Detailed Information on Publication Record

This paper is focused on the Czech pension system and aims to define limits and discuss possibilities of handling the expected tough periods that are going to occur during this century, showing that the task is to overcome them using fiscal and pension policy since based on demographic projections the situation is going to improve again approximately after year 2070. It explains the difficulties with providing solidarity, demographic behaviour and indexation of pensions. It shows and discusses the possible adjustments’ options (pension age, insurance rate, replacement ratio, fiscal subsidies) and ways of shifting the pension expenditures within public budgets, while providing solid coverage within mandatory pillars and useful options in voluntary pillars. It emphasizes the importance of participation and employment levels for pension systems. The findings are that we need to design and implement better pension pillars where our contributions will go – both in mandatory and voluntary part, and the fiscal plan for covering the tough (but temporary) period that is ahead.