The discussion surrounding potential adjustments to the retirement age has reignited debate regarding the financial sustainability of the pension system in North Macedonia. The Trade Unions of Macedonia have issued a strong rebuttal, cautioning that merely extending working life cannot resolve the underlying financial challenges facing the national Pension Fund. According to the union, increasing the mandatory retirement age to 72 years is insufficient as a standalone solution.
Instead, the LSM advocates for the implementation of comprehensive models that support varied approaches to exiting the workforce. These proposed frameworks should incorporate mechanisms for early retirement, proper recognition of accrued service time, and a retirement structure based on accumulated years of service. The union leadership argued that addressing the deficit within the Pension Fund requires more than simply raising contribution rates or extending the mandatory working age.
They contend that such measures fail to resolve the fundamental structural issues within the system. Furthermore, the demographic reality presents a counterpoint to raising the age limit, given that the average life expectancy in the country is currently 76 years. These factors suggest that policymakers must consider systemic reforms beyond adjusting the retirement age.
The focus, according to union representatives, needs to shift toward creating a more robust and adaptable pension framework that acknowledges both demographic trends and the need for financial stability across different service profiles.
Topics: #age #pension #retirement
