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Fico: Second pillar beneficial only for people earning over Sk29, 000

According to Prime Minister and Smer-SD leader Robert Fico, the second pension pillar is beneficial only for those who earn at least Sk29,000 (€862), with a steady income, providing that they save for at least 25-30 years. That is why the Government gave people an opportunity to re-evaluate their original decision, made under the influence of misleading advertising. This was the reply of Smer-SD MP Branislav Bacík, who during Question Hour in Parliament on February 7 asked how he viewed the fact that so far this year some 4,900 people had opted out from the capitalisation or second pillar.

According to Prime Minister and Smer-SD leader Robert Fico, the second pension pillar is beneficial only for those who earn at least Sk29,000 (€862), with a steady income, providing that they save for at least 25-30 years. That is why the Government gave people an opportunity to re-evaluate their original decision, made under the influence of misleading advertising. This was the reply of Smer-SD MP Branislav Bacík, who during Question Hour in Parliament on February 7 asked how he viewed the fact that so far this year some 4,900 people had opted out from the capitalisation or second pillar.

Drawing a parallel to the boycott of the Treaty of Lisbon by the opposition (which is demanding changes to the draft Press Act); PM Fico said that the former government didn't consult the introduction of the second pillar with the opposition then. The problem with the second pillar is that the pension savings companies take as much as 44 percent from people's revenues, Fico said. "Therefore, the pension savings companies have over 32 months and end up with as much as Sk1.1 billion in their accounts," said Fico.

Moreover, Fico pointed out another possible risk of loss with regards to stock market trading. He mentioned France as an example, where a sole trader surreptitiously managed to produce a loss of €4.9 billion on the bourse. TASR

Compiled by Zuzana Vilikovská from press reports

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