Modeli i reforme penzijskih sistema
Pension system models and reforms

Summary/Abstract: Pension insurance is central to the social security system in most countries. There are two basic pension models in the countries of Europe: the pension insurance model (the Bismarck model) and the universal pension model (the Beveridge model). In practice, we also find a mixed model, combining the two basic models. In the first pension model, pensions are funded, covered by pension contribution payments throughout one’s working life, while in the second, the cost of pension provision for people over a given age is met from the national budget. The increasing problems of an aging population and high unemployment pose a direct threat to the workability of the pension system. Faced with these problems, most European countries have introduced major reforms with a view to creating a sustainable pension system. These reforms have been greatly influenced by the World Bank, which proposed a multi-pillar model for the establishment of financial sustainability and the creation of social security for pensioners.

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