Journals Information
Universal Journal of Industrial and Business Management(CEASE PUBLICATION) Vol. 2(1), pp. 13 - 23
DOI: 10.13189/ujibm.2014.020103
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Lithuanian Pension System鈥橲 Reforms Transformations and Forecasts
Audrius Bitinas 1,*, Alessandro Fiori Maccioni 2
1 Department of Business Law,Mykolas Romeris University, Vilnius, Lithuania
2 Department of Economics and Business (DiSea), University of Sassari, Italy and CRENoS, Sardinia, Italy
ABSTRACT
The aim of this article is to describe the Lithuanian pension system, its reform process and its long-term financial sustainability. We define therefore the current reforms in the public pension system, influenced by the last economic crisis and social challenges. Also, we forecast the financial dynamics of the public pension system, in the light of raising social expenses (due to second pillar pension reforms) and of demographic trends (like ageing society and low fertility). Results reveal the long-term sustainability of the system, albeit at a cost of initial negative balances to be covered with public budget. Policy solutions could improve sustainability by encouraging and extending employment (especially for the disadvantaged) and by building trust in both public and private pension systems.
KEYWORDS
Lithuanian Pension System, Public Budget, Population and Actuarial Forecasting
Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Audrius Bitinas , Alessandro Fiori Maccioni , "Lithuanian Pension System鈥橲 Reforms Transformations and Forecasts," Universal Journal of Industrial and Business Management(CEASE PUBLICATION), Vol. 2, No. 1, pp. 13 - 23, 2014. DOI: 10.13189/ujibm.2014.020103.
(b). APA Format:
Audrius Bitinas , Alessandro Fiori Maccioni (2014). Lithuanian Pension System鈥橲 Reforms Transformations and Forecasts. Universal Journal of Industrial and Business Management(CEASE PUBLICATION), 2(1), 13 - 23. DOI: 10.13189/ujibm.2014.020103.