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IN SHORT

One million join second pension pillar

THE NUMBER of those taking advantage of private pension savings has already exceeded one million, said Labour Minister Ľudovít Kaník on August 18.

He added that the growth rate of the number of pension saving contracts registered with social security provider Sociáĺňa poisťovňa is gradually slowing down, as expected.

Sociáĺňa Poisťovňa's draft budget for 2006 expects that 1.4 million people will join the pension system savings plan by the end of next June, the SITA news agency wrote.

Sociálna poisťovňa Director František Halmeš said that six out of the eight existing pension management companies exceeded the minimum limit of 50,000 clients. Each pension savings company must capture 50,000 clients by the end of September or risk losing its license.

Halmeš expects the seventh pension management firm to reach 50,000 savers in the coming days.

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