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State proposes voluntary exodus from Second Pillar

The Labour Ministry has proposed giving anyone who registered for the private second pillar of the pension system the option of leaving it as of January of next year, the Pravda daily reported on July 3.

According to the proposal, those who wish to opt out of the pillar will have to notify the state-owned Sociálna Poisťovňa insurance company in writing. They can then have the money transferred directly into their bank accounts.

The Labour Ministry also proposed that, as of January, people whose pension contributions are paid by the state should be exempt from the requirements of the Second Pillar.

Since being established two and a half years ago, the Second Pillar has attracted almost 1.6 million people, which represents the majority of working Slovaks.

Compiled by Zuzana Vilikovská from press reports
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