Reforming Social Security in a Transition Economy: The Case of Lithuania

Svend Jensen and Jukka Lassila

Journal of Economic Policy Reform, 2002, vol. 5, issue 1, 17-36

Abstract: This paper points out a number of problems associated with the existing pension system in Lithuania. Reforms are proposed, including (i) a substantial increase in the basic pension benefit rate, financed on a pay-as-you-go basis, provided universally, and regulated according to wage/price indexation; (ii) a significant cut in the tax contribution rate to the public pension system matched by a rise in the VAT; (iii) a rise in the retirement age to 65 for both men and women; and (iv) a gradual conversion to a private, funded, mandatory pension system to replace the earnings-related part of the current pension system.

Date: 2002
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DOI: 10.1080/13841280212382

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