WB Director: Today's pension policies will affect future retirees!
At the international conference on pension system reform in Albania, the World Bank's Director for the Western Balkans, Xiaoqing Yu, said:
“The pension policies mentioned today will affect future retirees and employer contributors. This helps you have a long-term vision. We will work to further perfect some of the mechanisms of the pension system, building on the 2014 reform, we are on the right track. Pensions are very important for people's well-being, for budgetary sustainability, and we are pleased to have been given the opportunity to support Albania in 2014 and have learned a lot during this decade about pension policies. At first, increasing pensions for current retirees without balancing it with contributions will cause costs. The issue of private pensions should have a complementary role, it should be additional and not a substitute for mandatory pensions. Changes in pension policy will affect the entire population, but only if the public understands its importance. I guarantee you our technical support for the pension system.”
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