Basic Characteristics of the Current Pension Reform in the Czech Republic

The Czech Republic as well as the whole of Europe is struggling with a significant aging of the population. As a result of this unfavorable demographic development, the state pension system is becoming financially unsustainable. In this context, there have been discussions about the need for a pension reform at both professional and political level for more than 15 years now. This bachelor thesis provides a comprehensive view of this issue. The essential theoretical framework consists of the classification of pension systems and the characteristics of the Czech pension security. As an analysis of the demographic development, this work shows a need for a comprehensive systemic change. The thesis outlines reform options based largely on the conclusions of the two of Bezděk commissions. The paper analyzes changes in the Czech pension system, focusing on both small and large pension reform. Subsequently, the suitability of the changes and their fiscal and social impact, are evaluated