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Pension System Viability and Reform Alternatives in the Czech Republic

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  • Mr. Thomas Laursen

Abstract

The finances of the Czech pension system have deteriorated markedly in recent years and the aging population will add further strains in the future. The system is also burdened by significant distortions and disincentive effects. This paper assesses the current pay-as-you-go (PAYG) system, including its long-run viability, and discusses reform options. It concludes that alterations to the basic PAYG parameters can go a long way toward addressing the problems, although more systemic changes—such as pre-funding, strengthening the link between contributions and benefits, and diverting part of the pension contributions to a mandatory, private pension savings pillar—could also help.

Suggested Citation

  • Mr. Thomas Laursen, 2000. "Pension System Viability and Reform Alternatives in the Czech Republic," IMF Working Papers 2000/016, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2000/016
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=3419
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    Cited by:

    1. David Marek, 2008. "Penzijní reforma v ČR: konverze ke kombinovanému systému s ohledem na limity fiskální politiky [Pension reform in the Czech republic: a switch to mixed system with regard for limits of fiscal polic," Politická ekonomie, Prague University of Economics and Business, vol. 2008(1), pages 80-101.
    2. Kubicek, Jan, 2005. "Contribution rates to funded pension systems in the new member countries," Research in International Business and Finance, Elsevier, vol. 19(2), pages 266-280, June.

    More about this item

    Keywords

    WP; PAYG system; earnings; PAYG; rate of return; finances;
    All these keywords.

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