The subject of the thesis is the analysis of the services that are offered within of the forthcoming pension reform in the Czech Republic, in order to find an optimal variant for the security of the citizens of the Czech Republic in the pensionable age.

The subject of this thesis is to assess the status of the supplementary pension scheme in the Czech Republic. The work deals with issues of return pension schemes. Examines aspects that affect profitability, in particular the taxation of pension schemes and the investment of pension funds. On the basis of the knowledge generated through analysis of the comparison is made of benefits to be paid at the end of the period -- annuities and lump sum compensation. The analysis performed provides information about which of these benefits is for the client to the pension fund more profitable option. The first part of the work deals with the characteristics of the supplementary pension scheme in the Czech Republic, describes its emergence, evolution, status in the pensions system. In the second chapter are discussed the main aspects that affect its profitability, taxation, and return on pension funds. The third chapter contains the comparsion annuities and lump sum compensation.

This Master´s thesis covers the subject of supplementary pension insurance and life insurance contributions as new benefits for employees of the DISTEP a.s. company. Master´s thesis comprises a complex project for integration of supplementary pension and life insurance into the current employee benefit system in the company, analysis of benefits currently provided and advancement recommendations.

Submitted by Jorge Silva (jorgelmsilva@ufrrj.br) on 2018-11-27T16:27:56Z No. of bitstreams: 1 2017 - Adriana Penha.pdf: 2734823 bytes, checksum: 82cb01face559eaae8aff1afe55b3311 (MD5) / Made available in DSpace on 2018-11-27T16:27:56Z (GMT). No. of bitstreams: 1 2017 - Adriana Penha.pdf: 2734823 bytes, checksum: 82cb01face559eaae8aff1afe55b3311 (MD5) Previous issue date: 2017-05-25 / The conceptions about work and career have been suffering changes through time, as an answer to other changes brought by globalization, development of new technologies, global political scenario and to the human relations in organizations. Changes that reflect themselves in the work relations and on the meaning given by individuals to their work and career under the influence of their personal life experiences. In this context the employee becomes to be responsible for career management, according to how he perceives his own career and work, influencing on its management. Understanding how individuals perceive global work and career scenario is necessary to an effective reflection of organization actions over their professionals, and it allows alignment of expectations and perceptions in the employee-employer relationship. Since these expectations are not aligned and the promises made are not fulfilled, the perception of it is a breach of the psychological contract. The present research sought to identify the meaning attributed to work and it?s own careers, by the Social Security and Future Assistance Foundation (FPAF) employees, a closed supplementary pension entity. For this purpose, a data survey was carried out through interviews supported by the technique of drawing construction and semi-structured script, analyzed through phenomenography and inductive analysis. The outcomes indicate that the sense of work presents itself as a positive conception, assuming meanings of pleasure, subsistence, focus on individuals and society. With respect to the meaning attributed to career in FPAF, the vertical ascension concept is adopted, however, in practice it is only realised as a function (set of activities), with lack of recognition and appreciation, but without causing company layoffs once FAP?s guarantee of permanence is supported by the stability and security provided by the organization. Achieved results can subsidise company responsible personnel to drive actions and human resources in an appropriate manner to their reality regarding people's management, and not only been restrict to actions of just one Legal department. Despite of implementation of it?s