Safeguarding the sustainability of the Ukrainian pension system

Jens-Christian Høj and Viktoriia Klimchuk

No 1805, OECD Economics Department Working Papers from OECD Publishing

Abstract: Before the war, the Ukrainian Pay-As-You-Go pension system required large government transfers. Since then, large scale emigration and an increasing number of people eligible for pensions have further increased the need for government transfers and exacerbated the challenges of population ageing. At the same time, the system provides relatively low pension benefits, despite fairly high contribution rates and short time in retirement. This reflects to a large degree a relatively narrow contribution base due to a large informal economy and underreporting of labour income. Reform of the system must encourage participation, secure liveable pensions, and safeguard the system’s fiscal sustainability.

Keywords: informal labour markets; old-age poverty; pension systems; Public finances (search for similar items in EconPapers)
JEL-codes: E6 H55 I32 J46 (search for similar items in EconPapers)
Date: 2024-06-06
New Economics Papers: this item is included in nep-age, nep-cis, nep-iue, nep-lma and nep-tra
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