Lithuanian pension system's reforms following demographic and social transitions

A. Fiori Maccioni and A. Bitinas

Working Paper CRENoS from Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia

Abstract: The aim of this article is to define the Lithuanian public pension system reforms, influenced by the last economic crisis and social challenges (ageing processes, raising social expenses). The paper also investigates the influence that current demographic trends will exert on the financial dynamics of the pension system. Results reveal the long-term sustainability of the system, albeit at a cost of initial negative balances to be covered with public budget. Also, the system may expose pensioners to the risks of poverty and social exclusion because of low payments. It is then necessary to intensify the pension system's reform. Policy solutions should encourage and extend employment (especially for the disadvantaged) and rebuilt trust in both public and private pension systems.

Keywords: public budget; population forecasting; pension forecasting; new entrants; markov chain; Lithuanian pension system; demographic risk (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:cns:cnscwp:201315

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