Empirical Study Regarding the Central and Eastern European Countries’ Soundness of Pension Systems. Triangle Assessment: Social, Economic, and Financial Features of Pension Systems

Nowadays, pension systems are the quid pro quo agenda for governments around the globe supported by the need for more comprehensive and accurate stability of pension systems. The common problems and the historical context of the Central and Eastern Europe Countries as the Czech Republic, Slovakia, Poland, Hungary, and Romania are oriented towards the construction of a new pension system in all these countries. This article tackles the soundness of the pension systems sustainability through three perspectives: first, enhancing the financial aspects of pension systems, second, consolidating the new economic context to ensure stable pension systems, third, more comprehensive and specific social aspects of pension systems to decrease the poverty rate of elderly people. The econometric techniques used in this article have revealed the need for complex reform and reshaping of the pension systems in all Central and Eastern European Countries by taking into account the social features, economic aspects, and financial characteristics of pension systems. The conclusions of this study reveal the strengthening of the pension systems by taking into account factors such as judicial reform, reducing economic failures, and enhancing the social and medical issues of pension systems with a direct impact upon the construction of more sound and sustainable pension systems with strong financial background and flexible approach to eliminate the technical disturbances.