Projections of the population and the pension system in Republic of Macedonia
Goran Miladinov, University of Štip
In this article, Goran Miladinov examine projections of pension system in Republic of Macedonia up to 2100 by following of the economic and social trends and the population changes as well, especially aging of the population in Macedonia. Throughout, the study has addressed the main characteristics of old pension system in Macedonia based on so called Inter generational Solidarity or Pay-As-You-Go system and as well as the prominent features of the reformed pension system and its challenges. The new system was introduced under the heading of “three-pillar pension system”. The projections of the reformed pension system shows us that the Fund for Pension and Invalid Insurance of Republic of Macedonia will work with deficit which will be decreasing in long run period of time in contrast from the projections of the unreformed system which shows continuous growth of the deficit and possibly an insolvency of the Fund. A particular emphasis within the analysis was also given to the ratio between employees and pensioners, the incomes and expenses of the Fund with proportion with GDP etc.
Presented in Poster Session 1