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North Macedonia pension system reform

Updated 1 time since CLSTR started tracking revisions of this situation.

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2026-09-15 08:42 UTC → 2026-09-29 07:03 UTC · added removed

The North Macedonian government is evaluating significant reforms to its pension system to address modern economic and demographic realities. Minister of Social Policy, Demography and Youth Gjoko Velkovski has indicated that the government is considering a reconstruction of the second pension pillar rather than its outright abolition, aiming to ensure higher benefits for citizens. Working groups are currently analyzing the effectiveness of savings within the second pillar, noting that parameters established two decades ago no longer align with current wage levels and insurance contributions. This follows reports of dissatisfaction from some early retirees regarding their savings levels. Additionally, To address service gaps, the government is considering legislation that would allow citizens to purchase up to two years of pension service. This measure would target targets individuals aged 62 to 64 who have completed at least 13 years of service but lack the 15-year minimum required for a pension. minimum. Under this proposal, contributions the 19.9 percent contribution would be calculated based on half of the previous year’s average net salary. salary for each missing month, up to a maximum of 24 months. Further reform proposals have emerged regarding the investment capabilities of the second pillar. Nikola Memov, director of PIOM, has called for legislative changes to allow pension companies more freedom to invest in domestic state capital. With over 300 million euros currently directed into the second pillar, Memov suggests that approximately 640,000 insured individuals could potentially become shareholders in state-owned enterprises, such as Chebren and Galishte, with the state company MAPAS overseeing the placements. This proposal includes a tiered risk approach based on the age of the insured individuals.

Versions

  1. 2026-09-29 07:03 UTC North Macedonia pension system reform
  2. 2026-09-15 08:42 UTC North Macedonia pension system reform

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