Zaev: PIOM lacks 500 million euros and maybe the age of retirement will have to be increased


The public should be aware of certain things concerning the hole in the Pension and Disability Insurance Fund of Macedonia (PIOM), and some are announced for the first time. Each year the state is covering the PIOM’s whole and this year it amounts to 500 million euros. He announced a potential increase of the retirement age and the contributions for the employees.

-This is an important issue because the current pensioners have been taken care of, but future pensioners should be more worried. We should be worried about stabilizing the PIOM. The fund is emptied continuously – said Zaev.

He said that the World Bank should make a complete analysis of PIOM. According to the prime minister, if the goal of healing the economy is not achieved and the standard of living is not raised, due to PIOM’s hole, the retirement age and the contributions will have to be raised.

-Probably, unpopular measures will have to be taken. Those would be raising the retirement age and the contributions. But, the economy will have to bear that otherwise, this measure can divert investments – said Zaev.

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