Slovaks should save for pensions

Slovaks under the age of 50 should start saving for private pensions under new pension reforms, according to Labour Minister Ľudovít Kaník. However, he said the state would still provide pensions at a minimum of 40 per cent of the average wage, in line with international norms.

Under the reforms, those entering the workplace for the first time will have to participate in private pension schemes. The new pensions reforms would also raise the pension age to 62 for both men and women.

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

9. Apr 2003 at 10:01