"Pension Reform in Czechia: soft compulsion myths and lies"@en . "Publishing House of Poznan University of Technology" . "Pension Reform in Czechia: soft compulsion myths and lies"@en . "Pension Reform in Czechia: soft compulsion myths and lies" . . "95692" . "1"^^ . . . "Pension Reform in Czechia: soft compulsion myths and lies" . . . . . "1"^^ . "2013-01-01+01:00"^^ . "The World Bank pushed through a full privatization of the public insurance schemes in post-Communist countries from 1994, promising not only Averting the Old-Age Crisis but also promoting the economic growth. 5 years later the same bank declared this concept as \u201C10 myths\u201D. In between the concept of 50% privatization (Security through Diversity) was developed, degenerating to a partial privatization policy, with no more growth promises and with high transition costs, not speaking about the high administrative costs of the private provision of old-age security. The Czech public pillar is contributory and strongly progressive. According to official computations, applying the Aaron rule, the 2013 introduced opt-out of 3% of wages is advantageous for up to 50% of the potential, wealthier clients of the 2nd pillar. To make the opt-out (soft compulsion) more attractive the Ministry changed the pension calculator by reducing the prospective public pensions by up to 40%. These reductions have to finance the transition costs as well. The published and used sales arguments of the private pension funds explain e.g. the mandatory add-on 2% of wages to the opt-outed 3% of wages as the highest subsidization to the personal savings ever provided. In the end of April 2013 there were less than 32,000 participants of the 2nd pillar."@en . . . "Pozna\u0144" . "The World Bank pushed through a full privatization of the public insurance schemes in post-Communist countries from 1994, promising not only Averting the Old-Age Crisis but also promoting the economic growth. 5 years later the same bank declared this concept as \u201C10 myths\u201D. In between the concept of 50% privatization (Security through Diversity) was developed, degenerating to a partial privatization policy, with no more growth promises and with high transition costs, not speaking about the high administrative costs of the private provision of old-age security. The Czech public pillar is contributory and strongly progressive. According to official computations, applying the Aaron rule, the 2013 introduced opt-out of 3% of wages is advantageous for up to 50% of the potential, wealthier clients of the 2nd pillar. To make the opt-out (soft compulsion) more attractive the Ministry changed the pension calculator by reducing the prospective public pensions by up to 40%. These reductions have to finance the transition costs as well. The published and used sales arguments of the private pension funds explain e.g. the mandatory add-on 2% of wages to the opt-outed 3% of wages as the highest subsidization to the personal savings ever provided. In the end of April 2013 there were less than 32,000 participants of the 2nd pillar." . "Pozna\u0144" . . . . "978-83-7775-280-7" . "RIV/26138077:_____/13:#0000467!RIV14-MSM-26138077" . "Vostatek, Jaroslav" . "RIV/26138077:_____/13:#0000467" . . . "Pension Reforms - Comparison and Evaluation" . . "S" . "11"^^ . "[4D367B1609C8]" . . . "Pension reform; Opt-out; Soft compulsion; Pension pillar"@en .