Organisation for Economic Co-operation and Development

Czech Republic Organisation for Economic Co-operation and Development

This review provides policy recommendations on how to improve the Czech pension system, building on the OECD's best practices in pension design. It details the Czech pension system and identifies its strengths and weaknesses based on cross-country comparisons. The Czech pension system consists of a mandatory pay-as-you-go public scheme and a voluntary private scheme. The public defined-benefit scheme has two main components: a contribution-based basic pension and an earnings-related pension. The review also describes the first layer of old-age social protection in the Czech Republic. The OECD Reviews of Pension Systems: Czech Republic is the sixth in the pension review series.