REFORME PENZIONOG SISTEMA U BOSNI I HERCEGOVINI: SOCIJALNE IMPLIKACIJE (NE) ODRŽIVOSTI PENZIONOG SISTEMA
REFORMS OF THE PENSION SYSTEM IN BOSNIA AND HERZEGOVINA: SOCIAL IMPLICATIONS OF (UN) SUSTAINABILITY OF PENSION SYSTEM

Summary/Abstract: Bosnian society faces numerous economic, social, and political challenges. The unfavorable economic situation in the country has significantly affected the demographic picture. Negative natural population growth and emigration threaten the sustainability of pension systems in Bosnia and Herzegovina. The aging population and the increasingly unfavorable ratio of workers to retirees have emphasized the need for pension reforms in the Republika Srpska and the Federation of Bosnia and Herzegovina to ensure stability and certainty in pension payments. Pension systems in Bosnia and Herzegovina have relied on the first pillar, namely the pay-as-you-go system, which has proven unsustainable in the post-war context. Pension reforms had to be implemented by other republics formed by the dissolution of the second Yugoslavia. The direction of pension reforms in all former Yugoslav republics, including Bosnia and Herzegovina, is towards the formation of a pension system based on three pillars. The paper presents key reasons for the need for pension system reform in Bosnia and Herzegovina. Also presented are pension systems in Bosnia and Herzegovina, as well as key changes brought about by implemented reforms. By comparing the pension system in Bosnia and Herzegovina with systems in other former Yugoslav republics, social problems creating the need for further reform or restructuring of pension systems have been identified. Based on pension reforms carried out in other countries, it is possible to understand the purpose and logic of pension reforms that have been and will be undertaken in Bosnia and Herzegovina, as well as to detect social factors causing the need for reform.

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