension systems. The rising optimism initiates many studies where the advantages of the reforms were in the focus. The global financial crisis negatively affects the reformed pension systems. As a response, the policy makers in few of those countries decided to set up different measures: increasing or reducing the pension contribution for alleviating the fiscal deficit or encouraging the employment, adapting the contribution rate and allowing individuals to switch back to the old system. These last changes in the pension systems have triggered the following question: How much and in which way the implementation and experiences gained with the functioning of the reform pension system will have impact in the future pension adequacy and sustainability of the pension system?

Suggested Citation

  • Lazarevski, Dimche & Mrsik, Jadranka, 2012. "Reformed Pensions Systems in Central and Eastern Europe: Challenges to future safe pension benefits," MPRA Paper 41996, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:41996
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    File URL: https://mpra.ub.uni-muenchen.de/41996/1/MPRA_paper_41996.pdf
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    References listed on IDEAS

    as
    1. Corbanese, Valli., 2011. "Supporting strategies to recover from the crisis in Croatia, the former Yugoslav Republic of Macedonia and Serbia : cross-country report," ILO Working Papers 994671463402676, International Labour Organization.
    2. David Tuesta, 2011. "A review of the pension systems in Latin America," Working Papers 1115, BBVA Bank, Economic Research Department.
    3. repec:ilo:ilowps:467146 is not listed on IDEAS
    4. Corbanese, Valli,, 2011. "Supporting strategies to recover from the crisis in Croatia, the former Yugoslav Republic of Macedonia and Serbia cross-country report," ILO Working Papers 995195493402676, International Labour Organization.
    5. Peter Jarrett, 2011. "Pension Reforms in Poland and Elsewhere: the View from Paris," CASE Network Studies and Analyses 425, CASE-Center for Social and Economic Research.
    6. Guardiancich, Igor, 2008. "The sustainability of pension reforms in central, eastern and south-eastern Europe," SEER Journal for Labour and Social Affairs in Eastern Europe, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 11(2), pages 185-197.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Marcinkiewicz Edyta, 2017. "Factors Affecting the Development of Voluntary Pension Schemes in CEE Countries: A Panel Data Analysis," Central European Economic Journal, Sciendo, vol. 3(50), pages 26-40, December.

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    More about this item

    Keywords

    reformed pension systems; financial crisis; sustainability of pension systems; government measures; pension contributions; pension benefits;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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