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Adequacy Of Pensions In The Republic Of Croatia

Author

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  • Ana Pavkovic

    (University of Zagreb, Faculty of Economics and Business)

Abstract

Today, pensioners make one of the most vulnerable cohorts in the Republic of Croatia, with remarkably low benefits in relation to the average of their own lifelong earnings, but also when compared to the rising cost of living. The aim of this paper is to determine the level of adequacy of pensions in the Republic of Croatia according to the three-dimensional approach to the adequacy, which includes the assessment of income maintenance, poverty and social exclusion, and retirement duration. By studying several adequacy indicators, this paper identifies weaknesses in the system and areas that require further analysis and reform. A comparison of EU member states places Croatia at the bottom of the list, according to most indicators of the level of pension benefits, while Croatian pensioners are also at a higher risk of poverty than pensioners in most other EU countries. This is why improving Croatian pension system through increased pension adequacy is at the core of the National Recovery and Resilience Plan for the period 2021-2026. The findings suggest that pension adequacy should be a higher priority of long-term reforms of the Croatian pension system than sustainability, and pension reforms should be accompanied by reforms in the labor market and the financial system.

Suggested Citation

  • Ana Pavkovic, 2022. "Adequacy Of Pensions In The Republic Of Croatia," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 31(1), pages 327-346, june.
    • Handle: RePEc:avo:emipdu:v:31:y:2022:i:1:p:327-346
    DOI: 10.17818/EMIP/2022/1.15
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    More about this item

    Keywords

    pension adequacy; pension system; old-age income poverty;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination

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