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Pension Reforms for Fiscal Sustainability in Central Eastern Europe

Dr. Kamila Bielawska from University of Gdańsk discusses pension reforms and sustainability in Central Eastern European countries, analyzing ageing impact, fiscal stability, projections, and assessment.

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Pension Reforms for Fiscal Sustainability in Central Eastern Europe

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  1. PENSION REFORMS AND LONG-TERM SUSTAINABILITY OF PUBLIC FINANCES IN THE CENTRAL EASTERN EUROPEAN COUNTRIES dr Kamila Bielawska Uniwersytet Gdański

  2. Planof the presentation • Ageing and fiscalsustainability on the EU’s agenda 2. Pensionreforms and re-reformsas the reaction to the crisis 3. Projections of pension expenditures basedon ageing reports 4. Assessment of fiscalsustainability

  3. Ageing and fiscal sustainability on the EU’s agenda • Establishmentof the Ageing Working Group of the Economic Policy Committeein 1999 • The EU summit in Stockholm in 2001 • Every three years since 2006reports covering the issue of impact of ageing on public finances arepublished • Long-term stability of public finances became a part of MSs’ stability or convergence programs (SCPs's) presented annually to the European Commission and ECOFIN Council

  4. Pension reforms and re-reforms2008-2014

  5. Changes to the 2nd pillar of pensionsystems

  6. Projections of public pension spending in 2012 Ageing Report

  7. Projections of pension expenditures based on 2015 Ageing Report

  8. Decomposition of pension expenditures change over 2013-2060 Source: [The 2015 Ageing Report, p. 117]

  9. Fiscalsustainabilityassessment Source: own based on [Fiscal Sustainability Report 2012]

  10. Components of S1 and S2 indicators

  11. S1 values and its components for the CEE countries Source: 2012 FiscalSustainability Report

  12. S2 values and its components for the CEE countries 2012 FiscalSustainability Report

  13. Fiscal stability of CEE countries according to the preliminary forecasts of the 2014 Source: Identifying fiscal sustainability challenges in the areas of pension, health care and long-term care policies, European Economy, Occasional Papers 201, October 2014.

  14. Conclusions • Parametric and structuralreforms of the pensionsystems in the CEE countriesincreased the medium and long term sustainability of public financemeasured by S1 and S2 indicators • However the increase of futurepensionexpendituresdue to the acquisition of allor a part of old-agecontribution from fundedpillarwillemerge in the yearsbeyond the forecasthorizon

  15. Thankyou for yourattention

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