Public Pension Reforms: Challenges and Perspectives of Population Growth and Aging in Central Asia

Abstract

Common features of all transition and developing economies are concentrated around pension reforms, transformations in supply public goods and services, fiscal optimization and cost-effective social protection due to the structurally supported diminishing role of public sector. In post-Soviet economies, public pension system is under radical transformations in parallel with economic transition. Although all former Soviet members have distinguishing pension system structures, the destination is common – transition of pension burden from public to private pension funds in a gradual way. Only in Central Asian economies pension reforms are going on a different path. This article reflects the finding of long-term research in public financial management studies the recent pension system development and analyses the efficiency and relevancy of taken measures in all five Central Asian countries in the context of rapid population growth and aging.

Keywords: Pension, Central Asia, demographic policy.