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Towards Better Adequacy and Sustainability A Review of Pension Systems and Pension Reforms in Eastern Partnership Countries

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  • Henrik Huitfeldt

Abstract

This discussion paper reviews the state of play of pension systems and recent reforms in the Eastern Partnership countries and discusses outstanding challenges and options for further reforms. Pension systems in the Eastern Partnership countries are confronted with changing demographics and an ageing population, decreasing formal employment, and a legacy from the Soviet Union with persistent features such as low statutory retirement ages and exemptions and privileges for many different categories of workers. This led to significant difficulties of the pension systems in the region to provide for adequacy of pension benefits and fiscal sustainability. Following the 2008 economic and financial crisis, discussions on more comprehensive pension reforms have gained renewed interest and some reforms have been launched. However, recent reforms have often only addressed parts of the challenges of the pension systems. The focus has been on improving the financial sustainability of the mandatory public pension schemes, often by raising the statutory retirement age. More comprehensive pension reforms, including structural reforms to broaden the base of contributors, would be needed to create sustainable systems with the ability to provide fair and adequate pensions to the old-age population.

Suggested Citation

  • Henrik Huitfeldt, 2020. "Towards Better Adequacy and Sustainability A Review of Pension Systems and Pension Reforms in Eastern Partnership Countries," European Economy - Discussion Papers 131, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    • Handle: RePEc:euf:dispap:131
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    References listed on IDEAS

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    1. International Monetary Fund, 2019. "Republic of Moldova: Fourth and Fifth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements, Completion of the Inflation Consultation, and Request for Extension of the Arr," IMF Staff Country Reports 2019/305, International Monetary Fund.
    2. Székely, István P. & Ward-Warmedinger, Melanie E., 2018. "Reform Reversal in Former Transition Economies (FTEs) of the European Union: Areas, Circumstances and Motivations," IZA Policy Papers 142, Institute of Labor Economics (IZA).
    3. Bielawska, Kamila & Chłoń-Domińczak, Agnieszka & Stańko, Dariusz, 2017. "Retreat from mandatory pension funds in countries of the Eastern and Central Europe in result of financial and fiscal crisis: Causes, effects and recommendations for fiscal rules," MPRA Paper 83345, University Library of Munich, Germany.
    4. International Monetary Fund, 2019. "Cote d'Ivoire: Fifth Reviews Under the Arrangement the Extended Credit Facility and Under the Extended Arrangement Under the Extended Fund Facility- Press Release; Staff Report; Supplementary Informat," IMF Staff Country Reports 2019/197, International Monetary Fund.
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    Cited by:

    1. World Bank & Coll-Black,Sarah & Von Lenthe,Cornelius Claus & Koettl-Brodmann,Stefanie, 2023. "Social Protection in a World of Crisis : Learning from the Response to the COVID-19 Pandemicin Eastern Europe and the South Caucasus," Social Protection Discussion Papers and Notes 183521, The World Bank.

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    More about this item

    JEL classification:

    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination

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