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Parliament passes pension reform

THE RETIREMENT age in Slovakia will gradually increase to 62 for both men and women, according to a newly passed law on social insurance.

The law, passed by MPs on September 24, is seen as an important part of the country's pension reform and the legislation will take effect in January this year.

The bill will change the current pay-as-you-go pension insurance system of the social security provider Sociálna Poisťovňa (SP).

The new retirement age will not, however, be applied immediately as of January 2004.

Instead, the new scheme will increase the retirement age gradually by adding nine months of extra work each year for all employees who were expected to retire after 2004 in a transition period that will run over several years.

Currently, men in Slovakia retire at the age of 60, and women without children retire at 57. Depending on the number of children, mothers can leave the work process earlier.

New mechanisms will also be introduced into the calculation of social insurance fees for employees and for the unemployed, and the calculation of pensions will also change.

The law abolishes the minimum state-guaranteed pension and also eliminates the maximum allowed pension level, which is Sk9,132 (€217). The measure is seen as a go-ahead for a fairer distribution of pensions based on the individual employees' earning records.

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

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