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POSSIBLE SOLUTIONS FOR INCREASING THE SUSTANABILITY OF THE SLOVAK PENSION SYSTEM FIRST TIER (PAY AS YOU GO SYSTEM)
Abstract
The main objective of this paper is to design mechanisms that would be applicable as solutions in the current economic conditions of the Slovak Republic to increase the sustainability of the first tier of the Slovak pension system. The wrong genetic code of the first tier, which was based on a pay as you go philosophy, was a significant cause of the annual increase of public debt. Part of the objective is also to analyse current approaches to the pension system with a focus on the history of political intervention from 2003. Deficiencies in the first tier of the Slovak pension system will be identified, methods for their elimination will be outlined and any potential effects of this elimination will also be identified. Based on this analysis we will propose our recommendations for increasing the sustainability of the first tier in the Slovak pension system. The paper will focus on the main pension system indicators, such as population demography, replacement rate, retirement age and pension indexation regards to retirement income adequacy.
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