THE IMPACT OF THE GLOBAL ECONOMIC AND FINANCIAL CRISIS ON THE PENSION REFORMS

Abstract

The relevance of the article is caused by the crisis in government pen-
sion system in many developed countries, due to not only the demographic factors,
but to the challenges of the global economic and financial crisis. The financial cri-
sis has significantly impacted traditional as well as the most modern pension systems
all over the world. The analysis of the impact of the global crisis will provide the op-
portunity to determine further prospects of pension system’s development. The ob-
jective of this paper is to definite actions to be taken to support private and public
pension systems reforms in the post financial crisis period.