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IN SHORT - BUSINESS

President returns pension reform law

PRESIDENT Rudolf Schuster vetoed the proposed law on social insurance that constitutes part of the cabinet's pension reform.

The bill would change the current pay-as-you go principle and introduce a so-called merit principle to the social insurance scheme.

To repeatedly approve the bill, 76 MPs must support the legislation. The ruling coalition currently has a formal strength of 75 out of the total 150 MPs.

But the coalition representatives, as well as officials with the Labour Ministry, such as Deputy Labour Minister Michal Horváth, are optimistic that the bill will be passed. Opposition parties said they would not back the bill, but independent MPs could vote in favour of the act.

According to the president, the bill's provisions would have a negative impact on the weaker layers of the society.

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