Fiscal Council: Raise the retirement age in Macedonia

From 2026, the retirement age for men and women should be increased to 67 years and at the same time the rate for pension insurance should be increased by 0,7 percentage points, i.e. to present 19,5 percent, the Fiscal Council recommends as a proposal of the 2025-2029 Fiscal Strategy .

From the Fiscal Council, which is an independent body that processes analyzes and opinions on macroeconomic and fiscal assumptions used for the preparation of the State Budget and fiscal strategy, they emphasize that these measures are necessary for the maintenance of the Macedonian Pension and Disability Insurance Fund ( SPIM), reducing fiscal risks and consolidating the budget in the next medium-term period.

"The Fiscal Council is of the opinion that for the maintenance of the SPIM Fund, the reduction of fiscal risks and the consolidation of the budget in the next medium-term period, additional measures are needed such as increasing the working life of workers and the gradual increase of the pension insurance contribution and disabled (currently at 18,8 percent, which is a decrease of 2,4 percent compared to 2008 when it was 21,2 percent). When the age of the population would be added to this, the increase in the number of pensioners for about 1500-1700 pensioners every year, accompanied by the preference for emigration of young people abroad, and the relative decrease of coverage of pension income with paid contributions, the problem becomes even more complex. Therefore, the fiscal stability of the SPIM Fund represents a special fiscal risk", the opinion of the Fiscal Council states.

Regarding the increase in the rate of pension insurance, the Fiscal Council recommends that in 2027 an analysis be made for the fiscal sustainability of the SPIM Fund and, depending on the trend and need, gradually increase the contribution up to 21 percent until 2029.