The Bank of Albania requests the revision of the pension system. It suggests that the new scheme should be long-term and create opportunities for other schemes.

The Bank of Albania repeats the call for the revision of the pension scheme. She suggests that the new law take into account the population structure and promote other schemes.

“In our opinion, the review of the scheme’s parameters should guarantee a long-term stability, with as little impact on the budget as possible. Also, we suggest that the first review of the scheme (with mandatory contributions) should be done in parallel with complementary measures for the development of the second and third pillars”, declared Luljeta Minxhozi, the deputy governor of the Central Bank.

As for the pension system, the Central Bank said that it is necessary to analyze the informality of salaries in the country.

“There is a high degree of informality when it comes to declaring salaries. In our opinion, before exploring the new parameters of the pension system, it would be wise to understand the dimensions of this informality, so as not to deviate the parameters of the new scheme,” declared Erald Themeli, director of monetary policy at the Bank of Albania.

These suggestions were made in the Economy Commission, while the government itself has announced legal changes, including a promise of a significant increase in pensions over the next year.