Old-age provision in transition
- 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.
| Author: | Martin WerdingORCiDGND, Marko PrimoracGND |
|---|---|
| URN: | urn:nbn:de:hbz:294-66132 |
| DOI: | https://doi.org/10.1017/S1474747217000166 |
| Parent Title (English): | Journal of pension economics and finance |
| Subtitle (English): | the case of Croatia |
| Publisher: | Cambridge University Press |
| Place of publication: | Cambridge |
| Document Type: | Article |
| Language: | English |
| Date of Publication (online): | 2019/09/26 |
| Date of first Publication: | 2018/11/06 |
| Publishing Institution: | Ruhr-Universität Bochum, Universitätsbibliothek |
| Tag: | Old-age provision; demographic agein; fiscal sustainability; founded pensions; pay-as-you-go oensions; public dept |
| Volume: | 17 |
| Issue: | 4 |
| First Page: | 576 |
| Last Page: | 593 |
| Note: | © Copyright Cambridge University Press. Permission for reuse must be granted by Cambridge University Press in the first instance. |
| Institutes/Facilities: | Lehrstuhl für Sozialpolitik und öffentliche Finanzen |
| open_access (DINI-Set): | open_access |
| faculties: | Fakultät für Sozialwissenschaft |
| Licence (German): |  Nationale Lizenz |
