Czech pension system struggling with large deficit

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published: 27.12.2011, 15:43 | updated: 27.12.2011 16:00:06

Prague - The Czech pension system lacked some 39.1 billion crowns at the end of November, according to the data released by the Czech Social Security Administration (CSSZ) today.

It is 4.9 billion crowns more than a month ago.

This has been the largest deficit since 2009 when the pension account was running at a surplus.

Compared with November 2010, the deficit is 9.4 billion crowns higher, in fact exceeding the whole sum for the past year.

The deficit is growing although the collected insurance money is also growing. However, the expenditures on pensions are rapidly increasing.

This is partly connected with the legislation arising from a decision of the Constitutional Court from last year.

On the basis of it, a large part of the people who asked for pension after September 30 are to receive a lower pension than if they had done so before this day. As a result, the number of applications for early retirement surged during the year.

On the other hand, the revenues of the CSSZ from sickness insurance have developed much better. In October, the revenues were higher than the expenditures paid from them such as sickness leave and maternity benefits by 2.2 billion crowns and by 2.5 billion as from end-November.

The CSSZ receives the means to pay social insurance benefits from the state budget, independently from the volume of money it collects in the previous period as social insurance contributions.

Author: CTK
http://www.ctk.cz/

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