Comparison of pension systems in the Czech Republic, Norway and Chile in 2024

The thesis focuses on the pension systems of the Czech Republic, Norway and Chile, exploring their structural characteristics, financial underpinnings and long-term sustainability. This subject is of particular importance in the context of the demographic and fiscal challenges confronting pension systems, including the ageing population and the decline in the economically active population. The objective of the present paper is twofold: firstly, to identify the main differences between these systems and, secondly, based on the findings, to formulate recommendations for reform of the Czech pension system. The Czech system is characterised by a strong orientation towards pay-as-you-go financing of the first pillar, while the Chilean model relies almost exclusively on individual savings in the second pillar. Norway, by contrast, represents more balanced approach by combining a public pillar with mandatory occupational savings. The thesis uses a comparative analysis method complemented by a quantitative assessment of indicators such as the replacement rate, the ratio of pension expenditure to GDP, the employment rate of people over 65 and the age structure of the population. The results show that the Czech system places greater burden on public finances and exhibits lower senior employment, while in contrast the Norwegian model benefits from greater flexibility and active participation of employers. While the Chilean system achieves a higher level of meritocracy, it also has risks associated with inequalities in access to a decent pension. In conclusion, it is recommended to strengthen the third pillar in the Czech Republic, to introduce a more flexible retirement age and to consider a form of compulsory employer contributions.