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Pension Reform in the Czech Republic: Present Situation and Future Prospects (A Comparison with Austria)

Author

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  • Marie Vavrejnová
  • Eva Belabed
  • Karl Wörister

Abstract

This paper deals with present situation and future development of pension reform in the Czech Republic. A comparison with neighboring country - Austria, has been done. Parametrical reforms of pay as you go systems in both countries are compared and evaluated. Pretensions to introduce the multi-pillar pension system are commented and appraised. Some opacities in current definitions of private pension systems are mentioned. Specific risks of different pillars are introduced, together with the necessity to monitor costs of the pension administrative itself. Aging of the society and public budgets deficit are very important circumstances influencing the pension policy, however, the main aim of reforms should be the creation of a modern system, supporting the maintenance of the living standard of the elderly. Well functioning labour market and developed financial market for a modern pension system are indispensable.

Suggested Citation

  • Marie Vavrejnová & Eva Belabed & Karl Wörister, 2004. "Pension Reform in the Czech Republic: Present Situation and Future Prospects (A Comparison with Austria)," Prague Economic Papers, Prague University of Economics and Business, vol. 2004(3), pages 237-259.
    • Handle: RePEc:prg:jnlpep:v:2004:y:2004:i:3:id:241:p:237-259
    DOI: 10.18267/j.pep.241
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    References listed on IDEAS

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    1. Queisser, Monika & Vittas, Dimitri, 2000. "The Swiss multi-pillar pension system : triumph of common sense?," Policy Research Working Paper Series 2416, The World Bank.
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    Cited by:

    1. Ludmila Siarda Trochtová & Jiří Pospíšil & Helena Pospíšilová, 2021. "Social Risks as the Source of Threats and Concerns: The Survey in the Czech Republic," Societies, MDPI, vol. 11(4), pages 1-17, November.

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    More about this item

    Keywords

    labour market; pension reforms; aging; multi-pillar system;
    All these keywords.

    JEL classification:

    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • J18 - Labor and Demographic Economics - - Demographic Economics - - - Public Policy
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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