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Albania. Deficit in State Pension Scheme Deepening
The decit in the state pension scheme reached Dollar 506 million at the end of 2020, reaching the highest level since the start of the implementation of the new reform in this area.
Government spending on pensions amounted to Dollar 1.34 billion, 2.2% more than in 2019, while contributions for social security payments fell for the rst time since 2016.
Economic experts link this phenomenon to the eects of the Covid-19 pandemic, where many people lost their jobs, and in many sectors of the economy there were wage cuts.
But despite the last gures, economy expert Adrian Civici said that the reform launched in the pension system should not be left in the middle, but should be complemented by the establishment of other pillars, such as private and
voluntary pensions.
Read more @Albania Daily News
