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Fico announces plans to re-open second pillar of pension system

The government at its session on October 1 will approve a bill amending the law on old-age pension savings that will once again open the private second pillar, allowing anyone who wishes to either leave or join it.

The government at its session on October 1 will approve a bill amending the law on old-age pension savings that will once again open the private second pillar, allowing anyone who wishes to either leave or join it.

Prime Minister Robert Fico declared on September 25 that the Slovak economy is in peril from the ongoing global financial crisis, while the yields of individual pension funds are deeply in the red.

The plan is to fast-track the amendment in parliament so that it can take effect before January 1, 2009.

"We'll open the second pillar in all likelihood for six months, but we aren't contemplating any of the measures spoken about in the media such as changing the ratio of social contributions - i.e. 9 percent of salaries going into savings accounts and 9 percent into the national pension account," Fico said. TASR

Compiled by Zuzana Vilikovská from press reports
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