The negative demographic trends and forecasts about continuous worsening of the demographic situation in the near future, coupled with shrinking employment rate and of the share of working age population will significantly undermine the capacity of the public pensions’ system to meet its payment obligations. As a result, without active policy measures aimed at reforming the current system, its long-term sustainability will be significantly threatened. At the same time we have to take in account that such a reform should be accompanied by a comprehensive reorganization of the entire system of social protection. The study concludes that, taking into account the population’s poor knowledge about the activity of private pensions’ funds, the shallow capital market and the necessity to reform the current PAYG system, it is necessary to ensure a gradual implementation of the multi-pillar pensions’ system. It could, basically, follow 2 stages: the first one will include the development of the system of private facultative pensions (3rd pillar), while the second one – the implementation and development of the mandatory pensions’ system based cumulative principle (2nd pillar).
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