Naslov
Old-age provision in transition: the case of Croatia

Autori
Werding, Martin ; Primorac, Marko

Izvornik
Journal of Pension Economics & Finance (1474-7472) 17 (2018), 4; 576-593

Vrsta, podvrsta i kategorija rada
Radovi u časopisima, članak, znanstveni

Ključne riječi
Old-age provision, pay-as-you-go pensions, funded pensions, demographic ageing, public debt, fiscal sustainability

Sažetak
Like in a number of other transition countries, the Croatian pension system comprises a traditional public pay-as-you-go scheme and a mandatory funded scheme (second pillar) that will provide increasing amounts of supplementary pensions to those entering retirement in the future. Due to the continuing economic crisis, the public scheme is currently under enormous financial strain, with a sizeable impact on central government finances. At the same time, the level of benefits deriving from the overall system is likely to become inadequately low in the long run. In this paper, we describe the existing system and project its future development under current rules. We also discuss options for further reforming the system and highlight their potential impact on pension finances, public budgets and retirement incomes, as this may provide lessons, which are of interest elsewhere.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA