[{"@context":"https:\/\/schema.org\/","@type":"Article","@id":"https:\/\/www.famosharazimova.cz\/penzijni-fondy-mohou-mit-v-budoucnu-problem-dostat-svym-zavazkum\/#Article","mainEntityOfPage":"https:\/\/www.famosharazimova.cz\/penzijni-fondy-mohou-mit-v-budoucnu-problem-dostat-svym-zavazkum\/","headline":"Penzijn\u00ed fondy mohou m\u00edt v budoucnu probl\u00e9m dost\u00e1t sv\u00fdm z\u00e1vazk\u016fm","name":"Penzijn\u00ed fondy mohou m\u00edt v budoucnu probl\u00e9m dost\u00e1t sv\u00fdm z\u00e1vazk\u016fm","description":"Pen\u00edze a v\u0161e, co se kolem toho to\u010d\u00ed, tedy bankovnictv\u00ed, hypot\u00e9ky,.","datePublished":"2025-11-29","dateModified":"2025-11-29","author":{"@type":"Person","@id":"https:\/\/www.famosharazimova.cz\/author\/devene\/#Person","name":"devene","url":"https:\/\/www.famosharazimova.cz\/author\/devene\/","identifier":1,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/383247cd769f7ac317a5bcda943ec48a3c79d996598ae4564ec21a0e178126d1?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/383247cd769f7ac317a5bcda943ec48a3c79d996598ae4564ec21a0e178126d1?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"famosharazimova.cz","logo":{"@type":"ImageObject","@id":"\/logo.png","url":"\/logo.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/www.famosharazimova.cz\/wp-content\/uploads\/img_a309086_w2389_t1520060238.jpg","url":"https:\/\/www.famosharazimova.cz\/wp-content\/uploads\/img_a309086_w2389_t1520060238.jpg","height":0,"width":0},"url":"https:\/\/www.famosharazimova.cz\/penzijni-fondy-mohou-mit-v-budoucnu-problem-dostat-svym-zavazkum\/","wordCount":456,"articleBody":"\tPen\u00edze a v\u0161e, co se kolem toho to\u010d\u00ed, tedy bankovnictv\u00ed, hypot\u00e9ky, \u00faroky, poji\u0161t\u011bn\u00ed, mzdy, d\u016fchody, valorizace, to v\u0161e jsou pojmy, kter\u00e9 si stanovil \u010dlov\u011bk na z\u00e1klad\u011b sv\u00e9 vlastn\u00ed svobodn\u00e9 v\u016fle. A \u010dlov\u011bk se tak\u00e9 v\u00a0t\u011bchto slo\u017eit\u00fdch a velmi (\u010dasto zbyte\u010dn\u011b) komplikovan\u00fdch syst\u00e9mech ut\u00e1p\u00ed. Ka\u017ed\u00e1 akce vyvol\u00e1 pochopiteln\u011b reakci.\tJedn\u00edm z\u00a0p\u0159\u00edklad\u016f je probl\u00e9m penzijn\u00edch fond\u016f, kter\u00fd zp\u016fsobuje mimo jin\u00e9 n\u00edzk\u00e1 \u00farokov\u00e1 sazba centr\u00e1ln\u00edch bank. Ta se st\u00e1le ji\u017e n\u011bkolik let dr\u017e\u00ed na sv\u00e9m minimu a penzijn\u00ed fond na to reaguje dost obt\u00ed\u017en\u011b.\tV\u00fdnosy z\u00a0investic fond\u016f jdou do absurdn\u00edho m\u00ednusu\tV\u00a0evropsk\u00fdch zem\u00edch se p\u0159\u00edjmy fond\u016f \u0159e\u0161ily krom\u011b p\u0159\u00edsp\u011bvk\u016f od zam\u011bstnavatele a \u010d\u00e1ste\u010dn\u011b od samotn\u00e9ho zam\u011bstnance tak\u00e9 jist\u00fdm v\u00fdnosem z\u00a0investic. \u010c\u00e1st financ\u00ed tedy proudila do penzijn\u00edch fond\u016f z\u00a0kapit\u00e1lov\u00e9ho trhu. Jednalo se o investov\u00e1n\u00ed do dlouhodob\u00fdch dluhopis\u016f, kde nehroz\u00ed prakticky \u017e\u00e1dn\u00e9 riziko, ov\u0161em, na druhou stranu, kde je stanovena pevn\u00e1 \u00farokov\u00e1 sazba. Tyto p\u0159\u00edjmy kdysi d\u00e1vno b\u00fdvaly zhruba na hodnot\u011b v\u00a0pr\u016fm\u011bru kolem p\u011btat\u0159iceti procent zisku z\u00a0celkov\u00e9ho objemu financ\u00ed penzijn\u00edch fond\u016f. \u010c\u00e1ste\u010dn\u011b do toho ov\u0161em tak\u00e9 vstoupil st\u00e1tn\u00ed sektor, kter\u00fd fondy jist\u00fdm zp\u016fsobem omezuje. Je\u0161t\u011b p\u0159ed dvaceti lety byl tok financ\u00ed do n\u011bkter\u00fdch fond\u016f i v\u00edce ne\u017e pades\u00e1tiprocentn\u00ed, dnes se situace ov\u0161em m\u011bn\u00ed. N\u00edzk\u00e9 \u00faroky centr\u00e1ln\u00edch bank, a to se t\u00fdk\u00e1 i dluhopis\u016f, jejich\u017e hodnota s\u00a0t\u00edmto sekund\u00e1rn\u011b souvis\u00ed, nesou dnes minim\u00e1ln\u00ed zisk a to znamen\u00e1, bohu\u017eel, \u017ee bezpe\u010dn\u00e9 dluhopisy se ji\u017e t\u00e9m\u011b\u0159 nevypl\u00e1c\u00ed.\tCo platilo p\u0159ed t\u0159iceti lety, dnes ji\u017e neplat\u00ed\tZaj\u00edmav\u00e9 srovn\u00e1n\u00ed p\u0159in\u00e1\u0161\u00ed dne\u0161n\u00ed doba s\u00a0dobou p\u0159ed t\u0159iceti lety (p\u0159ibli\u017en\u011b). U bezpe\u010dn\u00fdch dluhopis\u016f, co\u017e je podm\u00ednkou u v\u0161ech penzijn\u00edch fond\u016f, se n\u00e1vratnost investice v\u00a0p\u0159\u00edpad\u011b splatnosti deseti let pohybuje v\u00a0sou\u010dasn\u00e9 dob\u011b kolem m\u00ednus desetiny procenta, tedy celkov\u011b ztr\u00e1ta desetinu procenta! P\u0159itom v\u00a0prvn\u00ed polovin\u011b 90. let \u010dinila tato n\u00e1vratnost je\u0161t\u011b t\u00e9m\u011b\u0159 plus 6 procent! Budeme-li to p\u0159epo\u010d\u00edt\u00e1vat na \u0161v\u00fdcarsk\u00e9 franky (statistick\u00e9 \u00fadaje poch\u00e1z\u00ed ze \u0160v\u00fdcarska), v\u00a0dob\u011b kolem roku 1994 z\u00edskaly penzijn\u00ed fondy z\u00a0jednoho milionu frank\u016f zhruba 48 tis\u00edc frank\u016f. Dnes z\u00a0toho nen\u00ed zisk \u017e\u00e1dn\u00fd a naopak mus\u00ed za investice do bezpe\u010dn\u00e9ho dluhopisu fondy zaplatit p\u016fl druh\u00e9ho tis\u00edce frank\u016f!                                                                                                                                                                                                                                                                                                                                                                                                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