Bosnia and Herzegovina Pension System Note
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Washington, DC
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The Bosnia and Herzegovina (BH) pension
system currently consists of two pension funds, each
functioning in one o f the two entities making up Bosnia and
Herzegovina, the Federation (FBiH) and Republika Srpska
(RS). Both pension systems have already undertaken
substantial reforms supported by the World Bank. However,
critical problems still exist in both systems and will only
worsen with time. This note provides an evaluation of the
current system and provides some possible reform options.
The note is organized as follows: Section 2 contains a brief
overview of the historical development of the pension
systems, Section 3 contains a brief overview of the current
demographics and financial status of the pension funds,
Section 4 provides a detailed review of the pension system
design parameters in each system, providing international
comparisons, Section 5 provides projections of the financial
and social consequences of today's parameters, Section
6 provides some reform options which harmonize parameters
across the two entities and remove the most obvious
disincentives in the current systems, Section 7 provides a
longer run view on options for dealing with declining
pension coverage among the elderly, and Section 8 concludes.
Palabras clave
ACCRUAL RATES, AGED, AVERAGE WAGE GROWTH, BASIC BENEFIT, BENEFIT FORMULA, BUDGETARY SUPPORT, CITIZENS, CONTRIBUTION RATE, CONTRIBUTION RATES, DEPENDENCY RATIO, DISABILITY, DISABILITY PENSIONS, EARNINGS HISTORIES, EDUCATIONAL ATTAINMENT, ELDERLY, ELDERLY POPULATION, GROSS WAGES, HEALTH INSURANCE, HUMAN DEVELOPMENT, INEQUITIES, INFLATION INDEXATION, INFORMAL SECTOR, INSTITUTIONAL FRAMEWORK, INSTITUTIONAL STRUCTURE, LABOR MARKET, LABOR MARKETS, LIMITED RESOURCES, MACROECONOMIC STABILITY, NET WAGE, NOMINAL WAGES, OLD AGE, OPPORTUNITIES FOR INDIVIDUALS, PENSION COVERAGE, PENSION FUND, PENSION FUNDS, PENSION RIGHTS, PENSION SYSTEM, PENSION SYSTEM PARAMETERS, PENSION SYSTEMS, PENSIONERS, PENSIONS, POLITICAL DECISION, POPULATION DECLINES, POPULATION ESTIMATES, POPULATION PROJECTIONS, POPULATION STRUCTURE, POTENTIAL CONTRIBUTION, PRIVATE PENSION, PRIVATIZATION, PUBLIC SYSTEM, REPLACEMENT RATE, RESPECT, RETIREES, RETIREMENT, RETIREMENT AGE, RETIREMENT AGES, RETIREMENT SAVINGS, REVENUE COLLECTION, SOCIAL CONSEQUENCES, SOCIAL INSURANCE, SOCIAL INSURANCE PROGRAMS, SOCIAL INSURANCE SYSTEMS, SOCIAL PENSION, SOCIAL PROTECTION, SPOUSE, SURVIVOR PENSIONS, TREATIES, WAGE HISTORIES, WAR, WORKER CONTRIBUTIONS, YOUNG AGE