Career and Compensation Plan in 2011, the expectation generated among employees was not been met, revealing a breach of the psychological contract. Results still point that despite of employees assign a positive conception of work, when it realises itself as a career in PFAF, they are dissatisfied how it is presented in the company. Thus maintaining, both sides, a satisfactorily minimum performance: There is no professional development, but there are also no layoffs. It is recommended that FPAP rethink it?s management practices related to employees career management and practical applicability level of current Career and Compensation Plan to reflect a career path beyond the traditional bureaucratic one that corresponds to an organizational scenario, stable and economically predictable that restricts employees to hold office and carry out its functions without perspectives of any professional development. / As concep??es sobre trabalho e carreira v?m sofrendo altera??es ao longo do tempo, em resposta ?s mudan?as advindas da globaliza??o, do surgimento de novas tecnologias, do cen?rio pol?tico mundial e das rela??es humanas nas organiza??es. Mudan?as que se refletem nas rela??es de trabalho e no sentido que os indiv?duos influenciados pelas suas viv?ncias pessoais atribuem ao trabalho e a sua carreira. Nesse contexto a responsabilidade da gest?o da carreira passa a ser tamb?m do empregado, de acordo com a forma como ele percebe o trabalho e a pr?pria carreira, influenciando no gerenciamento da mesma. Compreender como os indiv?duos percebem esse cen?rio do mundo do trabalho e da carreira ? necess?rio para que as a??es da organiza??o efetivamente tenham reflexo nos seus profissionais, e se propicie um alinhamento de expectativas e percep??es na rela??o empregado-empregador. Pois quando essas expectativas n?o est?o alinhadas e as promessas realizadas n?o s?o concretizadas, se percebe como uma quebra do contrato psicol?gico. A presente pesquisa buscou identificar o sentido do trabalho, atribu?do pelos empregados da Funda??o de Previd?ncia e Assist?ncia Futuro - FPAF, e o sentido atribu?do ? sua carreira na pr?pria empresa, uma Entidade Fechada de Previd?ncia Complementar. Para tanto, foi realizado levantamento de dados por meio de entrevistas apoiadas pela t?cnica da constru??o de desenhos e roteiro semi-estruturado, analisados por meio da fenomenografia e an?lise indutiva. Os resultados apontam que o sentido do trabalho se apresenta com concep??o positiva, assumindo os sentidos de prazer, subsist?ncia, foco no indiv?duo e na sociedade. Em rela??o ao sentido atribu?do a carreira na FPAF, a mesma assumiu o sentido de ascens?o vertical que na pr?tica se concretiza apenas como fun??o (conjunto de atividades), com aus?ncia de reconhecimento e valoriza??o, mas sem provocar desligamento da empresa pois, a perman?ncia na FPAF se respalda pela estabilidade e seguran?a que a empresa proporciona. Os resultados obtidos podem subsidiar os respons?veis da empresa para direcionar suas a??es de recursos humanos de maneira pertinente ? sua realidade no que tange a gest?o de pessoas, e n?o apenas se restringir a a??es de apenas um departamento pessoal. Apesar da implanta??o, no ano de 2011, do seu Plano de Carreira e Remunera??o, as expectativas geradas nos empregados n?o foram cumpridas se revelando uma quebra do contrato psicol?gico. Os resultados apontam ainda que apesar dos empregados atribu?rem ao trabalho um sentido positivo, quando o mesmo se materializa como carreira na FPAF, encontram-se insatisfeitos pela maneira como a carreira se apresenta na empresa. Se mantendo assim, por ambas as partes, um desempenho m?nimo satisfat?rio: n?o se tem desenvolvimento profissional, mas tamb?m n?o se tem desligamento. Recomenda-se que na FPAF se repense suas pr?ticas de gest?o referentes ao gerenciamento da carreira dos seus empregados e o n?vel de aplicabilidade pr?tica do vigente Plano de Carreira e Remunera??o para refletir trajet?rias de carreira al?m da tradicional burocr?tica correspondente a cen?rios organizacionais, econ?micos previs?veis e est?veis e restringe seus empregados a ocupar cargos e realizar fun??es sem perspectivas de desenvolvimento profissional.

