Working philosophy of the mandatory private pension funds in Macedonia
Working philosophy of the mandatory private pension funds in Macedonia

Summary/Abstract: The pension and disability insurance system, as important part of the social insurance, is a framework which regulates the insurance of the following risks: old age, disability and death. The Macedonian pension system has been existing for over 60 years and it regulates the entitlements from the pension and disability insurance.The March 2000 Amendments to the Law on Pension and Disability Insurance established the basis for the fully funded pension insurance and in May 2002 the Law on Mandatory Fully Funded Pension Insurance was adopted. This Law regulates the mandatory fully funded pension insurance, the establishment and operation of the pension funds and the pension companies that manage the pension funds, as part of the pension and disability insurance system. This document is a review of the working philosophy of the reformed pension system in the Republic of Macedonia. Its focus is on the institutional regulation of the reform of the pension system, as well as on the structure of the reformed pension system in the Republic of Macedonia. Additional attention was given to the operations of the mandatory pension funds, like the membership in the mandatory pension funds, as evidence of their practical operation. The document’s intention is to achieve application of the theoretical realizations with the goal of the reformed pension system and its practical operation.The research is based on secondary data from several institutions in the country: the Agency for Supervision of Fully Funded Pension Insurance, the Ministry of Labour and Social Policy, the Ministry of Finance, the Pension and Disability Insurance Fund of Macedonia and data from the pension companies.

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