Only the rich would benefit from pension reforms

Plans to reform the pension system in Slovakia would only benefit the richest members of society, according to economist Peter Stanek, from the Institute for Slovak and World Economics.

Under the current system, a percentage of wages are paid into the social security fund, and the level of the pension does not depend on the total amount paid. Under the new system, individuals would also contribute to private pension schemes, which would determine their final levels of pension.

Analysts suggest this would increase the burden on individuals and are concerned about the insolvency of pension schemes.

Compiled by Conrad Toft from press reports.
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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