Overhauling Albania's pension system for inclusive growth

13 Maj 2024, 08:24Economy TEMA

Overhauling Albania's pension system for inclusive growth

May 13, 2024 — While the opposition pushes for a minimum standard of living approval for all Albanians with limited means, the government is in the process of reevaluating the pension scheme. Recent developments suggest that within the year, a new scheme will be introduced with a focus on two key elements. Milva Ekonomi, a majority MP, provided insights into this scheme during a televised interview, shedding light on negotiations with the World Bank.

"Two main pillars are under consideration," stated Ekonomi. "Firstly, priority in pension increases will be given to residents within Albania, including both urban and rural pensioners, over those residing outside the country. However, pensioners abroad will still see increases, albeit with a differentiated indexing approach applied annually by the government. These strategies have been outlined by the Ministry of Finance."

The reassessment of the pension scheme also aims to address urgent issues such as the emigration of Albanians from rural areas. This factor will be carefully considered during the review process, highlighting a comprehensive approach to tackling socioeconomic challenges.

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