Fully Merit-based and Closed Pay-as-you-go Pension System: Basis of Reforms
Fully Merit-based and Closed Pay-as-you-go Pension System: Basis of Reforms

Author(s): Jana Kotěšovcová, Radim Valenčík
Subject(s): Welfare systems, Socio-Economic Research
Published by: Masarykova univerzita nakladatelství
Keywords: pension system; human capital; transferred price; productive services;
Summary/Abstract: A reform of social investment and social insurance system [especially financing of educational and health care services) necessarily requires a reform of the pension system so that this system should be fully merit-based, closed and with a single basic pension payment. This will make it possible to create a feedback among economic effects of the sectors that contribute to acquisition, retention and employment of the human capital [especially by providing educational and healthcare services) and sources of their funding. The fully merit-based pension system need not collide with meeting the principles of solidarity and simultaneously, it creates a highly motivating environment for all stakeholders [providers and users of services related to acquisition, retention and employment of the human capital).

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