Record high number of pension contributors registered by HZMO

The data provided by the Croatian Pension Insurance Fund (HZMO) show that the number of active pension contributors in July reached a record high 1.6 million, the highest number since January 2012, and this trend is attributed to the country's economic growth and growing demand for workers in the tourism and construction industry.

Last month, as many as 1,600,405 persons were registered with the fund as active payers of pension contribution, which was 0.4% more than in June and 2.4% more than in July 2018.

Positive growth rates in the number of pension insurees have been going on since the second quarter of 2015, and Reiffeisen bank analysts say that this was the result of the economic recovery and growing demand for the workforce.

In the first seven months this year, the rise in the number of pension insurees was spurred mainly by the number of hired workers in the construction sector. The share of pension contributors in the construction industry to the overall number of pension insurees registered with HZMO is 7.2%.

The highest number of pension contributors are employees in the manufacturing industry, 248,324, however their statistics went down on the year since the start of 2019.

The HZMO "is a public institution established on the basis of the Pension Insurance Act which at the same time designated the commencement of the pension system reform aimed to providing for the mandatory pension insurance (PAYG) entitlements to the employees, farmers, craftsmen and others," the fund says on its website. (Hina/FaH)

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