PŘISPĚJE SOUČASNÁ PENZIJNÍ REFORMA V ČESKÉ REPUBLICE SKUTEČNĚ K DLOUHODOBÉ UDRŽITELNOSTI DŮCHODOVÉHO ÚČTU?

Abstract

The aim of this paper is to find out whether the contemporary pension reform in the Czech Republic will contribute to long-term sustainability of the pension account. While using the analytical method the paper describes the so-called small and large pension reforms and discusses their macroeconomic impacts. The paper concludes that the impact of the reform is ambiguous. The small reform should have a positive effect on the long term financial sustainability of the pension account mostly due to the number of parametrical changes of the pay-as-you-go pension pillar. On the contrary, large reform implementing funded pillar of the social insurance appears to have negative effect mostly due to expectable uneven participation of different income groups and its negligible impact on the majority of the population. The negative impact caused by the social insurance payments income shortfall should however be viable and not outreach more than units of percents.