Scholarly record
THE ANALYSIS OF THE PENSION REFORMS IN SELECTED COUNTRIES OF THE MIDDLE AND EAST EUROPA
Abstract
The problem of ageing population is increasing. So, the governments in different countries are trying to find some solution of the deficit of the pension systems and so different types of reforms suggest itself. These reforms can be only parametric or can be also systematic. The parametric reform is represented mainly by the increase of the pension age and by the increase of the minimum insurance period. But it needn?t be satisfactory and for that reason a lot of governments in the middle and east Europa were trying to realize the systematic reform that consists in the introduction of the second pillar of the pension system that is called obligatory funds system. This second pillar extends the first and third pillar. The first pillar is represented by the pay as you go system and the third pillar by the voluntary pension funds. The aim of the second pillar of the pension system is to arrange the individual pension savings accounts that would be for the future the main source of the pension allowances of the individual policyholders. The disadvantage lies in the beginning of this system, because the individual savings represents the loss for the first pillar of the pay as you go system. The possible solution of this problem lies in the privatization of some state firms for the purpose to obtain money for the beginning of these pension reforms. These reforms were realized in some countries of the Middle and East Europa, for example in Czech Republic, Poland, Slovakia, Rumania, Bulgaria and the like, but these reforms were not successful, because very little persons changed the first pay as you go pillar and entered into the second obligatory funds pillar. For that reasons this pillar in most countries is deteriorating. This pillar was even cancelled in the Czech Republic. The most important reason of this failure is some distrust to the funds after the great problems with the privatization realized in these countries after the period of the socialism.
Publication Impact Profile
- Captures
- Mendeley - Readers: 1
Publication details
References10
Act About Ending of the Pension Insurance, No. 376/2015, Czech Republic
Act on Pension Savings, No. 426/2011, Czech Republic
Act on Social Securit and State Employment Policy Contribution, No. 589/1992, Czech Republic
Hrdý, M. The Conception of the Pension Insurance and Czech pension reform. The bachelor´s work, Bratislava, 2013, Paneuropean University, Faculty of Law, 46 pp.
Penzijní spoření na Slovensku opustilo 60 000 lidí, dohromady již přes 200 000 lidí. HNPeníze, 2013, [cit. 2019.07.10]. Available on internet:<http://penize.ihned.cz/penze-pripojisteni/c1-59236380-penzijni-sporeni-naslovensku-opustilo-60-tisic-lidi-dohromady-uz-pres-230-tisic>.
Petrželka, K. Důchodové reformy v zemích střední a východní Evropy. Svaz průmyslu a dopravy, 2011, [cit. 2019.07.10]. <Available on internet: http://www.spcr.cz/files/duchodove_reformy.pdf. >
Schneider O. Penzijní dluh: Břímě mladých. Institut pro demokracii a ekonomickou analýzu. 2011, [cit.2019.07.10]. Available on internet: <http://idea.cerge-ei.cz/documents/Studie_2011_02_Penze.pdf>.
Social Insurance Act, No. 155/1995, Czech Republic.
Švarc, D. Důchodová reforma na Slovensku – inspirace pro ČR? Měšec.cz, 2005, [cit.2019.07.10.]. Available on internet: <http://www.mesec.cz/clanky/duchodovareforma-na-slovensku-inspirace-procr/>.
Vlková, J. Končí II. důchodový pilíř, lidé naspořili tři miliardy. Co s penězi bude? [cit.2019.07.10.]. Available on internet: <https://www.idnes.cz/ekonomika/domaci/druhy-pilir-penzijniho-sporeni-se-zacnelikvidovat-co-bude-s-penezi.A151125_171525_ekonomika_jvl>.
View or Download full articleAccess options
SWS access login
Login as SWS Scientific CommitteeLogin as SWS Scientific PartnerLogin as SWS AuthorAuthors and approved SWS contributors will read and export their own linked papers after identity matching by SWS profile, email and SGEM GlobalID.
For librarian assistance: [email protected]
Purchase Instant Access
- Article can be downloaded after successful payment.
- Article may be used according to SWS library access terms.
- Article cannot be redistributed.
