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Pension Reform in Slovakia: Fiscal Debt and Pension Levels

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  • Igor Melicherèík
  • Cyril Ungvarský
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    Abstract

    This paper considers two aspects of a recent pension reform in Slovakia: the financial balance of the former pay-as-you-go system, and the level of retirement pensions in a newly introduced two-pillar system. Generally, there are three important steps to sustainable pension reform: a change of pension indexation, a raised retirement age, and the launch of a fully funded (second) pillar. With regard to fiscal debt, the two-pillar system is superior to the pay-as-you-go system in the long term. Having considered the risk of returns on savings in the funded pillar, the authors show that while pensions under the two-pillar system should be higher than under a one-pillar system, it is not a certainty.

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    File URL: http://journal.fsv.cuni.cz/storage/987_s_391_404.pdf
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    Bibliographic Info

    Article provided by Charles University Prague, Faculty of Social Sciences in its journal Finance a uver - Czech Journal of Economics and Finance.

    Volume (Year): 54 (2004)
    Issue (Month): 9-10 (September)
    Pages: 391-404

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    Handle: RePEc:fau:fauart:v:54:y:2004:i:9-10:p:391-404

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    Related research

    Keywords: pension reform; Slovakia; fiscal debt; pension level; asset returns; risk;

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