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2012, iss. 28, pp. 109-122
Serbian pension system reform in terms of economic and financial crisis
aUniversity of Novi Sad, Faculty of Economy, Subotica
bTarkett SEE, Bačka Palanka

emailmilospjanic@ef.uns.ac.rs, danilo.lucic@gmail.com
Abstract
The global financial crisis has exerted influence on the deterioration of overall macroeconomic performance of the Serbian economy, as well as on the slow pace of pension reforms of the early 20th century to the financial position of the pension system and the budget of the Republic of Serbia. Today, almost all countries, especially countries in transition are facing serious problems, functioning and survival of their pension systems. Even developed countries of Europe could not evade the crisis of the state pension system, primarily due to unfavorable demographic factors. The pension fund deficit of these countries is growing, so is the need for pension reform is increasingly expressed. The pension system in Serbia is in the deep structural problems. There are many reasons, both the system, demographic, economic, and political, that led to the crisis in the functioning of the statutory pension insurance. Problems in financing pensions in Serbia appeared in the 1980s, with the emergence of the deficit in the Pension Fund, to the maximum reached during the 1990s during the crisis, economic sanctions and economic decline. Reducing the number of employees to avoid payment of contributions and widespread informal economy have brought a reduction in the number of insured. On the other hand, there has been a rapid growth in the number of pensioners. Reforms of pension systems are considered very difficult to implement given that the system operates with long-term consequences. This paper analyzes the issues of functioning the existing pension system, as well as the necessity of reforms due to financial crisis. The paper analyzes the problems of functioning of the existing system. The second part indicates the direction of reform of the pension system in Serbia and some European countries.
References
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Whitehouse, E. (2007) Pension panorama: Retirement-icome systems in 53 countires. Word Bank
 

About

article language: Serbian
document type: Scientific Paper
published in SCIndeks: 22/03/2013

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