Increased retirement age in the Czech Republic

According to ČTK, in the transformation process, the Council of Ministers will take into account the current trend towards increasing the life expectancy of local citizens, although the amendments still need to be approved by Parliament.

According to the source, it is expected to be finally approved in January 2025.

Experts point to the continuing trend towards the aging of the Czech population, which significantly increases the burden on the budget.

In 2022, the average life expectancy for men is 76 years and for women is 82 years.

Projections indicate that in 2050, one in three residents of the Czech Republic will be retired.

Recently, Prime Minister Peter Fiala stated that pension reform was necessary and should have been implemented earlier.

Many local economists agree with him and talk about the inevitability of planned transformations.

Last year, the government spent about 9.4% of GDP on pensions. It is assumed that a Czech citizen will be able to spend an average of 21.5 years in retirement.

Currently, local citizens, both men and women, can retire at age 65.

At the same time, the Czech government promised to increase social benefits and set the minimum pension at 20 percent of the average salary.

Last March, tens of thousands of activists took to the streets of Prague and other cities to demand that the national pension system not be affected.

Representatives of unions, companies, labor groups and secondary school teachers participated in the demonstrations.

Workers in the metal sector called for the necessity of excluding workers in heavy professions, as it is difficult to work in factories and workshops until the current age of 65 years.

Let us remember that in EU member states in general there is a desire on the part of the authorities to increase the minimum retirement age.

Memory/Amp