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Reforming Social Security in a Transition Economy: The Case of Lithuania

  • Svend E. Hougaard Jensen
  • Jukka Lassila
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    This paper points out a number of problems associated with the existing pension system in Lithuania. Reforms are proposed, including (i) a substantial increase in the basic pension benefit rate, financed on a pay-as-you-go basis, provided universally, and regulated according to wage/price indexation; (ii) a significant cut in the tax contribution rate to the public pension system matched by a rise in the VAT; (iii) a rise in the retirement age to 65 for both men and women; and (iv) a gradual conversion to a private, funded, mandatory pension system to replace the earnings-related part of the current pension system.

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    Article provided by Taylor & Francis Journals in its journal Journal of Economic Policy Reform.

    Volume (Year): 5 (2002)
    Issue (Month): 1 ()
    Pages: 17-36

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    Handle: RePEc:taf:jpolrf:v:5:y:2002:i:1:p:17-36
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    1. Prof. Dr. Robert Holzmann, 1994. "Funded and Private Pensions for Eastern European Countries in Transition?," Public Economics 9405004, EconWPA.
    2. Hans Fehr & Laurence J. Kotlikoff, 1995. "Generational Accounting in General Equilibrium," NBER Working Papers 5090, National Bureau of Economic Research, Inc.
    3. Georges de Menil, 2000. "A Comment on the Place of Funded Pensions in Transition Economies," International Tax and Public Finance, Springer, vol. 7(4), pages 431-444, August.
    4. Martin Feldstein, 1997. "Transition to a Fully Funded Pension System: Five Economic Issues," NBER Working Papers 6149, National Bureau of Economic Research, Inc.
    5. Carlo Cottarelli & Luis M. Cubeddu & M. Cangiano, 1998. "Pension Developments and Reforms in Transition Economies," IMF Working Papers 98/151, International Monetary Fund.
    6. Richard Hemming, 1998. "Should Public Pensions be Funded?," IMF Working Papers 98/35, International Monetary Fund.
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