Bulgaria : Ensuring Pension System Sustainability
The report, Bulgaria: Ensuring Pension System Sustainability Pension Reform Policy Note was written in September 2009. The report states that the Bulgarian pension system has undergone significant and well designed reform in 2000-2003. However, att...
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| Format: | Policy Note |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2009/09/16280976/bulgaria-ensuring-pension-system-sustainability http://hdl.handle.net/10986/12543 |
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okr-10986-125432021-04-23T14:03:01Z Bulgaria : Ensuring Pension System Sustainability World Bank AGE DISTRIBUTION BABIES BABY BABY BOOM BENEFICIARIES BENEFICIARY BENEFIT FORMULA BENEFIT FORMULAS BENEFIT LEVEL BENEFIT LEVELS BOOM GENERATION CERTIFICATION PROCESSES CHILDBEARING CHILDBEARING AGES CONTRIBUTION PERIODS CONTRIBUTION RATES DEFICITS DEMOGRAPHIC DEMOGRAPHIC PROJECTIONS DEMOGRAPHIC TRENDS DEPENDANTS DISABILITY DISABILITY PENSION DISABILITY PENSIONS DISABILITY RETIREMENT EARLY RETIREMENT PENSIONS EARLY RETIREMENT PROGRAMS ECONOMIC CRISIS ECONOMIC DEVELOPMENTS ECONOMIC DOWNTURN ELDERLY ELDERLY PEOPLE FERTILITY FERTILITY RATES FINANCES FINANCIAL CRISIS FINANCIAL PERFORMANCE FINANCIAL SAVINGS FINANCIAL SUSTAINABILITY FISCAL DISCIPLINE FUTURE PENSION GENDER GENDER DIFFERENCE GENDER DIFFERENCES GENDERS GOVERNMENT BUDGET GOVERNMENT SUBSIDIES GOVERNMENT SUPPORT GROWTH RATES INCENTIVE STRUCTURE INCOME INSURANCE SCHEMES INVESTMENT INCOME LABOR FORCE LABOR MARKETS LIFE EXPECTANCY MATERNITY LEAVE MORTALITY NUMBER OF PEOPLE NUMBER OF WOMEN OLD AGE PENSION PENSION BENEFITS PENSION CONTRIBUTION PENSION COVERAGE PENSION INSURANCE PENSION REFORM PENSION REFORMS PENSION RIGHT PENSION RIGHTS PENSION SCHEME PENSION SPENDING PENSION SYSTEM PENSION SYSTEMS PENSIONER PENSIONERS POLICY CHANGE REPLACEMENT RATES RETIREES RETIREMENT RETIREMENT AGE RETIREMENT AGES RETIREMENT BEHAVIORS RETIREMENT ELIGIBILITY SAVINGS SCARCE RESOURCES SOCIAL INSURANCE SOCIAL SECURITY SPILLOVER TAX TAX EXEMPTION UNEMPLOYMENT VALUATION WAGE GROWTH WAR WILL YOUNG PEOPLE The report, Bulgaria: Ensuring Pension System Sustainability Pension Reform Policy Note was written in September 2009. The report states that the Bulgarian pension system has undergone significant and well designed reform in 2000-2003. However, attempts to restore financial self-sustainability of the pension scheme were not as successful as envisaged. Projections presented in this note suggest that recently introduced government contributions are insufficient to achieve financial sustainability and introduce growing distortions into the financing system. Additional reforms to the system will be needed to meet these challenges. Among the suggested reforms are; ensuring automatic sustainable pension indexation mechanism free of ad hoc interventions; attempting to further increase effective retirement age by reviewing early retirement rules and eliminating gender differences in retirement ages. A continued slow increase of retirement ages for both genders should also be considered; further strengthen disability certification processes to respond to likely increase in disability claims due to the economic downturn; strengthen long term financial planning, including revision of contribution rates which would be more compatible with long-term fiscal sustainability, and consider an exit strategy for formalized Government contribution to the scheme. 2013-02-27T19:49:30Z 2013-02-27T19:49:30Z 2009-09 http://documents.worldbank.org/curated/en/2009/09/16280976/bulgaria-ensuring-pension-system-sustainability http://hdl.handle.net/10986/12543 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Policy Note Economic & Sector Work Europe and Central Asia Bulgaria |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
