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Slovak government reopens second pension pillar

Xinhua, January 29, 2015 Adjust font size:

Slovak government approved amendment to the legislation on the pension savings scheme. Those citizens who'd like to leave the second private pillar will be allowed to do so between March 15 and June 15, Prime Minister Robert Fico said at a press conference on Wednesday.

"This is first and foremost about creating conditions for each and every person who saves for their retirement in the second pillar to decide freely whether they will bear the risks associated with the very low pensions from the second pillar that they should see in the future," said Slovak Prime Minister Robert Fico.

The premier reiterated that the Government is convinced that there are still many people in the second pillar for whom the system isn't profitable.

"We're talking about some 350,000 people who have an insufficient base for calculating a pension. There are another 200,000-300,000 people whose monthly salary hovers around 500-600 pounds (564-677 U.S. dollars). These people will never ever save enough money in the second pillar. In addition, there is a category of older people who have no chance of saving for their retirement due to objective reasons," stressed Fico.

If Parliament approves this amendment, it will be for the fourth time the opening of the pension saving scheme in last five years in Slovakia. Endit