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Adequacy of Retirement Income after Pension Reforms in Central, Eastern and Southern Europe - Eight Country Studies (Paperback)
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Adequacy of Retirement Income after Pension Reforms in Central, Eastern and Southern Europe - Eight Country Studies (Paperback)
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All countries in the former transition economies of Central,
Eastern, and Southern Europe have undertaken public pension reforms
of varying depth and orientation, often with the support of the
World Bank. Although the reformed public pension schemes provide
broad benefit adequacy, in most cases additional measures are
needed to achieve fiscal sustainability in an aging society.
'Adequacy of Retirement Income after Pension Reforms in Central,
Eastern, and Southern Europe: Eight Country Studies' assesses the
benefit adequacy of the reformed pension systems for eight
countries Bulgaria, the Czech Republic, Croatia, Hungary, Poland,
Romania, the Slovak Republic, and Slovenia to identify policy gaps
and options. The authors identify the motivations for reform
against the backdrop of the trend toward multi-pillar arrangements,
document key provisions, and compare them in the context of the
World Bank's five-pillar paradigm for pension reform. They then
evaluate the sustainability and adequacy of reformed pension
systems and provide recommendations to address gaps and take
advantage of opportunities for further reforms. The case studies
and summary suggest the following broad policy conclusions: Fiscal
sustainability has improved in most study countries, but few are
fully prepared for the inevitability of population aging. The
linkage between contributions and benefits has been strengthened,
and pension system designs are better suited to market conditions
Levels of income replacement are generally adequate for all but
some categories of workers (including those with intermittent
formal sector employment or low lifetime wages), and addressing
their needs requires initiatives that go beyond pension policy.
Further reforms should focus on extending labor force participation
by the elderly to avoid benefit cuts that could undermine adequacy
and very high contribution rates that could discourage formal
sector employment. More decisive financial market reforms are
needed for funded provisions to deliver on the expectations of
participants and keep funded pensions safe. This book will be of
interest to policy makers, researchers, and everyone interested in
the topic of pensions in the region, and beyond."
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