Submitted by Silvania Godoi Ferreira (silvaniagodoi@globo.com) on 2017-01-13T01:42:23Z No. of bitstreams: 1 Dissertação SILVANIA GODOI FERREIRA.pdf: 9535692 bytes, checksum: bdb8772706642edce6d67b8c49088946 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2017-01-13T12:58:18Z (GMT) No. of bitstreams: 1 Dissertação SILVANIA GODOI FERREIRA.pdf: 9535692 bytes, checksum: bdb8772706642edce6d67b8c49088946 (MD5) / Made available in DSpace on 2017-01-23T13:13:19Z (GMT). No. of bitstreams: 1 Dissertação SILVANIA GODOI FERREIRA.pdf: 9535692 bytes, checksum: bdb8772706642edce6d67b8c49088946 (MD5) Previous issue date: 2016-11-04 / A racionalidade dos agentes econômicos e a hipótese de eficiência de mercado são pressupostos fundamentais da teoria moderna de finanças. Porém, estudos empíricos têm constatado que o comportamento dos investidores nem sempre se mostra racional em tomada de decisão envolvendo risco. A partir dos fundamentos de racionalidade limitada apresentados por Simon (1957) e, posteriormente, estudos desenvolvidos por Kahneman e Tversky (1974 e 1979) sobre vieses cognitivos frequentemente observados no comportamento humano e a perspectiva relativa em tomada de decisão, surgiu o campo de Finanças Comportamentais. Esta dissertação teve por objetivo investigar o efeito da heurística da ancoragem sobre os preços e a tomada de decisão em investimentos imobiliários em fundos de pensão. O setor brasileiro de fundos de pensão conta com 307 instituições e sua carteira imobiliária soma R$ 32,7 bilhões (março/2016). O mapeamento de riscos envolvidos no processo decisório de investimentos é de grande importância para os fundos de pensão cujo objetivo é gerir seu patrimônio para prover o pagamento de benefícios a seus participantes. Neste sentido, o estudo do efeito da heurística da ancoragem sobre os preços dos imóveis contribui como uma forma de identificação de risco para a tomada de decisão em relação a este tipo de investimento. O método de investigação utilizado foi baseado no modelo de mensuração desenvolvido por Jacowitz e Kahneman (1995), cujo objetivo é medir a extensão dos efeitos da ancoragem por meio de um índice de ancoragem (IA). A heurística da ancoragem foi testada, em outros estudos acadêmicos similares, para estimativa de preços de imóveis residenciais. A contribuição deste estudo foi ampliar a pesquisa para imóveis corporativos, categoria de ativo que compõe as carteiras de investimento imobiliários dos fundos de pensão. Os resultados apontaram que a heurística da ancoragem afeta, de forma significativa, a avaliação dos preços dos imóveis e o processo decisório em fundos de pensão. / The rationality of economic agents and the market efficiency hypothesis are fundamental assumptions of the modern finance theory. However, empirical studies have found that investors' behavior are not always rational in decision-making under risk. From the ground for bounded rationality presented by Simon (1957) and studies developed by Kahneman and Tversky (1974 and 1979) on cognitive biases often observed in human behavior and the relative perspective in decision-making, the field of behavioral finance emerged. This work aims to investigate the effect of anchoring heuristic on prices and decision-making in pension funds real estate investments. The pension funds sector has 307 institutions and its real estate portfolio reaches R$ 32.7 billion (March, 2016). Risk mapping involved in the investment decision-making process is of great importance for pension funds whose objective is to manage its assets to provide benefit payments to its participants. Thus, the study of the effect of anchoring heuristics on real estate prices contributes as a way of identifying risk for decision making in relation to this type of investment. The research method was based on the measurement model developed by Jacowitz and Kahneman (1995), which aims at measuring the extent of the anchoring effects by using an anchoring index (AI). The anchoring heuristic was tested in other similar academic studies to estimate residential property prices. The contribution of this study lays on extending the research to corporate real estate, asset category that makes up the real estate investment portfolios of pension funds. The results show that the anchoring heuristic significantly affect property price assessments and the decision-making process in pension funds.

