Investor Presentaiton

5 10 15 20 20 25 25 Canada Belgium Australia 30 30 35 55 Eligibility: Very high minimum number of years required Minimum years of contributions required for earning-related pension Czech Republic is outlier: 30 years of contributions (or 35 validated years) at statutory retirement age, 15 (20) years five years later Few older people do not reach the threshold today Yet, risk of having to retire very late to access a small pension or to have contributed for nothing is rising Chile Denmark Finland France Iceland Israel Netherlands Source: Figure 1.11 Poland Norway Sweden Switzerland German CD Ireland Japan Korea Luxembourg United States United Kingdom Austria Estonia Greece Latvia Lithuania Portugal Slovak Republic Slovenia Spain Turkey "Italy. Hungary Mexico Czech Republic → No more validation of education periods → Effect of full employment in Czechoslovakia is vanishing - → Labour market risks might have increased (see Chapters 2 and 3 for more details) OECD Recommendation: Drastically reduce the minimum number of contribution years required to be eligible for old-age pension receipt 12

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