Adequacy of Retirement Income after Pension Refo – Eight Country Studies
Adequacy of Retirement Income After Pension Reforms in Central, Eastern and Southern EuropeEight Country Studies\nAuthor(s): Robert Holzmann, Ufuk Guven\nFormat: Paperback\nPublisher: World Bank Publications, United States\nImprint: World Bank Publications\nISBN-13: 9780821377819, 978-0821377819\nSynopsis\nThe former transition countries of Central, Eastern, and Southern Europe (CESE) inherited defined benefit public pension systems financed on a pay-as-you-go basis. Under central planning, these systems exhibited fiscal strains which worsened during the early years of the transition and became unsustainable under a market economy and projected population aging. All CESE countries introduced reforms that varied but typically focused on issues of sustainability rather than benefit adequacy.\nNine case studies-Bulgaria, Czech Republic, Croatia, Hungary, Poland, Romania, Slovakia, Slovenia, and Serbia-suggest the following broad policy conclusions: (i) fiscal sustainability has improved.
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