Sistem plaćanja u skladu sa tekućim finansiranjem

Abstract

This paper has surveyed major problems of financing pensions in CEE countries. Our analysis shows that present public pay-as-you-go schemes are unaffordable in the years to come and that a comprehensive reform of the pension system is necessary, as soon as possible. The assessment of the reform options is still influenced to various economic, political and social uncertainties. However, we find that the real issue is not 'pay-as-you-go versus funded system' alternative; it is a 'pay-as-you-go cum funded system' model which seems to be the answer to the pension financing problem in CEE countries. But, the first five years of transition displayed that, definitely, no 'bloc' approach is viable: what may be acceptable as an applicable reform scenario for Czech Republic, Slovenia, Poland and Hungary, could be considered only as a program for distant future in other countries. Therefore the problem of phasing in of the reforms seems to be crucial. The dynamics of the change is, however, determined by the velocity of overall structural reforms, macroeconomic stabilization and financial sector reforms.