Spectator on facebook

Spectator on facebook


Pension reform to start in January

THE LABOUR Ministry estimates 28 percent of wage earners will transfer part of their current old-age pension insurance contributions to private pension fund management companies, in the second half of next year, according to the SITA news agency.

From January to June next year, 12 percent of the working population are expected to join private pension fund schemes, according to the ministry, bringing a total of 40 percent of Slovak citizens into the private pension sector by the end of 2005.

An additional 10 percent of economically active people are also expected to join them in the first two months of 2006.

Although most citizens will have time until June 2006 to decide whether they will voluntarily join the pension savings system, the ministry does not anticipate the share of savers to increase between March 2006 and June 2006.

Old-age pension savings, within the framework of the second capitalisation pillar, will be launched from January 2005, when citizens will be able to start depositing a part of their present contributions to old-age pension insurance, amounting to nine percent of their gross salary, to their personal account in a pension fund management company.

Top stories

12 places where you can see the works of one of the best medieval wood carvers Photo

The works of the renowned Master Paul are not limited just to Levoča.

St Geirge Curch in Spišská Sobota

Heatwaves to continue in Slovakia over the following days

More than 40 people collapsed due to hot weather on Thursday.

Jourová: Fico not fully informed on all EC’s activities on double standards

European Commission President Jean-Claude Juncker will meet with Fico to discuss double quality standards of foods on July 27 in Brussels.

European Commissioner for Justice, Consumers and Gender Equality Věra Jourová

Foreigners: Events in Bratislava Video

Tips for performances and other events in the capital between July 21 and July 30, including concerts, parties, festivals, classical music, inline skating, exhibitions and more.