This thesis is focused on products used to cover the needs of the people in retirement in the conditions of the Czech Republic, which can be a suitable complement to the constantly decreasing values of the retirement pension paid by the State. At first I will describe the current situation of the Czech pension system and its compulsory transformation into a multi-pillar system. The following chapters are devoted to analyzing individual products in terms of making savings for retirement. In the last chapter I compare different products and try to find out the best way how to secure individuals savings for life in the retirement according to a particular state revenues and expenditures.

老年所得保障的問題，是所有工業化國家所共有的社會問題。臺灣、德國與美國為了解決這個問題，基本上都是採用所謂的「三層保障的模式」。第一層保障為國家所建立的強制性社會保險制度，第二層保障為企業或雇主所設立的企業退休給付制度，第三層為個人的自我預護（包括儲蓄、保險、置產等）。本文主要是探討第二層的「企業退休給付制度」之法律問題。臺灣的「企業退休給付制度」（也稱之為「企業退休金制度」），是採強制性為主，自願性為輔的雙軌制度，自願性制度所佔比例無足輕重。在強制性制度中的實施型態是採「單數型態」，而且由「單一組織」承擔實施。美國的「企業退休給付制度」稱為「年金（退休金）計劃(pension plan)」，德國的「企業退休給付(betriebliche Altersversorgung)制度」也稱為「企業年金(Betriebsrenten)制度」。這兩個國家向來都是採用自願性制度，「實施型態」與「實施機構」也都是採「複數型態」。 關於企業退休給付的法律保障，臺灣於1984年在勞動基準法中納入「退休規定」，對勞工退休金制度的設立、實施型態、實施機構、財務準備與給付內容皆制定最低的法律標準，然而對於勞工的退休金期待利益如何保障與雇主陷於支付不能時退休金請求權如何保障等重要問題，皆欠缺規定。德國於1974年制定「改善企業退休給付法」，採有限度的立法，對已設立的企業退休給付制度制定最低法定基準，特別注重「退休給付期待利益之保障」與「退休給付支付不能時之保障」；同一年美國也制定「勞工退休所得保障法」，採取全面性的立法，不僅注重「勞工退休給付權利之保障（包括對退休給付期待利益之保障）」，也同樣針對「退休計劃之終止與支付不能的情形」設有特別的保障。 本文主要是以臺灣的「勞基法退休規定」，德國的「改善企業退休給付法」與美國的「勞工退休所得保障法」等法律規定為基礎。針對同一問題，分別探討臺灣、德國與美國的法律制度。第一節首先探討企業退休給付制度之歷史發展，企業退休給付制度究竟如何形成？如何逐步擴展？法律如何回應？在立法之後又面臨何種問題？第二節首先討論退休給付制度的核心法律概念，以及其如何與雇主的其他給付相區別。接著進一步探究勞工請求雇主給付退休金之法律基礎為何？然後再探討企業退休給付之法律性質。第三節分析企業退休給付制度，以何種型態實施，如何運作，在組織上產生何種法律關係。第四節探討企業退休給付的財務準備。第五節以給付為中心，探討企業退休給付的一般法律保障，包括：請求退休金的法律要件為何？請求範圍如何決定？如何與社會保險給付整合？如何支付？在面對通貨膨脹壓力時又如何因應？第六節探討企業退休給付期待利益如何保障之問題，詳細探討德國與美國為何要保障退休給付期待利益？在何種情形下，退休給付期待利益不可喪失？勞工退休時，退休給付期待利益如何實現為退休給付，如何計算其數額？勞工離職時，可否一次結清將來的退休給付權利？勞工轉換工作時，退休金債權是否可隨同移轉？最後一節探討退休給付發生支付不能之情形時，有何解決辦法？第五章比較三國退休給付法律制度有何異同？有何優缺點？並檢討行政院勞工委員會所提的「勞工老年附加年金保險險制度」草案，與「勞工退休金條例草案」之優缺點，並探討我國勞工退休金制度法律改革是否存在其他不同的途徑。？最後一章總結前面各章之研究所得作成結論。 / Old-age income security is a sharing social problem of all industrialized countries. 「Three tiers (pillars) of economic security」 has been used for solving this problem in Taiwan, Germany and U.S.A. The first tier is obligatory social insurance system established by the countries; the second tier is the composition of　“supplementary pension plans” created by companies or employers; the third tier is personal advance arrangements (include saving, purchase of insurance, investment, etc.). This dissertation concentrates on the legal protection of supplementary pension plans.　The supplementary pension plans in Taiwan is a double-track institution. While the voluntary part of it is rather insignificant, this institution is mainly in obligatory part. This obligatory supplementary pension plans is designed to be only one type － defined benefit plans, and there is only one designated funding agency － the Central Trust of China. In U.S.A. the supplementary pension plans used to be called “private pension plans”; in Germany the supplementary pension plans used to be called “company pensions (Betriebsrenten)”.　These two countries adopt voluntary institutions. The types and funding agencies of their supplementary pension plans are plural. In order to protect the rights of pension, the relevant laws were enacted in Taiwan, Germany， and U.S.A. Regulations about employee retirement benefits were included in the “Labor Standards Law” enacted in 1984 in Taiwan.　