Retirement age in the context of public finance implications
DOI:
https://doi.org/10.61357/sehs.v10i2.54Keywords:
depreciation, human capital, retirement ageAbstract
The aging of population, which is a pan-European as well as Czech trend, will have a significant impact after 2030, fundamentally affecting public finances. For this reason, a possible extension of the retirement age is also being considered. So far, two alternatives have been presented - retirement age of 65–67 years after 2035 and a maximum age limit of 65 years. The age limit of 65 is unacceptable for some professions due to the accelerated depreciation of human capital. Therefore, economically efficient retirement schemes should be set up for early retirement for professions with significant physical and mental stress, hazards (mining, metallurgy, construction, airmen, rescuers, etc.). At the same time, the onset of the Industry 4.0 era, coupled with extensive technological changes, complicates the forecast for anchoring the retirement age. In particular, the situation requires addressing the current problems that the Czech economy and its pension system struggle with. From an economic point of view, it is a reduction of the retirement age for particularly demanding professions. This issue concerns the macroeconomic context with appropriate implications for public resources. Therefore, the paper requires an interdisciplinary approach to the processing of social sciences (especially economics, financial theory, social security law, sociology, demography).
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