Economics, Econometrics and Finance
3 years ago

Baltic States Face Pension Crisis: Reforms Needed for Financial Stability

Regional Formation and Development Studies
Problems and Perspectives in Pension System: Case of Baltic States
Olga Ličmane, Irina Voronova

Paper Summary

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Pension systems in the Baltic States are facing challenges due to demographic and economic issues. Reforms are being implemented to address these problems, such as balancing financial resources, limiting early retirement, and adjusting retirement ages. Combining state and private pension systems could help improve the overall system. However, high social security contributions in the public sector may hinder the ability to save for private pensions. By analyzing the pension systems in the Baltic States, researchers found similarities and differences in the problems and potential solutions, particularly in the role of private pension funds.