Czech society relies too heavily on the state pension and there must be changes made to the pension system to get more private money into it, Czech Republic Finance Minister, Zbyněk Stanjura, has said.

In an interview with Czech Pensions, Stanjura argued that Czechs rely too much only on the state pension, stating that Czech society should start to talk more about the importance of pensions and that the debate in the public space concerning pensions had narrowed down to how much they will be increased.

As a solution, Stanjura called for more private money to be brought into the pension system but has been unclear on the method he would support, although he showed favour for having economic incentives for employers and employees.

Czech Pensions reported that, from his statements so far, it can be concluded that support from employers and family should be increased to some extent.

Stanjura also advised that people who have more money should save more for retirement, commenting: "We're talking about something we call a long-term investment account as one option for people to be able to invest in the long run, to save. To expand the range in which there is pension insurance or life insurance today."

Ministry of Labour and Social Affairs deputy minister, Iva Merhautová, who is part of the advisory team for the preparation of pension reform, added: "We would reduce the credit for the premiums paid and for the higher incomes. With the fact that people who have higher incomes or do not have children have more room for private savings."

Stanjura made clear that the changes under discussion would not affect current seniors or people who will retire in the coming years: "Parametric changes will affect people who are now under 45 years old, and you need some time to adapt to the new system. When you're 58 like me, you're not capable of it."

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