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Distribution of Expected Time of Old-Age Pension Receipt in Czechia

Author

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  • Tomáš Fiala
  • Jitka Langhamrová

Abstract

This paper presents a calculation of the estimated value of the time of old age pension receipt for individual birth cohorts of Czech males and females born in the period 1900-2020. It is assumed that people start to receive the pension at the moment of reaching retirement age and receive it until death. Starting with the birth cohort of 1966, two variants of retirement age determination are assumed: (a) a fixed retirement age threshold equal to 65 years for both males and females; and (b) a flexible retirement age (equal for males and females) defined in such a way that the average time of pension receipt would be equal to one quarter of the total expected total life span of people reaching senior age. The average lengths of pension receipt as well as the structure of adult persons from each birth cohort according to five-year time intervals of pension receipt (including the proportion of adult persons not surviving until retirement age) in the future are presented. Cohort life tables were used for calculations.

Suggested Citation

  • Tomáš Fiala & Jitka Langhamrová, 2021. "Distribution of Expected Time of Old-Age Pension Receipt in Czechia," Prague Economic Papers, Prague University of Economics and Business, vol. 2021(5), pages 575-595.
    • Handle: RePEc:prg:jnlpep:v:2021:y:2021:i:5:id:785:p:575-595
    DOI: 10.18267/j.pep.785
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    References listed on IDEAS

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    1. Victor R. Fuchs, 2018. "“Though Much Is Taken”: Reflections on Aging, Health, and Medical Care," World Scientific Book Chapters, in: Health Economics and Policy Selected Writings by Victor Fuchs, chapter 33, pages 403-424, World Scientific Publishing Co. Pte. Ltd..
    2. Ronald Lee, 2000. "The Lee-Carter Method for Forecasting Mortality, with Various Extensions and Applications," North American Actuarial Journal, Taylor & Francis Journals, vol. 4(1), pages 80-91.
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    More about this item

    Keywords

    Retirement age; cohort life tables; birth cohorts; lengths of pension receipt; Czechia;
    All these keywords.

    JEL classification:

    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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