The financing of pension systems in Central and Eastern by Emily S. Andrews, Mansoora Rashid

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By Emily S. Andrews, Mansoora Rashid

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Extra info for The financing of pension systems in Central and Eastern Europe: an overview of major trends and their determinants, 1990-1993, Volumes 23-339

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This section shows that controlling costs on pension benefits will vary across the region depending on the reason for high pension costs in particular countries. Countries can control pension costs by reducing (i) system dependency rates (ii) generous benefit levels and (iii) high non-benefit expenditures in the region. (i) System dependency rates vary considerably across the region (Figure 17). Albania, Hungary and Bulgaria had the highest system dependency rates while FYR Macedonia had the lowest ratio of pensioners to contributors in the region.

In fact, new pensioners continued to strain pension finances in FYR Macedonia and Albania in 1993 (Figure 5b). The number of contributors to the primary system declined. The increase in unemployment, reduction in the labor force due to lay offs, and the increase in unregistered informal sector workers sharply reduced the tax base for pension funds. The ratio of contributors to working age population declined in all countries in the region (Figure 6). The decline was the greatest in Albania, Bulgaria, Slovakia and Hungary.

Thus, reduction of pension costs is the most effective way of reducing deficits There is scope for low expenditure countries, such as Croatia, to focus on strengthening tax compliance. 7 How canCountries Reduce Pension Costs? This section shows that controlling costs on pension benefits will vary across the region depending on the reason for high pension costs in particular countries. Countries can control pension costs by reducing (i) system dependency rates (ii) generous benefit levels and (iii) high non-benefit expenditures in the region.

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