The Pension System in Serbia: Developments, Current State and Challenges

Katarina StaniÄ

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Chapter 2 The Pension System in Serbia: Developments, Current State and Challenges

äºSocial Security in the Balkans â Volume 3

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Katarina StaniÄ

Katarina StaniÄ
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Page Range:: 50â71

DOI:: https://doi.org/10.1163/9789004500068_004

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Abstract

The pension system in Serbia is public, insurance-based and financed on a pay-as-you-go basis. During the deep political and economic crises of the 90s, the pension system faced serious financing problems creating huge debts for pensioners. In the period 2001â2003 the system underwent bold reforms but nevertheless it started to face significant financial pressure. As a response, instead of a coherent set of measures, what followed has been a long period of frequent changes in pension policy particularly ad hoc indexation. Pension policy has been vacillating between different approaches and the absence of a clear strategic vision resulted in âpatchwork reformsâ. This chapter describes the reforms of the last 20 years and portrays the main characteristics of the pension system in Serbia. The aim of this chapter is to depict the developments and the state of the Serbian pension system and to identify the key challenges and areas for its improvement. Developments are analyzed with a number of most important pension system indicators showing an increasing trend in pension coverage and improvement of financial stability of the system while at the same time endangered relative adequacy of benefits. In order to prevent further decline of the replacement rate, the general point value should be uprated by the real wage growth rate which further raises an issue of separating the indexation method for the general point and pension in payment. When it comes to safeguarding the absolute standard of living in old age, the role of the pension system is essential. Nevertheless, there are still around 150â160 thousand or some 10% of the 65+ population not covered and for whom some form of social pension is desirable. A special âmoduleâ for the elderly within the financial social assistance program is a possible solution.

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Social Security in the Balkans â Volume 3

An Overview of Social Policy in Serbia and Kosovo

ä¸ç¼ï¼ Studies in Critical Social Sciences, å·ï¼ 210

Cover Social Security in the Balkans â Volume 3

ISBN:: 9789004500068

åºçç¤¾:: Brill

å°å·åºçæ¥æ:: 04 Aug 2022

Subjects
- Social Sciences

Front Matter

Part 1 Social Security in Serbia

Part 2 Social Security in Kosovo

Part 3 Conclusion

Back Matter

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Chapter 2 The Pension System in Serbia: Developments, Current State and Challenges

Abstract

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Social Security in the Balkans â Volume 3

An Overview of Social Policy in Serbia and Kosovo

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Social Security in the Balkans â Volume 3

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