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Pensions in the bank, the savings that would be achieved by eliminating "cash"

2024-03-18 14:22:58Biznes SHKRUAR NGA REDAKSIA VOX

Pensions in the bank, the savings that would be achieved by eliminating

The modernization of the banking system today offers numerous opportunities for avoiding the use of 'cash' money. One of these possibilities is the use of electronic money. "Bank of Albania" has often been involved in campaigns aimed at reducing cash in the economy as one of the ways of reducing the informal economy, but not only. According to a study by the "Bank of Albania", in general, when cash and other paper payments are replaced by electronic payments at the economic level, it is estimated that, at hypothetical conversion rates of 35% and 70%, Albania can generate annual savings ranging from 0.5% of GDP to 1%.

But what does the study say in the case of pensions?

According to the "Bank of Albania", if half of the current 'cash' pensions were to be distributed differently through electronic credit transfers, the annual savings would be in the amount of 385 million ALL for pensioners, 350 million ALL for the government and 500 million ALL for the the offer.

What if all current pensions were distributed via electronic credit transfers? The savings to both retirees and the government would be even higher.

We remind you that from April 1 of this year, the new pension distribution process will start. The bank will be the institution that will carry out their distribution, while until now they have been distributed by the Albanian post office. From April 1, all citizens will open a bank account, which will be a free account.


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