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In Albania, every year more and more the pension scheme is deepening the “debt”. This is evident even in conditions when the government is unable to increase them for years other than indexation.
The scheme works in such a way, where the money paid by employees today contributes to tomorrow’s pension. But, according to INSTAT in the country the life expectancy has increased, emigration has deepened and for the first time deaths are higher than births. All these factors have brought about 35 thousand fewer contributors in 2020.
After the reform that was done in 2014, according to the expert Artan Gjergji, the country needs to intervene again in the pension scheme:
“We need a second pillar in the pension scheme, in addition to the mandatory and voluntary ones. A new scheme that is on a professional basis, where those under 30 and under contribute. In this way, the new generation is saved, a cost is created for the state in the next 20-30 years, but in the long run, it saves the mandatory scheme from bankruptcy. ”
The government also has ready the law on private pension funds. According to the expert, this does not definitively solve the problem with the mandatory scheme:
“It helps some citizens who have high incomes, but we must be careful, because it does not finally solve the problem of the mandatory scheme.”
The deficit of the city pension scheme increased by 5% in 2020, while for rural ones it was even deeper at 12.5%.
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