29.03.2018 Pension liabilities reached CZK 10.9 billion

29 March 2018

The Czech Statistical Office has published the data on pension entitlements of households for the first time. At the end of 2015 they attained CZK 10.9 billion. Their amount represents a share of 237% of the gross domestic product.

“Pension liabilities express a value of pension entitlements of households. It is the total amount that shall be paid to people, who have reached and will have reached the age limit of the old-age pension. The share of these liabilities in the gross domestic product represents the amount of resources formed, which will have to be used to satisfy entitlements of the current and future pensioners,“ explains Mr Jaroslav Sixta , Vice-President of the Czech Statistical Office.

“Majority of the total pension liabilities is formed by entitlements of households within the first pillar of pensions, i.e. the system of pension insurance benefits. The rest of the liabilities at the amount of CZK 0.4 billion is the saved remainder of participants in the pension funds, that is the third pillar of pensions,“ summarises Mr Václav Rybáček , Director of the Government and Financial Accounts Department, Czech Statistical Office .

The liabilities amount is affected by economic factors and by the number and age of the population, who are entitled or will have been entitled to one of the types of pensions which are old-age pension, disability pension, orphan pension, and widow’s and/or widower’s pension. Although the aforementioned variables may be subject to some development the resulting data forms the crucial information for economic and social policies.

The Czech Statistical Office has published a projection of the pension liabilities, within the system of national accounts, for the first time. Calculations were carried out applying modern instruments of economic statistics. All Member States of the European Union were obliged to process these data by Eurostat.

More detailed information can be found at: http://apl.czso.cz/pll/rocenka/rocenkaout.pension_ent?mylang=EN.

Contact
Petra Báčová
Spokeswoman of the Czech Statistical Office
T 274 052 017 | M 778 727 232
E petra.bacova@czso.cz | Twitter @ statistickyurad