TIRANA, Jan 23 - Albania's ageing population could spell disaster for its pension system, experts warn. By 2060, nearly one in three Albanians will be over 65, with the elderly population expected to rise from 473,000 to over 667,000. The grim forecast from the Institute of Statistics reveals that seniors will make up more than 40% of the total population.
Experts say the pension system is already on the brink, citing a sharp drop in contributors. In 2020, there were 1.4 workers for every pensioner; by 2022, that number had plummeted to 1.17. Without immediate action, experts warn, the scheme could collapse completely.
With young people leaving the country in droves, Albania's average age is set to rise by 17 years, from 42.5 to 50, by 2060.
The Ministry of Finance is now reviewing pension policies, considering raising the retirement age or increasing contributions from businesses and public services. Experts are concerned that failing to act could leave many without a pension. Last year, the required work years to retire were 37.5, but the average pensioner had only 27 years of contributions.
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