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Unions want reduced payments to second pension pillar

Social partners meeting at the Economic and Social Council recommended that the Cabinet adopt a draft amendment to the law on old-age pension saving.

Social partners meeting at the Economic and Social Council recommended that the Cabinet adopt a draft amendment to the law on old-age pension saving.

Labour Ministry State Secretary Emilia Kršíková announced that the social partners agreed with the opening of the second pension pillar for a limited period. However, the National Association of Employers (RÚZ) was the only tripartite partner that disagreed with this proposal.

"We'll open the pillar for those who want to join or leave it,” Kršíková said. “They should have this possibility for six months. Representatives of the Slovak Employers Association (AZZZ) agreed with opening the second pillar, too. They cannot imagine that the pension fund management companies would provide any guarantees related to development on capital markets.”

The Slovak Trade Unions Confederation (KOZ) welcomes that the amendment was moved further into the legislative process. However, KOZ warned about some risks and suggested changes to the proportion of payments sent into first and the second pension pillar.

“Decreasing payment to the second pension pillar would reduce the volume of capital exposed to insecurity of financial markets and could stabilize the payment stability of the whole system," KOZ vice-president Vladimír Mojš said. SITA

Compiled by Zuzana Vilikovská from press reports
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