World Bank2013-03-252013-03-252011-07https://hdl.handle.net/10986/12892In response to prolonged recession, in April 2010 the Croatian Government adopted an Economic Recovery Program to safeguard macroeconomic stability and support faster recovery of the private sector. A central element of the program is comprehensive overhaul of the pension insurance system to ensure long-term fiscal and social sustainability as the population ages. The authorities have asked the World Bank to both support the reform desigen-USCC BY 3.0 IGOADMINISTRATIVE COSTSANNUITIESANNUITYANNUITY RATESASSET VALUEAVERAGE BENEFITAVERAGE BENEFITSAVERAGE WAGE GROWTHBASIC PENSIONBENEFIT FORMULACAPITAL MARKETCENTRAL DEPOSITORYCLEARING HOUSECOMMERCIAL BANKINGCOMPLIANCE COSTSCONSTITUTIONAL COURTCONTINGENT LIABILITIESCONTINGENT LIABILITYCONTRIBUTION BASECONTRIBUTION PAYMENTCONTRIBUTION RATECONTRIBUTION RATESDEFICITSDEMOGRAPHICDEPENDENCY RATIODEPOSITORYDEPOSITORY COMPANYDISABILITYEARLY RETIREMENT PENSIONECONOMIC DOWNTURNELDERLYEMPLOYEEEMPLOYMENTEQUALIZATIONEUEXPENDITUREFACTORINGFEMALEFEMALESFERTILITYFERTILITY RATEFINANCIAL FLOWSFINANCIAL SECTORFINANCIAL SUSTAINABILITYFINANCING REQUIREMENTFINANCING REQUIREMENTSFISCAL BURDENFISCAL CONSOLIDATIONFISCAL EFFORTSFIXED RATEFRONT-END FEEFUND MANAGERSFUTURE PENSIONGENDERGENDERSGOVERNMENT CAPACITYGOVERNMENT DEFICITGROSS WAGEGROSS WAGESHOLDINGIMPLICIT DEBTIMPLICIT PENSION DEBTINCOMEINCOMESINDIVIDUAL ACCOUNTINDIVIDUAL ACCOUNTSINFLATIONINFLATION INDEXATIONINFLATION RATEINITIAL REPLACEMENT RATEINITIAL REPLACEMENT RATESINSTITUTIONAL INVESTORINSURANCE COMPANYINTERNATIONAL BEST PRACTICEINVESTMENT PORTFOLIOSJUDGESLABOR COSTSLABOR FORCELABOR MARKETLABOR MARKETSLAWSLEGAL STATUSLEGISLATIONLIFE EXPECTANCYMACROECONOMIC STABILITYMANDATORY PENSION FUNDSMANDATORY PILLARSMARKETS DEVELOPMENTSMONTHLY CONTRIBUTIONMULTI-PILLAR SYSTEMNET WAGEOLD-AGE INCOMEOLD-AGE PENSIONOLD-AGE PENSIONSOPERATING COSTSOUTSOURCINGOWNERSHIP STRUCTUREPAYROLL TAXPAYROLL TAXESPENALTIESPENSIONPENSION BASEPENSION BENEFICIARIESPENSION BENEFITPENSION BENEFITSPENSION CONTRIBUTIONPENSION CONTRIBUTIONSPENSION COSTSPENSION DEBTPENSION EXPENDITURESPENSION FORMULAPENSION FUNDPENSION FUND MANAGEMENTPENSION FUNDSPENSION INSURANCEPENSION LIABILITIESPENSION OBLIGATIONSPENSION PAYMENTSPENSION POLICYPENSION PROGRAMPENSION REFORMPENSION SCHEMESPENSION SIMULATION MODELPENSION SPENDINGPENSION SYSTEMPENSION SYSTEM ISSUESPENSION SYSTEM PARAMETERSPENSION SYSTEM REFORMPENSION SYSTEM REFORMSPENSION SYSTEMSPENSIONERPENSIONERSPERSONAL INCOMEPOLITICAL CYCLEPOLITICAL RISKPOPULATION AGEINGPRESENT VALUEPRICE INDEXATIONPRICE INDEXINGPRISONERSPRIVACYPRODUCTIVITYPUBLIC CALLSPUBLIC DEBTPUBLIC FINANCESPUBLIC-PRIVATE PARTNERSHIPPURCHASING POWERRATE OF RETURNRATE OF RETURNSRATES OF RETURNREGISTRATION PROCESSESREPLACEMENT RATEREPLACEMENT RATESRETIREESRETIREMENTRETIREMENT AGERETIREMENT INCENTIVESRETIREMENT PERIODRETURN ON EQUITYREVENUE SHORTFALLREVENUE SHORTFALLSSAVINGSSOCIAL INSURANCESOCIAL INSURANCE AGENCIESSOCIAL INSURANCE CONTRIBUTIONSTRUCTURAL PROBLEMSTAX COLLECTIONTAX TREATMENTTRANSITION COUNTRIESTRANSITION ECONOMIESVOLUNTARY PENSIONVOLUNTARY PENSION FUNDSWILLWorld Bank10.1596/12892