The question "who fills the pension fund" in Macedonia has an ever more uncomfortable answer - the budget, meaning all of us. For years the pension system hasn't been able to cover its own obligations on its own, and an audit has now revealed that the second, private pension pillar is late with its payments too.

The numbers are sobering. The Pension and Disability Insurance Fund relies on direct transfers from the state budget, which in 2024 accounted for as much as 36.71 percent of total revenue. Even though contribution revenue grew by 14 percent and reached 71.4 billion denars, that wasn't enough to cover pension spending, which exceeded 90.2 billion denars. The gap is closed by the budget - that is, by everyone's tax money.

Even more alarming is the finding on the second pillar. The audit revealed significant delays in transfers to the private pension funds - on average around two months - and by February 2026 undistributed contributions had reached almost 2.6 billion denars, roughly 42 million euros. The money that belongs to the worker for his future is sitting somewhere in transit, instead of working for him.

The root of the problem isn't one government or one year - it's a model that can't service its obligations without constant borrowing or cutting other line items. When the pension system depends on the budget closing the hole every single year, then today's worker's pension isn't guaranteed by savings, but by the hope that tomorrow there will be someone to pay. And that is the most insecure pension strategy there is.