PENSION SYSTEM IN REPUBLIC OF MACEDONIA. Pension system, key institutions. Ministry of Labor and Social Policy Pension and Disability Insurance Fund of Macedonia Agency for Supervision of Fully Funded Pension Insurance (MAPAS) Pension Companies and Pension Funds – Mandatory
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PENSION SYSTEM IN
REPUBLIC OF MACEDONIA
Ministry of Labor and Social Policy
Pension and Disability Insurance Fund of Macedonia
Agency for Supervision of Fully Funded Pension Insurance (MAPAS)
Pension Companies and Pension Funds – Mandatory
Custodian bank (National Bank of the Republic of Macedonia – transitory for second pillar; commercial bank for third pillar)
Solidarity PAYG system modified
Mandatory fully funded system introduced in 2005/2006
April 2005 - Two licenses granted to Pension Companies with mixed capital (domestic and foreign) for managing one Pension Fund each selected in international bidding process
September 2005 – Start of Membership Process
1. Law on Contributions from the Mandatory Social Insurance
2. Integrated collection of contributions in the Public Revenue Office
3. Implementation of gross wage
4. Reduction of the contribution rate and minimal base for contribution
Mandatory rationalized PAYG system (first pillar)
Mandatory fully funded system (second pillar)
Voluntary fully funded system (third pillar)
Based on the DB principle – the pension is calculated on predefined formula
Old age pension
The most recent statistics show that the number of old age pensioners is/will not change drastically due to the last changes in the Law for Pension and Disability Insurance.
64 years of age (man)i.e.62 years of age (woman) and at least 15 years of service
156 new disability pensioner per month in 2008 out of 5.793 submitted expert evidences.
- general incapacity for work
- professional incapacity for work (above 50 years of age for man and woman)
The number of survivors pensioners will further increase as a result of the last changes in the Law for Pension and Disability Insurance which stipulates the conditions and entitled to survivors pension.
- the deceased was pension beneficiary
- the deceased had pension insurance for 5 years
Entitled to survivors pension: spouse, parents, children, family members and other members of the family
Three groups of minimal pension
The number of pensioners that received minimal pension in December 2008 was 82.110, which was 30% of the total number of pensioners in the country.
The number of pensioners who received maximum pension in December was 784 which was 0,29% of the total number of pensioners.
Definition on Self-Employed: person who exerts economic activity or another professionaland intellectual service from which income its realized
Definition on Individual Farmer: person who is engaged solely in farmers profession and from which income is realized
2,3% of the contributors in Macedonia are individual farmers
Participation in the second pillar
Second Pillar Membership
Second pillar pension benefits
Second Pillar Developments
Third Pillar Developments
Third pillar membership
Third Pillar Pension Benefits
Thank you for the attention
Natasa Markovska, MLSP
Biljana Petroska, MAPAS