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Safeguarding the sustainability of the Ukrainian pension system

Author

Listed:
  • Jens-Christian Høj
  • Viktoriia Klimchuk

Abstract

Before the war, the Ukrainian Pay-As-You-Go pension system required large government transfers. Since then, large scale emigration and an increasing number of people eligible for pensions have further increased the need for government transfers and exacerbated the challenges of population ageing. At the same time, the system provides relatively low pension benefits, despite fairly high contribution rates and short time in retirement. This reflects to a large degree a relatively narrow contribution base due to a large informal economy and underreporting of labour income. Reform of the system must encourage participation, secure liveable pensions, and safeguard the system’s fiscal sustainability.

Suggested Citation

  • Jens-Christian Høj & Viktoriia Klimchuk, 2024. "Safeguarding the sustainability of the Ukrainian pension system," OECD Economics Department Working Papers 1805, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:1805-en
    DOI: 10.1787/fc202a7e-en
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    More about this item

    Keywords

    informal labour markets; old-age poverty; pension systems; Public finances;
    All these keywords.

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • I32 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Measurement and Analysis of Poverty
    • J46 - Labor and Demographic Economics - - Particular Labor Markets - - - Informal Labor Market

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