Considerations of pensions reform

The national pension systems problem worsens more and more, in more countries of the world. The PAY-AS-YOU-GO (PAYG) pension systems, based exclusively on the solidarity of the generations, are confronting problems more and more difficult to solve. Their origin is found in the evolution and demographic tendencies concerning concomitant population ageing with reduced birth rate, the longer average life duration, inflation, the bigger and bigger costs needed by the post-active period in early retirement, in growing the quality of life and, very importantly, in reducing the rate of dependence (respectively reducing the number of tax payers and growing the number of pensioners). Most of the countries of the world are confronting this kind of situations.