April 2024
30Apr

Czechs approve raising retirement age to help future budgets

The Czech government approved changes to the country's pension system on Tuesday, raising retirement ages and lowering pensions for future retirees as it aims to save the system billions of dollars per year. The reform builds in gradual shifts in the retirement age, delaying retirement by seven months for people who are now 52, compared to the current retirement age of 65, according to plans. It also lowers pensions calculated for future retirees by about 8% compared with the current...

April 30, 2024
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29Apr

Czech Republic. Government to debate proposed pension reform next week

The government is set to discuss proposed changes to the pension system on Tuesday. The proposal envisages a gradual increase in the retirement age linked to a higher life expectancy, a different basis for calculating old-age pensions, a lower indexation of pensions and a minimum pension amounting to 20 percent of the average wage. Most of the changes would affect people born after 1966. The present retirement age is 65 for both men and women. According to Labour Minister Marian...

April 29, 2024
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July 2023
12Jul

Czech Republic. Government pension reform now before final vote

A Czech government bill to slow the indexation of old-age pensions and tighten the rules for early retirement now stands before its third reading after a vote in the lower house on Tuesday. The vote followed a debate lasting over eight hours and concluded late in the evening. MPs will vote on the matter for a final time next week at the earliest. The minister of social affairs, Marian Jurečka, said on Tuesday that the move was necessary to maintain the...

July 12, 2023
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March 2023
30Mar

Czechs protest government bid to raise retirement age

Czech labor unions on Wednesday joined with opposition parties to protest the government's proposed bid to raise the retirement age by four years to 68. Some 2,000 protesters gathered Wednesday in front of government offices in the capital Prague to voice their opposition to the plan. “We definitely don't agree,” read a letter ratified at the gathering. “We will defend ourselves,” Roman Durco, the head of the KOVO labor union group that organized the rally told the angry crowd. Labor and Social...

March 30, 2023
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16Mar

Czech president: will sign bill allowing slower rise in pensions

Czech President Petr Pavel said on Wednesday he would sign a bill slowing down an inflation-linked pension hike, a bill the ruling coalition pushed through to relieve pressure on budget at the time of soaring inflation. The centre-right government of Prime Minister Petr Fiala has said the bill would save around 20 billion crowns ($879 million) worth of spending in the central budget, currently planned with a 295 billion-crown deficit this year. The change has to be implemented by late March...

March 16, 2023
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May 2021
10May

Average Czech pension crosses 15,000 crowns per month

The average pension for senior citizens in the Czech Republic crossed 15,000 crowns for the first time this year, reveal stats from the Czech Social Security Administration (CSSZ). The CSSZ paid out an average of 15,351 crowns monthly to retirees by the end of the first quarter. In a year-on-year comparison, CSSZ expenditures grew while the total number of allocated old-age pensions dropped, largely due to effects of the Covid-19 pandemic. Czech pensions rose in January 2021, increasing by an average...

May 10, 2021
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September 2018

03Sep

Pension reform in the Czech Republic

Throughout the last 20 years, pension reform has been a crucial topic of public debate in the Czech Republic. Since the major overhaul of the pension systems in 1995, which transformed the previous socialist model to a new one that would fit the market economy, many reform steps have been taken. Speaking for the policy makers and key stakeholders of the Czech society, it is appropriate to say that we believe the pension reform is an ongoing process that...

September 3, 2018
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February 2018

28Feb

Czech Republic. Government approves changes to pensions’ level

Old-age pensions of people over 85 will be increased by 1,000 crowns a month as of January 2019 based on an amendment to the pension law approved by the Czech cabinet on Tuesday. The bill is yet to go through the parliament. The bill brings a change to the fixed part of the pensions which is the same for everyone. It should be increased to 10 percent of the average salary from the current 9 percent. The national average pay is currently...

February 28, 2018
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December 2017

27Dec

Czechs draw old-age pension for 24 years on average

Czechs take old-age pension for 24 years on average, while in 2000 it was 20 years, according to the Pension Yearbook with the latest data from 2016 that the Czech Social Security Administration (CSSZ) has released. Women spend 27 years and seven months in retirement, men 19 years and a month. Life expectancy has been gradually rising in the Czech Republic along with the length of years in retirement when people are drawing old-age pension. Read more @Prague Daily Monitor

December 27, 2017
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