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Labour Ministry pension reform contradicts past stance

On February 19, the Sme daily expressed surprise at the pension reform proposals drafted by Labour Ministry experts and recently released on the ministry's website.

On February 19, the Sme daily expressed surprise at the pension reform proposals drafted by Labour Ministry experts and recently released on the ministry's website.

According to the daily, the new plan calls for Slovaks to save most of their pension in the second and third pillars of the pension scheme. This is in direct contradiction to the government’s previous stance, which redirected funds to the first pillar, which is administered by the state-owned Sociálna Poisťovňá.

Furthermore, Prime Minister Robert Fico has compared private pension fund management companies to Horizont Slovakia and BMG Invest - unlicensed financial institutions that went bankrupt years ago after collapsing in a pyramid scheme.

According to the proposals, the first pillar would be financed through the state budget and not insurance premiums.

The opposition has praised the proposals. SITA

Compiled by Zuzana Vilikovská from press reports

The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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