Pension Developments and Reforms in Transition Economies

Author: Mr. Carlo Cottarelli, Mr. Luis M. Cubeddu, and Mr. M. Cangiano

This paper reviews developments in pension systems in 11 transition economies during the 1990s, highlighting the forces behind their rapid weakening. It focuses on the challenges these systems face-including those arising from demographic factors-and discusses why most transition countries are considering shifting, or have already shifted, from traditional defined-benefit pay-as-you-go systems to defined-contribution fully funded systems. Finally, the paper looks at the main options that arise in introducing fully funded components, including the relative mix between funding and pay-as-you-go, and the speed of the transition toward the new system.

Volume/Issue: Volume 1998 Issue 151

Publication date: October 1998

ISBN: 9781451922912

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Topics covered in this book

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Business and Economics , Social Science , Labor , Public Finance , Demography , WP , PAYG system , transition economy , early retirement , retirement age , rate of return , Pension reforms , Transition Economies , Social Protection , pension system , wage bill , system dependency ratio , labor force , Pension spending , Pensions , Aging , Retirement , Wages , Central Asia , Eastern Europe , Baltics , Central and Eastern Europe , Western Europe

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Summary

This paper reviews developments in pension systems in 11 transition economies during the 1990s, highlighting the forces behind their rapid weakening. It focuses on the challenges these systems face—including those arising from demographic factors—and discusses why most transition countries are considering shifting, or have already shifted, from traditional defined-benefit pay-as-you-go systems to defined-contribution fully funded systems. Finally, the paper looks at the main options that arise in introducing fully funded components, including the relative mix between funding and pay-as-you-go, and the speed of the transition toward the new system.