Analysing Pension System Reforms in Republic of Srpska: A Case Study from the 6th International Symposium on New Economy
Analysis of pension system reforms in the Republic of Srpska, focusing on the period from 2015 to 2017, as presented at the 6th International Symposium on New Economy. The study delves into demographic challenges, the pay-as-you-go system, economic indicators like GDP and inflation, and compares experiences from Croatia and Slovenia. Insights into retirement income, number of beneficiaries, and pension-insurance dynamics are discussed with suggestions for addressing financial and systemic issues.
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6th International symposium New Economy organized by Oikos Institute International innovative experiences as a basis for the reform of the pension system of the Republic of Srpska Author: Sandra Luki Co-authors: Marko Trivkovi and Nemanja Keranovi
content Analysis of the pension system of the RS in the period from 2015 to 2017 (first quarter) *analysis according to the latest data Croatia Slovenia United Kingdom Conclusion 2
Analysis of the pension system of the RS in the period from 2015 to 2017(first quarter) dependency rate (number of insured/number of pension insurance beneficiaries) Pay as you go system 1.142 1.14 1.14 Demografic problems *low fertility rate 1.138 1.136 1.134 Unemployment 1.132 1.13 1.13 1.13 Departure of the youth 1.128 1.126 1.124 January February March Source: Data downloaded from the PIO RS website, the graphic is the work of the author. 3
Analysis according to the latest data GDP Standard of living 9,800,000,000 9,632,162,000 Growth of the general price level 9,600,000,000 9,400,000,000 Inflation 9,200,000,000 9,000,000,000 8,760,800,000 8,800,000,000 8,600,000,000 8,400,000,000 8,200,000,000 2015 2018 Source: Data downloaded from the PIO RS website, the graphic is the work of the author. 4
Croatia Total number of pension beneficiaries Problems: Demographic-organizational problems 1142353 1144000 1142000 1140000 Financial and systemic problems 1132811 1138000 1136000 1134000 1132000 1130000 1128000 2015 2018 March Source: Data downloaded from the http://www.mirovinsko.hr/default.aspx?id=68 website, the graphic is the work of the author. 5
Demographic-organizational problems Financial and systemic problems average retire income in salary Source: Data downloaded from the https://www.dzs.hr/Hrv_Eng/publication/2016/07-01-01_01_2016.htm 6
Slovenia Avarage number of insurers 920 Reconciliation of pensions 914.313 910 900 Level of retirement income 891.002 890 Relationship between pensions and salaries 880 875.414 870 860 850 2015 2016 2017 Source: Data downloaded from the https://www.zpiz.si/ website, the graphic is the work of the author. 7
structure of pensions in 2017 Invalidity rights Other rights Minimum pension Family rights The highest pension base Age rights Source: Data downloaded from the https://www.zpiz.si/ website, the graphic is the work of the author. 8
United Kingdom participation of country and private pensions in the total amount of pension income (in percentage) 60 Three-pillar pension system 55 50 state participation 54 54 54 53 53 53 52 51 51 49 49 48 47 47 47 46 46 46 45 40 private participation 30 20 10 0 2005/6. 2006/7. 2007/8. 2008/9. 2009/10. 2010/11. 2011/12. 2012/13. 2013/14 2014/15. 9
conclusion The proposal for the reform of the pension system of Republic of Srpska should include: integral information system new methods and techniques of collecting a contribution new methods of getting personal data of insured persons 10
