Pension System of Belarus: Current State and Necessity for Reforms

Kateryna Bornukova, Katerina Lisenkova, Anastasia Luzgina

Research output: Book/ReportCommissioned report

Abstract

The pension system of Belarus is inherited from USSR. It is gender-biased and does not contribute to economic development. Obsolescence of the system and demographic situation in Belarus make pension system reforms inevitable. Under the current pension system the deficit of the Pension fund will reach 1.8% of GDP by 2020. Transition to the fully-funded pension system is not possible until macroeconomic stabilization is achieved. In the medium term only parameters of current pension system can be reformed. Equating of retirement age of females and males with gradual increase of pension age to 65/65 is the most effective measure among all available alternatives. It will provide not only the financial stability of the Pension fund, but will also increase labor force participation, which will become the engine of economic growth.
Original languageEnglish
Place of PublicationMinsk
Number of pages45
Publication statusPublished - 30 Sep 2015

Publication series

NameBEROC Policy Paper Series
Volume30

Keywords

  • pensions
  • pension systems
  • pension plans
  • Belarus

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    Bornukova, K., Lisenkova, K., & Luzgina, A. (2015). Pension System of Belarus: Current State and Necessity for Reforms. (BEROC Policy Paper Series; Vol. 30).