Detail práce

The supplementary pension savings scheme in the Czech Republic: //Microeconomic evidence of the 2013 policy change

Autor: Mgr. Adam Rückl
Rok: 2017 - zimní
Vedoucí: Petr Janský Ph.D.
Konzultant:
Typ práce: Diplomová
Finance, finanční trhy a bankovnictví
Jazyk: Anglicky
Stránky: 126
Ocenění:
Odkaz: https://is.cuni.cz/webapps/zzp/detail/185573/
Abstrakt: The thesis investigates determinants of participation in the supplementary pension
savings scheme in the Czech Republic and estimates their change with respect to the
policy intervention realized in 2013. Using the time series of cross-sectional
microeconomic data provided by the Statistics on Income and Living Conditions, the
probability of participation and the level of contributions are estimated separately by
probit and multiple linear regressions, respectively. The estimated coefficients of
both models are tested for structural differences caused by the policy change,
employing the pooled dataset of multiple years with additional coefficients to treat
the compared period. The analysis confirms that income, age, education and
economic activity have a positive effect on both the probability of participation and
expected level of contributions. Whereas gender differences for the level of
contributions have not been detected, single women on average show, ceteris paribus,
4.6 percentage points higher probability of participation than single men.
Unexpectedly high level of activity was observed in case of retired individuals, who
in 2014 represented approximately 15% of all participants and collected 20% of the
credited direct state subsidy. With respect to the 2013 policy change, no evidence of a
significant long-term effect on the participation rate was found. In terms of
contributions, the intervention registered a positive impact in general, however the
greatest response was observed in case of older and higher educated individuals. In
contrast, the low-income, young and less-educated individuals were affected with
lower intensity, suggesting that the policy change failed to diminish the existing
disparities in participation of various population groups.

Partneři

ČSOB
Deloitte
McKinsey & Company

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