These regulations created minimum standards for the establishment, requirement of benefit, funding and funding agency, benefit formulas of retirement plans.　However these regulations　lacked protection of pension expectations and rights to pension against insolvency or bankruptcy of supporting employers.　In Germany the relevant regulations about supplementary pension plans are to be found in the “Act on Company Pensions” in force since December 1974.　This Act regulated very limitedly. It established minimum standards for company pensions, especially relating to protection of pension expectations, and pension benefit rights against insolvency of supporting employers. In the same year the “Employee Retirement Income Security Act” of 1974 (ERISA) was enacted in U.S.A..　This comprehensive employee benefit law not only stressed on protection of employee benefit rights (including protecting vesting right), but also created insurance for pension plan terminations. This dissertation mainly compares the legal institutions relating to　supplementary pension　plans in Taiwan, Germany and U.S.A. on the basis of the above statute laws relating to the supplementary pension plans of these three countries. Chapter 1 is the introduction of this research.　Chapter 2、3 and 4 discuss the legal institutions relating to supplementary pension　plans of these three countries. In each section of each chapter the same problems are discussed. Section 1 provides an overview of the historic background of supplementary pension plans and development of relevant laws, including how the supplementary pension plans have formed and expanded, how the law regulated, and problems that have been caused after enactment of the law relating to supplementary pension plans. Section 2 firstly discusses the core legal concept of supplementary pension in each country, and how it differentiates from other benefits of employers. Then this section probes into the legal bases of supplementary pension claims and the characteristics of supplementary pension.　Section 3 analyzes different types of supplementary pension plans, how they operate, and legal relations that have been produced. Section 4 explores pension funding.　Section 5 discusses the general legal protection of pension benefits, including participation, requirement of benefit, payment of benefit. The question of how supplementary pension integrates with social security benefit and counteracts the effect of inflation is also discussed.　Section 6 discusses how the relating laws of supplementary pension plans protect pension expectations, why the laws of Germany and U.S.A. protect pension expectations, when the pension benefit rights are nonforfeitable, how the nonforfeitable benefit is accrued, under which condition a nonforfeitable benefit can cash out, and whether the nonforfeitable benefit is portable when the employee changes the job?　The last section discusses the legal protection against insolvency of employers or termination of pension plans. After comparing the supplementary pension plans and its legal protections of Taiwan, Germany, and U.S.A.，chapter 5 examines advantages and disadvantages of the two recent drafts of supplementary pension plans reforms proposed by CLA (Council of Labor Affairs)in Taiwan. One is “Draft of the Old-age Supplementary Insurance of Employees” , and the other is “Draft of Employee Pension Act “ . The possibilities of having other ways for reforming supplementary pension plans institution of this country is also discussed in this chapter.　The last chapter puts research results of the preceding chapters into a conclusion.