The Endowment Fund is promoting a special state supported system of saving. The model we are proposing is based on extensive experience from abroad as well as on demands of the professional dance community. It is anchored in the Czech legislation, while reflecting the possibilities of insurance companies who offer their services in the Czech market.
We have drafted a saving system in which a professional dancer saves the minimum of 500 CZK and the maximum of 1.500 CZK per month while the state system supports the dancer’s saving with a 100% equivalent of the sum saved, on monthly basis. The model is limited to the maximum of 20 years within which the money saved by the dancer and by the state is administered by an insurance company that will be selected in a tender.
The financial solution is one based on life insurance as the money invested bears rate. The minimal obligatory period during which the dancer must undertake the saving is 5 years (60 monthly payments) after which the dancer is allowed to use the money to cover the costs of starting a new career.
The money saved (optimally the final sum should amount to hundreds of thousands CZK) would be allocated to specific costs related to the issue of second career, such retraining courses non-covered by the state, compensating decrease of income while taking such courses or starting one’s own business.
The role of the Dance Career Endowment Fund is to be an expert guarantor of the system’s transparency and proper and correct use of the money saved. Artists eligible for the system are Czech and foreign professional dancers with tax domicile in the Czech Republic provided they fulfil two conditions: they make their living of dance (that is incomes from dancing make up for the minimum of 50% of their overall incomes) and they prove to be professional dancers (they have a diploma from a dance conservatory or have been dancing professionally for a period of at least three years).
This saving model is currently being promoted by the Endowment Fund at representatives of the Ministry of Culture of the Czech Republic, the Ministry of Work and Social Affairs and the Ministry of Finance.