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Extra info for Ageing And Employment Policies Czech Republic: Czech Republic (Private Pensions Series)
Sample text
By entering the scheme, participants mainly reshuffle their savings in order to qualify for the State subsidy. Given that, as mentioned above, savings in private pension plans are subsidised (and thus are funded from taxes), it might even be argued that the whole supplementary pension funds scheme is lowering aggregate national savings. 5). More than 60% of participants are aged 45 and over, and the average age of the participants is about 50 years. This means that contributions to these plans will be paid over a relatively short period (often only ten years), implying that Czech pension funds have a much shorter time-horizon than is the case in other OECD countries.
Cancellation of preferences in the pension system. 1993: Separation of contributions from taxes. 1994: Introduction of a supplementary pension insurance scheme. Participation in this system of private pension funds is voluntary. 1995: Changes in qualifying periods and the retirement age. 1996: Establishment, as part of the state budget, of a special account of pension insurance. All contributions are credited to this account and can only be used to finance pension expenditures. 1997: Indexation rule tightened.
It rejected 9 015 requests for invalidity benefits: in other words, only one out of seven requests is rejected by the social insurance administration. 5% of the pension basis for each year of insurance). For some low income earners, invalidity benefits are relatively generous (see below). 4% in the case of beneficiaries of partial invalidity. At the end of 2003, the average pension was CZK 6 911 for the full disability pension and CZK 4 243 for the partial disability pension. Therefore, the average full disability pension was only marginally lower than the average old-age pension.
