BUSINESS IN SHORT

No escape from the second pillar

SO FAR 4,904 clients quit the second pension pillar of the old-age pension scheme. If this trend continues, the Ministry of Labour, Social Insurance and the Family predicts that about 30,000 people will have quit the capitalisation pillar by June, the Hospodárske Noviny economic daily wrote.

SO FAR 4,904 clients quit the second pension pillar of the old-age pension scheme. If this trend continues, the Ministry of Labour, Social Insurance and the Family predicts that about 30,000 people will have quit the capitalisation pillar by June, the Hospodárske Noviny economic daily wrote.

The social security provider Sociálna Poisťovňa announced on February 4 the number of people who had quit the second pillar between January and February 4.

However, private pension management companies do not need to worry, as they attracted 1,326 new clients during this period, the daily wrote.

In particular, pension savers older than 40 are leaving the second pillar. "These accounted for over 3,500 persons," said Jaroslav Belluš, the head of the IT department of Sociálna Poisťovňa. This is because the revision that opened the pillar for six months from January until the end of June also prolongs the period during which people need to save for their pension in the private pension management companies from 10 to 15 years. This change makes it inconvenient for these people to stay in the second pillar.

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