Pension reform in Croatia
AbstractCroatia's transition toward independence, and the market economy in the 1990s, exacerbated problems in the pay-as-you-go (PAYG) system, and ultimately led to its financial collapse. Although a comprehensive three-pillar reform was initiated in late 1995, implementation of the reform only began in 1998, with an overhaul of PAYG parameters, including shifting to a German-style points system. Introduction of the mandatory, and voluntary funded pillars was announced in 1998, and implemented in 2002. The new system includes a privately-managed individual account scheme, with a contribution rate of five percent, in addition to a downsized pay-as-you-go, defined benefit component. This paper describes the design of the new system, and highlights areas where further refinements are needed.
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Bibliographic InfoPaper provided by The World Bank in its series Social Protection Discussion Papers with number 25983.
Date of creation: 28 Feb 2003
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Pensions&Retirement Systems; Banks&Banking Reform; Environmental Economics&Policies; Public Sector Economics; Economic Stabilization;
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- Jarosław Poteraj, 2009. "Pension Systems in Europe. Case of Croatia," Contemporary Economics, University of Finance and Management in Warsaw, vol. 3(3), September.
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