(CIANEWS) - At the end of February 2023, revenue from pension insurance, including optional insurance, totalled CZK 98.60bn. Expenditures for pension benefits, including administration expenses, amounted to CZK 113.91bn, according to figures from the Czech Ministry of Finance (MF). The resulting balance of the pension insurance system was negative CZK 15.31bn (January: negative CZK 8.37bn). The deficit totalled CZK 21.49bn for the whole of 2022 and CZK 2.26bn for the whole of 2021. As of December 31, 2022, there were 2.86m pensioners in the Czech Republic, and the average old-page pension was CZK 15,425. In 2023, administration expenses are expected at CZK 7.0bn.