Publication detail

Pension Crisis and Pension Funds

Author(s): doc. Ing. Ondřej Schneider MPhil., Ph.D.,
Type: Others
Year: 2003
Number:
ISSN / ISBN:
Published in: Prague Business Journal
Publishing place: Prague
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Abstract: The Czech Republic is one of the fastest aging societies in the world. A fast and dramatic fall in the fertility to a low 1.17 children per woman is compounded by the fast rise of the average lifetime. These dramatic changes will have a profound impact on the entire society, but nowhere will they be more keenly felt than in the pension system. The Czech pension system is a typical, mature pay-as-you-go (PAYG) system whereby current pension benefits are financed from current contributions levied on the working population. It is also a highly redistributive pension system, where benefits only loosely depend on contributions.
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