All countries ought to ensure welfare for their citizens, especially for the elderly who are no longer able to work and be active; they must provide personal benefits. An adequate income after ceasing working life can only be guaranteed through a fair pension system. Defining an efficient pension system which would satisfy all requirements is a rather complex task considering that each system has its advantages and disadvantages. The thesis presents and analyzes various pension systems in order to gain understanding of which system has more advantages for a pensioner and find out how each country with appropriate measures provides the approprate amount of pension. Through presentation and analysis of pension systems and their sustainability we determine which system enables a decent pension and at the same time is financially sustainable for the government despite all the potential influences.
Within the theoretical presentation of the research topic we deploy compilation method, additionally supported by descriptive method, comparative method and lastly the synthesis method. The pivotal part of the research is carried out with the help of a mixed method of research and the use of secondary data. By applying statistical and mathematical methods, we present the data obtained on the basis of the reviewed literature. As part of the research, it was identified that each country uses different measures to ensure the financial sustainability of pension systems. On the basis of performed analysis and comparison of different practices, the thesis concludes with recommendations which measures would be valuable to implement in a pension system.
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