AGE DISTRIBUTION BABIES BABY BABY BOOM BENEFICIARIES BENEFICIARY BENEFIT FORMULA BENEFIT FORMULAS BENEFIT LEVEL BENEFIT LEVELS BOOM GENERATION CERTIFICATION PROCESSES CHILDBEARING CHILDBEARING AGES CONTRIBUTION PERIODS CONTRIBUTION RATES DEFICITS DEMOGRAPHIC DEMOGRAPHIC PROJECTIONS DEMOGRAPHIC TRENDS DEPENDANTS DISABILITY DISABILITY PENSION DISABILITY PENSIONS DISABILITY RETIREMENT EARLY RETIREMENT PENSIONS EARLY RETIREMENT PROGRAMS ECONOMIC CRISIS ECONOMIC DEVELOPMENTS ECONOMIC DOWNTURN ELDERLY ELDERLY PEOPLE FERTILITY FERTILITY RATES FINANCES FINANCIAL CRISIS FINANCIAL PERFORMANCE FINANCIAL SAVINGS FINANCIAL SUSTAINABILITY FISCAL DISCIPLINE FUTURE PENSION GENDER GENDER DIFFERENCE GENDER DIFFERENCES GENDERS GOVERNMENT BUDGET GOVERNMENT SUBSIDIES GOVERNMENT SUPPORT GROWTH RATES INCENTIVE STRUCTURE INCOME INSURANCE SCHEMES INVESTMENT INCOME LABOR FORCE LABOR MARKETS LIFE EXPECTANCY MATERNITY LEAVE MORTALITY NUMBER OF PEOPLE NUMBER OF WOMEN OLD AGE PENSION PENSION BENEFITS PENSION CONTRIBUTION PENSION COVERAGE PENSION INSURANCE PENSION REFORM PENSION REFORMS PENSION RIGHT PENSION RIGHTS PENSION SCHEME PENSION SPENDING PENSION SYSTEM PENSION SYSTEMS PENSIONER PENSIONERS POLICY CHANGE REPLACEMENT RATES RETIREES RETIREMENT RETIREMENT AGE RETIREMENT AGES RETIREMENT BEHAVIORS RETIREMENT ELIGIBILITY SAVINGS SCARCE RESOURCES SOCIAL INSURANCE SOCIAL SECURITY SPILLOVER TAX TAX EXEMPTION UNEMPLOYMENT VALUATION WAGE GROWTH WAR WILL YOUNG PEOPLE |
| spellingShingle |
AGE DISTRIBUTION BABIES BABY BABY BOOM BENEFICIARIES BENEFICIARY BENEFIT FORMULA BENEFIT FORMULAS BENEFIT LEVEL BENEFIT LEVELS BOOM GENERATION CERTIFICATION PROCESSES CHILDBEARING CHILDBEARING AGES CONTRIBUTION PERIODS CONTRIBUTION RATES DEFICITS DEMOGRAPHIC DEMOGRAPHIC PROJECTIONS DEMOGRAPHIC TRENDS DEPENDANTS DISABILITY DISABILITY PENSION DISABILITY PENSIONS DISABILITY RETIREMENT EARLY RETIREMENT PENSIONS EARLY RETIREMENT PROGRAMS ECONOMIC CRISIS ECONOMIC DEVELOPMENTS ECONOMIC DOWNTURN ELDERLY ELDERLY PEOPLE FERTILITY FERTILITY RATES FINANCES FINANCIAL CRISIS FINANCIAL PERFORMANCE FINANCIAL SAVINGS FINANCIAL SUSTAINABILITY FISCAL DISCIPLINE FUTURE PENSION GENDER GENDER DIFFERENCE GENDER DIFFERENCES GENDERS GOVERNMENT BUDGET GOVERNMENT SUBSIDIES GOVERNMENT SUPPORT GROWTH RATES INCENTIVE STRUCTURE INCOME INSURANCE SCHEMES INVESTMENT INCOME LABOR FORCE LABOR MARKETS LIFE EXPECTANCY MATERNITY LEAVE MORTALITY NUMBER OF PEOPLE NUMBER OF WOMEN OLD AGE PENSION PENSION BENEFITS PENSION CONTRIBUTION PENSION COVERAGE PENSION INSURANCE PENSION REFORM PENSION REFORMS PENSION RIGHT PENSION RIGHTS PENSION SCHEME PENSION SPENDING PENSION SYSTEM PENSION SYSTEMS PENSIONER PENSIONERS POLICY CHANGE REPLACEMENT RATES RETIREES RETIREMENT RETIREMENT AGE RETIREMENT AGES RETIREMENT BEHAVIORS RETIREMENT ELIGIBILITY SAVINGS SCARCE RESOURCES SOCIAL INSURANCE SOCIAL SECURITY SPILLOVER TAX TAX EXEMPTION UNEMPLOYMENT VALUATION WAGE GROWTH WAR WILL YOUNG PEOPLE World Bank Bulgaria : Ensuring Pension System Sustainability |
| geographic_facet |
Europe and Central Asia Bulgaria |
| description |
The report, Bulgaria: Ensuring Pension
System Sustainability Pension Reform Policy Note was written
in September 2009. The report states that the Bulgarian
pension system has undergone significant and well designed
reform in 2000-2003. However, attempts to restore financial
self-sustainability of the pension scheme were not as
successful as envisaged. Projections presented in this note
suggest that recently introduced government contributions
are insufficient to achieve financial sustainability and
introduce growing distortions into the financing system.
Additional reforms to the system will be needed to meet
these challenges. Among the suggested reforms are; ensuring
automatic sustainable pension indexation mechanism free of
ad hoc interventions; attempting to further increase
effective retirement age by reviewing early retirement rules
and eliminating gender differences in retirement ages. A
continued slow increase of retirement ages for both genders
should also be considered; further strengthen disability
certification processes to respond to likely increase in
disability claims due to the economic downturn; strengthen
long term financial planning, including revision of
contribution rates which would be more compatible with
long-term fiscal sustainability, and consider an exit
strategy for formalized Government contribution to the scheme. |
| format |
Economic & Sector Work :: Policy Note |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Bulgaria : Ensuring Pension System Sustainability |
| title_short |
Bulgaria : Ensuring Pension System Sustainability |
| title_full |
Bulgaria : Ensuring Pension System Sustainability |
| title_fullStr |
Bulgaria : Ensuring Pension System Sustainability |
| title_full_unstemmed |
Bulgaria : Ensuring Pension System Sustainability |
| title_sort |
bulgaria : ensuring pension system sustainability |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2009/09/16280976/bulgaria-ensuring-pension-system-sustainability http://hdl.handle.net/10986/12543 |
| _version_ |
1764420165512986624 |