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The Pension System and its Financing as an Important Part of Public Finances in the Slovak Republic

Author

Listed:
  • Peter Sika

    (Development and Labour, University of Economics in Bratislava, Faculty of National Economy, Department of Social Dolnozemsk cesta 1, 851 04 Slovak republic,)

  • Jarmila Vidov

    (Department of Economic Policy, University of Economics in Bratislava, Faculty of National Economy, Dolnozemsk cesta 1, 851 04 Slovak Republic.)

Abstract

Spread of the Slovak pension system to several pillars significantly increased the deficit of the predominantly ongoing pension system administered by the Social Insurance Fund. At the same time, the transformation costs have increased, which exacerbate the public finance deficit and the financial sustainability of the pension system, especially in the short term. The private pension system, which was built on a voluntary basis in the initial phase, gained a significant position in retirement provision as well as in popularity among citizens of the Slovak Republic thanks to mass promotion. Despite several unsuccessful government attempts to return citizens to a purely ongoing system due to the inefficiency of being a private pension savings scheme, the National Council of the Slovak Republic has come to weaken old-age pension savings through a set of measures.

Suggested Citation

  • Peter Sika & Jarmila Vidov, 2018. "The Pension System and its Financing as an Important Part of Public Finances in the Slovak Republic," International Journal of Economics and Financial Issues, Econjournals, vol. 8(5), pages 45-51.
    • Handle: RePEc:eco:journ1:2018-05-7
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    References listed on IDEAS

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    1. repec:ces:ifodic:v:10:y:2012:i:4:p:19073289 is not listed on IDEAS
    2. Lans Bovenberg & Casper van Ewijk, 2012. "The Future of Multi-Pillar Pension Systems," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 10(04), pages 16-20, December.
    3. Lans Bovenberg & Casper van Ewijk, 2012. "The Future of Multi-Pillar Pension Systems," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 10(4), pages 16-20, December.
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    More about this item

    Keywords

    Deficit of public finances; Sustainability of the pension system; Retirement pension savings; Retirement age;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • J45 - Labor and Demographic Economics - - Particular Labor Markets - - - Public Sector Labor Markets
    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy

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