PENSION SYSTEMS AND FINANCIAL SUSTAINABILITY: CHALLENGES AND PATHWAYS FOR THE 21ST CENTURY

Pension systems represent one of the most critical pillars of modern welfare states, yet they face unprecedented pressures from demographic shifts, fiscal constraints, and evolving labor markets. This article examines the structural foundations of pension systems, analyzes the primary threats to their long-term financial sustainability, and evaluates reform strategies adopted across different economies. Drawing on comparative evidence from both developed and emerging markets, the article argues that sustainable pension policy requires a balanced multi-pillar architecture, adaptive indexation mechanisms, and proactive governance frameworks capable of responding to structural demographic change.